Tapan_Trading Comps_US Retail (Discount Stores)

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    Relative Valuation(US Retail Sector (Discount Stores))

    Company CMP M.Cap EV LTM FY1 FY2

    AVIS Budget 19.38 2,534 14,740 #DIV/0! #DIV/0! #DIV/0!

    Dollar General 42.94 14,595 21,785 1.39x 1.35x 1.23x

    Dollar Tree Inc 37.98 8,761 12,649 1.78x 1.71x 1.60x

    Family Dollar Stores 64.68 7,548 11,920 1.28x 1.13x 1.05x

    Kohl's Corp 43.50 10,106 16,564 0.87x 0.86x 0.84x

    High #DIV/0! #DIV/0! #DIV/0!

    Mean #DIV/0! #DIV/0! #DIV/0!

    Median #DIV/0! #DIV/0! #DIV/0!

    Low #DIV/0! #DIV/0! #DIV/0!

    Revenues

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    LTM FY1 FY2 LTM FY1 FY2 LTM FY1 FY2

    #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

    8.92x 12.09x 15.72x 15.01x 12.86x

    8.57x 12.56x 16.50x 15.19x 13.47x

    8.56x 13.86x 17.77x 15.22x 13.42x

    5.40x 7.93x 10.15x 9.73x 8.88x

    #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

    #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

    #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

    #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

    Enterprise Value /

    Diluted EPS

    Price /

    EBITDA EBIT

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    PEG EPS CAGR EBITDA EBIT RoCE RoE

    #DIV/0! 10 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

    0.87x 18 15.6% 11.5% 9.8% 19.4%

    20.8% 14.2% 12.1% 35.0%

    14.9% 9.2% 9.9% 33.1%

    16.2% 11.0% 10.8% 17.4%

    LTM Margins (%) LTM Return (%)

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    AVIS Budget(In $ Million except Per Share Data) Input Formulae

    General Information ESOPs/Wrrants/RSUs/PSUs

    Analyst Name RB O/S Ex. Price

    Updation Date 31 Dec'12 7.31 10.00

    Bloomberg Ticker CAR: US - -

    Fiscal Ending Month

    Latest Annual

    Latest Quarter

    Tax Rate

    Enterprise Value

    Current Market Price 19.38

    52 Week High Convertible Debt

    52 Week Low Value Con. Pric

    Basic Shares O/s 106 345 16.25

    Diluted Shares O/s 131

    Common Equity (Diluted Market Cap) 2,534 345

    Add: Pref. Share Capital -Less: Pref. Share Capital - -

    Add: Non Controling Interest - Pension & Retirement Ben

    Add: Total Debt 8,769 PV Of retirement & Other

    Less: Debt Converted 345 8,424 Fair Value of Pension & Ot

    Add Debt Equivalents Unfunded Pension & Relat

    Unfunded Pension & Related Liabilities 188 Excess Pension Assets

    Implicit Capital Lease 4,128

    4,316 Implicit Capital Leases

    Less: Excess Cash & Equivalents Operating Lease Rental

    Marketable Securities 534 Capitalization Multiplier

    Excess Pension Assets - Implicit Capitalised Lease

    534

    Enterprise Value 14,740

    Summary Financials

    Period

    Revenues

    EBITDA

    EBIT

    Net Income

    Dilued EPS

    Clean/Adjusted Financials

    Reported Revenues

    Add/Less Exceptional Losses/Incomes

    Adjusted Revenues

    Adjusted EBIT as calculated below

    Depreciation & Amortization

    Implicit Depreciation on Capital Lease Converted

    Adjusted EBITDA

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    Reported EBIT

    Add/Less Exceptional Items

    Pension Related Items (Impacting both EBIT and NP)

    Pension Related Items (Impacting ONLY EBIT)

    Implicit Interest on Capital Lease Converted (Only EBIT Change)

    Adjsuted EBIT

    Reported Net Profit

    Add/Less Exceptional Items Adjusted in EBIT

    Add/Less Exceptional Items reported below EBIT

    Tax Impact on Adjustments

    Profit/Loss from DisContinued Operations

    Adjusted Net Income

    Adjusted EPS - Basic

    Adjusted EPS - Diluted

    Reported EPS - BasicReported EPS - Diluted

    Weighted Avg Shares - Basic

    Weighted Avg Shares - Diluted

    Workings

    Oeratimg Lease Rent

    Equity

    Capital Employed

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    ITM o/s N. Cash Repurchased Dilution

    7.31 73.06 3.77 3.54

    - - - -

    - - - -

    - - - -

    - - - -

    - - - -

    - - - -

    3.54

    Convertible Pref. Shares

    New Shares Value Con. Price New Shares

    21.23 -

    - -

    21.23 - -

    fits

    elated obligations 600

    er Related Assets 412

    ed Liabilities 188

    0

    516

    8x 2.50

    Value 4,128 7.76

    H1 LTM FY1 FY2

    Annual Prior Stub Crt. Stub LTM

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    Annual Prior Stub Crt. Stub LTM

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    Dollar General(In $ Million except Per Share Data) Input Formulae

    General Information ESOPs/Wrrants/RSUs/PSUs

    Analyst Name TJ O/S Ex. Price

    Updation Date 12 Dec'12 4.258581 10.55

    Bloomberg Ticker DG : US 3.968237 10.75

    Fiscal Ending Month January

    Latest Annual 10K 3 Feb'12

    Latest Quarter 10Q 3 Aug'12

    Tax Rate 35%

    Enterprise Value

    Current Market Price 42.94

    52 Week High 56.04 Convertible Debt

    52 Week Low 38.85 Value Con. Price

    Basic Shares O/s 334

    Diluted Shares O/s 340

    Common Equity (Diluted Market Cap) 14,595 -

    Add: Pref. Share Capital -Less: Pref. Share Capital - -

    Add: Non Controling Interest - Pension & Retirement Be

    Add: Total Debt 2,888 PV Of retirement & Other

    Less: Debt Converted - 2,888 Fair Value of Pension &

    Add Debt Equivalents Unfunded Pension & Rel

    Unfunded Pension & Related Liabilities - Excess Pension Assets

    Implicit Capital Lease 4,303

    4,303 Implicit Capital Leases

    Less: Excess Cash & Equivalents Operating Lease Rental

    Marketable Securities - Capitalization Multiplier

    Excess Pension Assets - Implicit Capitalised Leas

    -

    Enterprise Value 21,785

    Summary Financials H2

    Period 3 Feb'11

    Revenues -

    EBITDA -

    EBIT -

    Net Income -

    Dilued EPS -

    Clean/Adjusted Financials Annual

    3 Feb'11

    Reported Revenues

    Add/Less Exceptional Losses/Incomes

    Adjusted Revenues -

    Adjusted EBIT as calculated below -

    Depreciation & Amortization

    Implicit Depreciation on Capital Lease Converted -

    Adjusted EBITDA -

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    Reported EBIT

    Add/Less Exceptional Items

    Pension Related Items (Impacting both EBIT and NP)

    Pension Related Items (Impacting ONLY EBIT)

    Implicit Interest on Capital Lease Converted (Only EBIT Change) -

    Adjsuted EBIT -

    Reported Net Profit

    Add/Less Exceptional Items Adjusted inEBIT -

    Add/Less Exceptional Items reported below EBIT

    Tax Impact on Adjustments -

    Profit/Loss from DisContinued Operations

    Adjusted Net Income -

    Adjusted EPS - Basic -

    Adjusted EPS - Diluted -

    Reported EPS - Basic -Reported EPS - Diluted -

    Weighted Avg Shares - Basic

    Weighted Avg Shares - Diluted

    Workings 3 Feb'11

    Oeratimg Lease Rent

    Equity

    Capital Employed

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    ITM o/s N. Cash Repurchased Dilution

    4.258581 44.9280296 1.05 3.21

    3.968237 42.6585478 0.99 2.97

    0 0 - -

    0 0 - -

    0 0 - -

    0 0 - -

    0 0 - -

    6.19

    Convertible Pref. Shares

    New Shares Value Con. Price New Shares

    - -

    - -

    - - -

    efits

    Related obligations

    ther Related Assets

    ted Liabilities 0

    0

    538

    8x

    Value 4,303

    H1 LTM FY1 FY2

    3 Feb'12

    14,807 15,630 16,122 17,687

    2,352 2,443

    1,727 1,803

    845 932

    2.45 2.73 2.86 3.34

    Annual Prior Stub Crt. Stub LTM

    3 Feb'12

    14,807 7,027 7,850 15,630

    - - - -

    14,807 7,027 7,850 15,630

    1,727 787 862 1,803

    275 136 146 286

    350 175 179 354

    2,352 1,098 1,188 2,443

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    1,491 672 772 1,591

    61 27 1 35

    - - - -

    - - - -

    175 88 90 177

    1,727 787 862 1,803

    767 303 428 891

    60.80 27.30 1.10 35

    60 60 28 28

    (42) (31) (10) (22)

    - - - -

    845 360 447 932

    2.48 1.05 1.33 2.76

    2.45 1.04 1.32 2.73

    2.25 0.89 1.28 2.642.22 0.88 1.27 2.61

    341.2 341.5 334.5

    345.1 345.5 337.5

    3 Feb'12 Prior Stub Crt. Stub

    525 263 269

    4,810 4,810

    12,001

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    Dollar Tree Inc(In $ Million except Per Share Data) Input Formulae

    General Information ESOPs/Wrrants/RSUs/

    Analyst Name TJ O/S Ex. Price

    Updation Date 12 Dec'12 2.5115 -

    Bloomberg Ticker DLTR : US 0.0018 0.29

    Fiscal Ending Month January 0.2008 6.68

    Latest Annual 10K 28 Jan'12 0.6227 8.75

    Latest Quarter 10Q 27 Oct'12 0.4385 12.13

    Tax Rate 35% 0.0111 16.11

    0.0209 23.26

    Enterprise Value 0.0153 34.71

    Current Market Price 37.98

    52 Week High 56.82

    52 Week Low 37.12 Convertible Debt

    Basic Shares O/s 227 Value Con. Pric

    Diluted Shares O/s 231

    Common Equity (Diluted Market Cap) 8,761

    Add: Pref. Share Capital - -Less: Pref. Share Capital - -

    Add: Non Controling Interest - Pension & Retiremen

    Add: Total Debt 264 PV Of retirement &

    Less: Debt Converted - 264 Fair Value of Pensio

    Add Debt Equivalents Unfunded Pension &

    Unfunded Pension & Related Liabilities - Excess Pension Asset

    Implicit Capital Lease 3,623

    3,623 Implicit Capital Leas

    Less: Excess Cash & Equivalents Operating Lease Re

    Marketable Securities - Capitalization Multip

    Excess Pension Assets - Implicit Capitalised

    -

    Enterprise Value 12,649

    Summary Financials

    Period

    Revenues

    EBITDA

    EBIT

    Net Income

    Dilued EPS

    Clean/Adjusted Financials

    Reported Revenues

    Add/Less Exceptional Losses/Incomes

    Adjusted Revenues

    Adjusted EBIT as calculated below

    Depreciation & Amortization

    Implicit Depreciation on Capital Lease Converted

    Adjusted EBITDA

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    Reported EBIT

    Add/Less Exceptional Items

    Pension Related Items (Impacting both EBIT and NP)

    Pension Related Items (Impacting ONLY EBIT)

    Implicit Interest on Capital Lease Converted (Only EBIT Change)

    Adjsuted EBIT

    Reported Net Profit

    Add/Less Exceptional Items Adjusted inEBIT

    Add/Less Exceptional Items reported below EBIT

    Tax Impact on Adjustments

    Profit/Loss from DisContinued Operations

    Adjusted Net Income

    Adjusted EPS - Basic

    Adjusted EPS - Diluted

    Reported EPS - BasicReported EPS - Diluted

    Weighted Avg Shares - Basic

    Weighted Avg Shares - Diluted

    Workings

    Oeratimg Lease Rent

    Equity

    Capital Employed

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    PSUs

    ITM o/s N. Cash Repurchased Dilution

    2.51 - - 2.51

    0.00 0.00 0.00 0.00

    0.20 1.34 0.04 0.17

    0.62 5.45 0.14 0.48

    0.44 5.32 0.14 0.30

    0.01 0.18 0.00 0.01

    0.02 0.49 0.01 0.01

    0.02 0.53 0.01 0.00

    3.47

    Convertible Pref. Shares

    New Shares Value Con. Price New Shares

    - -

    - -

    - - -

    t Benefits

    ther Related obligations

    & Other Related Assets

    Related Liabilities 0

    s 0

    es

    tal 453

    lier 8x

    ease Value 3,623

    H1 LTM FY1 FY2

    6,631 7,094 7,378 7,920

    1,368 1,476

    923 1,007

    488 539

    2.01 2.30 2.50 2.82

    Annual Prior Stub Crt. Stub LTM

    6,631 4,685 5,149 7,094

    - - - -

    6,631 4,685 5,149 7,094

    923 586 670 1,007

    164 120 128 172

    281 211 226 297

    1,368 916 1,025 1,476

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    782 480 557 859

    - - - -

    -

    -

    141 105 113 148

    923 586 670 1,007

    488 300 391 579

    - - - -

    - - (61) (61)

    - - 21 21

    - - - -

    488 300 351 539

    2.03 1.24 1.52 2.32

    2.01 1.23 1.52 2.30

    2.03 1.24 1.70 2.492.01 1.23 1.69 2.47

    240.6 243.1 230.5

    242.4 244.8 231.8

    Annual Prior Stub Crt. Stub

    422 316 340

    1,539 1,539

    5,426

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    Family Dollar Stores(In $ Million except Per Share Data) Input Formulae

    General Information ESOPs/Wrrants/RSUs/

    Analyst Name TJ O/S Ex. Price

    Updation Date 12 Dec'12 2.017 37.6

    Bloomberg Ticker FD : US 0.447 0

    Fiscal Ending Month August

    Latest Annual 10K 25 Aug'12

    Latest Quarter

    Tax Rate 35%

    Enterprise Value

    Current Market Price 64.68

    52 Week High 74.73 Convertible Debt

    52 Week Low 53.03 Value Con. Pric

    Basic Shares O/s 115

    Diluted Shares O/s 117

    Common Equity (Diluted Market Cap) 7,548 -

    Add: Pref. Share Capital -Less: Pref. Share Capital - -

    Add: Non Controling Interest - Pension & Retiremen

    Add: Total Debt 548 PV Of retirement &

    Less: Debt Converted - 548 Fair Value of Pensio

    Add Debt Equivalents Unfunded Pension &

    Unfunded Pension & Related Liabilities - Excess Pension Asset

    Implicit Capital Lease 3,855

    3,855 Implicit Capital Leas

    Less: Excess Cash & Equivalents Operating Lease Re

    Marketable Securities 30 Capitalization Multip

    Excess Pension Assets - Implicit Capitalised

    30

    Enterprise Value 11,920

    Summary Financials

    Period

    Revenues

    EBITDA

    EBIT

    Net Income

    Dilued EPS

    Clean/Adjusted Financials

    Reported Revenues

    Add/Less Exceptional Losses/Incomes

    Adjusted Revenues

    Adjusted EBIT as calculated below

    Depreciation & Amortization

    Implicit Depreciation on Capital Lease Converted

    Adjusted EBITDA

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    Reported EBIT

    Add/Less Exceptional Items

    Pension Related Items (Impacting both EBIT and NP)

    Pension Related Items (Impacting ONLY EBIT)

    Implicit Interest on Capital Lease Converted (Only EBIT Change)

    Adjsuted EBIT

    Reported Net Profit

    Add/Less Exceptional Items Adjusted inEBIT

    Add/Less Exceptional Items reported below EBIT

    Tax Impact on Adjustments

    Profit/Loss from DisContinued Operations

    Adjusted Net Income

    Adjusted EPS - Basic

    Adjusted EPS - Diluted

    Reported EPS - BasicReported EPS - Diluted

    Weighted Avg Shares - Basic

    Weighted Avg Shares - Diluted

    Workings

    Oeratimg Lease Rent

    Equity

    Capital Employed

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    PSUs

    ITM o/s N. Cash Repurchased Dilution

    2.02 75.84 1.17 0.84

    0.45 - - 0.45

    - - - -

    - - - -

    - - - -

    - - - -

    - - - -

    1.29

    Convertible Pref. Shares

    New Shares Value Con. Price New Shares

    - -

    - -

    - - -

    t Benefits

    ther Related obligations

    & Other Related Assets

    Related Liabilities 0

    s 0

    es

    tal 482

    lier 8x

    ease Value 3,855

    H1 LTM FY1 FY2

    9,331 9,331 10,517 11,395

    1,392 1,392

    860 860

    430 430

    3.64 3.64 4.25 4.82

    Annual Prior Stub Crt. Stub LTM

    9,331 9,331

    - -

    9,331 - - 9,331

    860 - - 860

    211 211

    321 - - 321

    1,392 - - 1,392

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    688 688

    12 12

    -

    -

    161 - - 161

    860 - - 860

    422 422

    11.50 - - 12

    - -

    (4) - - (4)

    - - - -

    430 - - 430

    3.67 - - 3.67

    3.64 - - 3.64

    3.61 - - 3.613.58 - - 3.58

    117.1

    118.1

    Annual Prior Stub Crt. Stub

    482

    1,298 1,298

    5,670

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    Kohl's Corp(In $ Million except Per Share Data) Input Formulae

    General Information ESOPs/Wrrants/RSUs/

    Analyst Name TJ O/S Ex. Price

    Updation Date 12 Dec'12 15.901 53.66

    Bloomberg Ticker KSS:US 2.316 0Fiscal Ending Month January

    Latest Annual 10K 28 Jan'12

    Latest Quarter 10Q 27 Oct'12

    Tax Rate 35%

    Enterprise Value

    Current Market Price 43.50

    52 Week High 55.25 Convertible Debt

    52 Week Low 42.72 Value Con. Pric

    Basic Shares O/s 230

    Diluted Shares O/s 232

    Common Equity (Diluted Market Cap) 10,106 -Add: Pref. Share Capital -

    Less: Pref. Share Capital - -

    Add: Non Controling Interest - Pension & Retiremen

    Add: Total Debt 4,578 PV Of retirement &

    Less: Debt Converted - 4,578 Fair Value of Pension

    Add Debt Equivalents Unfunded Pension &

    Unfunded Pension & Related Liabilities - Excess Pension Asset

    Implicit Capital Lease 1,880

    1,880 Implicit Capital Leas

    Less: Excess Cash & Equivalents Operating Lease Re

    Marketable Securities - Capitalization Multip

    Excess Pension Assets - Implicit Capitalised

    -

    Enterprise Value 16,564

    Summary Financials

    Period

    Revenues

    EBITDA

    EBIT

    Net Income

    Dilued EPS

    Clean/Adjusted Financials

    Reported Revenues

    Add/Less Exceptional Losses/Incomes

    Adjusted Revenues

    Adjusted EBIT as calculated below

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    Depreciation & Amortization

    Implicit Depreciation on Capital Lease Converted

    Adjusted EBITDA

    Reported EBIT

    Add/Less Exceptional Items

    Pension Related Items (Impacting both EBIT and NP)Pension Related Items (Impacting ONLY EBIT)

    Implicit Interest on Capital Lease Converted (Only EBIT Change)

    Adjsuted EBIT

    Reported Net Profit

    Add/Less Exceptional Items Adjusted inEBIT

    Add/Less Exceptional Items reported below EBIT

    Tax Impact on Adjustments

    Profit/Loss from DisContinued Operations

    Adjusted Net Income

    Adjusted EPS - Basic

    Adjusted EPS - Diluted

    Reported EPS - Basic

    Reported EPS - Diluted

    Weighted Avg Shares - Basic

    Weighted Avg Shares - Diluted

    Workings

    Oerating Lease Rent

    Equity

    Capital Employed

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    PSUs

    ITM o/s N. Cash Repurchased Dilution

    - - - -

    2.32 - - 2.32- - - -

    - - - -

    - - - -

    - - - -

    - - - -

    2.32

    Convertible Pref. Shares

    New Shares Value Con. Price New Shares

    - -

    - -

    - - -

    t Benefits

    ther Related obligations

    & Other Related Assets

    Related Liabilities 0

    s 0

    es

    tal 235

    lier 8x

    ease Value 1,880

    H1 LTM FY1 FY2

    18,804 18,955 19,289 19,608

    3,201 3,066

    2,246 2,089

    1,167 1,065

    4.31 4.29 4.47 4.90

    Annual Prior Stub Crt. Stub LTM

    10K 28 Jan'12 10Q 27 Oct'12

    18,804 12,786 12,937 18,955

    -

    18,804 12,786 12,937 18,955

    2,246 1,419 1,262 2,089

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    778 583 620 815

    177 133 118 162

    3,201 2,135 1,999 3,066

    2,158 1,353 1,203 2,008

    -

    --

    88 66 59 81

    2,246 1,419 1,262 2,089

    1,167 711 609 1,065

    - - - -

    -

    - - - -

    -

    1,167 711 609 1,065

    4.32 2.58 2.56 4.30

    4.31 2.56 2.54 4.29

    4.32 2.58 2.56 4.30

    4.31 2.56 2.54 4.29

    270.0 276.0 238.0

    271.0 278.0 240.0

    Annual Prior Stub Crt. Stub

    265 199 176

    6,508 6,106 6,106

    12,564