FORMULA SHEET
M Cap
Price x No.Of Shares
PE
Price / EPS
EPS
Profit After Tax Pref. Dividend Dividend Tax / No.Of Shares
Book Value
Networth / No.Of Shares
Dividend Yield
Dividend % (Annualized) x Face Value / Daily Price
(Dividend Amt (Annual) / Latest M Cap) * 100
Dividend in Rs.
Dividend % x Face Value / 100
PBIDT
Operating Profit
EBIDTA
Operating Profit Other Income
PBDT
Gross Profit
APAT
Net Profit
Cash Profit
Net Profit (PAT) + Depriciation
Cash Profit Margin
(Cash Profit / Net Sales) * 100
Growth Query
((Current Year Previous Year) / Previous Year) * 100
Enterprise Value
M Cap + Debt Cash & Bank Balance
In Case Of Banks EV
M Cap + Deposits + Borrowings Cash & Money
CAGR Formula
((Current / Previous)^(1/n)-1) * 100
Where n = No.of years for CAGR.
Free Float
Total No.of Shares Promoters Holdings
Promoters Holdings Value =
Promoters Holding x Daily Price
Outstanding Shares
Equity / Face Value
OR
Networth
Share Capital + Tot.Reserves Tot. Reval. Reserves
(Total Shareholders Fund Revaluation Reserves)
OR
Capital Employed
Tot. Shareholders Fund + Total Debt Tot. Reval. Reserves
OR (Total Liabilities Revaluation Reserves)
Cost of Production
Raw Material Cost + Power & Fuel + Employee Cost +
Directors Remuneration + Other manufacturing Expenses +
Depriciation Closing Stock of WIP + Opening Stock of WIP +
Insurance.
Value of Output
Net Sales + Change in Stock
Selling Cost
Advertisement + Distribution Exps. + Commission Exp on Sales
Debtors Velocity (Days)
(((Latest Sun. Debtors + Prev. Sun. Debtors) / 2)/Latest Sales)
/ 365
Creditors Velocity (Days) =
((Latest Sun. Creditors + Previous Sun. Creditors) / 2) / ((Latest
Cost of Production + Latest Selling Cost) + (Closing Stock of
Finished Goods Opening Stock of Finished Goods)) / 365
Cash Profit (CP)
Net Profit (PAT) + Depreciation
Dividend Per Share(DPS) =
(Dividend Amount * Face Value) / Equity Paid up
(Dividend % * Face Value) / 100
OR
Dividend Payout %
[Dividend Amt / (Rep. Net Profit - Pref. Div. Div. Tax)] * 100
Free Float M Cap
[(100 Promoters Holdings %) * M Cap] / 100
VALUATION RATIOS :
P/E
Close Price / EPS
P / BV
Close Price / Book Value
P / CEPS
Close Price / [(Net Profit Pref.Dividend Dividend Tax +
Depreciation) / Equity Paid Up * FV]
EV / EBIDTA
M Cap + Debt - Cash / GP + Interest
Enterprise Value / Operating Profit
In Case of Banks EV
M Cap + Deposits + Borrowings Cash & Money
M Cap / Sales
M Cap / Gross Sales
In case of Banks & Finance Cos. Sales is including Other Income
OR
VALUATION RATIOS TTM :
P / E (TTM)
Close Price (Last Qtr Ended) / TTM EPS
P / BV(TTM)
Close Price (Last Qtr Ended) / TTM Book Value
P / CEPS (TTM)
Close Price (Last Qtr Ended) / [(Net Profit Last 4 Qtrs +
Depreciation Last 4 Qtrs) / Equity Paid Up (Last Qtr) * FV]
EV / EBIDTA (TTM)
(M Cap (Last Qtr) + Debt (Annual) Cash (Annual)) / (Gross
Profit (Last 4 Qtrs) + Interest (Last 4 Qtrs))
M Cap / Sales (TTM)
M Cap (Last Qtr) / Gross Sales (Last 4 Qtrs)
DUPONT MODEL :
Where,
Fixed Assets
Net Working Capital=
Current Assets Current Liabilities
Net Assets
Fixed Assets + Net Working Capital + Investments
Sales (For Banks)
Net Sales + Other Income
PBIDT / Sales %
[(Gross Profit + Interest) / Gross Sales] * 100
(Operating Profit / Gross Sales) * 100
Sales / Net Assets
Gross Sales / Net Assets
PBIDT / Net Assets
PBIDT (Operating Profit) / Net Assets
PAT / PBIDT %
PAT (Net Profit) / PBIDT (Operating Profit) * 100
Net Assets / Networth
Net Assets / Networth (Excl. Reval.Reserves)
ROE
[(Adj Net Profit Pref. Div.) / (Eq. Paid up + Reserves)] * 100
Net Block + Capital Work - in Progress
DUPONT RATIOS :
DUPONT MODEL (NEW) :
NP / PBT (X)
PAT (Reported Net Profit) / PBT (Profit Before Tax)
PBT / EBIT (X)
PBT (Profit Before Tax) / PBIT (Profit Before Interest and Tax)
EBIT / Sales (X)
PBIT (Profit Before Interest and Tax) / Net Sales
Sales / Assets (X)
Net Sales / Total Assets
Assets / Equity (X)
Total Assets / Total Shareholders Fund
ROE (X)
((NP / PBT) * (PBT / EBIT) * (EBIT / Sales) * (Sales / Assets) *
(Assets / Equity))
i.e.
(Multiplication of all the above 5 Ratios)
KEY RATIOS :
FOR MANUFACTURING, HOTEL, POWER AND SHIPPING INDUSTRIES
Debt to Equity Ratio
Total Debt / (Share Capital + Reserves)
Long Term Debt to Equity =
[(Total Debt Cash Credit Commercial Papers Bridge Loans
- Short Term Loans to Group Companies Short Term Loan to
Others Inter Corporate Deposits Working Capital Loans) /
(Share Capital + Reserves)]
OR
[Total Debt / Total Shareholders Fund]
Current Ratio
[(Total Current Assets + Deffered Tax Assets) / (Total Current
Liabilities + Deffered Tax Laibilities + Cash Credit + Bridge
Loans + Working Capital Advances + Loans From Group Cos. +
Commercial Papers + Intercorporate Deposits + Unsecured Short
Term Loans from Banks + Unsecured Short Term Loans from
Institutions + Unsecured Short Term Loans from Others)]
Fixed Asset Turnover
Ratio
(Sales / Gross Fixed Assets Excl. Capital Work in Progress Revaluation Reserves)
OR
(Gross Sales / Gross Block Revaluation Reserves)
Inventory Turnover
Ratio
Gross Sales / Total Inventory
Debtors Turnover Ratio
Gross Sales / Sundry Debtors
Interest Coverage Ratio
PBIT / Interest Expenses
Total Assets Turnover
Ratio
Gross Sales / (Net Fixed Assets + Investment + Working Capital)
PBIDTM %
(Adjusted Gross Profit + Interest / Gross Sales) * 100 OR
(PBIDT / Gross Sales) * 100
PBITM %
(Adj. Gross Profit + Interest Depreciation / Gross Sales) * 100
OR (PBIT / Gross Sales) * 100
PBDTM %
(Adj. Gross Profit / Gross Sales) * 100
(PBDT / Gross Sales) * 100
OR
CPM %
(Adj. Net Profit + Depreciation) / Gross Sales * 100
(CP / Gross Sales) * 100
OR
APATM %
(Adj. Net Profit / Gross Sales) * 100
PATM %
(Reported Net Profit / Gross Sales) * 100
(PAT / Gross Sales) * 100
ROCE %
((PBIT) / (Capital Emplyd Misc Exp)) * 100
RONW %
[(Rep.Net Profit - Pref.Div.) / (Eq. Paid Up +Total Res. Reval.
Res. + Eq.Share Warrants + Eq.Application Money)] * 100
OR
If Extra Ordinary Items are Exceeding 10% Of PBT then :
ROCE %
((Reported Net Profit + Tax + Interest + Deffered Tax + Fringe
Benefit Tax Prof./(Loss) on Sale of Assets - Prof./(Loss) on
Sale of Investments - VRS Adj. - Misc. Inc./Exp) / (Share
Capital + Total Reserves + Total Debt Reval. Reserves Misc.
Expenses not W/O)) * 100
RONW %
((Adj.Net Profit - Pref.Div.) / (Eq. Paid Up + Total Res. Reval.
Res. + Eq. Share Warrants + Eq. Application Money)) * 100
FOR FINANCE SECTOR COMPANIES :
Debt to Equity Ratio
Total Debt / (Share Capital + Reserves)
Long Term Debt to Equity =
[(Total Debt Cash Credit Commercial Papers Bridge Loans
- Short Term Loans to Group Companies Short Term Loan to
Others Inter Corporate Deposits Working Capital Loans) /
(Share Capital + Reserves)]
OR
[Total Debt / Total Shareholders Fund]
Current Ratio
[(Total Current Assets + Deffered Tax Assets) / (Total Current
Liabilities + Deffered Tax Laibilities + Cash Credit + Bridge
Loans + Working Capital Advances + Loans From Group Cos. +
Commercial Papers + Intercorporate Deposits + Unsecured Short
Term Loans from Banks + Unsecured Short Term Loans from
Institutions + Unsecured Short Term Loans from Others)]
Fixed Assets T / O Ratio
Total Income / (Gross Block Revaluation Reserves)
Inventory T / O Ratio
Total Income / Total Inventory
Debtors T / O Ratio
Total Income / Sundry Debtors
Total Assets Turnover
Ratio
Gross Sales / (Net Fixed Assets + Investment + Working Capital)
PBIDTM %
(Adjusted Gross Profit + Interest / Total Income) * 100
OR (PBIDT / Total Income) * 100
PBITM %
(Adj. Gross Profit + Interest Depreciation / Tot. Income) * 100
OR (PBIT / Total Income) * 100
PBDTM %
(Adj. Gross Profit / Total Income) * 100
(PBDT / Total Income) * 100
CPM %
(Adj. Net Profit + Depreciation) / Total Income * 100
OR (CP / Total Income) * 100
APATM %
(Adj. Net Profit / Total Income) * 100
PATM %
(Reported Net Profit / Total Income) * 100
(PAT / Total Income) * 100
ROCE %
((PBIT Extra Ord. Items) / (Capital Emplyd Misc Exp)) * 100
RONW %
[(Rep.Net Profit - Pref.Div.) / (Eq. Paid Up +Total Res. Reval.
Res. + Eq.Share Warrants + Eq.Application Money)] * 100
OR
OR
If Extra Ordinary Items are Exceeding 10% Of PBT then :
ROCE %
((Reported Net Profit + Tax + Interest + Deffered Tax + Fringe
Benefit Tax Prof./(Loss) on Sale of Assets + Prof./(Loss) on
Sale of Investments + VRS Adj. + Misc. Inc./Exp) / (Share
Capital + Total Reserves + Total Debt Reval. Reserves Misc.
Expenses not W/O)) * 100
RONW %
((Adj.Net Profit - Pref.Div.) / (Eq. Paid Up + Total Res. Reval.
Res. + Eq. Share Warrants + Eq. Application Money)) * 100
Additional Ratios For Financial Institutions :
Loan Turnover
Total Income / (Loan to Subsidiaries + Loans to Others)
Advances to Loan Funds
(Loan to Subsidiaries + Loan to Others) / Total Debt
Tot. Inc. to Cap. Emplyd
Total Income / (Share Capital + Total Reserves + Total Debt)
Int. Exp to Cap. Emplyd
Interest / (Share Capital + Total Reserves + Total Debt)
Capital Employed
Total Liabilities Total Revaluation Reserves
FOR BANKING COMPANIES :
Credit / Deposits
(Total Advances / Total Deposits) * 100
Investments / Deposits
(Total Investments / Total Deposits) * 100
Cash / Deposits
(Cash & Bank Balance / Deposits) * 100
Interest Exp / Interest Ear =
(Interest Expended / Interest Earned) * 100
Other Inc. / Total Inc.
(Other Income / Total income) * 100
Operating Exp. / Total Inc. =
((Employee Exp. + Operating Exp. & Admin. Exp - Power &
Electricity + Depreciation + Loss on Sale of Assets + Loss on
Sale of Investments + Loss on Reval. Of Investments + Loss on
Foreign Trans. + Loss on Buy Back of Shares + Loss on Buy
Back of Debentures + Other Expenses) / Total Income) * 100
Interest Inc. / Total Funds =
(Interest Earned / (Share Capital + Deposits + Tot.Res. Reval.
Res. + Eq. Share Warrants + Eq. Appli.Money + Borrowings +
Other Liabilities and Provisions)) * 100
Net Interest Income /
Total Funds
((Interest Earned Interest Paid) / (Share Capital + Deposits +
Tot. Res. Reval. Res. + Eq. Share Warrants + Eq. Appli.
Money + Borrowings + Other Liabilities and Provisions)) * 100
Non Interest Income /
Total Funds
(Other Income / (Share Capital + Deposits + Tot.Res. Reval.
Res. + Borrowings + Eq. Share Warrants + Eq. Appli. Money +
Other Liabilities and Provisions)) * 100
Operating Expenses /
Total Funds
((Employee Exp. + Operating Exp. & Admin. Exp - Power &
Electricity + Depreciation + Loss on Sale of Assets + Loss on
Sale of Investments + Loss on Reval. Of Investments + Loss on
Foreign Trans. + Loss on Buy Back of Shares + Loss on Buy
Back of Debentures + Other Expenses) / (Share Capital +
Deposits + Borrowings + Tot.Res. Reval. Res. + Eq.Share
Warrants + Eq. Appli. Money + Other Liab. & Prov.)) * 100
Profit Before Provisions / =
Total Funds
((Adjusted Net Profit + Provisions & Write Offs) / (Share
Capital + Deposits + Borrowings + Tot. Res. Reval. Res. +
Eq.Share Warrants + Eq. Appli. Money + Other Liabilities
and Provisions)) * 100
Net Profit / Total Funds
(Net Profit / (Share Capital + Deposits + Borrowings + Tot.Res.
Reval. Res. + Eq. Share Warrants + Eq. Appli. Money + Other
Liabilities and Provisions)) * 100
RONW %
[(Rep.Net Profit - Pref.Div.) / (Eq. Paid Up +Total Res. Reval.
Res. + Eq.Share Warrants + Eq.Application Money)] * 100
If Extra Ordinary Items are Exceeding 10% Of PBT then :
RONW %
((Adj.Net Profit - Pref.Div.) / (Eq. Paid Up + Total Res. Reval.
Res. + Eq. Share Warrants + Eq. Application Money)) * 100
NOTE :
1. All the Figures of Balance Sheet Items are taken as Average of Last Two Years and Figures
of Profit & Loss Items are Annualised.
2. In Margin Ratios Capital Market takes into consideration Gross Sales while Calculation.
