Company Overview - Transasia

FY24E and FY25E
Revenue	12000	13000	25000

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Rooms		38.1	432.6	903.9	0.0	0.0	0.0			1,389.1
	YoY		-95.4	1036.6	109.0						53.7

2	Food		464.7	993.4	1,948.9	0.0	0.0	0.0			2,248.0
	YoY		-56.9	113.7	96.2						15.4

3	Beverages		124.4	163.5	319.3	0.0	0.0	0.0			345.9
	YoY		4.5	5.9	73.5						4.7

4	Food & beverage others		54.9	58.1	100.9	0.0	0.0	0.0			105.6
	YoY		0	1.4	0.7						-28.0

5	Investment property Income		65.0	66.0	66.4	0.0	0.0	0.0			47.8
	YoY		-63.2	62.7	121.5						41.7

	Period		FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	COGS		664.9	1,074.7	2,122.7	0.0	570.9	592.2			2,434.4
	- As a % of sales		60.5%	50.7%	54.9%	nan%	-4.9%	-4.3%			50.1%

2	Administration		609.6	401.2	644.0	0.0	175.5	195.8			804.0	0
	- As a % of sales		96.6%	30.5%	22.6%	nan%	23.7%	22.0%			22.5%

3	Selling & Distribution		45.4	80.9	143.6	0.0	50.7	58.8			217.2
	- As a % of sales		4.1%	3.8%	3.7%	nan%	5.1%	5.0%			4.6%

4	Capital Expenditure		16.5	91.4	503.6	0.0	91.3	76.7		0	337.8	00	0	00	0
	- As a % of sales		2.0%	5.0%	14.1%	nan%	9.8%	6.9%			7.6%

	Fixed Assets - Cost	FY21	FY22	FY23	4Q24E	FY24E	1Q25E	3Q25E	FY28E
1	Balance B/F	5,290.1	5,205.1	5,266.5	5,993.1	6,084.3	6,161.1	5,993.1	6,582.7
	Capital Expenditure	16.5	91.4	503.6	91.3	76.7	222
	Balance C/F	5,205.1	5,266.5	5,993.1	6,084.3	6,161.1		6,582.7

Depreciation	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Balance B/F	1,742.6	1,779.7	1,863.5	0.0	1,927.8	1,974.2	2,023.2		1,927.8					1,996.6
Depreciation charge	174.5	153.7	163.4	0.0	45.8	48.0			198.7
- As a % of sales	21.5%	8.5%	4.6%	nan%	4.9%	4.3%			4.5%
Balance C/F	1,779.7	1,863.5	1,927.8	0.0	1,974.2	2,023.2	111	111	1,996.6	111	111	111	111	111	111	111	111	111
Net Book Value at end	3,425.3	3,403.0	4,065.3	0.0	4,110.1	4,137.9			4,586.1

2	Working Capital

Period	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E
2.1 Accounts and notes receivables	63.6	195.6	325.2	0.0	293.6	310.6	633.3
- As a % of sales	7.8	10.8	9.1	nan	31.5	28.1	14.2
Four Qtr Cum. Revenue				1,107.0	2,039.7	2,039.7
Four Qtr Cum. COGS				-592.2	-1,163.1	-1,163.1

	2.2 Inventories		36.5	69.0	150.2	0.0	145.8	123.4			119.8
	- As a % of COGS		5.5	6.4	7.1	nan	25.5	20.8			4.9

	2.3 Prepayments		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	- As a % of sales		0	0	0	nan	0	0			0

	2.4 Accounts payable		310.5	383.5	514.6	0.0	487.0	488.1			569.4
	- As a % of COGS		46.7	35.7	24.2	nan	85.3	82.4			23.4

2.5 Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- As a % of COGS	0.0	0.0	0.0	0.0	0.0	0.0
Working Capital				42673.1
Change in Working Capital						-214.1

Interest Bearing Debt	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Opening balance	186.6	217.5	236.5	0.0	214.0	75.7	39.8		0.0
Issuance of debt	25.0	0.0	48.0	0.0	261.0	33.0			344.0
Repayment of debt	12.5	69.9	91.7	0.0	16.4	17.2			88.9
Closing balance	217.5	236.5	214.0	0.0	75.7	39.8			454.7
Adjustments	18.5	89.0	21.2	0.0	0.0	0.0
Interest Expenses	8.4	10.3	28.9	0.0	0.0	0.0			66.1
Average Interest rate (%)	418.0	454.0	1284.5	0	0	0	%	%	1976.0	%	%	%	%	%	%	%	%	%

Leases	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Lease - Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0					0.0
Additions	0.0	0.0	0.0	0.0	0.0	0.0
Payments	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Closing balance	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Adjustments	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Lease Interest expenses	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Average Interest rate (%)	0	0	0	0	0	0	%	%	0	%	%	%	%	%	%	%	%	%

Interest Income	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Cash & CE Balance C/F			55.3	0.0	73.6	90.8		70.1	46.3
ii. Interest Income	3.7	1.9	3.8	0.0	14.5	1.0			18.5
Average Interest Income Rate	5.3	3.4	5.4	0	19.7	1.1	%	%	40.0	%	%	%	%	%	%	%	%	%

Tax	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Profit Before Tax	-946.0	4.9	107.9	0.0	-98.4	21.1			234.0
Opening balance	49.3	30.7	24.9	24.9	21.5	21.5	21.5
Current Income Tax	13.6	13.9	15.5	0.0	0.0	0.0			4.2
Taxes paid	27.4	19.7	19.0	0.0	0.0	0.0	0.0		0.0					4.2
Closing balance	30.7	24.9	21.5	24.9	21.5	21.5			25.6
Effective Tax Rate (%)	0	0	0	0	0	0	%	%		%	%	%	%	%	%	%	%	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24
Combined Revenue	811.0	1,817.2	3,569.0	932.8	1,107.0	4,461.8
COGS	664.9	1,074.7	2,122.7	570.9	592.2
Gross Profit	146.1	742.5	1,446.3	361.9	514.7	2,027.4
Administration Exp.	609.6	401.2	644.0	175.5	195.8
Selling & Distribution Exp.	45.4	80.9	143.6	50.7	58.8
Depreciation	174.5	153.7	163.4	45.8	48.0	198.7
7. Amortisation
Other Operating Expenses	-136.3	-179.1	-404.1	-148.8	-138.7	nan
Operating Income	-816.0	-42.0	92.2	-57.5	78.2	303.8
Interest Expenses	24.2	122.2	202.4			183.4
Interest Income	3.7	1.9	3.8	14.5	1.0
Other (Expenses)/Income	-109.5	167.2	214.3	0.0	0.0	nan
Profit Before Tax	-946.0	4.9	107.9	-98.4	21.1	234.0
Tax Expenses	13.6	13.9	15.5	0.0	0.0
Profit After Tax	-818.7	4.1	-97.5	-70.5	12.9
Other	0.0	0.0	0.0	0.0	0.0	nan
Net Income	-818.7	4.1	-97.5	-70.5	12.9

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	FY25E
Profit Before Tax	From IS	-946.0	4.9	107.9	-98.4	21.1		234.0
Depreciation	From OA 1.1	174.5	153.7	163.4	45.8	48.0		198.7
Change in Working Capital	From OA 2	138.5	-87.9	-80.1	19.2	29.5		-214.1
Income Tax Paid	From OA 5	27.4	19.7	19.0	0.0	0.0		0.0
Other		419.4	-127.0	-94.6	-78.0	14.8		-126.4
Net Cash Flow from / (used in) Operating Activities		-228.3	-63.3	90.3	-108.2	116.6		104.9
Capital Expenditure	From CA 4	16.5	91.4	503.6	91.3	76.7		337.8
Other		6.5	2.9	5.1	1.5	1.5		16.1
Cash Flows from Investing Activities		-10.0	-88.5	-498.5	-89.7	-75.2		-321.8
Borrowings		25.0	0.0	48.0	261.0	33.0		344.0
Debt Repayments		12.5	91.7	91.7	16.4	17.2		88.9
10. Lease Additions
Lease Repayments		0.0	0.0	0.0	0.0	0.0		0.0
Other		0.0	0.0	0.0	0.0	0.0		0.0
Net Cash flows from / (used in) Financing Activities		12.5	-69.9	-43.7	244.6<	15.8		255.1
Other		0.0	0.0	0.0	0.0	0.0		0.0
Net Increase/(Decrease) in Cash and Cash Equivalents		-225.8	-221.7	-451.9	46.7	57.1		38.2
Balance adjustments as per company		262.1	468.3	932.7	889.5	900.2		870.7
Cash and CE at Start		34.5	-191.3	-410.7	-862.6	-866.5	4Q	-862.6	-824.4
Cash and CE at End		-191.3	-413.0	-862.6	-815.9			-824.4

Balance Sheet	Notes	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Assets
Property Plant and Equipment - Net Book value	From OA 1	3,425.3	3,403.0	4,065.3	4,110.1	4,137.9			4,586.1
2. Right-of-use assets		2.0	2.1	6.4	4.2	6.9	5.9	5.9	6.3	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9
3. Intangible assets		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	0.0	0.0	0.0
4. Investment in an associate		0.7	0.4	0.4	0.8	0.7	1.5	1.5	1.6	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
5. Other financial assets		731.8	719.4	707.0	703.9	700.8	691.5	nan	694.6	nan	nan	nan	nan	nan	nan	nan	nan	nan
6. Deferred income tax assets		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	0.0	0.0	0.0
Other		2,778.1	2,947.7	3,161.9	3,157.3	3,161.6	3,254.9	3,254.9	3,255.5	3,254.9	3,254.9	3,254.9	3,254.9	3,254.9	3,254.9	3,254.9	3,254.9	3,254.9
Non Current Assets		6,937.9	7,072.7	7,941.0	7,976.3	8,007.9			8,544.0
Inventories	From OA 2.2	36.5	69.0	150.2	145.8	123.4			119.8
Trade and Other Receivables	From OA 2.1	63.6	195.6	325.2	293.6	310.6			633.3
Prepayments	From OA 2.3	0.0	0.0	0.0	0.0	0.0			0.0
Other		63.4	162.8	170.4	nan	142.9	136.9	136.9	152.3	136.9	136.9	136.9	136.9	136.9	136.9	136.9	136.9	136.9
12. Other financial assets		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	0.0	0.0	0.0
13. Income tax recoverable		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	0.0	0.0	0.0
Cash and Cash Equivalents	From CFS	70.8	55.3	70.1	73.6	90.8			46.3
Current Assets		234.4	482.7	715.8	nan	667.8			951.7
Total Assets		7,172.3	7,555.3	8,656.8	nan	8,675.7
Equities and Liabilities
1. Stated capital		1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9	1,112.9
2. Reserves	3,173.6	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	0.0	0.0	0.0
Retained Earnings		3,218.0	3,252.2	3,173.6	3,109.4	3,128.5			3,343.1
Other		1,513.3	1,524.5	1,655.7	1650.0	1,644.3	1,900.0	1,900.0	1,906.2	1,900.0	1,900.0	1,900.0	1,900.0	1,900.0	1,900.0	1,900.0	1,900.0	1,900.0
Equity attributable to equity holders of parent
5. Non-controlling interest		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	0.0	0.0	0.0
Total Equity		5,844.1	5,889.6	5,942.2	5,872.3	5,885.8			6,362.2
Long Term Debt	From OA 3	40.0	57.2	121.5	75.7	39.8			0.0
Financing and Lease Payables	From OA 4	0.0	0.0	0.0	0.0	0.0			0.0
Employees benefits		146.0	132.8	127.0	122.9	126.5	733.4	733.4	188.9	733.4	733.4	733.4	733.4	733.4	733.4	733.4	733.4	733.4
Deferred tax liabilities		247.5	241.0	606.0	578.1	586.3	189.4	189.4	771.9	189.4	189.4	189.4	189.4	189.4	189.4	189.4	189.4	189.4
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	0.0	0.0	0.0
Non Current Liabilities		433.6	431.0	854.4	776.7	752.6			960.7
Current Maturities of Long Term Debt	Added to LT debt in the forecast	177.5	177.5	92.5	369.2	430.3			454.7
Trade Payables	From OA 2.4	310.5	383.5	514.6	487.0	488.1			569.4
13. Amounts due to related parties		nan	nan	nan	0.0	0.0	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income Tax Liabilities	From OA 6	30.7	24.9	21.5	21.5	21.5			25.6
Other Accruals	From OA 2.5	0	0	0	0	0
Other		113.8	178.7	299.0	278.8	194.0	283.0	283.0	252.4	283.0	283.0	283.0	283.0	283.0	283.0	283.0	283.0	283.0
Bank Overdraft		262.1	468.3	932.7	895.0	903.5	959.2	nan	870.7	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		894.6	1,234.8	1,860.2	2,051.4	2,037.3			2,172.9
Total Equity and Liabilities		7,172.3	7,555.3	8,656.8	8,700.4	8,675.7			9,495.7

DCF Valuation
Relative Valuation

DCF Enterprise Value

Period	Notes	FY25E
1. EBIT	From FF 6
2. Tax	From OA 4
3. Depreciation	From OA 1
4. Adjustments	User Input
5. Capital Expenditure	From CA 4
6. Changes in Working Capital	From OA 2
7. Free Cash Flow
8. Terminal Value
9. Total Free Cash Flow
10. Discount factor	Calculation
11. Present Value of Free Cash Flows	7*10=11

12. DCF Enterprise Value
13. Net (Debt)/Cash		-1,325.4
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		200,000.0
17. Price per Share (Rs.)

Weighted Average Costs of Capital (WACC)

	Symbol		User Input	Reference	Source for Reference
1. Risk Free Rate	Rf		%	18.8%	SL 10yr bond yield
2. Long term cost of debt	Kd		%	25.0%	Weighted avg. int. rate
3. Equity risk premium	Rp		%	10.0%	External Source
4. Beta	B		%	125.0%	CSE
5.Tax Rate	t		%	30.0%	SL tax rate
6. Debt Weighting	Wd		%	50.0%
7. Equity Weighting	We		%	50.0%
8. Cost of Equity	Ke	1+(3*4)=8		25.0%
9. WACC	Dr	(6(2(1-5)))+(7*8)=9		21.0%
10. Terminal Growth Rate			%	5.0%

	Notes	Price to Earnings	Price to Book Value	Price to Sales
1. Earnings/Book Value/Sales			6,362.2
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		200,000.0	200,000.0	200,000.0
5. Price per Share(Rs.)

Peer Multiples	Notes		Price to Earnings		Price to Book Value		Price to Sales





Average
Adjustment
Adjusted Multiple

Date	Research Organisation	Recommendation	Target Price (Rs.)
0	719.432	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

Insert Your Report Prompt Here

AI Draft

Your Draft

Period		3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Revenue
YoY %
EBITDA
EBITDA Margin %
Net Profit
Net Profit Margin %
Free Cash Flow

Valuation		Rs.Million	Price per Share (Rs.)	Share	Adjusted Valuation
DCF Valuation				%
Price to Earnings				%
Price to Book Value				%
Price to Sales				%
EV to EBITDA				%
Blended Valuation (Rs.)