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 INTERGLOBE AVIATION LTD
Current Stock Price (Rs) 1,444 Remember! Focus on dec
Face Value (Rs) 10.0 evid
No. of Shares (Crore) 38.5
Market Capitalization (Rs Crore) 55,552

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 30.4% Please! It's your money. P
cause you to lose it all! I've
Profit Before Tax Growth (9-Year CAGR) -186.8% but you alone are respons
Net Profit Growth (8-Year CAGR) -13.1% ever after! I am not a sa
Average Debt/Equity (5-Years, x) 2.4 analyzing companies on
instead of a map, for you
Average Return on Equity (5-Years) 92.7%
Average P/E (5-Years, x) 103.1
Latest P/E (x) 60.7
P/FCF 23.78
P/OCF 17.58
Debt 2429.17
debt/marketcap 4.37%
CALCULATIONS WITH MIN AVERAGE(3yrs) CURRENT
Min all average EPS(10,7,5,3yrs) 36.10 36.10 4.06
Windage growth % 3%
Windage PE 1 5.7848440172 twice of windage growth
2 15.8427191137 min PE
Minimum of 1 and 2 above 5.78
MARR(Min acceptable return rate) 15%
Min AVERAGE(3yrs) Current
Future 10yr EPS (after 10yrs) 63 63 7
Future Price after 10 yrs 366 366 41
Present Price (Future price/4) 92 92 10
MOS (PresentPrice/2 for 50%) 46 46 5
 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
INTERGLOBE AVIATION 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 31 31 31 31 31 31 360 361 384 384
Reserves 98 68 348 498 373 386 2,363 3,412 6,687 6,555
Borrowings 969 931 1,016 1,800 3,346 3,926 3,245 2,596 2,453 2,429
Other Liabilities 1,144 1,889 2,419 3,692 5,537 6,492 7,184 9,463 12,269 16,868
Total 2,242 2,919 3,814 6,021 9,287 10,835 13,152 15,832 21,794 26,236

Net Block 836 831 886 1,764 3,956 4,876 4,747 3,794 4,579 5,662
Capital Work in Progress - - - 7 - 0 32 25 32 24
Investments 657 802 523 1,138 1,272 517 986 3,713 6,344 6,517
Other Assets 749 1,286 2,404 3,112 4,060 5,442 7,387 8,300 10,838 14,034
Total 2,242 2,919 3,814 6,021 9,287 10,835 13,152 15,832 21,794 26,236

Working Capital -396 -603 -15 -581 -1,477 -1,050 202 -1,163 -1,431 -2,834
Debtors 18 17 39 69 89 105 157 159 226 362
Inventory 34 45 47 52 67 152 87 163 183 211
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 3 2 3 3 3 3 4 3 4 5
Inventory Turnover 77 86 118 176 165 92 185 114 126 135
Fixed Asset Turnover 3.1 4.6 6.3 5.2 2.8 2.9 3.4 4.9 5.0 5.0
Debt/Equity 7.5 9.4 2.7 3.4 8.3 9.4 1.2 0.7 0.3 0.4
Return on Equity 427% 656% 34% 149% 117% 313% 73% 44% 32% 2%
Return on Capital Employed 53% 54% 9% 46% 16% 46% 53% 40% 37% 4%
 Profit & Loss Account / Income Statement
INTERGLOBE AVIATION 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 2,605 3,833 5,565 9,203 11,117 13,925 16,140 18,581 23,021 28,497 33,325
% Growth YOY 47% 45% 65% 21% 25% 16% 15% 24% 24%
Expenses 2,037 3,321 5,528 8,307 10,608 12,022 12,976 16,362 19,991 28,648 30,011
Material Cost (% of Sales) 0% 0% 1% 1% 1% 1% 1% 1% 1% 0% Check for wide fluctuations in key
Power and Fuel 0% 0% 52% 47% 50% 41% 30% 34% 34% 42% expense items. For manufacturing
Other Mfr. Exp 0% 0% 3% 3% 3% 15% 19% 35% 36% 40% firms, check their material costs etc. For
Employee Cost 0% 0% 9% 8% 8% 9% 11% 11% 11% 11% services firms, look at employee costs.
Selling and Admin Cost 0% 0% 34% 23% 23% 18% 19% 6% 5% 4%
Operating Profit 568 512 37 896 508 1,904 3,164 2,219 3,030 -151 3,314
Operating Profit Margin 22% 13% 1% 10% 5% 14% 20% 12% 13% -1% 10%
Other Income 62 111 153 255 316 395 515 789 947 1,325 1,491
Other Income as % of Sales 2.4% 2.9% 2.8% 2.8% 2.8% 2.8% 3.2% 4.2% 4.1% 4.6% 4.5%
Depreciation 46 63 67 86 226 302 505 457 437 760 2,352
Interest 51 45 59 73 123 150 350 406 413 563 1,178
Interest Coverage(Times) 12 12 2 15 5 13 9 6 9 1 2
Profit before tax (PBT) 534 515 64 993 475 1,847 2,824 2,144 3,127 -149 1,276
% Growth YOY -3% -88% 1454% -52% 288% 53% -24% 46% -105%
PBT Margin 20% 13% 1% 11% 4% 13% 17% 12% 14% -1% 4%
Tax -17 -135 -64 206 1 542 837 485 884 -305 360
Net profit 551 650 128 787 474 1,304 1,986 1,659 2,242 156 915
% Growth YOY 18% -80% 516% -40% 175% 52% -16% 35% -93%
Net Profit Margin 21% 17% 2% 9% 4% 9% 12% 9% 10% 1% 3%
EPS 179.4 211.8 41.7 256.5 154.5 424.8 55.1 45.9 58.3 4.1 23.8
% Growth YOY 18% -80% 516% -40% 175% -87% -17% 27% -93%
Price to earning 15.8 22.9 22.1 351.6 60.7 15.842719 351.624048
Price - - - - - - 873 1,051 1,290 1,428 1,444
Dividend Payout 0.0% 75.4% 0.0% 69.7% 79.6% 82.8% 27.2% 74.1% 10.3% 123.1%
Market Cap - - - - - - 31,466 38,005 49,606 54,899
Retained Earnings 551 160 128 239 97 224 1,446 430 2,012 -36
Buffett's $1 Test 10.5

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

Sales Growth 30.4% 26.3% 20.7% 20.9% 21%
PBT Growth -186.8% -212.9% -179.3% -137.5%
PBT Margin 10.5% 10.1% 11.1% 8.2%
NetProfit Growth -13.1% 2.9% -19.9% -57.2% -57%
Price to Earning 103.1 103.1 103.1 132.2 103.1
EPS 143.2 142.7 117.6 36.1 36.1 36.1 4.1

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% 30% 28% 33% 21% 21% 20% 21% 24% 24% 20% 23%
NetProfit Growth % -13% -16% 3% -24% -20% -41% -57% -69% -93% 3% -73%
PE growth #VALUE! #VALUE! #VALUE! #VALUE! ### ### 181% 292% 1489%
 Cash Flow Statement
INTERGLOBE AVIATION 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) 652 872 896 1,741 1,595 2,384 3,116 3,782 3,903 3,160 22,101
% Growth YoY 34% 3% 94% -8% 49% 31% 21% 3% -19%
Cash from Investing Activity -1,266 -608 -47 -1,890 -2,914 -940 -1,337 -3,033 -4,152 -2,526 -18,712
Cash from Financing Activity 595 -272 -638 36 1,285 -1,308 -1,220 -1,401 766 -592 -2,750
Net Cash Flow -19 -8 212 -113 -34 136 559 -652 518 42 639
CFO/Sales 25% 23% 16% 19% 14% 17% 19% 20% 17% 11%
CFO/Net Profit 118% 134% 701% 221% 336% 183% 157% 228% 174% 2024%
Capex** 315 212 364 565 607 937 1,156 1,638 1,238 824
FCF 337 660 532 1,176 988 1,447 1,960 2,144 2,665 2,336 14,245
Average FCF (3 Years) 2,382
FCF Growth YoY 96% -19% 121% -16% 46% 35% 9% 24% -12%
FCF/Sales 13% 17% 10% 13% 9% 10% 12% 12% 12% 8%
FCF/Net Profit 61% 102% 416% 149% 208% 111% 99% 129% 119% 1496%

** 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/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Sales Growth 47.1% 45.2% 65.4% 20.8% 25.3% 15.9% 15.1% 23.9%
PBT Growth -3.5% -87.6% ### -52.1% 288.5% 52.9% -24.1% 45.8%
Net Profit Growth 18.1% -80.3% 515.7% -39.7% 174.9% 52.3% -16.5% 35.1%
Dividend Growth #DIV/0! ### #DIV/0! -31.2% 185.9% -49.9% 127.4% -81.2%
Operating Cash Flow Growth 33.7% 2.8% 94.2% -8.4% 49.5% 30.7% 21.4% 3.2%
Free Cash Flow Growth 95.8% -19.4% 121.0% -16.0% 46.4% 35.4% 9.4% 24.3%

Operating Margin 21.8% 13.4% 0.7% 9.7% 4.6% 13.7% 19.6% 11.9% 13.2%
PBT Margin 20.5% 13.4% 1.1% 10.8% 4.3% 13.3% 17.5% 11.5% 13.6%
Net Margin 21.1% 17.0% 2.3% 8.6% 4.3% 9.4% 12.3% 8.9% 9.7%

Debtor Days 2.5 1.6 2.6 2.7 2.9 2.7 3.6 3.1 3.6
Inventory Turnover 76.6 85.8 118.4 176.0 165.2 91.8 185.3 113.9 125.6
Fixed Asset Turnover 3.1 4.6 6.3 5.2 2.8 2.9 3.4 4.9 5.0
Debt/Equity 7.5 9.4 2.7 3.4 8.3 9.4 1.2 0.7 0.3
Debt/Assets 43.2% 31.9% 26.6% 29.9% 36.0% 36.2% 24.7% 16.4% 11.3%
Interest Coverage (Times) 11.5 12.4 2.1 14.7 4.9 13.3 9.1 6.3 8.6
Return on Equity 426.6% 656.4% 33.7% 148.9% 117.4% 312.7% 72.9% 44.0% 31.7%
Return on Capital Employed 53.2% 54.3% 8.8% 45.8% 15.9% 46.0% 53.2% 40.0% 37.2%
Free Cash Flow (Rs Cr) 337 660 532 1,176 988 1,447 1,960 2,144 2,665
Mar/19
23.8%
###
-93.0%
-16.7%
-19.0%
-12.4%

-0.5%
-0.5%
0.5%

4.6
134.8
5.0
0.4
9.3%
0.7
2.3%
4.4%
2,336
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.
25% Profit Margin Capital Alloc
700%
Check for a rising trend and
20% 600% Numbers > 20% long term a
15% 500% has zero/marginal debt. Com
400%
10%
300%
5%
200%
0% Check for a rising trend and/or consistency. 100%
Compare with a close competitor
-5% Jan/10 Jan/12 Jan/14 Jan/16 Jan/18
0%
Jan/10 Jan/12 Jan

Operating Margin PBT Margin

Net Margin ROE

30,000
Revenue Revenue and Pro
1600%
Check for a rising trend. Check for a ris
1400% Compare grow
25,000
1200%
20,000 1000%
15,000 800%
600%
10,000 400%
5,000 200%
0%
- -200% Jan/11 Jan/13
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 which are rising over tim
2,500 4,000
2,000 3,000
1,500
1,000 2,000
500 1,000
-
-500 Jan/10 Jan/12 Jan/14 Jan/16 Jan/18 -
Jan/10 Jan/12 Ja

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 22% 13% 1% 10% 5% 14% 20% 12% 13%
PBT Margin 20% 13% 1% 11% 4% 13% 17% 12% 14%
Net Margin 21% 17% 2% 9% 4% 9% 12% 9% 10%

Management Effectiveness
Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
ROE 427% 656% 34% 149% 117% 313% 73% 44% 32%
ROCE 53% 54% 9% 46% 16% 46% 53% 40% 37%

Revenue & Profit Growth

Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
Revenue Growth 47% 45% 65% 21% 25% 16% 15% 24% 24%
PBT Growth -3% -88% 1454% -52% 288% 53% -24% 46% -105%
Net Profit Growth 18% -80% 516% -40% 175% 52% -16% 35% -93%

Revenue & Profit

Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Revenue 2,605 3,833 5,565 9,203 11,117 13,925 16,140 18,581 23,021
PBT 534 515 64 993 475 1,847 2,824 2,144 3,127
Net Profit 551 650 128 787 474 1,304 1,986 1,659 2,242

Cash Flows
Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Operating Cash Flow 652 872 896 1,741 1,595 2,384 3,116 3,782 3,903
Free Cash Flow 337 660 532 1,176 988 1,447 1,960 2,144 2,665
%
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.
0
0
0
0
-
Jan/10 Jan/12 Jan/14 Jan/16 Jan/18

Operating Cash Flow Free Cash Flow

Mar/19
-1%
-1%
1%

Mar/19
2%
4%

Mar/19
28,497
-149
156

Mar/19
3,160
2,336
 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% 1% 1% 1% 1% 1% 1% 1% 0%
Change in Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 0% 0% 52% 47% 50% 41% 30% 34% 34% 42%
Other Mfr. Exp 0% 0% 3% 3% 3% 15% 19% 35% 36% 40%
Employee Cost 0% 0% 9% 8% 8% 9% 11% 11% 11% 11%
Selling and Admin Cost 0% 0% 34% 23% 23% 18% 19% 6% 5% 4%
Other Expenses 78% 86% 1% 10% 11% 3% 1% 1% 1% 2%
Operating Profit 22% 13% 1% 10% 5% 14% 20% 12% 13% -1%
Other Income 2% 3% 3% 3% 3% 3% 3% 4% 4% 5%
Depreciation 2% 2% 1% 1% 2% 2% 3% 2% 2% 3%
Interest 2% 1% 1% 1% 1% 1% 2% 2% 2% 2%
Profit Before Tax 20% 13% 1% 11% 4% 13% 17% 12% 14% -1%
Tax -1% -4% -1% 2% 0% 4% 5% 3% 4% -1%
Net Profit 21% 17% 2% 9% 4% 9% 12% 9% 10% 1%
Dividend Amount 0% 13% 0% 6% 3% 8% 3% 7% 1% 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 1% 1% 1% 1% 0% 0% 3% 2% 2% 1%
Reserves 4% 2% 9% 8% 4% 4% 18% 22% 31% 25%
Borrowings 43% 32% 27% 30% 36% 36% 25% 16% 11% 9%
Other Liabilities 51% 65% 63% 61% 60% 60% 55% 60% 56% 64%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 37% 28% 23% 29% 43% 45% 36% 24% 21% 22%
Capital Work in Progress 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Investments 29% 27% 14% 19% 14% 5% 7% 23% 29% 25%
Other Assets 33% 44% 63% 52% 44% 50% 56% 52% 50% 53%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Inventory 2% 2% 1% 1% 1% 1% 1% 1% 1% 1%
Cash & Bank 13% 27% 34% 22% 12% 18% 28% 29% 30% 33%
 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 2,739 2,445 Year 4-6 10% 1 FY18
2 FY19 3,150 2,511 Year 7-10 5% 2 FY19
3 FY20 3,622 2,578 Discount Rate 12% 3 FY20
4 FY21 3,984 2,532 4 FY21
5 FY22 4,383 2,487 Last 5-Years' CAGR 5 FY22
6 FY23 4,821 2,443 Sales 21% 6 FY23
7 FY24 5,062 2,290 PBT -179% 7 FY24
8 FY25 5,315 2,147 FCF 19% 8 FY25
9 FY26 5,581 2,013 9 FY26
10 FY27 5,860 1,887 10 FY27
10 58,602 18,868 10
Intrinsic Value 48,029 Intrinsic Value
Current Mkt. Cap. 55,552 Current Mkt. Cap.
Premium/(Discount) to IV 16% 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%
2,858 2,552 Year 4-6 15%
3,430 2,734 Year 7-10 10%
4,116 2,929 Discount Rate 12%
4,733 3,008
5,443 3,088
6,259 3,171
6,885 3,114
7,574 3,059
8,331 3,004
9,164 2,951
137,461 44,259
Intrinsic Value 79,698
Current Mkt. Cap. 55,552
Premium/(Discount) to IV -30%

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/19 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 1,469.6 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate (10.0) Long-Term Growth Rate

Ben Graham Value (Rs Crore) (16,800) Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 55,552 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/19

1,469.6
8.5
(19.9)

(46,092)
55,552

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) 2,382 54,217

55,552
Years 1-5 6-10 98%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (3,400)

Year FCF Growth Present Value

1 2,739 15% 2,445
2 3,150 15% 2,511
3 3,622 15% 2,578
4 4,166 15% 2,647
5 4,790 15% 2,718
6 5,365 12% 2,718
7 6,009 12% 2,718
8 6,730 12% 2,718
9 7,538 12% 2,718
10 8,442 12% 2,718

Final Calculations
Terminal Year 8,611
PV of Year 1-10 Cash Flows 26,491
Terminal Value 27,726
Total PV of Cash Flows 54,217
Current Market Cap (Rs Cr) 55,552

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/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16
Net Profit (Rs Crore) 551 650 128 787 474 1,304 1,986
Net Profit Margin 21% 17% 2% 9% 4% 9% 12%
Return on Equity 427% 656% 34% 149% 117% 313% 73%

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) 485
Current P/E (x) 355.8
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 9,699
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 3,123
Current Market Cap (Rs Cr) 55,552

Note: See explanation of this model here

el
Mar/17 Mar/18 Mar/19 CAGR (9-Yr) CAGR (5-Yr)
1,659 2,242 156 -13% -20%
9% 10% 1%
44% 32% 2%
 Intrinsic Value Range
INTERGLOBE AVIATION LTD
Lower Higher Remember! Give importance to a stock's valuations / fair v
Dhandho 48,029 79,698 only "after" you have answered in "Yes" to these two quest
Ben Graham -16,800 ### (1) Is this business simple to be understood? and (2) Ca
DCF 54,217 understand this business?
Expected Return 3,123
Don't try to quantify everything. In stock research, the less
Current Market Cap. 55,552 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 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19
Sales 5,753 5,291 6,178 5,799 6,512 6,185 7,916 7,883 9,420 8,105
% Growth YOY 13% 17% 28% 36% 45% 31%
Expenses 4,656 4,553 5,146 5,710 6,523 7,190 7,697 7,292 6,897 8,125
Operating Profit 1,097 738 1,032 89 -11 ### 219 591 2,523 -20
Other Income 203 215 231 299 306 329 313 377 367 435
Depreciation 98 103 107 129 155 182 204 219 901 1,029
Interest 77 86 84 93 109 130 138 133 484 423
Profit before tax 1,124 765 1,072 166 31 -988 191 617 1,505 ###
PBT Margin 20% 14% 17% 3% 0% -16% 2% 8% 16% -13%
% Growth YOY -97% -229% -82% 271% 4703% 5%
Tax 313 213 310 49 4 -336 - 27 305 28
Net profit 811 552 762 118 28 -652 191 590 1,200 ###
% Growth YOY -97% -218% -75% 401% 4220% 63%
OPM 19% 14% 17% 2% 0% -16% 3% 8% 27% 0%
COMPANY NAME INTERGLOBE AVIATION LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHA
CURRENT VERSION 2.10

META
Number of shares 38.47
Face Value 10
Current Price 1444.2
Market Capitalization 55552.14

PROFIT & LOSS

Report Date Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Sales 2605.48 3833.42 5564.66 9203.08 11116.58 13925.34
Raw Material Cost 12.67 19.09 34.66 55.99 58.4 81.71
Change in Inventory 0.92 0.11 0.68 1.87 -0.71 3.17
Power and Fuel 2876.28 4316.55 5518.5 5754.77
Other Mfr. Exp 171.31 265.45 317.12 2078.27
Employee Cost 521.81 697.23 928.94 1188.69
Selling and admin 1895.06 2078.7 2557.63 2549.91
Other Expenses 2025.71 3302.28 29.71 894.84 1226.92 371.35
Other Income 62.19 110.74 153.41 255.23 315.53 394.58
Depreciation 46 62.87 66.52 85.62 226.01 302.21
Interest 50.59 44.99 59.49 72.58 122.58 149.65
Profit before tax 533.62 515.04 63.91 993.22 475.3 1846.53
Tax -17.07 -135.29 -63.97 205.88 0.86 542.35
Net profit 550.7 650.33 127.88 787.35 474.44 1304.17
Dividend Amount 490.28 548.64 377.58 1079.69

Quarters
Report Date Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18
Sales 5752.91 5290.98 6177.88 5799.11 6511.97 6185.31
Expenses 4655.89 4552.83 5145.54 5710.11 6523.04 7190.29
Other Income 202.64 214.58 231.07 298.57 306.36 328.89
Depreciation 98.34 102.53 107.38 128.64 155.27 181.97
Interest 76.98 85.67 84.44 92.73 108.68 130.02
Profit before tax 1124.34 764.53 1071.59 166.2 31.34 -988.08
Tax 313.19 212.98 309.57 48.56 3.55 -335.95
Net profit 811.15 551.56 762.03 117.64 27.79 -652.13
Operating Profit 1097.02 738.15 1032.34 89 -11.07 -1004.98

BALANCE SHEET
Report Date Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Equity Share Capital 30.7 30.7 30.7 30.7 30.7 30.7
Reserves 98.38 68.37 348.31 498.02 373.26 386.32
Borrowings 968.79 931.37 1015.57 1800.42 3346.24 3926.16
Other Liabilities 1144.19 1889.01 2418.98 3692.35 5536.88 6492.3
Total 2242.06 2919.45 3813.56 6021.49 9287.08 10835.48
Net Block 836.3 831.14 886.01 1764.46 3955.97 4876.04
Capital Work in Progress 6.85 0.45
Investments 657.09 802.24 523.42 1138.38 1271.53 516.8
Other Assets 748.67 1286.07 2404.13 3111.8 4059.58 5442.19
Total 2242.06 2919.45 3813.56 6021.49 9287.08 10835.48
Receivables 18.05 16.66 38.92 68.52 89.12 104.55
Inventory 34.03 44.67 47.01 52.28 67.29 151.75
Cash & Bank 300.6 775.69 1308.83 1340.59 1101.53 1999.38
No. of Equity Shares 307020 307020 307000 307000 307000 307000
New Bonus Shares
Face value 1000 1000 1000 1000 1000 1000

CASH FLOW:
Report Date Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Cash from Operating Activity 652.34 871.98 896.11 1740.69 1595.03 2383.88
Cash from Investing Activity -1266.31 -608.34 -46.65 -1889.69 -2913.78 -939.67
Cash from Financing Activity 594.64 -272.07 -637.6 36.08 1284.84 -1308.11
Net Cash Flow -19.33 -8.43 211.86 -112.92 -33.91 136.11

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-16 Mar-17 Mar-18 Mar-19

16139.91 18580.5 23020.89 28496.77
114.78 123.83 123.88 139.8
1.13 0.29 -1.27 0.66
4779.32 6341.51 7760.14 11942.79
3068.19 6496.88 8177.6 11520.5
1787.98 2048.19 2455.02 3137.79
3096.67 1201.67 1200.3 1197.16
129.98 150.04 272.9 710.4
515.12 789.07 946.86 1324.94
505.47 457.25 436.88 759.58
350.26 406.15 413.09 563.4
2823.51 2144.34 3126.67 -149.05
837.34 485.15 884.3 -305.18
1986.16 1659.19 2242.37 156.14
540.54 1229 230.65 192.21

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

7916.22 7883.27 9420.06 8105.19
7696.98 7291.91 6896.67 8125.08
313.15 376.54 367.01 434.73
203.83 218.52 900.91 1028.74
137.68 132.58 484.18 423.46
190.88 616.8 1505.31 -1037.36
27.21 304.84 28.25
190.89 589.59 1200.47 -1065.61
219.24 591.36 2523.39 -19.89

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

 360.36 361.47 384.41 384.41
2362.83 3411.87 6687.16 6554.5
3244.63 2596.17 2452.72 2429.17
7184.41 9462.95 12269.43 16867.89
13152.23 15832.46 21793.72 26235.97
4747.41 3793.84 4578.81 5662.04
31.97 25.19 32.49 23.63
986.16 3713.44 6344.04 6516.7
7386.69 8299.99 10838.38 14033.6
13152.23 15832.46 21793.72 26235.97
157.11 158.7 226.32 362.47
87.11 163.15 183.23 211.44
3718.67 4632.54 6580.6 8606.36
360356544 361468363 384406838 384406838

10 10 10 10

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

3115.72 3782.07 3903.1 3160
-1337.14 -3033.12 -4151.54 -2525.68
-1219.96 -1401.21 765.96 -592.16
558.62 -652.26 517.52 42.16

873.2 1051.4 1290.45 1428.15

36.04 36.15 38.44 38.44

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