Safal Niveshak Stock Analysis Excel (Ver. 4.

www.safalniveshak.com

HOW TO USE THIS SPREADSHEET

Step 1 - This spreadsheet works only on Screener.in. The first step is to create a free account here - https://www.screener.in/re
Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page - https://www.screener.in/ex
Step 3 - Visit the home page of Screener.in and choose a company of your choice. Once you do that, you will see details of you
financial statement table called "Quarterly Results" and click on "View Consolidated". Now, all data you see for this company wi

Step 4 - Scroll back to the top of the page, and you will see a button "Export to Excel" on the right side. Click the button and the
the exact format as "Safal Niveshak's Stock Analysis Excel Ver. 4.0". Now onwards, any excel you export for any company on S
Step 5 - Email me your love and testimonial for helping you with this excel. :-)

IMPORTANT INSTRUCTIONS
1. Ensure that the company whose data you are downloading has numbers at least starting from FY08 (March 2008). This is be
from, say, FY10, you will see incorrect data for FY08 and FY09 (which will be of Hero Motocorp on whose financials I have crea

2. All financial data of your chosen company will be automatically updated in the sheet you download, except "Cash and Bank"
figures, which you must update manually from the company's annual reports. Don’t forget to make these changes as these num
3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener.in site using the Step
"Data Sheet" because this will cause errors in your future downloads.
4. DON’T touch any cell except the black ones, where you are required to update the numbers manually from Annual Reports (j
the growth assumptions etc.
4. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read those carefully before wo
5. This sheet is not a replacement of the work required to read annual reports as part of the analysis process. So please do tha
some discrepancy in numbers (though rare), but you will know this only when you read annual reports.
6. I could not find a bug/errors in this spreadsheet, but if you notice some, please email me at - vishal@safalniveshak.com - and
7. I will keep on updating the sheet from time to time and will update the same on the website. I invite you to share your feedba
together.
8. This excel won't work for banking and financial services companies.

Note: All data is sourced from Screener.in

 Safal Niveshak Stock
Analysis Excel (Ver. 4.0)
www.safalniveshak.com
Basic Company Details
Parameters
Company
Current Stock Price (Rs)
Face Value (Rs)
No. of Shares (Crore)
Market Capitalization (Rs Crore)
Warning! Excel can be a wonder
a deadly weapon if you wish to
careful of what you are getting
garbage out. And if you need the
a given stock, you mu
Details
INTERGLOBE AVIATION LTD
1,270 Remember! Focus on decisions
10.0 evidence
38.4
48,808

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 39.7% Please! It's your money. Please
cause you to lose it all! I've desi
Profit Before Tax Growth (9-Year CAGR) -233.4% but you alone are responsible f
Net Profit Growth (8-Year CAGR) -228.5% ever after! I am not a sadist w
Average Debt/Equity (5-Years, x) 4.0 analyzing companies on your
instead of a map, for you can c
Average Return on Equity (5-Years) 115.8%
A
Average P/E (5-Years, x) 22.3
Latest P/E (x) -154.5
 Excel can be a wonderful tool to analyze the past. But it can be
y weapon if you wish to use it to predict the future! So be very
of what you are getting into. Here, garbage in will always equal
out. And if you need the excel to tell you what you must do with
a given stock, you must not use this tool anyways.

er! Focus on decisions, not outcomes. Look for disconfirming

evidence. Calculate. Pray!

It's your money. Please don't blame me if results of this excel

u to lose it all! I've designed this excel to aid your own thinking,
alone are responsible for your actions. I want to live peacefully
fter! I am not a sadist who wants you to do the hard work by
ng companies on your own. But I'd rather give you a compass
of a map, for you can confuse map with territory and lose it all.
All the best!
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Parameter

Consumer monopoly or commodity?

Understand how business works

Is the company conservatively financed?

Are earnings strong and do they show an

upward trend?

Does the company stick with what it

knows?

Has the company been buying back its

shares?

Have retained earnings been invested

well?

Is the company’s return on equity above

average?

Is the company free to adjust prices to

inflation?
Does the company need to constantly
reinvest in capital?

Conclusion

Never Forget
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Explanation

Seek out companies that have no or less competition, either due to a patent or brand name or similar intangible that
makes the product unique. Such companies will typically have high gross and operating profit margins because of their
unique niche. However, don't just go on margins as high margins may simply highlight companies within industries with
traditionally high margins. Thus, look for companies with gross, operating and net profit margins above industry norms.
Also look for strong growth in earnings and high return on equity in the past.

Try to invest in industries where you possess some specialized knowledge (where you work) or can more effectively
judge a company, its industry, and its competitive environment (simple products you consume). While it is difficult to
construct a quantitative filter, you should be able to identify areas of interest. You should "only" consider analyzing
those companies that operate in areas that you can clearly grasp - your circle of competence. Of course you can
increase the size of the circle, but only over time by learning about new industries. More important than the size of the
circle is to know its boundaries.

Seeks out companies with conservative financing, which equates to a simple, safe balance sheet. Such companies
tend to have strong cash flows, with little need for long-term debt. Look for low debt to equity or low debt-burden ratios.
Also seek companies that have history of consistently generating positive free cash flows.

Rising earnings serve as a good catalyst for stock prices. So seek companies with strong, consistent, and expanding
earnings (profits). Seek companies with 5/10 year earnings per share growth greater than 25% (along with safe
balance sheets). To help indicate that earnings growth is still strong, look for companies where the last 3-years
earnings growth rate is higher than the last 10-years growth rate. More important than the rate of growth is the
consistency in such growth. So exclude companies with volatile earnings growth in the past, even if the "average"
growth has been high.

Like you should stock to your circle of competence, a company should invest its capital only in those businesses within
its circle of competence. This is a difficult factor to screen for on a quantitative level. Before investing in a company,
look at the company’s past pattern of acquisitions and new directions. They should fit within the primary range of
operations for the firm. Be cautious of companies that have been very aggressive in acquisitions in the past.

Buffett prefers that firms reinvest their earnings within the company, provided that profitable opportunities exist. When
companies have excess cash flow, Buffett favours shareholder-enhancing maneuvers such as share buybacks. While
we do not screen for this factor, a follow-up examination of a company would reveal if it has a share buyback plan in
place.

Seek companies where earnings have risen as retained earnings (earnings after paying dividends) have been
employed profitably. A great way to screen for such companies is by looking at those that have had consistent
earnings and strong return on equity in the past.

Consider it a positive sign when a company is able to earn above-average (better than competitors) returns on equity
without employing much debt. Average return on equity for Indian companies over the last 10 years is approximately
16%. Thus, seek companies that earn at least this much (16%) or more than this. Again, consistency is the key here.

That's what is called "pricing power". Companies with moat (as seen from other screening metrics as suggested above
(like high ROE, high grow margins, low debt etc.) are able to adjust prices to inflation without the risk of losing
significant volume sales.
Companies that consistently need capital to grow their sales and profits are like bank savings account, and thus bad
for an investor's long term portfolio. Seek companies that don't need high capital investments consistently. Retained
earnings must first go toward maintaining current operations at competitive levels, so the lower the amount needed to
maintain current operations, the better. Here, more than just an absolute assessment, a comparison against
competitors will help a lot. Seek companies that consistently generate positive and rising free cash flows.

Sensible investing is always about using “folly and discipline” - the discipline to identify excellent businesses, and wait
for the folly of the market to drive down the value of these businesses to attractive levels. You will have little trouble
understanding this philosophy. However, its successful implementation is dependent upon your dedication to learn and
follow the principles, and apply them to pick stocks successfully.

Focus on decisions, not outcomes. Look for disconfirming evidence.

 Balance Sheet
INTERGLOBE AVIATION LTD
Rs Cr Mar-08 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 31 31 31 31 31 31 31 360 361 384
Reserves -449 98 68 348 498 373 386 2,363 3,412 6,687
Borrowings 165 969 931 1,016 1,800 3,346 3,926 3,245 2,596 2,453
Other Liabilities 792 1,144 1,889 2,419 3,692 5,537 6,492 7,184 9,463 12,269
Total 539 2,242 2,919 3,814 6,021 9,287 10,835 13,152 15,832 21,794

Net Block 46 836 831 886 1,764 3,956 4,876 4,747 3,794 4,579
Capital Work in Progress 3 - - - 7 - 0 32 25 32
Investments - 657 802 523 1,138 1,272 517 986 3,713 6,344
Other Assets 489 749 1,286 2,404 3,112 4,060 5,442 7,387 8,300 10,838
Total 539 2,242 2,919 3,814 6,021 9,287 10,835 13,152 15,832 21,794

Working Capital -303 -396 -603 -15 -581 -1,477 -1,050 202 -1,163 -1,431
Debtors 6 18 17 39 69 89 105 157 159 226
Inventory 27 34 45 47 52 67 152 87 163 183
Cash & Bank** 4,735 3,367 3,190 3,393 2,605 3,546 4,739 5,829
** Manually enter this number; Convert to Rs Crore if not already done in the Annual Reports; Use Cash+Bank+Current Investments from Consolidated Balance Sheet in Annual Reports

Debtor Days 2 3 2 3 3 3 3 4 3 4
Inventory Turnover 43 77 86 118 176 165 92 185 114 126
Fixed Asset Turnover 24.4 3.1 4.6 6.3 5.2 2.8 2.9 3.4 4.9 5.0
Debt/Equity -0.4 7.5 9.4 2.7 3.4 8.3 9.4 1.2 0.7 0.3
Return on Equity 427% 656% 34% 149% 117% 313% 73% 44% 32%
Return on Capital Employed 78% 53% 54% 9% 46% 16% 46% 53% 40% 37%
 Profit & Loss Account / Income Statement
INTERGLOBE AVIATION LTD
Rs Cr Mar-08 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Trailing
Sales 1,133 2,605 3,833 5,565 9,203 11,117 13,925 16,140 18,581 23,021 26,413
% Growth YOY 130% 47% 45% 65% 21% 25% 16% 15% 24%
Expenses 1,330 2,037 3,321 5,528 8,307 10,608 12,022 12,976 16,362 19,991 27,120
Material Cost (% of Sales) 0% 0% 0% 1% 1% 1% 1% 1% 1% 1% Check for wide fluctuations in key
Power and Fuel 60% 0% 0% 52% 47% 50% 41% 30% 34% 34% expense items. For manufacturing
Other Mfr. Exp 18% 0% 0% 3% 3% 3% 15% 19% 35% 36% firms, check their material costs etc. For
Employee Cost 13% 0% 0% 9% 8% 8% 9% 11% 11% 11% services firms, look at employee costs.
Selling and Admin Cost 27% 0% 0% 34% 23% 23% 18% 19% 6% 5%
Operating Profit -197 568 512 36 896 508 1,904 3,164 2,219 3,030 -708
Operating Profit Margin -17% 22% 13% 1% 10% 5% 14% 20% 12% 13% -3%
Other Income 15 62 111 153 255 316 395 515 789 947 1,247
Other Income as % of Sales 1.4% 2.4% 2.9% 2.8% 2.8% 2.8% 2.8% 3.2% 4.2% 4.1% 4.7%
Depreciation 15 46 63 67 86 226 302 505 457 437 670
Interest 36 51 45 59 73 123 150 350 406 413 469
Interest Coverage(Times) -5 12 12 2 15 5 13 9 6 9 -0
Profit before tax (PBT) -233 534 515 64 993 475 1,847 2,824 2,144 3,127 -600
% Growth YOY -329% -3% -88% 1455% -52% 289% 53% -24% 46%
PBT Margin -21% 20% 13% 1% 11% 4% 13% 17% 12% 14% -2%
Tax 2 -17 -135 -64 206 1 542 837 485 884 -284
Net profit -235 551 650 128 787 474 1,304 1,986 1,659 2,242 -316
% Growth YOY -335% 18% -80% 516% -40% 175% 52% -16% 35%
Net Profit Margin -21% 21% 17% 2% 9% 4% 9% 12% 9% 10% -1%
EPS -76.5 179.4 211.8 41.6 256.5 154.5 424.8 55.1 45.9 58.3 -8.2
% Growth YOY -335% 18% -80% 516% -40% 175% -87% -17% 27%
Price to earning 18.1 23.7 25.0 -
Price - - - - - - - 999 1,088 1,456 1,270
Dividend Payout 0.0% 0.0% 75.4% 0.0% 69.7% 79.6% 82.8% 27.2% 74.1% 10.3%
Market Cap - - - - - - - 35,990 39,331 55,969
Retained Earnings -235 551 160 128 239 97 224 1,446 430 2,012
Buffett's $1 Test 11.1

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth 39.7% 29.2% 20.1% 18.2%
PBT Growth -233.4% 29.4% 25.8% 19.2%
PBT Margin 8.5% 10.3% 12.0% 14.2%
Price to Earning 22.3 22.3 22.3 22.3

Check for long term vs short term trends here. Check if the growth over
past 3 or 5 years has slowed down / improved compared to long term (7
to 10 years) growth numbers.
 Cash Flow Statement
INTERGLOBE AVIATION LTD
Rs Cr Mar-08 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Total
Cash from Operating Activity (CFO) - 652 872 896 1,741 1,595 2,384 3,116 3,782 3,903 18,941
% Growth YoY #DIV/0! 34% 3% 94% -8% 49% 31% 21% 3%
Cash from Investing Activity - -1,266 -608 -47 -1,890 -2,914 -940 -1,337 -3,033 -4,152 -16,186
Cash from Financing Activity - 595 -272 -638 36 1,285 -1,308 -1,220 -1,401 766 -2,157
Net Cash Flow - -19 -8 212 -113 -34 136 559 -652 518 597
CFO/Sales 0% 25% 23% 16% 19% 14% 17% 19% 20% 17%
CFO/Net Profit 0% 118% 134% 701% 221% 336% 183% 157% 228% 174%
Capex** 315 212 364 565 607 937 1,156 1,638 1,238 824
FCF -315 441 508 331 1,134 658 1,228 1,478 2,544 3,079 11,085
Average FCF (3 Years) 2,367
FCF Growth YoY -240% 15% -35% 242% -42% 87% 20% 72% 21%
FCF/Sales -28% 17% 13% 6% 12% 6% 9% 9% 14% 13%
FCF/Net Profit 134% 80% 78% 259% 144% 139% 94% 74% 153% 137%

** Manually enter this number;

Convert to Rs Crore if not already
done in the Annual Reports; Use
"Capital expenditure" number
shown under "Cash Flow from
Investing Activities" segment of
Consolidated Cash Flow Statement
available in the Annual Reports
 Key Ratios
INTERGLOBE AVIATION LTD
Mar/08 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Sales Growth 130.0% 47.1% 45.2% 65.4% 20.8% 25.3% 15.9% 15.1%
PBT Growth -328.8% -3.5% -87.6% ### -52.1% 288.5% 52.9% -24.1%
Net Profit Growth -334.6% 18.1% -80.3% 515.8% -39.7% 174.9% 52.3% -16.5%
Dividend Growth #DIV/0! #DIV/0! ### #DIV/0! -31.2% 185.9% -49.9% 127.4%
Operating Cash Flow Growth #DIV/0! 33.7% 2.8% 94.2% -8.4% 49.5% 30.7% 21.4%
Free Cash Flow Growth -239.9% 15.2% -34.8% 242.4% -42.0% 86.6% 20.3% 72.2%

Operating Margin -17.4% 21.8% 13.4% 0.7% 9.7% 4.6% 13.7% 19.6% 11.9%
PBT Margin -20.6% 20.5% 13.4% 1.1% 10.8% 4.3% 13.3% 17.5% 11.5%
Net Margin -20.7% 21.1% 17.0% 2.3% 8.6% 4.3% 9.4% 12.3% 8.9%

Debtor Days 1.9 2.5 1.6 2.6 2.7 2.9 2.7 3.6 3.1
Inventory Turnover 42.7 76.6 85.8 118.4 176.0 165.2 91.8 185.3 113.9
Fixed Asset Turnover 24.4 3.1 4.6 6.3 5.2 2.8 2.9 3.4 4.9
Debt/Equity -0.4 7.5 9.4 2.7 3.4 8.3 9.4 1.2 0.7
Debt/Assets 30.6% 43.2% 31.9% 26.6% 29.9% 36.0% 36.2% 24.7% 16.4%
Interest Coverage (Times) -5.4 11.5 12.4 2.1 14.7 4.9 13.3 9.1 6.3
Return on Equity 426.6% 656.4% 33.7% 148.9% 117.4% 312.7% 72.9% 44.0%
Return on Capital Employed 77.9% 53.2% 54.3% 8.8% 45.8% 15.9% 46.0% 53.2% 40.0%
Free Cash Flow (Rs Cr) -315 441 508 331 1,134 658 1,228 1,478 2,544
Mar/18
23.9%
45.8%
35.1%
-81.2%
3.2%
21.0%

13.2%
13.6%
9.7%

3.6
125.6
5.0
0.3
11.3%
8.6
31.7%
37.2%
3,079
What to look for?
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher isn't always better, esp. when the company is generating high ROE, which means the management is allocating capital
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency

Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry

Lower/reducing is better. Compare with industry peer(s)

Higher/rising is better. Compare with industry peer(s)
Higher/rising is better. Compare with industry peer(s)
Nil / lower than 0.5 / reducing is better
Lower is better
Look for number > 5
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for positive and rising numbers. If the company consistently generates negative FCF over say 10 years, avoid it.
30% Profit Margin Capital Alloc
700%
Check for a rising trend and
20% 600% Numbers > 20% long term a
10% 500% has zero/marginal debt. Com
400%
0%
300%
-10%Jan/08 Jan/10 Jan/12 Jan/14 Jan/16 Jan/18
200%
-20% Check for a rising trend and/or consistency. 100%
Compare with a close competitor
-30% 0%
Jan/08 Jan/10 Jan/1

Operating Margin PBT Margin

Net Margin ROE

25,000
Revenue Revenue and Pro
2000%
Check for a rising trend. Check for a ris
Compare grow
20,000 1500%

15,000 1000%

10,000 500%

5,000 0%
Jan/10 Jan/12
- -500%
Jan/08 Jan/10 Jan/12 Jan/14 Jan/16 Jan/18 Revenue Growth
Net Profit Grow

3,500 Profit Over Time Operating and

5,000 Check
Check for a rising trend. for positive numbe
3,000 4,000 which are rising over tim
2,500
2,000 3,000
1,500 2,000
1,000 1,000
500
- -
-500 Jan/08 Jan/10 Jan/12 Jan/14 Jan/16 Jan/18 -1,000Jan/08 Jan/10 Jan/

PBT Net Profit Operating Cash Flo

Data for Charts (Please don't touch any number below)
Margins
Mar/08 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Operating Margin -17% 22% 13% 1% 10% 5% 14% 20% 12%
PBT Margin -21% 20% 13% 1% 11% 4% 13% 17% 12%
Net Margin -21% 21% 17% 2% 9% 4% 9% 12% 9%

Management Effectiveness
Mar/08 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
ROE 427% 656% 34% 149% 117% 313% 73% 44%
ROCE 78% 53% 54% 9% 46% 16% 46% 53% 40%

Revenue & Profit Growth

Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Revenue Growth 130% 47% 45% 65% 21% 25% 16% 15% 24%
PBT Growth -329% -3% -88% 1455% -52% 289% 53% -24% 46%
Net Profit Growth -335% 18% -80% 516% -40% 175% 52% -16% 35%

Revenue & Profit

Mar/08 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Revenue 1,133 2,605 3,833 5,565 9,203 11,117 13,925 16,140 18,581
PBT -233 534 515 64 993 475 1,847 2,824 2,144
Net Profit -235 551 650 128 787 474 1,304 1,986 1,659

Cash Flows
Mar/08 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Operating Cash Flow - 652 872 896 1,741 1,595 2,384 3,116 3,782
Free Cash Flow -315 441 508 331 1,134 658 1,228 1,478 2,544
%
Capital Allocation Quality
Check for a rising trend and/or consistency.
% Numbers > 20% long term are good. Also check if the company
% has zero/marginal debt. Compare with a close competitor Note: Please ignore the dates
on the X-axis. The figures are
% for/as on the year ending date,
% which for most Indian
companies would be 31st
% March of that year
%
%
Jan/08 Jan/10 Jan/12 Jan/14 Jan/16 Jan/18

ROE ROCE

% Revenue and Profit Growth (YoY)

Check for a rising trend and/or low volatility.
Compare growth rates with a close competitor.
%

%
Jan/10 Jan/12 Jan/14 Jan/16 Jan/18
%
Revenue Growth PBT Growth
Net Profit Growth

Operating and Free Cash Flow

0 Check for positive numbers and
0 which are rising over time.

0
0
0
-
0Jan/08 Jan/10 Jan/12 Jan/14 Jan/16 Jan/18

Operating Cash Flow Free Cash Flow

Mar/18
13%
14%
10%

Mar/18
32%
37%

Mar/18
23,021
3,127
2,242

Mar/18
3,903
3,079
 Common Size P&L
Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 0% 0% 0% 1% 1% 1% 1% 1% 1% 1%
Change in Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 60% 0% 0% 52% 47% 50% 41% 30% 34% 34%
Other Mfr. Exp 18% 0% 0% 3% 3% 3% 15% 19% 35% 36%
Employee Cost 13% 0% 0% 9% 8% 8% 9% 11% 11% 11%
Selling and Admin Cost 27% 0% 0% 34% 23% 23% 18% 19% 6% 5%
Other Expenses 0% 78% 86% 1% 10% 11% 3% 1% 1% 1%
Operating Profit -17% 22% 13% 1% 10% 5% 14% 20% 12% 13%
Other Income 1% 2% 3% 3% 3% 3% 3% 3% 4% 4%
Depreciation 1% 2% 2% 1% 1% 2% 2% 3% 2% 2%
Interest 3% 2% 1% 1% 1% 1% 1% 2% 2% 2%
Profit Before Tax -21% 20% 13% 1% 11% 4% 13% 17% 12% 14%
Tax 0% -1% -4% -1% 2% 0% 4% 5% 3% 4%
Net Profit -21% 21% 17% 2% 9% 4% 9% 12% 9% 10%
Dividend Amount 0% 0% 13% 0% 6% 3% 8% 3% 7% 1%

Common Size Balance Sheet

Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 6% 1% 1% 1% 1% 0% 0% 3% 2% 2%
Reserves -83% 4% 2% 9% 8% 4% 4% 18% 22% 31%
Borrowings 31% 43% 32% 27% 30% 36% 36% 25% 16% 11%
Other Liabilities 147% 51% 65% 63% 61% 60% 60% 55% 60% 56%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 9% 37% 28% 23% 29% 43% 45% 36% 24% 21%
Capital Work in Progress 1% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Investments 0% 29% 27% 14% 19% 14% 5% 7% 23% 29%
Other Assets 91% 33% 44% 63% 52% 44% 50% 56% 52% 50%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Inventory 5% 2% 2% 1% 1% 1% 1% 1% 1% 1%
Cash & Bank 36% 13% 27% 34% 22% 12% 18% 28% 29% 30%
 A common-size financial statement is displays line
items as a percentage of one selected or common
figure. Creating common-size financial statements
makes it easier to analyze a company over time and
compare it with its peers. Using common-size
financial statements helps investors spot trends that
a raw financial statement may not uncover.
 Dhandho Intrinsic Value Calculation
Read the book - The Dhandho Investor by Mohnish Pabrai

INTERGLOBE AVIATION LTD INTERGLOBE AVIATION LTD

Dhandho IV - Lower Range Dhandho IV - Higher Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth Year
0 Excess Cash (Latest) 5,829 Year 1-3 15% 0 Excess Cash (Latest)
1 FY18 2,722 2,430 Year 4-6 10% 1 FY18
2 FY19 3,130 2,495 Year 7-10 5% 2 FY19
3 FY20 3,600 2,562 Discount Rate 12% 3 FY20
4 FY21 3,960 2,516 4 FY21
5 FY22 4,356 2,472 Last 5-Years' CAGR 5 FY22
6 FY23 4,791 2,427 Sales 20% 6 FY23
7 FY24 5,031 2,276 PBT 26% 7 FY24
8 FY25 5,282 2,133 FCF 22% 8 FY25
9 FY26 5,547 2,000 9 FY26
10 FY27 5,824 1,875 10 FY27
10 58,239 18,751 10
Intrinsic Value 47,768 Intrinsic Value
Current Mkt. Cap. 48,808 Current Mkt. Cap.
Premium/(Discount) to IV 2% Premium/(Discount) to IV

Note: See explanation of this model here

P.S. In case of companies earning negative FCF, where this model will not work, you must use a normalized positive FCF as
starting number. This number is your assumption of FCF the business will earn in a normal year, without capex. Check the his
this business while arriving at your assumption, and use your judgment wisely without twisting the model to fit your version of
Calculation
by Mohnish Pabrai

INTERGLOBE AVIATION LTD

Dhandho IV - Higher Range
FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
Excess Cash (Latest) 5,829 Year 1-3 20%
2,840 2,536 Year 4-6 15%
3,408 2,717 Year 7-10 10%
4,090 2,911 Discount Rate 12%
4,704 2,989
5,409 3,069
6,220 3,151
6,842 3,095
7,527 3,040
8,279 2,986
9,107 2,932
136,610 43,985
Intrinsic Value 79,240
Current Mkt. Cap. 48,808
Premium/(Discount) to IV -38%

ust use a normalized positive FCF as the

al year, without capex. Check the history of
sting the model to fit your version of reality.
 Ben Graham Formula (Low Range) Ben Graham Formula (High Range)
Company Name TERGLOBE AVIATION LTD Company Name
Year Ended Mar/18 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 1,533.3 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 11.6 Long-Term Growth Rate

Ben Graham Value (Rs Crore) 48,734 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 48,808 Current Market Cap (Rs Crore)

EXPLANATION
Ben Graham's Original Formula: Value = EPS x (8.5 + 2G)
Here, EPS is the trailing 12 month EPS, 8.5 is the P/E ratio of a stock with 0% growth and g is the growth rate for the next 7-10

Ben Graham's Revised Formula: Value = [EPS x (8.5 + 2G) x 4.4] / Y

Here, 4.4 is what Graham determined to be his minimum required rate of return. At the time of around 1962 when Graham was

Note: I have used Graham's original formula in the above calculations

m Formula (High Range)
TERGLOBE AVIATION LTD
Mar/18

1,533.3
8.5
23.3

84,435
48,808

g is the growth rate for the next 7-10 years

e of around 1962 when Graham was publicizing his works, the risk free interest rate was 4.4% but to adjust to the present, we divide this nu
e present, we divide this number by today’s AAA corporate bond rate, represented by Y in the formula above.
 Dicounted Cash Flow Valuation
INTERGLOBE AVIATION LTD

Initial Cash Flow (Rs Cr) 2,367 53,881

48,808
Years 1-5 6-10 110%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (3,376)

Year FCF Growth Present Value

1 2,722 15% 2,430
2 3,130 15% 2,495
3 3,600 15% 2,562
4 4,140 15% 2,631
5 4,761 15% 2,701
6 5,332 12% 2,701
7 5,972 12% 2,701
8 6,688 12% 2,701
9 7,491 12% 2,701
10 8,390 12% 2,701

Final Calculations
Terminal Year 8,558
PV of Year 1-10 Cash Flows 26,327
Terminal Value 27,554
Total PV of Cash Flows 53,881
Current Market Cap (Rs Cr) 48,808

Note: See explanation of DCF here

 Valuation
N LTD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Expected Returns Model
INTERGLOBE AVIATION LTD
Particulars Mar/08 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15
Net Profit (Rs Crore) -235 551 650 128 787 474 1,304
Net Profit Margin -21% 21% 17% 2% 9% 4% 9%
Return on Equity 427% 656% 34% 149% 117% 313%

Calculations (Enter values only in black cells)

Estimated CAGR in Net Profit over next 10 years 12%
Estimated Net Profit after 10 years (Rs Cr) 6,964
Current P/E (x) 21.8
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 139,289
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 44,847
Current Market Cap (Rs Cr) 48,808

Note: See explanation of this model here

el
Mar/16 Mar/17 Mar/18 CAGR (9-Yr) CAGR (5-Yr)
1,986 1,659 2,242 -228% 23%
12% 9% 10%
73% 44% 32%
 Intrinsic Value Range
INTERGLOBE AVIATION LTD
Lower Higher Remember! Give importance to a stock's valuations / fair v
Dhandho 47,768 79,240 only "after" you have answered in "Yes" to these two quest
Ben Graham 48,734 84,435 (1) Is this business simple to be understood? and (2) Ca
DCF 53,881 understand this business?
Expected Return 44,847
Don't try to quantify everything. In stock research, the less
Current Market Cap. 48,808 mathematical you are, the more simple, sensible, and usefu
be your analysis and results. Great analysis is generally "b
of-the-envelope".
Explanation: Considering the above
range, we can say that Hero Moto's IV Also, your calculated "fair value" will be proven wrong in
range is between Rs 55,000 crore to Rs future, so don't invest your savings just because you fall in
95,000 crore. It's a big range, but that's with it. Don't look for perfection. It is overrated. Focus o
fine (who is looking for precision?). Now, decisions, not outcomes. Look for disconfirming eviden
if the current market cap is within this IV
range, it makes the stock
reasonably/attractively priced. If the
current market cap is higher then the
higher value of the range, it makes it
overpriced. But remember, these are just
numbers!
 importance to a stock's valuations / fair value
ave answered in "Yes" to these two questions -
ness simple to be understood? and (2) Can I
understand this business?

fy everything. In stock research, the less non-

are, the more simple, sensible, and useful will
and results. Great analysis is generally "back-
of-the-envelope".

lated "fair value" will be proven wrong in the

vest your savings just because you fall in love
ook for perfection. It is overrated. Focus on
outcomes. Look for disconfirming evidence.
INTERGLOBE AVIATION LTD
SCREENER.IN
Narration Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18
Sales 4,167 4,987 4,848 5,753 5,291 6,178 5,799 6,512 6,185 7,916
% Growth YOY 27% 24% 20% 13% 17% 28%
Expenses 3,971 4,362 4,340 4,656 4,553 5,146 5,710 6,523 7,190 7,697
Operating Profit 196 624 508 1,097 738 1,032 89 -11 -1,005 219
Other Income 161 172 294 203 215 231 299 306 329 313
Depreciation 119 118 105 98 103 107 129 155 182 204
Interest 61 76 78 77 86 84 93 109 130 138
Profit before tax 177 602 619 1,124 765 1,072 166 31 -988 191
PBT Margin 4% 12% 13% 20% 14% 17% 3% 0% -16% 2%
% Growth YOY 333% 78% -73% -97% -229% -82%
Tax 37 115 179 313 213 310 49 4 -336 -
Net profit 140 487 440 811 552 762 118 28 -652 191
% Growth YOY 294% 56% -73% -97% -218% -75%
OPM 5% 13% 10% 19% 14% 17% 2% 0% -16% 3%
COMPANY NAME INTERGLOBE AVIATION LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHA
CURRENT VERSION 2.10

META
Number of shares 38.44
Face Value 10
Current Price 1269.7
Market Capitalization 48808.14

PROFIT & LOSS

Report Date Mar-08 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Sales 1132.83 2605.48 3833.42 5564.66 9203.08 11116.58
Raw Material Cost 12.67 19.09 34.66 55.99 58.4
Change in Inventory 0.92 0.11 0.68 1.87 -0.71
Power and Fuel 674.16 2876.28 4316.55 5518.5
Other Mfr. Exp 199.73 171.31 265.45 317.12
Employee Cost 151.9 521.81 697.23 928.94
Selling and admin 303.97 1895.06 2078.7 2557.63
Other Expenses 0.54 2025.71 3302.27 29.73 894.83 1226.95
Other Income 15.37 62.19 110.74 153.41 255.23 315.53
Depreciation 14.82 46 62.87 66.52 85.62 226.01
Interest 36.28 50.59 44.99 59.49 72.58 122.58
Profit before tax -233.2 533.62 515.04 63.91 993.22 475.3
Tax 1.55 -17.07 -135.29 -63.97 205.88 0.86
Net profit -234.75 550.7 650.33 127.88 787.35 474.44
Dividend Amount 490.28 548.64 377.58

Quarters
Report Date Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
Sales 4166.93 4986.5 4848.22 5752.91 5290.98 6177.88
Expenses 3971.31 4362.04 4340.22 4655.89 4552.83 5145.54
Other Income 160.76 171.93 293.77 202.64 214.58 231.07
Depreciation 118.87 118.39 105.17 98.34 102.53 107.38
Interest 60.96 75.86 77.65 76.98 85.67 84.44
Profit before tax 176.55 602.14 618.95 1124.34 764.53 1071.59
Tax 36.71 114.88 178.65 313.19 212.98 309.57
Net profit 139.85 487.26 440.31 811.15 551.56 762.03
Operating Profit 195.62 624.46 508 1097.02 738.15 1032.34

BALANCE SHEET
Report Date Mar-08 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Equity Share Capital 30.7 30.7 30.7 30.7 30.7 30.7
Reserves -448.59 98.38 68.37 348.31 498.02 373.26
Borrowings 165 968.79 931.37 1015.57 1800.42 3346.24
Other Liabilities 791.66 1144.19 1889.01 2418.98 3692.35 5536.88
Total 538.77 2242.06 2919.45 3813.56 6021.49 9287.08
Net Block 46.47 836.3 831.14 886.01 1764.46 3955.97
Capital Work in Progress 3.22 6.85
Investments 657.09 802.24 523.42 1138.38 1271.53
Other Assets 489.08 748.67 1286.07 2404.13 3111.8 4059.58
Total 538.77 2242.06 2919.45 3813.56 6021.49 9287.08
Receivables 5.78 18.05 16.66 38.92 68.52 89.12
Inventory 26.56 34.03 44.67 47.01 52.28 67.29
Cash & Bank 193.5 300.6 775.69 1308.83 1340.59 1101.53
No. of Equity Shares 307000 307020 307020 307000 307000 307000
New Bonus Shares
Face value 1000 1000 1000 1000 1000 1000

CASH FLOW:
Report Date Mar-08 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Cash from Operating Activity 652.34 871.98 896.11 1740.69 1595.03
Cash from Investing Activity -1266.31 -608.34 -46.65 -1889.69 -2913.78
Cash from Financing Activity 594.64 -272.07 -637.6 36.08 1284.84
Net Cash Flow -19.33 -8.43 211.86 -112.92 -33.91

PRICE:

DERIVED:
Adjusted Equity Shares in Cr 3.07 3.07 3.07 3.07 3.07 3.07
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-15 Mar-16 Mar-17 Mar-18

13925.34 16139.91 18580.5 23020.89
81.71 114.78 123.83 123.88
3.17 1.13 0.29 -1.27
5754.77 4779.32 6341.51 7760.14
2078.27 3068.19 6496.88 8177.6
1188.69 1787.98 2048.19 2455.02
2549.91 3096.67 1201.67 1200.3
371.35 129.98 150.03 272.9
394.58 515.12 789.07 946.86
302.21 505.47 457.25 436.88
149.65 350.26 406.15 413.09
1846.53 2823.51 2144.34 3126.67
542.35 837.34 485.15 884.3
1304.17 1986.16 1659.19 2242.37
1079.69 540.54 1229 230.65

Mar-18 Jun-18 Sep-18 Dec-18

5799.11 6511.97 6185.31 7916.22
5710.11 6523.04 7190.29 7696.98
298.57 306.36 328.89 313.15
128.64 155.27 181.97 203.83
92.73 108.68 130.02 137.68
166.2 31.34 -988.08 190.88
48.56 3.55 -335.95
117.64 27.79 -652.13 190.89
89 -11.07 -1004.98 219.24

Mar-15 Mar-16 Mar-17 Mar-18

 30.7 360.36 361.47 384.41
386.32 2362.83 3411.87 6687.16
3926.16 3244.63 2596.17 2452.72
6492.3 7184.41 9462.95 12269.43
10835.48 13152.23 15832.46 21793.72
4876.04 4747.41 3793.84 4578.81
0.45 31.97 25.19 32.49
516.8 986.16 3713.44 6344.04
5442.19 7386.69 8299.99 10838.38
10835.48 13152.23 15832.46 21793.72
104.55 157.11 158.7 226.32
151.75 87.11 163.15 183.23
1999.38 3718.67 4632.54 6580.6
307000 360356544 361468363 384406838

1000 10 10 10

Mar-15 Mar-16 Mar-17 Mar-18

2383.88 3115.72 3782.07 3903.1
-939.67 -1337.14 -3033.12 -4151.54
-1308.11 -1219.96 -1401.21 765.96
136.11 558.62 -652.26 517.52

998.739474 1088.07632 1455.97857

3.07 36.04 36.15 38.44

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