Professional Documents
Culture Documents
2012A
2013A
2014A
2905
1698
1207
Historical
3408
1925
1483
3959
2228
1730
350
(2)
859
442
(1)
1042
509
(11)
1233
Depreciation
Amortization
EBIT
102
9
747
127
11
904
136
13
1084
Interest Expense
Interest Income
Pretax Income (PBT)
44
(1)
704
60
(1)
845
64
(1)
1021
Income Taxes
Net Income
175
529
215
630
255
766
Margins
Gross Margin (excluding D&A)
SG&A Expense as % of Net Sales
Other Expense/ (Income) as % of Net Sales
EBITDA Margin
EBIT Margin
Net Income Margin
100
41.5%
12.1%
-0.1%
29.6%
25.7%
18.2%
24.8%
43.5%
13.0%
0.0%
30.6%
26.5%
18.5%
43.7%
12.9%
-0.3%
31.1%
27.4%
19.4%
17.3%
21.3%
19.0%
16.2%
18.3%
21.7%
25.5%
25.0%
2015E
2016E
2017E
2018E
2019E
Forecast
25.0%
25.0%
25.0%
25.0%
25.0%
2020E
25.0%
2021E
25.0%
2012A
Balance Sheet ($ m)
2013A
Historical
28
30
463
327
87
905
474
350
83
937
852
950
Other Assets
Intangibles, net
Goodwill
47
1672
62
1672
Total Assets
3475
3621
206
221
181
68
455
161
63
446
250
1600
1850
150
1360
1510
153
447
157
454
569
1054
3475
3621
Fixed Assets
PP&E, net
Accounts Payable
Accrued Liabilities
Other Current Liabilities
Total Current Liabilities
Loan Funds
Revolving Credit Facility
Long Term Debt
Total Liabilities
Other Long Term Liabilities
Post retirement Pension Cost
Shareholder's Funds
Total Liabilities & Equity
Check
2014A
Historical
2015E
2016E
2017E
2018E
Forecast
29
473
384
84
970
1100
80
1672
3821
279
177
82
538
101
875
976
187
461
1660
3821
2019E
2020E
2021E
2012A
2013A
Historical
Operating Activities
Net Income
Depreciation
Amortization
Change in Working Capital
Change in Assets & Liabilities (if any)
Cash Flow from Operating Activities
Investment Activities
Capital Expenditures
Additions to Intangibles
Cash Flow from Investing Activities
Cash Flow Available for Financing Activities
Financing Activities
30
2014A
istorical
2015E
2016E
2017E
2018E
Forecast
29
recast
2019E
2020E
2021E
Revenues ($)
Sales Volume (Units)
2010E
2011E
2010E
600,000,000
2011E
756,000,000
Hair Colour
growth rate
825,000,000
951,750,000
Detergents
growth rate
660,000,000
761,600,000
2,085,000,000
2,469,350,000
Total Revenue
2012A
2013A
2014A
2015E
2012A
960,000,000
2013A
1,225,500,000
2014A
1,518,750,000
2015E
1,069,937,500
1,207,868,000
1,352,705,000
875,000,000
974,632,000
1,087,500,000
2,904,937,500
3,408,000,000
3,958,955,000
2016E
2017E
2018E
2019E
2016E
2017E
2018E
2019E
2020E
2021E
2020E
2021E
2010E
2011E
2010E
1,123,595,550
2011E
1,373,756,175
Speciality chemicals
% of sales
32,267,700
42,343,763
Ordinary chemicals
% of sales
8,590,950
13,597,875
33,585,480
41,076,872
1,198,039,680
1,470,774,684
48,450,000
57,095,000
1,246,489,680
1,527,869,684
51,084,000
57,523,200
2,000,000
2,400,000
Perfumes
% of sales
Power Cost
% of sales
156,000,000
177,701,250
52,275,000
66,733,750
2,000,000
263,359,000
###
306,358,200
500 ml detergent
50.5
2.5
1.5
2012A
2013A
2014A
2012A
1,516,132,099
2013A
1,707,647,148
2014A
1,973,195,100
50,481,051
59,437,578
68,890,932
16,242,259
19,214,520
24,895,206
48,483,780
59,032,659
71,812,080
1,631,339,189
1,845,331,905
2,138,793,318
66,785,085
80,043,841
89,679,100
1,698,124,275
1,925,375,745
2,228,472,418
72,360,960
85,666,560
94,474,800
3,000,000
3,500,000
4,000,000
195,370,313
270,600,000
304,421,625
77,623,438
80,200,000
103,973,875
2,000,000
2,000,000
2,000,000
350,354,710
441,966,560
508,870,300
2015E
-
2015E
2016E
-
2016E
2017E
-
2017E
2018E
-
2018E
2019E
-
2019E
2020E
-
2020E
2021E
-
2021E
Net Sales
Cost of Sales (excluding D&A)
Working Capital Balances
2012A
2013A
Historical
storical
2014A
2015E
2016E
2017E
2018E
Forecast
2019E
2020E
2021E
365
2012A
2013A
Historical
Net Sales
Capital Expenditures
Capital Expenditures as % of Net Sales
Amount
Remaining useful life
30.0
NA
100.0
7
700.0
9
270.0
9
1,100.0
Total Capex
Breakup
Land
Building Improvements
Machinery and equipment
Automobiles and trucks
50%
2014A
50%
Useful Life
2015
2016
2017
2018
2019
2020
2021
Total Depreciation (Machinery & Equipments)
Automobiles & Trucks
Useful Life
Automobiles & Trucks
Depreciation Expense (existing)
Capex
2015
2016
2017
2018
2019
2020
2021
Total Depreciation (Automobiles & Trucks)
50%
Useful Life
2015E
2016E
2017E
2018E
2019E
2020E
2021E
2020E
2021E
Forecast
Proportion of Assets
Straight Line Method of Depreciation
Straight Line Method of Depreciation
Straight Line Method of Depreciation
2015E
2016E
2017E
2018E
2019E
#DIV/0!
2012A
2013A
2014A
Historical
Net Sales
Additions to Intangibles
Additions to Intangibles as % of Net Sales
8.0
50%
Intangibles
2015
2016
2017
2018
2019
2020
2021
Total Amortization Expense
Useful Life
2015E
2016E
2017E
2018E
Forecast
2019E
2020E
2021E
Dividend Assumptions
2012A
2013A
Historical
torical
2014A
2015E
2016E
2017E
2018E
Forecast
ecast
2019E
2020E
2021E
2012A
2013A
2014A
Historical
Average Balance
Interest Rate
Interest Expense
Average Balance
Interest Rate
Interest Expense
Cash Balances
Average Balance
Interest Rate
Interest Income
2015E
2016E
2017E
2018E
Forecast
2019E
2020E
2021E
Cash Flows
NPV of explicit period
Equity value
Share Price
2015E
2016E
2017E
Back to Index
2018E
2019E
2020E
2021E
Beta Calculation
Leveraged
Beta
Peer A
Peer B
Peer C
Avg Beta
Beta unleveraged
Beta ( jean louis)
1
0.92
1.4
Unleveraged
Beta
Tax rate
20%
31%
30%
D/E
0.34
0.37
0.63
shares
Promoters
New shareholders
Venture Firm I
Acquisition Terms
Shares to be Acquired
Number of Shares
Price per Share
Cost of Shares
Common Shares Outstanding (post)
Acquisition Stake
Acquisition Price
Transaction Fees
Assumed Liabilities (Existing Debt)
Total Acquisition Cost
Primary
Secondary
% Shareholding
(Pre)
% Shareholding
(Post)
Amount Raised
Equity Valuation
(Post)
As of 3/31/2014
Summary Assumptions
Entry Amount
Current Market Price
Premium to Market
Investment Price per Share
Shares Purchased ('000)
Total Shares Outstanding (Post)
% of New Shares Issued
Incremental financing
IRR
Jean Louis
Peer A
Peer B
Peer C
2,561
2014
2014
Balance Sheet
Total Assets
3,112
4,200
500
550
1,000
1,450
1,500
1,600
Revenues
3,500
3,800
5,000
EBITDA
1,000
1,100
1,500
400
300
350
50
75
100
Share Price
15
22
25
60,000
50,000
60,000
550
550
525
Net Debt
1,000
1,500
2,000
Enterprise Value
1,550
2,050
2,525
Long-term Debt
Net Worth
Income Statement
Net Income
Market Data
Number of Customers
65,000
2014
6%
3%
3.5%
4%
Jean Louis
Peer A
Peer B
Peer C
Industry
Average
2015