INR Crore 2016 2017 2018 2019 2020 2021 2022

Assets
Non-current assets
Property, plant and equipment 2,061 2,515 3,234 4,205 5,107 5,939 7,770
Capital work-in-progress 82 153 147 377 364 1,020 1,129
Right to use assets 717 960 1,389
Intangible assets 4 6 6 10 28 22 14
Investment property 14 27 16 18 17 10 9
Financial assets
Goodwill 78 78 78
Investments 16 37 130 212
Other financial assets 29 45 48 36 3,123 1,109 1,263
Current Tax Assets Net 2 - - - 9 2 4
Other non-current assets 84 50 85 110 285 455 374
Total non current assets 2,292 2,833 3,666 4,968 9,728 9,594 12,030
Current assets -
Inventories 660 933 1,147 1,576 1,948 2,248 2,743
Investments - - 52 - 15 3 6
Trade receivables 8 21 33 75 20 44 67
Cash and cash equivalents 32 30 64 120 106 191 95
Bank balances other than above 1 1,851 492 93 2 1,254 203
Loans 1 1 -
Other Financial Assets 40 74 78 59 109 168 127
Other current assets 48 58 80 105 149 153 201
Current Tax Assets - - -
Total current assets 790 2,968 1,946 2,028 2,349 4,061 3,443
Total assets 3,082 5,801 5,612 6,996 12,076 13,655 15,472
Liabilities -
Equity -
Equity Share Capital 562 624 624 624 648 648 648
Other Equity 950 3,213 4,019 4,970 10,432 11,536 13,030
Total Equity 1,512 3,837 4,643 5,594 11,080 12,184 13,678

Non Current Liabilities

Financial Liabilities
Borrowings 908 981 246 126 -
Lease liabilities 18 1 1 1 221 312 507
, other NCL and prvn 2 3 5
Deferred tax liabilities (net) 40 51 45 64 47 51 64
Total Non-Current Liabilities 966 1,033 292 191 270 366 576
Current Liabilities
Financial Liabilities
Borrowings and lease liability 113 123 7 299 78 81 140
Trade Payables 201 267 316 457 433 578 589
 Other current financial Liabilities 254 493 330 420 178 270 283
Other current liabilities 19 33 11 22 21 41 58
Provisions 5 8 13 13 15 24 36
Current Tax Liabilities 12 7 - 0 113 112
Total Current Liabilities 604 931 677 1,211 726 1,106 1,218
Total equity and Liabilities 3,082 5,801 5,612 6,996 12,076 13,656 15,472

check - - - - 0 (1) (0)

2023 2024 2025 2026 2027 2028 2029 2030 2031

9,726 12,058 14,721 19,245 25,300 32,458 41,263 52,563 64,917

829 829 829 829 829 829 829 829 829
1,505 1,505 1,505 1,505 1,505 1,505 1,505 1,505 1,505
23 0 0 0 0 0 0 0 0
9 9 9 9 9 9 9 9 9

78 78 78 78 78 78 78 78 78

109 109 109 109 109 109 109 109 109

19 19 19 19 19 19 19 19 19
360 360 360 360 360 360 360 360 360
12,658 14,967 17,630 22,154 28,209 35,367 44,172 55,472 67,826

3,243 4,652 6,147 8,499 11,939 16,578 22,989 32,101 43,749

202 155 205 283 398 553 766 1,070 1,458
62 155 205 283 398 553 766 1,070 1,458
207 1107 1091 3068 2849 4024 6554 11191 25299
1,201

317 310 410 567 796 1105 1533 2140 2917

215 310 410 567 796 1105 1533 2140 2917

5,448 6,689 8,467 13,267 17,176 23,918 34,140 49,712 77,797

18,106 21,656 26,097 35,421 45,385 59,285 78,313 105,184 145,623

648 648 648 648 648 648 648 648 648

15,430 18,156 21,803 29,788 37,936 49,368 64,993 87,034 121,065
16,079 18,804 22,451 30,436 38,584 50,017 65,641 87,682 121,713

0 0 0 0 0 0 0 0
477 586 732 1051 1377 1834 2459 3341 4702
7 7 7 7 7 7 7 7 7
77 77 77 77 77 77 77 77 77
561 670 816 1,135 1,461 1,918 2,543 3,425 4,786

166 166 166 166 166 166 166 166 166

754 775 1025 1416 1990 2763 3831 5350 7291
 289 930 1229 1700 2388 3316 4598 6420 8750
121 155 205 283 398 553 766 1070 1458
51 0 0 0 0 0 0 0 0
85 155 205 283 398 553 766 1070 1458
1,467 2,182 2,830 3,849 5,340 7,350 10,128 14,077 19,124
18,106 21,656 26,097 35,420 45,385 59,285 78,312 105,184 145,623

0 0 0 0 0 0 0 0 0

0
0
0
0
-

0
0
0
0
0
0
-
-

-
2032

78,542
829
1,505
0
9

78

109
19
360
81,451

59,609
1,987
1,987
48150
0

3974
3974

119,681
201,132

648
167,830
168,478

0
6573
7
77
6,657

166
9935
 11922
1987
0
1987
25,997
201,132

0
 2024 2025 2026 2027 2028 2029 2030 2031
Net Profit 2725 3647 7985 8148 11432 15625 22041 34031
Add Depreciation 737 916 1202 1584 2044 2615 3348 4174
Less change net wc 827 1146 1803 2637 3557 4915 6986 8930
Less Capex 3046 3579 5726 7640 9202 11421 14647 16528
Add Net debt raised 109 146 319 326 457 625 882 1361
Net cashflow -302 -16 1977 -219 1175 2530 4637 14108
Add opening cash 1,408 1,107 1,091 3,068 2,849 4,024 6,554 11,191
Cash balance at end 1107 1091 3068 2849 4024 6554 11191 25299
2032
46765
5111
12160
18736
1871
22851
25,299
48150
Income statement (all values in INR Cr 2016 2017 2018 2019 2020 2021
Revenue from Operations 8,575 11,881 15,009 19,916 24,870 24,143
Other income 20 31 73 51 60 196
Total Income 8,595 11,912 15,082 19,967 24,930 24,339
Expenses Merchandise
Purchase
Changes inofinventories
stock-in-trade
of finished 7,444 10,369 12,863 17,409 21,442 20,856
goods, stock-in-trade and work-in-
progress (130) (273) (214) (429) (339) (301)
Employee benefits expense 146 189 277 335 456 537
Finance costs 91 122 59 47 69 42
Depreciation and amortisation expens 97 126 155 199 374 414
Other expenses 458 632 746 959 1,183 1,309
Total expenses 8,106 11,165 13,886 18,520 23,185 22,856
Profit before exceptional item and tax 489 747 1,196 1,447 1,745 1,483
Exceptional items - - - -
Profit before tax 489 747 1,196 1,447 1,745 1,483
Tax expense - - -
Current tax 161 251 417 501 460 394.69
Deferred tax 9 12 (5) 18 (16) 3.17
Income tax for earlier year (net) 0 2 (0) (8) 0.02 (14)
Total tax 171 265 411 511 444 384
Profit for the year 318 482 785 936 1,301 1,099
 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
30,976 42,840 56,599 74,789 103,404 145,253 201,702 279,695 390,561 532,277
117 129
31,094 42,969 56,599 74,789 103,404 145,253 201,702 279,695 390,561 532,277
Merchandise
26,892 36,885 48,109 63,571 86,859 122,012 169,429 234,943 328,072 441,790

(494) -501
616 747 1,019 1,346 1,861 2,615 3,631 5,594 7,811 10,646
54 67 68 81 110 139 180 236 316 438
498 639 737 916 1,202 1,584 2,044 2,615 3,348 4,174
1,464 2,072 2,773 3,665 1,965 7,263 10,085 13,985 19,528 26,614
29,030 39,909 52,706 69,578 91,997 133,613 185,370 257,374 359,074 483,661
2,064 3,060 3,893 5,211 11,407 11,640 16,332 22,321 31,487 48,615

2,064 3,060 3,893 5,211 11,407 11,640 16,332 22,321 31,487 48,615

546 808
12 13
13 -139
572 682 1,168 1,563 3,422 3,492 4,900 6,696 9,446 14,585
1,492 2,378 2,725 3,647 7,985 8,148 11,432 15,625 22,041 34,031
 2032
725,247

725,247

601,955

14,505
607
5,111
36,262
658,440
66,807

66,807

20,042
46,765
 2016 2017 2018 2019
No. of stores number 110 131 155 176
No. of stores added number 21 24 21
Total Business Area in million sq. feet 3.3 4.1 4.9 5.9
Area added in million sq. feet 0.8 0.8 1.0
Bill cut Number in Crores 8.5 10.9 13.4 17.2
Bill cut per store number 772,727 832,061 864,516 977,273
Change in bill cut per store percentage 7.7% 3.9% 13.0%

Area per Store Sq. ft. 30,000 31,298 31,613 33,523

Change in Area per store percentage 4.3% 1.0% 6.0%

Revenue Driver
Revenue in INR crores 8,575 11,881 15,009 19,916
Revenue per store in INR crores 78 91 97 113
Revenue per Sq feet in INR 25,985 28,978 30,631 33,756
Revenue per bill Cut in INR 1,009 1,090 1,120 1,158

Change in
Revenue per store percentage 16.3% 6.8% 16.9%
Revenue per Sq feet percentage 11.5% 5.7% 10.2%
Revenue per bill Cut percentage 8.0% 2.8% 3.4%
2020 2021 2022 2023 2024 2025 2026 2027
214 234 284 324 364 409 459 514
38 20 50 40 40 45 50 55
7.8 8.8 11.5 13.4 15.8 18.6 23.0 28.9
1.9 1.0 2.7 1.9 2.4 2.8 4.4 5.9
20.1 15.2 18.1 25.8 31.9 40.1 50.4 62.1
939,252 649,573 637,324 796,296 875,926 981,037 1,098,761 1,208,638
-3.9% -30.8% -1.9% 24.9% 10.0% 12.0% 12.0% 10.0%

36,449 37,607 40,493 41,358 43,426 45,597 50,157 56,176

8.7% 3.2% 7.7% 2.1% 5.0% 5.0% 10.0% 12.0%

24,870 24,143 30,976 42,840 56,599 74,789 103,404 145,253

116 103 109 132 155 183 225 283
31,885 27,435 26,936 31,970 35,806 40,103 44,915 50,305
1,237 1,588 1,711 1,660 1,775 1,864 2,050 2,338

2.7% -11.2% 5.7% 21.2% 17.6% 17.6% 23.2% 25.4%

-5.5% -14.0% -1.8% 18.7% 12.0% 12.0% 12.0% 12.0%
6.9% 28.4% 7.7% -3.0% 6.9% 5.0% 10.0% 14.0%
 2028 2029 2030 2031 2032
569 629 694 754 819
55 60 65 60 65
35.8 44.3 55.3 67.2 81.8
6.9 8.5 10.9 12.0 14.6
77.0 96.2 118.9 144.7 176.0
1,353,674 1,529,652 1,713,210 1,918,795 2,149,051
12.0% 13.0% 12.0% 12.0% 12.0%

62,917 70,467 79,628 89,183 99,885

12.0% 12.0% 13.0% 12.0% 12.0%

201,702 279,695 390,561 532,277 725,247

354 445 563 706 886
56,342 63,103 70,675 79,156 88,655
2,619 2,907 3,285 3,679 4,121

25.4% 25.4% 26.6% 25.4% 25.4%

12.0% 12.0% 12.0% 12.0% 12.0%
12.0% 11.0% 13.0% 12.0% 12.0%
 2016 2017 2018 2019
Stock in trade INRcrores 7,314 10,096 12,649 16,980
SIT as % sales % 85.29% 84.98% 84.28% 85.26%
Employee cost INRcrores 146 189 277 335
EC as % sales % 1.70% 1.59% 1.85% 1.68%
EC per store INRcrores 1.3 1.4 1.8 1.9
Other Expenses INRcrores 458 632 746 959
other Expenses% sales % 5.34% 5.32% 4.97% 4.82%
Other expenses per store INRcrores 4.2 4.8 4.8 5.4

Tax Expenses as a % of PBT % 35% 35% 34% 35%

Working Capital Driver

Non cash current Asset
Inventories INR crores 660 933 1,147 1,576
Investments INR crores - - 52 -
Trade receivables INR crores 8 21 33 75
Other Financial Assets INR crores 40 74 78 59
Other current assets INR crores 48 58 80 105

in terms of Days sales

Inventories Days 28 29 28 29
Investments Days - - 1 -
Trade receivables Days 0 1 1 1
Other Financial Assets Days 2 2 2 1
Other current assets Days 2 2 2 2

Trade Payables 201 267 316 457

Other current financial Liabilities 254 493 330 420
Other current liabilities 19 33 11 22
Provisions 5 8 13 13
Current Tax Liabilities 12 7 0 0

in terms of days sales

Trade Payables 9 8 8 8
Other current financial Liabilities 11 15 8 8
Other current liabilities 1 1 0 0
Provisions 0 0 0 0
Current Tax Liabilities 1 0 0 0

Net Working Capital INR Crores 265 278 720 903

Change in Net working capital 13 442 183
2020 2021 2022 2023 2024 2025 2026 2027 2028
21,103 20,555 26,397 36,384 48,109 63,571 86,859 122,012 169,429
84.85% 85.14% 85.22% 84.93% 85.00% 85.00% 84.00% 84.00% 84.00%
456 537 616 747 1,019 1,346 1,861 2,615 3,631
1.83% 2.22% 1.99% 1.74% 1.80% 1.80% 1.80% 1.80% 1.80%
2.1 2.3 2.2 2.3 2.8 3.3 4.1 5.1 6.4
1,183 1,309 1,464 2,072 2,773 3,665 1,965 7,263 10,085
4.76% 5.42% 4.73% 4.84% 4.90% 4.90% 1.90% 5.00% 5.00%
5.5 5.6 5.2 6.4 7.6 9.0 4.3 14.1 17.7

25% 26% 28% 22% 30% 30% 30% 30% 30%

1,948 2,248 2,743 3,243 4,652 6,147 8,499 11,939 16,578

15 3 6 202 155 205 283 398 553
20 44 67 62 155 205 283 398 553
109 168 127 317 310 410 567 796 1,105
149 153 201 215 310 410 567 796 1,105

29 34 32 28 30 30 30 30 30
0 0 0 2 1 1 1 1 1
0 1 1 1 1 1 1 1 1
2 3 2 3 2 2 2 2 2
2 2 2 2 2 2 2 2 2

433 578 589 754 775 1,025 1,416 1,990 2,763

178 270 283 289 930 1,229 1,700 2,388 3,316
21 41 58 121 155 205 283 398 553
15.18 23.77 36 51 - - - - -
0.45 113 112 85 155 205 283 398 553

6 9 7 6 5 5 5 5 5
3 4 3 2 6 6 6 6 6
0 1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0 0
0 2 1 1 1 1 1 1 1

1,593 1,590 2,066 2,740 3,567 4,713 6,516 9,153 12,710

690 -3 476 674 827 1,146 1,803 2,637 3,557
 2029 2030 2031 2032
234,943 328,072 441,790 601,955
84.00% 84.00% 83.00% 83.00%
5,594 7,811 10,646 14,505
2.00% 2.00% 2.00% 2.00%
8.9 11.3 14.1 17.7
13,985 19,528 26,614 36,262
5.00% 5.00% 5.00% 5.00%
22.2 28.1 35.3 44.3

30% 30% 30% 30%

22,989 32,101 43,749 59,609

766 1,070 1,458 1,987
766 1,070 1,458 1,987
1,533 2,140 2,917 3,974
1,533 2,140 2,917 3,974

30 30 30 30
1 1 1 1
1 1 1 1
2 2 2 2
2 2 2 2

3,831 5,350 7,291 9,935

4,598 6,420 8,750 11,922
766 1,070 1,458 1,987
- - - -
766 1,070 1,458 1,987

5 5 5 5
6 6 6 6
1 1 1 1
0 0 0 0
1 1 1 1

17,625 24,611 33,541 45,700

4,915 6,986 8,930 12,160
 2016 2017 2018 2019 2020
Interest Bearing Debts
Borrowings INR crores 908 981 246 126 0
Lease Liability INR crores 18 1 1 1 221
Current Portion of INR crores 113 123 7 299 78
Borrowings
Total DEBT INR crores 1039 1105 254 426 299

EQUITY INR crores 1512 3837 4643 5594 11080

Debt - Equity Ratio times 0.69 0.29 0.05 0.08 0.03

Debt - Capital Ratio times 0.41 0.22 0.05 0.07 0.03

Finance Charge
Finance Charge INR Crores 91 122 59 47 69
Finance Charge as % of debt 8.8% 11.0% 23.2% 11.0% 23.1%
2021 2022 2023 2024 2025 2026 2027 2028 2029

0 0 0 0 0 0 0 0 0
312 507 477 586 732 1051 1377 1834 2459
81 140 166 166 166 166 166 166 166
393 647 643 752 898 1217 1543 2001 2626

12184 13678 16079 18,804 22,451 30,436 38,584 50,017 65,641

0.03 0.05 0.04 0.04 0.04 0.04 0.04 0.04 0.04

0.03 0.05 0.04

42 54 67 68 81 110 139 180 236

10.6% 8.3% 10.5% 9% 9% 9% 9% 9% 9%
2030 2031 2032

0 0 0
3341 4702 6573
166 166 166
3507 4869 6739

87,682 121,713 168,478

0.04 0.04 0.04

316 438 607

9% 9% 9%
 2016 2017 2018 2019 2020
Gross Assets
Gross Tangible Assets INR crores 2156 2734 3604 4858 5930
Gross Intangible Asset INR crores 6 10 12 52 61
Total Gross Assets INR crores 2162 2744 3616 4910 5992

Capital Work in Progress INR crores 82 153 147 377 364

Accumulated depn 95 222 385 584 822
Accumulated amoritsation 2 6 6 22 33

Net PPE 2061 2515 3234 4205 5107

Net Intagible asset 4 6 6 10 28

No. of stores number 110 131 155 176 214

Gross asset per store INR crores 20 21 23 28 28

Gross asset per sqft INR 6,552 6,693 7,380 8,322 7,682
Gross asset asset added INR crores 582 872 1294 1082
Gross asset per sqft area added INR 7275 10900 12937 5695

Capex on account of Expansion INR crores

Capex on account of wear & tear
Total Capex

Depreciation
Depreciation and ammortisation INR crores 97 126 155 199 374
D & A as % of Gross Total Asset % 4.5% 4.6% 4.3% 4.1% 6.2%
2021 2022 2023 2024 2025 2026 2027 2028

7048 9205 11599

71 81 96
7120 9286 11694 14,740 18,319 24,045 31,685 40,887

1020 1129 829

1110 1435 1873 2682 3598 4801 6385 8429
49 68 72

5939 7770 9726 12,058 14,721 19,245 25,300 32,458

22 14 23

234 284 324

30 33 36
8,090 8,075 8,727
1128 2167 2408
11277 8026 12672 10,000 10,000 11,000 11,000 11,000

2,407 2,842 4,810 6,438 7,618

639 737 916 1,202 1,584
3,046 3,579 5,726 7,640 9,202

414 498 639 737 916 1,202 1,584 2,044

5.8% 5.4% 5.5% 5.0% 5.0% 5.0% 5.0% 5.0%
2029 2030 2031 2032

52,308 66,955 83,484 102,220

11045 14393 18567 23678

41,263 52,563 64,917 78,542

11,000 11,000 11,000 10,000

9,376 12,032 13,181 14,562

2,044 2,615 3,348 4,174
11,421 14,647 16,528 18,736

2,615 3,348 4,174 5,111

5.0% 5.0% 5.0% 5.0%
 return of Retun of return on
ASM Sensex BSE 100
ASM sensex bse 100
9/11/2023 3,808.85 67,127.08 20,538.21 0.66% 0.79% 0.90%
9/8/2023 3,783.75 66,598.91 20,355.28 0.63% 1.85% 2.11%
9/1/2023 3,760.00 65,387.16 19,935.52 6.43% 0.77% 1.05%
8/25/2023 3,532.95 64,886.51 19,729.15 -0.20% -0.10% 0.11%
8/18/2023 3,540.05 64,948.66 19,707.00 -0.32% -0.57% -0.68%
8/11/2023 3,551.35 65,322.65 19,841.91 -2.77% -0.61% -0.45% 1.0929452
8/4/2023 3,652.40 65,721.25 19,931.64 -1.73% -0.66% -0.56% Cpatial line 0.68
7/28/2023 3,716.65 66,160.20 20,044.67 1.12% -0.79% -0.15% Money control 0.62
7/21/2023 3,675.65 66,684.26 20,074.78 -4.42% 0.94% 0.67% Blooomberg 0.8
7/14/2023 3,845.50 66,060.90 19,941.55 0.93% 1.20% 1.15%
7/7/2023 3,810.05 65,280.45 19,714.58 -2.05% 0.87% 0.73% Beta 0.8
6/30/2023 3,889.80 64,718.56 19,571.34 3.88% 2.76% 2.70%
6/23/2023 3,744.45 62,979.37 19,056.89 -8.31% -0.64% -1.10%
6/16/2023 4,083.75 63,384.58 19,268.80 12.45% 1.21% 1.65% Risk free 7.50%
6/9/2023 3,631.70 62,625.63 18,955.62 2.77% 0.13% 0.17% market return 14.50%
6/2/2023 3,533.95 62,547.11 18,922.63 0.91% 0.07% 0.32%
5/26/2023 3,502.25 62,501.69 18,862.80 3.17% 1.25% 1.80%
5/19/2023 3,394.55 61,729.68 18,529.68 -7.76% -0.48% -0.59%
5/12/2023 3,680.25 62,027.90 18,639.39 2.29% 1.59% 1.52% cost of equity 13.100%
5/5/2023 3,597.95 61,054.29 18,359.89 2.43% -0.10% 0.19%
4/28/2023 3,512.65 61,112.44 18,324.96 1.62% 2.44% 2.44%
4/21/2023 3,456.50 59,655.06 17,888.27 -1.27% -1.28% -0.94%
4/13/2023 3,500.85 60,431.00 18,058.72 0.16% 1.00% 1.28%
4/6/2023 3,495.25 59,832.97 17,830.83 2.70% 1.43% 1.30%
3/31/2023 3,403.30 58,991.52 17,601.67 1.33% 2.55% 2.32%
3/24/2023 3,358.60 57,527.10 17,202.93 1.44% -0.80% -0.97%
3/17/2023 3,310.85 57,989.90 17,372.15 -2.40% -1.94% -1.69%
3/10/2023 3,392.20 59,135.13 17,671.09 -2.04% -1.13% -0.92%
3/3/2023 3,462.75 59,808.97 17,835.71 -0.99% 0.58% 0.80%
2/24/2023 3,497.50 59,463.93 17,694.83 -1.35% -2.52% -2.59%
2/17/2023 3,545.20 61,002.57 18,165.54 1.31% 0.53% 0.33%
2/10/2023 3,499.25 60,682.70 18,105.40 0.83% -0.26% 0.17%
2/3/2023 3,470.45 60,841.88 18,074.47 -2.61% 2.55% 1.24%
1/27/2023 3,563.50 59,330.90 17,852.25 1.39% -2.13% -2.47%
1/20/2023 3,514.55 60,621.77 18,303.82 -9.00% 0.60% 0.16%
1/13/2023 3,862.20 60,261.18 18,274.09 0.52% 0.60% 0.50%
1/6/2023 3,842.20 59,900.37 18,182.48 -5.61% -1.55% -1.32%
### 4,070.75 60,840.74 18,425.17 5.00% 1.66% 1.93%
### 3,876.90 59,845.29 18,076.84 -2.89% -2.43% -2.88%
### 3,992.35 61,337.81 18,612.56 -0.26% -1.36% -1.32%
12/9/2022 4,002.65 62,181.67 18,860.90 -0.02% -1.09% -0.95%
12/2/2022 4,003.50 62,868.50 19,042.62 2.52% 0.92% 1.18%
### 3,905.05 62,293.64 18,820.85 -0.18% 1.02% 1.07%
 ### 3,912.05 61,663.48 18,620.91 -5.17% -0.21% -0.53%
### 4,125.40 61,795.04 18,720.26 -1.04% 1.39% 1.04%
11/4/2022 4,168.95 60,950.36 18,527.35 -3.10% 1.65% 1.91%
### 4,302.20 59,959.85 18,179.61 1.96% 1.10% 1.17%
### 4,219.55 59,307.15 17,969.62 -1.95% 2.39% 2.09%
### 4,303.25 57,919.97 17,601.70 -3.71% -0.47% -1.05%
10/7/2022 4,469.05 58,191.29 17,789.34 1.76% 1.33% 1.22%
9/30/2022 4,391.75 57,426.92 17,574.98 0.53% -1.16% -1.42%
9/23/2022 4,368.60 58,098.92 17,827.88 1.11% -1.26% -1.21%
9/16/2022 4,320.50 58,840.79 18,046.97 -1.42% -1.59% -1.48%
9/9/2022 4,382.95 59,793.14 18,317.75 -4.22% 1.68% 1.60%
9/2/2022 4,576.15 58,803.33 18,029.82 3.78% -0.05% 0.20%
8/26/2022 4,409.60 58,833.87 17,994.66 0.68% -1.36% -1.00%
8/19/2022 4,379.70 59,646.15 18,176.47 1.02% 0.31% 0.55%
8/12/2022 4,335.55 59,462.78 18,077.71 2.37% 1.84% 1.70%
8/5/2022 4,235.35 58,387.93 17,775.34 -0.18% 1.42% 1.40%
7/29/2022 4,242.95 57,570.25 17,530.28 7.10% 2.67% 2.58%
7/22/2022 3,961.75 56,072.23 17,089.10 0.90% 4.30% 4.07%
7/15/2022 3,926.45 53,760.78 16,421.18 -0.40% -1.32% -0.66%
7/8/2022 3,942.05 54,481.84 16,530.58 16.39% 2.97% 3.22%
7/1/2022 3,386.85 52,907.93 16,014.96 -0.71% 0.34% 0.32%
6/24/2022 3,411.15 52,727.98 15,963.31 -1.42% 2.66% 2.57%
6/17/2022 3,460.35 51,360.42 15,562.65 -7.86% -5.42% -5.51%
6/10/2022 3,755.55 54,303.44 16,470.88 -1.78% -2.63% -2.17%
6/3/2022 3,823.60 55,769.23 16,835.73 5.87% 1.61% 1.19%
5/27/2022 3,611.70 54,884.66 16,638.32 -0.44% 1.03% 0.30%
5/20/2022 3,627.55 54,326.39 16,588.32 12.14% 2.90% 3.01%
5/13/2022 3,234.95 52,793.62 16,103.87 -11.72% -3.72% -4.44%
5/6/2022 3,664.55 54,835.58 16,852.36 -7.19% -3.90% -4.11%
4/29/2022 3,948.60 57,060.87 17,574.51 -1.99% -0.24% -0.44%
4/22/2022 4,028.80 57,197.15 17,652.38 -1.51% -1.96% -1.67%
4/13/2022 4,090.50 58,338.93 17,951.30 -1.31% -1.86% -1.34%
4/8/2022 4,144.65 59,447.18 18,195.18 1.53% 0.29% 1.37%
4/1/2022 4,082.30 59,276.69 17,950.06 2.04% 3.34% 3.02%
3/25/2022 4,000.85 57,362.20 17,423.18 -4.58% -0.87% -0.62%
3/17/2022 4,193.10 57,863.93 17,531.68 -0.15% 4.16% 3.78%
3/11/2022 4,199.55 55,550.30 16,892.37 2.22% 2.24% 2.29%
3/4/2022 4,108.45 54,333.81 16,513.75 -1.94% -2.73% -2.27%
2/25/2022 4,189.75 55,858.52 16,897.98 2.92% -3.41% -3.51%
2/18/2022 4,070.70 57,832.97 17,513.07 -1.66% -0.55% -0.71%
2/11/2022 4,139.35 58,152.92 17,637.70 1.37% -0.84% -0.95%
2/4/2022 4,083.25 58,644.82 17,806.24 0.28% 2.53% 2.44%
1/28/2022 4,072.00 57,200.23 17,382.69 -5.33% -3.11% -2.90%
1/21/2022 4,301.40 59,037.18 17,902.55 -0.51% -3.57% -3.44%
1/14/2022 4,323.60 61,223.03 18,541.16 -8.61% 2.47% 2.48%
 1/7/2022 4,730.85 59,744.65 18,092.28 1.31% 2.56% 2.65%
### 4,669.70 58,253.82 17,625.51 0.92% 1.98% 1.97%
### 4,627.20 57,124.31 17,284.37 -1.48% 0.20% 0.04%
### 4,696.90 57,011.74 17,277.57 -2.06% -3.02% -3.21%
### 4,795.85 58,786.67 17,851.03 -0.10% 1.89% 1.80%
12/3/2021 4,800.45 57,696.46 17,535.24 1.73% 1.03% 0.93%
### 4,718.75 57,107.15 17,373.88 -7.16% -4.24% -4.10%
### 5,082.80 59,636.01 18,117.26 0.11% -1.73% -1.74%
### 5,077.20 60,686.69 18,438.05 6.14% 1.03% 1.26%
11/4/2021 4,783.70 60,067.62 18,208.90 3.27% 1.28% 1.60%
### 4,632.05 59,306.93 17,921.27 2.44% -2.49% -2.24%
### 4,521.55 60,821.62 18,331.72
 9/23/2023
3/31/2024
2024 2025 2026 2027 2028 2029 2030
Net Profit 2,725 3,647 7,985 8,148 11,432 15,625 22,041
Add Depreciation 737 916 1,202 1,584 2,044 2,615 3,348
Less change net wc 827 1,146 1,803 2,637 3,557 4,915 6,986
Less Capex 3,046 3,579 5,726 7,640 9,202 11,421 14,647
Add Net debt raised 109 146 319 326 457 625 882
FCFE -302 -16 1,977 -219 1,175 2,530 4,637

time to cash flow 0.52 1.52 2.52 3.52 4.52 5.52 6.52
DCF -283 -13 1,450 -142 674 1,282 2,078

Cashflow of explicit pe 18,640

PV of terminal CF 103,771
Total cashflow 122,412
Add: cash & beg 1,408
Totalvalue 123,820
market cap 246,000

Terminal growth rate 5%

Cost of equity 13.1%
2031 2032
34,031 46,765
4,174 5,111
8,930 12,160
16,528 18,736
1,361 1,871
14,108 22,851 296,215

7.52 8.52 8.52

5,590 8,005 103,771