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 Warning! Excel can be a w
a deadly weapon if you w
Analysis Excel (Ver. 4.0) careful of what you are ge
garbage out. And if you ne
a given stock, y
www.safalniveshak.com
Basic Company Details
Parameters Details
Company MAYUR UNIQUOTERS LTD
Current Stock Price (Rs) 215 Remember! Focus on dec
Face Value (Rs) 5.0 evid
No. of Shares (Crore) 4.5
Market Capitalization (Rs Crore) 975

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 15.0% Please! It's your money. P
cause you to lose it all! I've
Profit Before Tax Growth (9-Year CAGR) 20.0% but you alone are respons
Net Profit Growth (8-Year CAGR) 20.5% ever after! I am not a sa
Average Debt/Equity (5-Years, x) 0.1 analyzing companies on
instead of a map, for you
Average Return on Equity (5-Years) 22.4%
Average P/E (5-Years, x) 22.7
Latest P/E (x) 12.6
P/FCF (1.29)
P/OCF 14.36
Debt 21.58
debt/marketcap 2.21%
CALCULATIONS WITH MIN AVERAGE(3yrs) CURRENT
Min all average EPS(10,7,5,3yrs) 14.30 19.30 19.23
Windage growth % 2%
Windage PE 1 3.6886706505 twice of windage growth
2 3.5823236005 min PE
Minimum of 1 and 2 above 3.58
MARR(Min acceptable return rate) 15%
Min AVERAGE(3yrs) Current
Future 10yr EPS (after 10yrs) 20 27 27
Future Price after 10 yrs 73 98 98
Present Price (Future price/4) 18 25 24
MOS (PresentPrice/2 for 50%) 9 12 12
 Warning! Excel can be a wonderful tool to analyze the past. But it can be
a deadly weapon if you wish to use it to predict the future! So be very
careful of what you are getting into. Here, garbage in will always equal
garbage 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.

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

evidence. Calculate. Pray!

Please! It's your money. Please don't blame me if results of this excel
cause you to lose it all! I've designed this excel to aid your own thinking,
but you alone are responsible for your actions. I want to live peacefully
ever after! I am not a sadist who wants you to do the hard work by
analyzing companies on your own. But I'd rather give you a compass
instead of a map, for you can confuse map with territory and lose it all.
All the best!

ndage growth
 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
MAYUR UNIQUOTERS LTD
Rs Cr Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Equity Share Capital 5 5 5 11 11 22 23 23 23 23
Reserves 37 56 80 108 150 202 319 369 431 500
Borrowings 4 8 4 25 42 45 26 12 6 22
Other Liabilities 36 41 69 71 98 144 74 78 78 83
Total 82 109 159 214 301 412 442 482 537 628

Net Block 23 31 45 55 98 137 135 128 132 124

Capital Work in Progress 0 3 4 19 27 6 8 4 2 39
Investments 0 0 12 14 10 76 97 124 156 194
Other Assets 59 75 98 127 167 194 203 226 247 270
Total 82 109 159 214 301 412 442 482 537 628

Working Capital 23 34 29 56 69 50 128 148 169 187

Debtors 26 32 41 56 67 91 124 129 133 120
Inventory 10 15 31 44 64 56 50 58 71 95
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 57 47 47 54 53 66 89 99 88 76
Inventory Turnover 17 17 10 9 7 9 10 8 8 6
Fixed Asset Turnover 7.0 7.8 7.0 6.9 4.8 3.7 3.8 3.7 4.2 4.6
Debt/Equity 0.1 0.1 0.0 0.2 0.3 0.2 0.1 0.0 0.0 0.0
Return on Equity 39% 41% 39% 37% 35% 30% 24% 21% 21% 17%
Return on Capital Employed 57% 57% 57% 46% 43% 36% 34% 30% 31% 24%
 Profit & Loss Account / Income Statement
MAYUR UNIQUOTERS LTD
Rs Cr Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Trailing
Sales 163 246 315 379 466 503 507 477 552 573 561
% Growth YOY 51% 28% 20% 23% 8% 1% -6% 16% 4%
Expenses 136 204 262 310 372 401 371 349 407 446 447
Material Cost (% of Sales) 74% 75% 75% 72% 68% 65% 58% 57% 59% 63% Check for wide fluctuations in key
Power and Fuel 1% 1% 1% 3% 3% 3% 3% 3% 3% 4% expense items. For manufacturing
Other Mfr. Exp 2% 2% 2% 2% 2% 3% 3% 3% 3% 4% firms, check their material costs etc. For
Employee Cost 3% 3% 3% 3% 3% 4% 5% 6% 5% 5% services firms, look at employee costs.
Selling and Admin Cost 5% 5% 4% 5% 5% 6% 5% 3% 3% 4%
Operating Profit 27 41 53 69 94 102 136 127 145 128 113
Operating Profit Margin 16% 17% 17% 18% 20% 20% 27% 27% 26% 22% 20%
Other Income 2 1 2 3 1 6 6 11 13 21 20
Other Income as % of Sales 1.2% 0.4% 0.5% 0.7% 0.2% 1.2% 1.1% 2.4% 2.4% 3.7% 3.5%
Depreciation 2 3 4 5 7 12 16 17 17 18 18
Interest 1 2 2 2 4 3 3 1 1 1 1
Interest Coverage(Times) 20 21 26 27 20 37 37 89 105 156 203
Profit before tax (PBT) 25 37 49 64 84 93 122 121 140 130 115
% Growth YOY 49% 31% 30% 30% 11% 30% -1% 16% -7%
PBT Margin 16% 15% 16% 17% 18% 19% 24% 25% 25% 23% 21%
Tax 9 12 16 21 27 27 39 39 46 43 37
Net profit 16 25 33 44 57 66 83 82 94 87 77
% Growth YOY 56% 32% 31% 30% 16% 25% -1% 15% -7%
Net Profit Margin 10% 10% 11% 12% 12% 13% 16% 17% 17% 15% 14%
EPS 5.0 7.8 10.3 11.5 17.5 15.2 17.8 17.9 20.8 19.2 17.1
% Growth YOY 56% 32% 12% 52% -13% 17% 1% 16% -7%
Price to earning 3.6 4.1 5.4 8.9 18.8 29.9 21.7 21.1 22.9 18.0 12.6 3.5823236 29.9130639
Price 18 32 56 102 329 455 387 378 475 347 215
Dividend Payout 16.7% 21.4% 21.9% 23.6% 17.6% 20.0% 19.6% 5.6% 7.9% 16.9%
Market Cap 58 103 182 388 1,068 1,971 1,791 1,732 2,152 1,572
Retained Earnings 14 20 26 33 47 53 66 77 87 72
Buffett's $1 Test 3.1

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Min Average Current

Sales Growth 15.0% 8.9% 4.2% 4.2% 4%
PBT Growth 20.0% 14.9% 9.2% 2.3%
PBT Margin 19.7% 21.5% 23.2% 24.4%
NetProfit Growth 20.5% 14.7% 8.9% 1.8% 2%
Price to Earning 15.4 20.2 22.7 20.7 15.4
EPS 14.3 17.1 18.2 19.3 14.3 19.3 19.2

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.

10yrs 9yrs 8yrs 7yrs 6yrs 5yrs 4yrs 3yrs 2yrs MIN Max Average
Sales Growth% 15% 11% 13% 7% 4% 3% 4% 10% 4% 3% 6%
NetProfit Growth % 21% 17% 15% 12% 9% 7% 2% 3% -7% 2% -1%
PE growth 20% 20% 19% 12% -1% -12% -6% -8% -21%
 Cash Flow Statement
MAYUR UNIQUOTERS LTD
Rs Cr Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Total
Cash from Operating Activity (CFO) 22 6 29 27 49 53 65 78 86 68 484
% Growth YoY -73% 396% -7% 79% 9% 23% 20% 10% -21%
Cash from Investing Activity -1 -12 -23 -36 -46 -94 -34 -26 -30 -71 -373
Cash from Financing Activity -7 -2 -11 8 0 53 -44 -46 -50 -3 -102
Net Cash Flow 14 -8 -5 -1 3 12 -12 6 6 -7 8
CFO/Sales 13% 2% 9% 7% 10% 11% 13% 16% 16% 12%
CFO/Net Profit 133% 23% 88% 62% 86% 81% 79% 96% 91% 78%
Capex** 315 212 364 565 607 937 1,156 1,638 1,238 824
FCF -293 -206 -335 -538 -558 -884 -1,091 -1,560 -1,152 -756 -7,372
Average FCF (3 Years) -1,156
FCF Growth YoY -30% 63% 61% 4% 58% 23% 43% -26% -34%
FCF/Sales -180% -84% -106% -142% -120% -176% -215% -327% -209% -132%
FCF/Net Profit -1809% -814% -1004% -1233% -983% -1341% -1322% -1900% -1224% -868%

** 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
MAYUR UNIQUOTERS LTD
Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Sales Growth 50.9% 28.4% 20.1% 23.0% 7.9% 0.8% -5.9% 15.8%
PBT Growth 48.5% 31.2% 30.5% 30.4% 11.5% 30.5% -0.7% 15.8%
Net Profit Growth 55.8% 32.1% 30.7% 30.2% 16.0% 25.2% -0.5% 14.7%
Dividend Growth 99.6% 34.9% 41.0% -2.6% 31.8% 22.6% -71.7% 63.3%
Operating Cash Flow Growth -72.7% 395.6% -6.9% 79.5% 9.0% 22.6% 20.0% 9.6%
Free Cash Flow Growth -29.9% 62.8% 60.6% 3.8% 58.3% 23.4% 43.0% -26.1%

Operating Margin 16.4% 16.8% 16.9% 18.2% 20.2% 20.2% 26.8% 26.7% 26.3%
PBT Margin 15.5% 15.3% 15.6% 16.9% 18.0% 18.5% 24.0% 25.3% 25.3%
Net Margin 10.0% 10.3% 10.6% 11.5% 12.2% 13.1% 16.3% 17.2% 17.0%

Debtor Days 57.5 46.9 47.0 54.4 52.6 65.8 89.2 98.5 87.9
Inventory Turnover 16.6 16.9 10.3 8.6 7.3 9.0 10.1 8.2 7.7
Fixed Asset Turnover 7.0 7.8 7.0 6.9 4.8 3.7 3.8 3.7 4.2
Debt/Equity 0.1 0.1 0.0 0.2 0.3 0.2 0.1 0.0 0.0
Debt/Assets 5.4% 7.1% 2.4% 11.6% 13.8% 10.9% 5.9% 2.5% 1.1%
Interest Coverage (Times) 19.8 21.2 26.1 27.3 20.5 36.9 36.8 88.5 104.6
Return on Equity 38.6% 41.4% 38.9% 36.8% 35.3% 29.5% 24.1% 20.9% 20.8%
Return on Capital Employed 57.2% 57.2% 57.1% 46.5% 43.4% 35.8% 34.0% 30.2% 30.7%
Free Cash Flow (Rs Cr) -293 -206 -335 -538 -558 -884 -1,091 -1,560 -1,152
Mar/19
3.8%
-6.9%
-7.4%
96.9%
-21.0%
-34.4%

22.2%
22.7%
15.2%

76.3
6.0
4.6
0.0
3.4%
155.9
16.7%
24.1%
-756
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
70%
Check for a rising trend and
25% 60% Numbers > 20% long term a
20% 50% has zero/marginal debt. Com
40%
15%
30%
10%
20%
5% Check for a rising trend and/or consistency. 10%
Compare with a close competitor
0% 0%
Jan/10 Jan/12 Jan/14 Jan/16 Jan/18 Jan/10 Jan/12 Jan

Operating Margin PBT Margin

Net Margin ROE

700
Revenue Revenue and Pro
60%
Check for a rising trend. Check for a ris
600 50% Compare grow

500 40%

400 30%
20%
300
10%
200
0%
100
-10% Jan/11 Jan/13
- -20%
Jan/10 Jan/12 Jan/14 Jan/16 Jan/18 Revenue Growth
Net Profit Grow

160 Profit Over Time Operating and

500 Check
Check for a rising trend. for positive numbe
140 which are rising over tim
120 -
Jan/10 Jan/12 Ja
100 -500
80
60 -1,000
40 -1,500
20
- -2,000
Jan/10 Jan/12 Jan/14 Jan/16 Jan/18

PBT Net Profit Operating Cash Flo

Data for Charts (Please don't touch any number below)
Margins
Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Operating Margin 16% 17% 17% 18% 20% 20% 27% 27% 26%
PBT Margin 16% 15% 16% 17% 18% 19% 24% 25% 25%
Net Margin 10% 10% 11% 12% 12% 13% 16% 17% 17%

Management Effectiveness
Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
ROE 39% 41% 39% 37% 35% 30% 24% 21% 21%
ROCE 57% 57% 57% 46% 43% 36% 34% 30% 31%

Revenue & Profit Growth

Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
Revenue Growth 51% 28% 20% 23% 8% 1% -6% 16% 4%
PBT Growth 49% 31% 30% 30% 11% 30% -1% 16% -7%
Net Profit Growth 56% 32% 31% 30% 16% 25% -1% 15% -7%

Revenue & Profit

Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Revenue 163 246 315 379 466 503 507 477 552
PBT 25 37 49 64 84 93 122 121 140
Net Profit 16 25 33 44 57 66 83 82 94

Cash Flows
Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Operating Cash Flow 22 6 29 27 49 53 65 78 86
Free Cash Flow -293 -206 -335 -538 -558 -884 -1,091 -1,560 -1,152
%
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/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/11 Jan/13 Jan/15 Jan/17 Jan/19
%
Revenue Growth PBT Growth
Net Profit Growth

Operating and Free Cash Flow

0 Check for positive numbers and
which are rising over time.
-
Jan/10 Jan/12 Jan/14 Jan/16 Jan/18
0
0
0
0

Operating Cash Flow Free Cash Flow

Mar/19
22%
23%
15%

Mar/19
17%
24%

Mar/19
573
130
87

Mar/19
68
-756
 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 74% 75% 75% 72% 68% 65% 58% 57% 59% 63%
Change in Inventory 0% 1% 1% 2% 0% 0% 0% 0% 0% 1%
Power and Fuel 1% 1% 1% 3% 3% 3% 3% 3% 3% 4%
Other Mfr. Exp 2% 2% 2% 2% 2% 3% 3% 3% 3% 4%
Employee Cost 3% 3% 3% 3% 3% 4% 5% 6% 5% 5%
Selling and Admin Cost 5% 5% 4% 5% 5% 6% 5% 3% 3% 4%
Other Expenses -1% -1% 0% -1% -1% -1% -1% 1% 1% 0%
Operating Profit 16% 16% 15% 15% 19% 21% 27% 27% 26% 19%
Other Income 1% 0% 1% 1% 0% 1% 1% 2% 2% 4%
Depreciation 1% 1% 1% 1% 2% 2% 3% 4% 3% 3%
Interest 1% 1% 1% 1% 1% 1% 1% 0% 0% 0%
Profit Before Tax 16% 15% 16% 17% 18% 19% 24% 25% 25% 23%
Tax 6% 5% 5% 5% 6% 5% 8% 8% 8% 7%
Net Profit 10% 10% 11% 12% 12% 13% 16% 17% 17% 15%
Dividend Amount 2% 2% 2% 3% 2% 3% 3% 1% 1% 3%

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 7% 5% 3% 5% 4% 5% 5% 5% 4% 4%
Reserves 45% 51% 51% 50% 50% 49% 72% 77% 80% 80%
Borrowings 5% 7% 2% 12% 14% 11% 6% 2% 1% 3%
Other Liabilities 44% 37% 44% 33% 33% 35% 17% 16% 14% 13%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 28% 29% 28% 26% 32% 33% 30% 27% 25% 20%
Capital Work in Progress 0% 3% 3% 9% 9% 1% 2% 1% 0% 6%
Investments 0% 0% 7% 6% 3% 18% 22% 26% 29% 31%
Other Assets 71% 68% 62% 59% 55% 47% 46% 47% 46% 43%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 31% 29% 26% 26% 22% 22% 28% 27% 25% 19%
Inventory 12% 13% 19% 21% 21% 14% 11% 12% 13% 15%
Cash & Bank 24% 21% 12% 5% 4% 6% 3% 4% 5% 3%
 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

MAYUR UNIQUOTERS LTD MAYUR UNIQUOTERS 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 (1,329) (1,187) Year 4-6 10% 1 FY18
2 FY19 (1,529) (1,219) Year 7-10 5% 2 FY19
3 FY20 (1,758) (1,251) Discount Rate 12% 3 FY20
4 FY21 (1,934) (1,229) 4 FY21
5 FY22 (2,127) (1,207) Last 5-Years' CAGR 5 FY22
6 FY23 (2,340) (1,186) Sales 4% 6 FY23
7 FY24 (2,457) (1,111) PBT 9% 7 FY24
8 FY25 (2,580) (1,042) FCF 6% 8 FY25
9 FY26 (2,709) (977) 9 FY26
10 FY27 (2,844) (916) 10 FY27
10 -28,444 (9,158) 10
Intrinsic Value (14,654) Intrinsic Value
Current Mkt. Cap. 975 Current Mkt. Cap.
Premium/(Discount) to IV -107% 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

MAYUR UNIQUOTERS 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%
(1,387) (1,239) Year 4-6 15%
(1,665) (1,327) Year 7-10 10%
(1,998) (1,422) Discount Rate 12%
(2,297) (1,460)
(2,642) (1,499)
(3,038) (1,539)
(3,342) (1,512)
(3,676) (1,485)
(4,044) (1,458)
(4,448) (1,432)
(66,720) (21,482)
Intrinsic Value (30,026)
Current Mkt. Cap. 975
Premium/(Discount) to IV -103%

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 AYUR UNIQUOTERS LTD Company Name
Year Ended Mar/19 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 82.3 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 4.5 Long-Term Growth Rate

Ben Graham Value (Rs Crore) 1,437 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 975 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)
AYUR UNIQUOTERS LTD
Mar/19

82.3
8.5
8.9

2,173
975

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
MAYUR UNIQUOTERS LTD

Initial Cash Flow (Rs Cr) (1,156) ###

975
Years 1-5 6-10 -2700%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (5,807)

Year FCF Growth Present Value

1 (1,329) 15% (1,187)
2 (1,529) 15% (1,219)
3 (1,758) 15% (1,251)
4 (2,022) 15% (1,285)
5 (2,325) 15% (1,319)
6 (2,604) 12% (1,319)
7 (2,917) 12% (1,319)
8 (3,267) 12% (1,319)
9 (3,659) 12% (1,319)
10 (4,098) 12% (1,319)

Final Calculations
Terminal Year (4,180)
PV of Year 1-10 Cash Flows ###
Terminal Value ###
Total PV of Cash Flows ###
Current Market Cap (Rs Cr) 975

Note: See explanation of DCF here

Valuation
LTD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Expected Returns Model
MAYUR UNIQUOTERS LTD
Particulars Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16
Net Profit (Rs Crore) 16 25 33 44 57 66 83
Net Profit Margin 10% 10% 11% 12% 12% 13% 16%
Return on Equity 39% 41% 39% 37% 35% 30% 24%

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) 271
Current P/E (x) 11.2
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 5,415
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 1,743
Current Market Cap (Rs Cr) 975

Note: See explanation of this model here

el
Mar/17 Mar/18 Mar/19 CAGR (9-Yr) CAGR (5-Yr)
82 94 87 21% 9%
17% 17% 15%
21% 21% 17%
 Intrinsic Value Range
MAYUR UNIQUOTERS LTD
Lower Higher Remember! Give importance to a stock's valuations / fair v
Dhandho -14,654 ### only "after" you have answered in "Yes" to these two quest
Ben Graham 1,437 2,173 (1) Is this business simple to be understood? and (2) Ca
DCF -26,315 understand this business?
Expected Return 1,743
Don't try to quantify everything. In stock research, the less
Current Market Cap. 975 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.
MAYUR UNIQUOTERS LTD
SCREENER.IN
Narration Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19
Sales 118 141 138 138 136 141 148 161 124 128
% Growth YOY 15% 0% 7% 17% -9% -9%
Expenses 91 101 104 103 101 103 120 127 97 103
Operating Profit 27 40 34 35 34 38 28 34 27 25
Other Income 4 3 5 3 5 7 7 5 5 4
Depreciation 4 4 4 4 4 4 4 4 5 4
Interest 0 0 0 0 0 0 1 0 -0 0
Profit before tax 27 38 34 33 34 40 29 34 27 24
PBT Margin 23% 27% 25% 24% 25% 28% 20% 21% 22% 19%
% Growth YOY 29% 3% -13% 4% -21% -39%
Tax 8 13 12 11 10 14 9 12 7 8
Net profit 18 26 23 22 24 26 20 22 20 16
% Growth YOY 32% 0% -11% 0% -18% -38%
OPM 23% 28% 25% 25% 25% 27% 19% 21% 22% 20%
COMPANY NAME MAYUR UNIQUOTERS LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHA
CURRENT VERSION 2.10

META
Number of shares 4.53
Face Value 5
Current Price 215
Market Capitalization 974.54

PROFIT & LOSS

Report Date Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Sales 162.74 245.61 315.36 378.6 465.84 502.8
Raw Material Cost 120.19 184.25 237.21 273.9 318.14 324.5
Change in Inventory 0.65 1.36 3.01 6.01 1.69 -1.5
Power and Fuel 1.53 1.62 2.2 10.06 12.37 16.73
Other Mfr. Exp 3.24 4.72 4.96 6.42 8.37 14.35
Employee Cost 5.13 6.22 8.32 9.72 15.68 20.93
Selling and admin 7.45 12.45 13.41 18.2 21.94 28.1
Other Expenses -0.88 -3.46 -1.08 -2.77 -3.16 -5.08
Other Income 2.03 0.86 1.66 2.69 0.78 5.94
Depreciation 2.18 2.68 3.87 5.17 7.02 11.86
Interest 1.34 1.86 1.96 2.44 4.3 2.6
Profit before tax 25.24 37.49 49.18 64.18 83.65 93.25
Tax 9.02 12.22 15.81 20.55 26.86 27.35
Net profit 16.22 25.27 33.37 43.63 56.8 65.9
Dividend Amount 2.71 5.41 7.3 10.29 10.02 13.21

Quarters
Report Date Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18
Sales 118.31 140.85 137.84 137.99 135.54 141.13
Expenses 90.98 101.15 103.86 103.05 101.41 103.46
Other Income 3.9 3.2 4.68 2.67 4.98 6.77
Depreciation 4.11 4.23 4.2 4.33 4.35 4.47
Interest 0.47 0.22 0.42 0.45 0.27 0.45
Profit before tax 26.65 38.45 34.04 32.83 34.49 39.52
Tax 8.39 12.76 11.53 11.07 10.34 13.92
Net profit 18.26 25.68 22.51 21.75 24.15 25.6
Operating Profit 27.33 39.7 33.98 34.94 34.13 37.67

BALANCE SHEET
Report Date Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Equity Share Capital 5.41 5.41 5.41 10.83 10.83 21.65
Reserves 36.64 55.6 80.47 107.64 150.27 201.58
Borrowings 4.41 7.77 3.76 24.79 41.67 44.82
Other Liabilities 35.79 40.62 69.41 70.83 98.37 144.01
Total 82.25 109.4 159.05 214.09 301.14 412.06
Net Block 23.15 31.3 45.09 54.67 97.66 136.5
Capital Work in Progress 0.25 3.35 3.98 18.91 26.56 6.18
Investments 0.06 0.06 11.72 13.65 9.85 75.82
Other Assets 58.79 74.69 98.26 126.86 167.07 193.56
Total 82.25 109.4 159.05 214.09 301.14 412.06
Receivables 25.63 31.59 40.6 56.45 67.11 90.69
Inventory 9.83 14.55 30.71 44.23 63.77 56.1
Cash & Bank 19.58 22.83 19.04 10.65 13.43 26.59
No. of Equity Shares 5413200 5413200 5413200 10826400 21652800 43305600
New Bonus Shares 5413200 5413200 10826400
Face value 10 10 10 10 5 5

CASH FLOW:
Report Date Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Cash from Operating Activity 21.59 5.9 29.24 27.23 48.87 53.29
Cash from Investing Activity -0.91 -12.23 -23.11 -35.86 -45.97 -94.29
Cash from Financing Activity -6.86 -1.77 -11.1 7.67 0.06 52.97
Net Cash Flow 13.82 -8.1 -4.97 -0.96 2.96 11.97

PRICE: 17.89 31.77 55.97 102.49 328.75 455.2

DERIVED:
Adjusted Equity Shares in Cr 3.25 3.25 3.25 3.79 3.25 4.33
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-16 Mar-17 Mar-18 Mar-19

506.78 476.7 552.21 573.43
291.9 271.28 325.39 359.67
0.24 -0.21 1.42 8.05
16.85 15.99 18.54 20.67
15.39 14.51 16.9 21.51
25.1 26.44 27.7 28.95
27.19 16.27 15.24 21.62
-5.09 4.58 4.8 1.54
5.5 11.43 13.2 21.47
16.12 16.7 17.11 18.02
3.4 1.38 1.35 0.84
121.66 120.78 139.8 130.13
39.15 38.71 45.7 42.97
82.51 82.08 94.1 87.17
16.2 4.58 7.48 14.73

Sep-18 Dec-18 Mar-19 Jun-19

147.72 160.85 123.73 128.2
120.13 126.86 96.98 103.05
6.84 4.74 4.63 3.66
4.43 4.47 4.64 4.32
0.55 0.28 -0.45 0.19
29.45 33.98 27.19 24.3
9.42 12.23 7.4 8.44
20.03 21.75 19.79 15.86
27.59 33.99 26.75 25.15

Mar-16 Mar-17 Mar-18 Mar-19

 23.14 22.89 22.66 22.66
318.97 369.1 430.81 500.29
25.87 12.01 5.71 21.58
74.23 78.34 77.69 83.2
442.21 482.34 536.87 627.73
134.63 128.11 132.03 124.44
7.86 3.91 1.93 39.28
97.06 124.12 156.28 193.82
202.66 226.2 246.63 270.19
442.21 482.34 536.87 627.73
123.82 128.69 132.93 119.83
50.39 58.29 71.41 95.44
14.13 20.29 25.62 19.23
46277600 45777600 45327600 45327600

5 5 5 5

Mar-16 Mar-17 Mar-18 Mar-19

65.32 78.4 85.89 67.86
-33.52 -26.36 -29.93 -71.13
-43.78 -45.97 -49.63 -3.39
-11.98 6.07 6.33 -6.66

386.95 378.4 474.8 346.7

4.63 4.58 4.53 4.53

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