July 8, 2011

Aditya Birla Nova Valuation

Aditya Birla Nova Ltd

(FY11-12 Valuation) Aditya Birla Divison

Assumption:

Sum of the part

Valuation

Rs Cr

Valuation Parameter

Telecom(Idea)

6587

25% stake. Currently Valued

Insulator

516

7*EBITDA

VFY/Rayon

1065

6*EBITDA

Carbon Black

1047

6*EBITDA

Fertilizer

577

5*EBITDA

Textiles

220

4*EBITDA

Garments

575

0.5*Sales

Birla AMC

1261

4% of AUM

Other Financial

Services

341

5*PAT

BPO

235

7*EBIT

Hindalco

624

1.24% Stake Currently valued

Net worth

4661.51

Total

17709.5

Less Debt

3635.35

Net Total

14074.15

Equity

11.4

Value Per Share

1235


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