Mr. Coco has saved Rs.

10000 and is evaluating 2 option for the bank deposits for a period of 5 years

Axis Bank is offering 5.8 % per annum simple interest

Cananra Bank is offering 5.5 % per annum compound interest

Can you help him to identify which of the two option is more beneficial?

Particulars Axis Canara

Initial Investment ₹ 10,000.00 ₹ 10,000.00
Rate of interest 5.80% 5.50%
Time period (yrs) 5 5
Future Value ₹ 2,900.00 ₹ 13,069.60
deposits for a period of 5 years

ial?
Particulars Case-I Case-II Case-III Case-IV Case-V
Initial Lumpsum Investment ₹ -100,000.00 ₹ -50,000.00 ₹ -25,000.00 ₹ -80,000.00 ₹ -75,000.00
Monthly SIP ₹ 0.00 ₹ -2,500.00 ₹ -2,500.00 ₹ -1,000.00 ₹ -10,000.00
Rate of Return 6% 5.50% 7% 10.00% 6.00%
Time period (yrs) 5 5 5 5 5
Future Value ₹ 133,822.56 ₹ 237,987.25 ₹ 214,422.89 ₹ 209,061.79 ₹ 798,864.07
 Mr. Coco has come across new investment opportunities:
Option A - Buy a car worth $10000, use it in rental business that will generate $2000 for 5 years and he can se
the care for $4000 at the end of 5th year

Option B - The government is offering a special scheme in which MONEY will get doubled in 6 years. You have
$10000 to invest.

Can you help Coco to identify which option will generate better returns for him and how much?

Year Option A Option B

0 $ -10,000.00 $ -10,000.00
1 $ 2,000.00
2 $ 2,000.00
3 $ 2,000.00
4 $ 2,000.00
5 $ 2,000.00
6 $ 4,000.00 $ 20,000.00
IRR 9.50% 100.00%
000 for 5 years and he can sell

doubled in 6 years. You have

nd how much?
 Bajaj Finserv has come up with a new year investment scheme as per the schedule below:

Investment starting date: 01-01-2023

Otherwise an FD can be made @6.00% p.a.

Compute the present value and rate of return for this investment scheme. Is it worth to invest in this sch
rather go for an FD?

Date Amount Type

1-Jan-23 ₹ -1,000,000.00 Investment
31-Dec-23 ₹ 200,000.00 Payout 1
31-Dec-24 ₹ 300,000.00 Payout 2
31-Dec-25 ₹ 400,000.00 Payout 3
31-Dec-26 ₹ 500,000.00 Payout 4
Present Value ₹ 187,602.85
Rate of Return 12.83%
Invest (Yes/No) YES
he schedule below:

me. Is it worth to invest in this scheme or

 Compute the number of shares purchased and average share price using appropriate formula.

Amount Invested Stock Price

₹ 10,000.00 ₹ 100.00
₹ 20,000.00 ₹ 80.00
₹ 25,000.00 ₹ 125.00
₹ 48,000.00 ₹ 120.00
No. of Shares purchased 950
Average Purchase Price ₹ 108.42
appropriate formula.
 Mr. Coco is confused as to which Bank is offering the highest rate of interest.
Compare the interest rates and help him choose the best option using a lookup formula.

Example: SBI HDFC ICICI

Loan Interest rates 10.00% 0.85% 2.50%
per annum per month per quarter
Comparable rate 10.00% 10.69% 10.38%

Chosen Bank HDFC

(use lookup formula)
rmula.
 Asset Value 100000
Salvage Value 10000
Useful life of Asset 5
Calculation of Depreciation
Period Straight Line Method Double Declining Balance Sum of Years digits
1 ₹ 18,000.00 ₹ 40,000.00 ₹ 30,000.00
2 ₹ 18,000.00 ₹ 24,000.00 ₹ 24,000.00
3 ₹ 18,000.00 ₹ 14,400.00 ₹ 18,000.00
4 ₹ 18,000.00 ₹ 8,640.00 ₹ 12,000.00
5 ₹ 18,000.00 ₹ 2,960.00 ₹ 6,000.00
Total Depreciation ₹ 90,000.00 ₹ 90,000.00 ₹ 90,000.00
Particulars Amount
Sales during the year (Cash) 960
Purchases during the year (Cash) 450
Cash collection from debtors 780
Payments to Creditors 420
Sales during the year (Credit) 930
Purchases during the year (Credit) 540
Cash expenses 210
Depreciation 165
Closing Stock 50

Income statement
Revenue 1890
Purchases -990
Expenses -210
Depreciation -165

Net income 525

Cash Flow - Direct

Cash from sales 1740
Cash on purchases -870
Cash expenses -210

Change in cash 660

Cash Flow - Indirect

Net income 525
- Increase in CA -150
+ Increase in CL 120
+ Depreciation 165

Change in cash 660

Model Case Study
Rules: Example:
1. Decimal places to 1 digit Sales
2. Negative values should be in red font within brackets () COGS
3. For deductions, use negative values while adding them up. Gross Profit
Study
100.0 100.0
60.0 (60.0)
40.0 40.0
=D5-D6 =SUM(E5:E6)
INCORRECT CORRECT
NeuMart MarketPlace Inc.
Assumptions
Period Start
Period End
Period Type
Unit

Timing

Model Start Date Date 1/Apr/20

Months in a period # 12
Start of Forecast Period Date 1/Apr/23
Number of Forecast Period # 10

Revenue
Market Place Revenue
Historical GMV USD Million
GMV Growth Rate %
Transactional Take Rate %

Retail Revenue
Transaction Volume # of Transactions
Transaction Volume Growth Rate %
Average Transaction Value USD
Average Transaction Value Growth Rate %

Cost
Cost of Sales
Cost of Goods Sold
Cost as % of Retail Revenue % of Retail Revenue
Deliery Charges
Cost of Delivery per Package USD
Increase in cost of Delivery per Package %
Payment Fees
Cost as % of GMV %

SG&A Expense
Marketing Expense
Cost as % of GMV %
Staff Cost
# Headcount #
Headcount Increase %
Annual Average Salary USD
Annual Average Salary Increase %
IT Cost
 IT Cost USD Million
Annual Increase %
Other Costs
Cost as % of Revenue %

Working Capital
Account Receivable (AR)
DSO # of Days
Inventory
Inventory Days # of Days
Accounts Payable (AP)
DPO # of Days

Capital Expenditure (Capex)

Property Plant and Equipment (PPE)
Capex as % of Revenue %
Depreciation
Useful Life Years 5
Salvage Value % 10%
Depreciation Rate (WDV) % 37%

Debt
Debt Drawdown USD Million
Scheduled Repayment
Interest Rate % 7%

Equity
Equity Infusion USD Million
Dividend Payout Ratio % 50%

Tax
Tax Rate % 30%

Valuation
Discount Rate
30-Year Government Bond Yield % 3%
Beta x 1.1
Equity Risk Premium % 5%
Valuation Date
Date of Valuation Date 3/31/2023
Terminal Value
Terminal Growth Rate % 2%
Current Data
Current Market Price USD 75.0
Outstanding shares No. in millions 305.0
 1-Apr-20 1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24 1-Apr-25 1-Apr-26
31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27
Historical Historical Historical Forecast Forecast Forecast Forecast

18,000 22,500 27,000

25.0% 20.0% 20.0% 20.0% 20.0% 10.0%
6.0% 6.5% 7.0% 7.5% 8.0% 8.0% 8.0%

2,000,000 2,300,000 2,600,000

15.0% 13.0% 10.0% 10.0% 10.0% 10.0%
100 120 130
20.0% 8.3% 5.0% 5.0% 5.0% 5.0%

99.5% 97.6% 98.0% 97.5% 97.0% 96.5% 96.0%

2.0 2.1 2.2

5.5% 5.2% 5.0% 5.0% 5.0% 5.0%

0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%

2.0% 1.6% 1.5% 1.5% 1.5% 1.5% 1.5%

250 300 330

20.0% 10.0% 8.0% 8.0% 8.0% 8.0%
41,000 43,200 45,500
5.4% 5.3% 5.0% 5.0% 5.0% 5.0%
100 110 120
10.0% 9.1% 8.0% 8.0% 8.0% 8.0%

2.1% 2.3% 2.0% 2.0% 2.0% 2.0% 2.0%

50 50 50 50 50 50 50

45 45 45 45 45 45 45

30 30 30 30 30 30 30

10.0% 2.3% 1.7% 2.0% 2.0% 2.0% 2.0%

75 0 0
0 10 10 15 10 10 10

150 0 0
 1-Apr-27 1-Apr-28 1-Apr-29 1-Apr-30 1-Apr-31 1-Apr-32
31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33
Forecast Forecast Forecast Forecast Forecast Forecast

10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

8.0% 8.0% 8.0% 8.0% 8.0% 8.0%

10.0% 5.0% 5.0% 5.0% 5.0% 5.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0%

96.0% 96.0% 96.0% 96.0% 96.0% 96.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0%

0.5% 0.5% 0.5% 0.5% 0.5% 0.5%

1.5% 1.5% 1.5% 1.5% 1.5% 1.5%

8.0% 8.0% 8.0% 8.0% 8.0% 8.0%

5.0% 5.0% 5.0% 5.0% 5.0% 5.0%

8.0% 8.0% 8.0% 8.0% 8.0% 8.0%

2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

50 50 50 50 50 50

45 45 45 45 45 45

30 30 30 30 30 30

2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

5 5 0 0 0 0
NeuMart MarketPlace Inc.
Working
Period Start
Period End
Period Type
Unit

Timing

Period Counter #
Period Start Date Date
Period End Date Date
Period Type Text
# of Days in Period Days

Revenue
Market Place Revenue
GMV USD Million
Transactional Take Rate %
Market Place Revenue USD Million

Retail Revenue
Transaction Volume # of Transactions
Average Transaction Value USD
Retail Revenue USD Million

Total Revenue USD Million

Cost
Cost of Sales
Cost of Goods Sold
Retail Revenue USD Million
Cost as % of Retail Revenue % of Retail Revenue
Cost of Goods Sold USD Million
Deliery Charges
Total GMV (Marketplace GMV + Retail Revenue) USD Million
Average Transaction Value USD
# of Packages # Million
Average delivery cost per package USD
Cost of Delivery USD Million
Payment Fees
Total GMV (Marketplace + Retail) USD Million
Payment Cost USD Million

Total Cost of Sales

 SG&A Expense
Marketing Expense
Total GMV USD Million
Total Marketing Expense USD Million
Staff Cost
Headcount #
Average Annual Salary USD
Total Staff Cost USD Million
IT Cost
Total IT Cost USD Million
Other Costs
Total Other Costs USD Million

Total SG&A Expenses USD Million

Total Costs USD Million

Working Capital
Accounts Receivable
Beginning Balance USD Million
Addtion - Revenue USD Million
Reduction - Cash from Customer USD Million
Ending Balance USD Million

Inventory
Beginning Balance USD Million
Addition - Purhases USD Million
Reduction - Cost of Goods Sold USD Million
Ending Balance USD Million

Accounts Payable
Beginning Balance USD Million
Addition - Total Cost USD Million
Reduction - Cash Paid to Suppliers USD Million
Ending Balance USD Million

Total Working Capital USD Million

Capital Expenditure

Capital Expenditure USD Million

Depreciation
WDV
Depreciation Rate (WDV) % 37%
 Beginning Balance USD Million
Addition - Capex USD Million
Reduction - Depreciation USD Million
Ending Balance USD Million

Debt
Debt
Beginning Balance USD Million
Adddition - Debt Drawdown USD Million
Reduction - Repayment USD Million
Ending Balance USD Million

Interest Expense USD Million

(consider additional debt at the beginning of the year)
Equity
Paid-in Capital
Beginning Balance USD Million
Addtion - Equity Infusion USD Million
Reduction - Equity Redemption
Ending Balance USD Million

Retained Earning
Beginning Balance USD Million
Addition (Net Profit) USD Million
Dividends USD Million
Ending Balance USD Million
 1-Apr-20 1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24
31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25
Historical Historical Historical Forecast Forecast

1 2 3 4 5
1-Apr-20 1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24
31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25
Historical Historical Historical Forecast Forecast
365 365 365 366 365

18,000.0 22,500.0 27,000.0 32,400.0 38,880.0

6.0% 6.5% 7.0% 7.5% 8.0%
1,080.0 1,462.5 1,890.0 2,430.0 3,110.4

2,000,000.0 2,300,000.0 2,600,000.0 2,860,000.0 3,146,000.0

100.0 120.0 130.0 136.5 143.3
200.0 276.0 338.0 390.4 450.9

1,280.0 1,738.5 2,228.0 2,820.4 3,561.3

200.0 276.0 338.0 390.4 450.9

99.5% 97.6% 98.0% 97.5% 97.0%
199.0 269.4 331.2 380.6 437.4

1,280.0 1,738.5 2,228.0 2,820.4 3,561.3

100.0 120.0 130.0 136.5 143.3
12.8 14.5 17.1 20.7 24.8
2.0 2.1 2.2 2.3 2.4
25.6 30.6 38.0 48.2 60.8

1,280.0 1,738.5 2,228.0 2,820.4 3,561.3

7.0 9.2 11.4 14.1 17.8

231.6 309.2 380.7 442.9 516.0

1,280.0 1,738.5 2,228.0 2,820.4 3,561.3
25.6 27.8 33.4 42.3 53.4

250.0 300.0 330.0 356.4 384.9

41,000.0 43,200.0 45,500.0 47,775.0 50,163.8
10.3 13.0 15.0 17.0 19.3

100.0 110.0 120.0 129.6 140.0

26.9 40.0 44.6 56.4 71.2

162.7 190.8 213.0 245.3 283.9

394.4 499.9 593.6 688.2 799.9

175.3 238.2 305.2 385.3

62.8 67.1 80.1 102.6

175.3 238.2 305.2 385.3 487.8

24.5 33.2 40.8 46.8

8.7 7.6 6.0 7.1
(269.4) (331.2) (380.6) (437.4)
24.5 33.2 40.8 46.8 53.9

16.4 22.1 27.2 31.2

5.8 5.1 4.0 4.7

16.4 22.1 27.2 31.2 35.9

183.5 249.2 318.8 400.9 505.8

128.0 40.0 37.9 56.4 71.2

 0.0 119.5 148.9 174.4 215.4
128.0 40.0 37.9 56.4 71.2
(8.5) (10.6) (12.4) (15.3) (19.0)
119.5 148.9 174.4 215.4 267.6

0.0 75.0 65.0 55.0 40.0

75.0 0.0 0.0 0.0 0.0
0.0 (10.0) (10.0) (15.0) (10.0)
75.0 65.0 55.0 40.0 30.0

5.3 4.6 3.9 2.8 2.1

0.0 150.0 150.0 150.0 150.0

150.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
150.0 150.0 150.0 150.0 150.0

0.0 266.3 379.8 509.7 669.9

532.6 759.6 1,019.3 1,339.7 1,744.2
266.3 379.8 509.7 669.9 872.1
266.3 379.8 509.7 669.9 872.1
 1-Apr-25 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29 1-Apr-30 1-Apr-31
31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32
Forecast Forecast Forecast Forecast Forecast Forecast Forecast

6 7 8 9 10 11 12
1-Apr-25 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29 1-Apr-30 1-Apr-31
31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32
Forecast Forecast Forecast Forecast Forecast Forecast Forecast
365 365 366 365 365 365 366

46,656.0 51,321.6 56,453.8 62,099.1 68,309.0 75,140.0 82,654.0

8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
3,732.5 4,105.7 4,516.3 4,967.9 5,464.7 6,011.2 6,612.3

3,460,600.0 3,806,660.0 4,187,326.0 4,396,692.3 4,616,526.9 4,847,353.3 5,089,720.9

150.5 158.0 165.9 174.2 182.9 192.1 201.7
520.8 601.5 694.7 766.0 844.5 931.0 1,026.5

4,253.3 4,707.2 5,211.0 5,733.9 6,309.2 6,942.2 7,638.8

520.8 601.5 694.7 766.0 844.5 931.0 1,026.5

96.5% 96.0% 96.0% 96.0% 96.0% 96.0% 96.0%
502.6 577.5 667.0 735.3 810.7 893.8 985.4

4,253.3 4,707.2 5,211.0 5,733.9 6,309.2 6,942.2 7,638.8

150.5 158.0 165.9 174.2 182.9 192.1 201.7
28.3 29.8 31.4 32.9 34.5 36.1 37.9
2.6 2.7 2.8 3.0 3.1 3.3 3.4
72.6 80.4 89.0 97.9 107.7 118.6 130.4

4,253.3 4,707.2 5,211.0 5,733.9 6,309.2 6,942.2 7,638.8

21.3 23.5 26.1 28.7 31.5 34.7 38.2

596.5 681.4 782.0 861.9 950.0 1,047.0 1,154.0

4,253.3 4,707.2 5,211.0 5,733.9 6,309.2 6,942.2 7,638.8
63.8 70.6 78.2 86.0 94.6 104.1 114.6

415.7 449.0 484.9 523.7 565.6 610.8 659.7

52,671.9 55,305.5 58,070.8 60,974.4 64,023.1 67,224.2 70,585.4
21.9 24.8 28.2 31.9 36.2 41.1 46.6

151.2 163.3 176.3 190.4 205.7 222.1 239.9

85.1 94.1 104.2 114.7 126.2 138.8 152.8

321.9 352.8 386.9 423.0 462.7 506.2 553.8

918.4 1,034.2 1,168.9 1,284.9 1,412.7 1,553.2 1,707.8

487.8 582.6 644.8 711.9 785.5 864.3 951.0

94.8 62.2 67.1 73.6 78.8 86.7 92.6

582.6 644.8 711.9 785.5 864.3 951.0 1,043.5

53.9 62.0 71.2 82.0 90.7 99.9 110.2

8.0 9.2 10.8 8.7 9.3 10.2 11.0
(502.6) (577.5) (667.0) (735.3) (810.7) (893.8) (985.4)
62.0 71.2 82.0 90.7 99.9 110.2 121.2

35.9 41.3 47.5 54.7 60.4 66.6 73.5

5.4 6.2 7.2 5.8 6.2 6.8 7.3

41.3 47.5 54.7 60.4 66.6 73.5 80.8

603.3 668.6 739.2 815.7 897.6 987.7 1,083.9

85.1 94.1 104.2 114.7 126.2 138.8 152.8

267.6 329.3 395.3 466.3 542.4 624.2 712.3
85.1 94.1 104.2 114.7 126.2 138.8 152.8
(23.4) (28.1) (33.2) (38.6) (44.4) (50.7) (57.5)
329.3 395.3 466.3 542.4 624.2 712.3 807.6

30.0 20.0 10.0 5.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
(10.0) (10.0) (5.0) (5.0) 0.0 0.0 0.0
20.0 10.0 5.0 0.0 0.0 0.0 0.0

1.4 0.7 0.4 0.0 0.0 0.0 0.0

150.0 150.0 150.0 150.0 150.0 150.0 150.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
150.0 150.0 150.0 150.0 150.0 150.0 150.0

872.1 1,051.5 1,147.0 1,251.4 1,367.3 1,495.3 1,636.8

2,103.0 2,293.9 2,502.9 2,734.6 2,990.6 3,273.7 3,586.3
1,051.5 1,147.0 1,251.4 1,367.3 1,495.3 1,636.8 1,793.2
1,051.5 1,147.0 1,251.4 1,367.3 1,495.3 1,636.8 1,793.2
 1-Apr-32
31-Mar-33
Forecast

13
1-Apr-32
31-Mar-33
Forecast
365

90,919.3
8.0%
7,273.5

5,344,207.0
211.8
1,131.7

8,405.2

1,131.7
96.0%
1,086.4

8,405.2
211.8
39.7
3.6
143.5

8,405.2
42.0

1,272.0
8,405.2
126.1

712.4
74,114.7
52.8

259.1

168.1

606.1

1,878.0

1,043.5
107.9

1,151.4

121.2
12.8
(1,086.4)
133.9

80.8
8.5

89.3

1,196.0

168.1
807.6
168.1
(64.8)
910.9

0.0
0.0
0.0
0.0

0.0

150.0
0.0
0.0
150.0

1,793.2
3,931.4
1,965.7
1,965.7
NeuMart MarketPlace Inc.
Financial Statements
Period Start
Master Check ERROR Period End
Period Type
Unit

Profit & Loss Statement

Total Revenue USD Million
Cost of Sales USD Million
Gross Profit USD Million

SG&A Expenses USD Million

Earning Before Interest, Tax, Depreciation and Amortization (EBITDAUSD Million

Depreciation and Amortization (D&A) USD Million

Earning Before Interest and Tax (EBIT) USD Million

Interest Expense USD Million

Profit Before Tax (PBT) USD Million

Tax Expenses USD Million

Profit After Tax (PAT) USD Million

Balance Sheet
Asset
Current Assets
Cash USD Million
Accounts Receivable USD Million
Inventory USD Million
Total Current Assets USD Million
Non-Current Assets
Property Plant and Equipment USD Million
Total Non-Current Assets USD Million

Total Assets USD Million

Liability and Equity

Current Liabilities
Accounts Payable USD Million
Total Current Liabilities USD Million
Non-Current Liabilities
Debt USD Million
Total Non-Current Assets USD Million
 Total Liabilities USD Million
Shareholders' Equity
Paid-in Capital USD Million
Retained Earning USD Million
Total Shareholders' Equity USD Million

Total Liability and Shareholders' Equity

Balance Sheet Check ERROR

Cash Flow Statement

Cash Flow from Operating Activities
Net Profit (PAT) USD Million
Depreciation and Amortization USD Million
Change in Working Capital USD Million
Cash Flow from Operating Activities USD Million

Cash Flow from Investing Activities

Capital Expenditure USD Million
Cash Flow from Investing Activities USD Million

Cash Flow from Financing Activities

Debt Drawdown USD Million
Debt Repayment USD Million
Equity Infusion USD Million
Dividend USD Million
Cash Flow from Financing Activities USD Million

Beginning Cash Balance USD Million

Total Cash Generated During Period USD Million
Ending Cash Balance USD Million
 1-Apr-20 1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24 1-Apr-25
31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26
Historical Historical Historical Forecast Forecast Forecast

1,280.0 1,738.5 2,228.0 2,820.4 3,561.3 4,253.3

(231.6) (309.2) (380.7) (442.9) (516.0) (596.5)
1,048.4 1,429.3 1,847.3 2,377.5 3,045.3 3,656.8

(162.7) (190.8) (213.0) (245.3) (283.9) (321.9)

885.6 1,238.6 1,634.4 2,132.2 2,761.4 3,334.9

(119.5) (148.9) (174.4) (215.4) (267.6) (329.3)

766.1 1,089.7 1,460.0 1,916.7 2,493.8 3,005.6

(5.3) (4.6) (3.9) (2.8) (2.1) (1.4)

760.9 1,085.1 1,456.1 1,913.9 2,491.7 3,004.2

(228.3) (325.5) (436.8) (574.2) (747.5) (901.3)

532.6 759.6 1,019.3 1,339.7 1,744.2 2,103.0

299.3 712.3 1,278.8 2,010.6 2,964.2 4,152.4

175.3 238.2 305.2 385.3 487.8 582.6
24.5 33.2 40.8 46.8 53.9 62.0
499.2 983.6 1,624.9 2,442.7 3,506.0 4,797.0

128.0 40.0 37.9 56.4 71.2 85.1

128.0 40.0 37.9 56.4 71.2 85.1

627.2 1,023.6 1,662.7 2,499.1 3,577.2 4,882.1

16.4 22.1 27.2 31.2 35.9 41.3

16.4 22.1 27.2 31.2 35.9 41.3

75.0 65.0 55.0 40.0 30.0 20.0

75.0 65.0 55.0 40.0 30.0 20.0
 91.4 87.1 82.2 71.2 65.9 61.3

150.0 150.0 150.0 150.0 150.0 150.0

266.3 379.8 509.7 669.9 872.1 1,051.5
416.3 529.8 659.7 819.9 1,022.1 1,201.5

507.7 616.9 741.9 891.1 1,088.0 1,262.8

119.5 406.7 920.9 1,608.1 2,489.2 3,619.3

532.6 759.6 1,019.3 1,339.7 1,744.2 2,103.0

119.5 148.9 174.4 215.4 267.6 329.3
(183.5) (65.7) (69.6) (82.1) (104.9) (97.5)
468.6 842.8 1,124.1 1,473.1 1,906.9 2,334.7

(128.0) (40.0) (37.9) (56.4) (71.2) (85.1)

-128.0 -40.0 -37.9 -56.4 -71.2 -85.1

75.0 0.0 0.0 0.0 0.0 0.0

0.0 (10.0) (10.0) (15.0) (10.0) (10.0)
150.0 0.0 0.0 0.0 0.0 0.0
(266.3) (379.8) (509.7) (669.9) (872.1) (1,051.5)
-41.3 -389.8 -519.7 -684.9 -882.1 -1,061.5

0.0 299.3 712.3 1,278.8 2,010.6 2,964.2

299.3 413.0 566.5 731.8 953.6 1,188.2
299.3 712.3 1,278.8 2,010.6 2,964.2 4,152.4
 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29 1-Apr-30 1-Apr-31 1-Apr-32
31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33
Forecast Forecast Forecast Forecast Forecast Forecast Forecast

4,707.2 5,211.0 5,733.9 6,309.2 6,942.2 7,638.8 8,405.2

(681.4) (782.0) (861.9) (950.0) (1,047.0) (1,154.0) (1,272.0)
4,025.9 4,429.0 4,872.0 5,359.2 5,895.2 6,484.7 7,133.3

(352.8) (386.9) (423.0) (462.7) (506.2) (553.8) (606.1)

3,673.0 4,042.2 4,448.9 4,896.5 5,389.0 5,930.9 6,527.2

(395.3) (466.3) (542.4) (624.2) (712.3) (807.6) (910.9)

3,277.7 3,575.9 3,906.5 4,272.4 4,676.7 5,123.3 5,616.3

(0.7) (0.4) 0.0 0.0 0.0 0.0 0.0

3,277.0 3,575.5 3,906.5 4,272.4 4,676.7 5,123.3 5,616.3

(983.1) (1,072.7) (1,172.0) (1,281.7) (1,403.0) (1,537.0) (1,684.9)

2,293.9 2,502.9 2,734.6 2,990.6 3,273.7 3,586.3 3,931.4

5,525.2 7,063.1 8,776.6 10,688.1 12,808.2 15,160.1 17,756.5

644.8 711.9 785.5 864.3 951.0 1,043.5 1,151.4
71.2 82.0 90.7 99.9 110.2 121.2 133.9
6,241.3 7,857.0 9,652.8 11,652.3 13,869.4 16,324.8 19,041.8

94.1 104.2 114.7 126.2 138.8 152.8 168.1

94.1 104.2 114.7 126.2 138.8 152.8 168.1

6,335.4 7,961.2 9,767.4 11,778.5 14,008.3 16,477.5 19,209.9

47.5 54.7 60.4 66.6 73.5 80.8 89.3

47.5 54.7 60.4 66.6 73.5 80.8 89.3

10.0 5.0 0.0 0.0 0.0 0.0 0.0

10.0 5.0 0.0 0.0 0.0 0.0 0.0
 57.5 59.7 60.4 66.6 73.5 80.8 89.3

150.0 150.0 150.0 150.0 150.0 150.0 150.0

1,147.0 1,251.4 1,367.3 1,495.3 1,636.8 1,793.2 1,965.7
1,297.0 1,401.4 1,517.3 1,645.3 1,786.8 1,943.2 2,115.7

1,354.4 1,461.1 1,577.7 1,712.0 1,860.3 2,023.9 2,205.0

4,981.0 6,500.1 8,189.7 10,066.5 12,148.0 14,453.6 17,004.9

2,293.9 2,502.9 2,734.6 2,990.6 3,273.7 3,586.3 3,931.4

395.3 466.3 542.4 624.2 712.3 807.6 910.9
(65.3) (70.7) (76.5) (81.9) (90.1) (96.2) (112.1)
2,623.9 2,898.5 3,200.5 3,532.9 3,895.9 4,297.7 4,730.2

(94.1) (104.2) (114.7) (126.2) (138.8) (152.8) (168.1)

-94.1 -104.2 -114.7 -126.2 -138.8 -152.8 -168.1

0.0 0.0 0.0 0.0 0.0 0.0 0.0

(10.0) (5.0) (5.0) 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
(1,147.0) (1,251.4) (1,367.3) (1,495.3) (1,636.8) (1,793.2) (1,965.7)
-1,157.0 -1,256.4 -1,372.3 -1,495.3 -1,636.8 -1,793.2 -1,965.7

4,152.4 5,525.2 7,063.1 8,776.6 10,688.1 12,808.2 15,160.1

1,372.8 1,537.9 1,713.6 1,911.4 2,120.2 2,351.8 2,596.4
5,525.2 7,063.1 8,776.6 10,688.1 12,808.2 15,160.1 17,756.5
NeuMart MarketPlace Inc.
Valuation

Units

Free Cash Flow to Firm (FCFF)

EBIT USD Million
Unlevered Tax USD Million
EBIT * ( 1 - T) USD Million

Add: Depreciation USD Million

Subtract: Increase in Working Capital USD Million
Subtract: Capital Expenditure USD Million
Free Cash Flow to Firm (FCFF) USD Million

Free Cash Flow to Equity (FCFE)

Net Profit USD Million
Add: Depreciation USD Million
Subtract: Increase in Working Capital USD Million
Subtract: Capital Expenditure USD Million
Add: Debt Drawdown USD Million
Subtract: Debt Repayment USD Million
Free Cash Flow to Equity (FCFE) USD Million

Discount Rate
Cost of Debt
Cost of incremental borrowing (Cd) %
Tax Rate (t) %

Cost of Equity
Risk Free Rate (Rf) %
Beta (β)
Equity Risk Premium (Rm - Rf) %
Cost of Equity (using CAPM) (Ce) %

WACC
Debt Balance (D) USD Million
Equity € USD Million
Debt as Proportion of Capital (D/(D+E)) %
Equity as Proportion of Capital (E/(D+E)) %
WACC %

Terminal Value
 FCFF
Terminal Year Cash Flow USD Million
Terminal Growth Rate %
Discount Rate (WACC) %

Terminal Value USD Million

FCFE
Terminal Year Cash Flow USD Million
Terminal Growth Rate %
Discount Rate (WACC) %

Terminal Value USD Million

Valuations
Valuation Date
Valuation Date Date

FCFF
Date of Cash Flow Date
Forecasted Period Flag 1/0
FCFF USD Million
Terminal Value USD Million

Cash Flow for Valuation USD Million

# of Years from Valuation Date Years

Discount Rate %
Discount Factor x
Discounted Cash Flow USD Million

Enterprise Value (EV) USD Million

Debt USD Million
Cash USD Million

Equity Value USD Million

Outstanding shares No. in million

Intrinsic Value per share USD

Current Market Price
Decision
Upside/downside potential %
Period Start 1-Apr-20 1-Apr-21 1-Apr-22 1-Apr-23
Period End 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24
Historical Historical Historical Forecast

766.1 1,089.7 1,460.0 1,916.7

0.3 0.3 0.3 0.3
536.3 762.8 1,022.0 1,341.7

119.5 148.9 174.4 215.4

183.5 65.7 69.6 82.1
(128.0) (40.0) (37.9) (56.4)
711.3 937.4 1,228.1 1,582.8

532.6 759.6 1,019.3 1,339.7

119.5 148.9 174.4 215.4
(183.5) (65.7) (69.6) (82.1)
(128.0) (40.0) (37.9) (56.4)
75.0 0.0 0.0 0.0
0.0 (10.0) (10.0) (15.0)
415.6 792.8 1,076.2 1,401.7

7.0%
30.0%

3.0%
1.10
5.0%
8.5%

55.0
22,875.0
0.2%
99.8%
8.5%
 4,786.3
2.0%
8.5%

75,208.4

4,562.1
2.0%
8.5%

54,800.8

3/31/2023

3/31/2021 3/31/2022 3/31/2023 3/31/2024

0 0 0 1
711.3 937.4 1,228.1 1,582.8

0.0 0.0 0.0 1,582.8

0.0 0.0 0.0 1.0

8.5%
1.00 1.00 1.00 0.92

33,290.1
55.0
279.0

23,099.0

305.0

75.7
75.00

1.0%
 1-Apr-24 1-Apr-25 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29 1-Apr-30
31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31
Forecast Forecast Forecast Forecast Forecast Forecast Forecast

2,493.8 3,005.6 3,277.7 3,575.9 3,906.5 4,272.4 4,676.7

0.3 0.3 0.3 0.3 0.3 0.3 0.3
1,745.6 2,103.9 2,294.4 2,503.1 2,734.6 2,990.6 3,273.7

267.6 329.3 395.3 466.3 542.4 624.2 712.3

104.9 97.5 65.3 70.7 76.5 81.9 90.1
(71.2) (85.1) (94.1) (104.2) (114.7) (126.2) (138.8)
2,047.0 2,445.6 2,660.8 2,935.9 3,238.8 3,570.5 3,937.3

1,744.2 2,103.0 2,293.9 2,502.9 2,734.6 2,990.6 3,273.7

267.6 329.3 395.3 466.3 542.4 624.2 712.3
(104.9) (97.5) (65.3) (70.7) (76.5) (81.9) (90.1)
(71.2) (85.1) (94.1) (104.2) (114.7) (126.2) (138.8)
0.0 0.0 0.0 0.0 0.0 0.0 0.0
(10.0) (10.0) (10.0) (5.0) (5.0) 0.0 0.0
1,825.6 2,239.7 2,519.8 2,789.3 3,080.8 3,406.7 3,757.0
3/31/2025 3/31/2026 3/31/2027 3/31/2028 3/31/2029 3/31/2030 3/31/2031
1 1 1 1 1 1 1
2,047.0 2,445.6 2,660.8 2,935.9 3,238.8 3,570.5 3,937.3

2,047.0 2,445.6 2,660.8 2,935.9 3,238.8 3,570.5 3,937.3

2.0 3.0 4.0 5.0 6.0 7.0 8.0

0.85 0.78 0.72 0.67 0.61 0.57 0.52

 1-Apr-31 1-Apr-32
31-Mar-32 31-Mar-33
Forecast Forecast

5,123.3 5,616.3
0.3 0.3
3,586.3 3,931.4

807.6 910.9
96.2 112.1
(152.8) (168.1)
4,337.4 4,786.3

3,586.3 3,931.4
807.6 910.9
(96.2) (112.1)
(152.8) (168.1)
0.0 0.0
0.0 0.0
4,145.0 4,562.1
3/31/2032 3/31/2033
1 1
4,337.4 4,786.3
75,208.4

4,337.4 79,994.7

9.0 10.0

0.48 0.44