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/r
Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page - https://www.screener.in/e
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 w
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"
which you must update manually from the company's annual reports. Don’t forget to make these changes as these numbers are
3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener.in site using the Ste
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 (
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 wonde
deadly weapon if you wish t
Analysis Excel (Ver. 4.0) careful of what you are gettin
garbage out. And if you need th
given stock, you m
www.safalniveshak.com
Basic Company Details
Parameters Details
Company MULTI COMMODITY EXCHANGE OF INDIA LTD
Current Stock Price (Rs) 1,644 Remember! Focus on decisio
Face Value (Rs) 10.0 evidenc
No. of Shares (Crore) 5.1
Market Capitalization (Rs Crore) 8,382

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) -3.6% Please! It's your money. Plea
cause you to lose it all! I've de
Profit Before Tax Growth (9-Year CAGR) -4.3% but you alone are responsible
Net Profit Growth (8-Year CAGR) -2.6% ever after! I am not a sadist
Average Debt/Equity (5-Years, x) - analyzing companies on you
instead of a map, for you can c
Average Return on Equity (5-Years) 12.4%
Average P/E (5-Years, x) 33.3
Latest P/E (x) 40.2
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!
 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
MULTI COMMODITY EXCHANGE OF INDIA LTD
Rs Cr Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Equity Share Capital 51 51 51 51 51 51 51 51 51 51
Reserves 947 1,105 1,095 1,154 1,242 1,311 1,329 1,200 1,308 1,367
Borrowings - - - - - - - - - -
Other Liabilities 877 631 598 622 569 507 586 825 1,375 1,084
Total 1,875 1,787 1,743 1,827 1,862 1,869 1,966 2,075 2,735 2,503

Net Block 188 203 173 143 137 152 156 158 158 185
Capital Work in Progress 0 1 0 2 3 0 6 19 24 1
Investments 1,151 1,070 1,092 1,295 1,114 1,198 1,322 1,066 1,256 1,205
Other Assets 536 513 478 387 607 519 482 832 1,296 1,112
Total 1,875 1,787 1,743 1,827 1,862 1,869 1,966 2,075 2,735 2,503

Working Capital -341 -118 -119 -236 39 12 -103 8 -79 27

Debtors 49 7 9 11 4 3 6 6 6 9
Inventory - - - - - - - - - -
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 33 5 10 17 7 4 9 7 6 8
Inventory Turnover - - - - - - - - - -
Fixed Asset Turnover 2.9 2.6 2.0 1.6 1.7 1.7 1.7 1.9 2.4 2.1
Debt/Equity - - - - - - - - - -
Return on Equity 29% 26% 13% 10% 9% 9% 8% 12% 17% 16%
Return on Capital Employed 40% 35% 18% 14% 13% 13% 11% 12% 20% 19%
 Profit & Loss Account / Income Statement
MULTI COMMODITY EXCHANGE OF INDIA LTD
Rs Cr Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Trailing
Sales 545 524 341 222 235 259 260 300 374 391 405
% Growth YOY -4% -35% -35% 6% 10% 0% 15% 25% 4%
Expenses 208 209 195 135 165 180 188 218 219 205 210
Material Cost (% of Sales) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check for wide fluctuations in key
Power and Fuel 0% 1% 1% 1% 1% 1% 1% 1% 1% 0% expense items. For manufacturing firms,
Other Mfr. Exp 15% 2% 2% 3% 4% 1% 1% 1% 1% 0% check their material costs etc. For
Employee Cost 5% 6% 9% 16% 18% 25% 27% 25% 21% 19% services firms, look at employee costs.
Selling and Admin Cost 13% 29% 38% 41% 41% 39% 40% 38% 31% 0%
Operating Profit 337 315 146 88 70 80 72 82 155 185 195
Operating Profit Margin 62% 60% 43% 39% 30% 31% 28% 27% 41% 47% 48%
Other Income 86 121 100 110 117 117 92 87 129 104 76
Other Income as % of Sales 15.8% 23.1% 29.3% 49.5% 49.8% 45.1% 35.4% 29.1% 34.5% 26.6% 18.6%
Depreciation 27 31 34 26 25 19 17 15 18 22 24
Interest - 0 1 1 0 0 0 0 0 0 0
Interest Coverage(Times) #DIV/0! 13,522 199 125 540 890 3,681 15,370 1,660 954 1,122
Profit before tax (PBT) 396 406 210 170 162 178 147 154 265 267 247
% Growth YOY 2% -48% -19% -5% 10% -17% 4% 73% 1%
PBT Margin 73% 77% 62% 77% 69% 69% 57% 51% 71% 68% 61%
Tax 110 107 57 45 47 51 39 7 29 42 38
Net profit 287 299 153 125 115 127 108 146 237 225 209
% Growth YOY 4% -49% -18% -9% 10% -14% 35% 62% -5%
Net Profit Margin 53% 57% 45% 56% 49% 49% 42% 49% 63% 58% 51%
EPS 56.2 58.7 30.0 24.6 22.5 24.8 21.2 28.7 46.4 44.2 40.9
% Growth YOY 4% -49% -18% -9% 10% -14% 35% 62% -5%
Price to earning 22.6 14.2 16.5 45.6 37.2 48.5 31.4 28.1 24.2 34.3 40.2
Price 1,270 831 494 1,122 837 1,205 667 807 1,124 1,513 1,644
Dividend Payout 42.5% 40.9% 33.3% 40.6% 28.9% 60.4% 80.0% 69.7% 64.7% 62.7%
Market Cap 6,478 4,236 2,520 5,724 4,267 6,146 3,403 4,114 5,734 7,716
Retained Earnings 165 177 102 75 81 50 22 44 84 84
Buffett's $1 Test 1.4

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth -3.6% 2.0% 10.7% 14.5%
PBT Growth -4.3% 3.5% 10.5% 21.9%
PBT Margin 67.3% 65.9% 63.1% 63.5%
Price to Earning 30.3 35.6 33.3 28.9

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
MULTI COMMODITY EXCHANGE OF INDIA LTD
Rs Cr Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Total
Cash from Operating Activity (CFO) 355 53 38 70 78 -32 99 258 449 -184 1,184
% Growth YoY -85% -27% 81% 11% -141% -410% 160% 74% -141%
Cash from Investing Activity -297 145 53 -68 -30 55 36 -93 -27 -39 -266
Cash from Financing Activity -30 -213 -113 -19 -61 -40 -92 -105 -123 -154 -951
Net Cash Flow 28 -16 -22 -18 -14 -17 43 61 299 -377 -33
CFO/Sales 65% 10% 11% 31% 33% -12% 38% 86% 120% -47%
CFO/Net Profit 124% 18% 25% 56% 68% -25% 92% 177% 190% -82%
Capex** 315 212 364 565 607 937 1,156 1,638 1,238 824
FCF 40 -159 -326 -495 -529 -969 -1,057 -1,380 -789 -1,009 -6,672
Average FCF (3 Years) -1,059
FCF Growth YoY -496% 105% 52% 7% 83% 9% 31% -43% 28%
FCF/Sales 7% -30% -96% -223% -225% -374% -407% -460% -211% -258%
FCF/Net Profit 14% -53% -213% -394% -462% -766% -975% -944% -334% -448%

** 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
MULTI COMMODITY EXCHANGE OF INDIA LTD
Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Sales Growth -3.9% -35.0% -34.7% 5.6% 10.4% 0.2% 15.5% 24.7%
PBT Growth 2.3% -48.2% -18.9% -5.1% 10.0% -17.2% 4.4% 72.7%
Net Profit Growth 4.4% -48.8% -18.1% -8.6% 10.4% -14.4% 35.0% 61.7%
Dividend Growth 0.5% -58.3% 0.0% -35.0% 130.8% 13.3% 17.6% 50.0%
Operating Cash Flow Growth -85.1% -27.3% 80.9% 11.4% ### ### 159.9% 73.9%
Free Cash Flow Growth -495.5% 105.3% 52.1% 6.9% 83.0% 9.0% 30.6% -42.8%

Operating Margin 61.9% 60.2% 42.8% 39.4% 29.6% 30.7% 27.7% 27.3% 41.3%
PBT Margin 72.7% 77.4% 61.6% 76.6% 68.8% 68.5% 56.6% 51.2% 70.9%
Net Margin 52.6% 57.1% 44.9% 56.4% 48.8% 48.8% 41.7% 48.7% 63.2%

Debtor Days 33.0 4.8 9.6 17.5 6.5 4.0 8.9 7.3 6.3
Inventory Turnover - - - - - - - - -
Fixed Asset Turnover 2.9 2.6 2.0 1.6 1.7 1.7 1.7 1.9 2.4
Debt/Equity - - - - - - - - -
Debt/Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Interest Coverage (Times) #DIV/0! ### 199.1 125.4 539.9 889.8 ### ### ###
Return on Equity 28.7% 25.9% 13.4% 10.4% 8.9% 9.3% 7.8% 11.7% 17.4%
Return on Capital Employed 39.7% 35.1% 18.4% 14.3% 12.5% 13.1% 10.7% 12.3% 19.5%
Free Cash Flow (Rs Cr) 40 -159 -326 -495 -529 -969 -1,057 -1,380 -789
Mar/21
4.4%
0.5%
-4.8%
-7.7%
###
27.9%

47.4%
68.3%
57.7%

8.4
-
2.1
-
0.0%
953.7
15.9%
18.8%
-1,009
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.
100% Profit Margin 50%
Capital Allo
Check for a rising trend a
80% 40% Numbers > 20% long term
has zero/marginal debt. C
60% 30%
40% 20%
20% Check for a rising trend and/or consistency. 10%
Compare with a close competitor
0% 0%
Jan/12 Jan/14 Jan/16 Jan/18 Jan/20 Jan/12 Jan/14

Operating Margin PBT Margin

Net Margin RO

600
Revenue 80% Revenue and P
Check for a rising trend. Check for a r
500 60% Compare gro

400 40%
20%
300
0%
200 Jan/13 Jan/15
-20%
100
-40%
- -60%
Jan/12 Jan/14 Jan/16 Jan/18 Jan/20
Revenue Gro
Net Profit Gr

500 Profit Over Time Operating an

1,000 Check
Check for a rising trend. for positive numb
which are rising over ti
400 500
300 -
Jan/12 Jan/14
200 -500
100 -1,000
- -1,500
Jan/12 Jan/14 Jan/16 Jan/18 Jan/20

PBT Net Profit Operating Cash

Data for Charts (Please don't touch any number below)
Margins
Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Operating Margin 62% 60% 43% 39% 30% 31% 28% 27% 41%
PBT Margin 73% 77% 62% 77% 69% 69% 57% 51% 71%
Net Margin 53% 57% 45% 56% 49% 49% 42% 49% 63%

Management Effectiveness
Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
ROE 29% 26% 13% 10% 9% 9% 8% 12% 17%
ROCE 40% 35% 18% 14% 13% 13% 11% 12% 20%

Revenue & Profit Growth

Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21
Revenue Growth -4% -35% -35% 6% 10% 0% 15% 25% 4%
PBT Growth 2% -48% -19% -5% 10% -17% 4% 73% 1%
Net Profit Growth 4% -49% -18% -9% 10% -14% 35% 62% -5%

Revenue & Profit

Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Revenue 545 524 341 222 235 259 260 300 374
PBT 396 406 210 170 162 178 147 154 265
Net Profit 287 299 153 125 115 127 108 146 237

Cash Flows
Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Operating Cash Flow 355 53 38 70 78 -32 99 258 449
Free Cash Flow 40 -159 -326 -495 -529 -969 -1,057 -1,380 -789
 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/12 Jan/14 Jan/16 Jan/18 Jan/20

ROE ROCE

Revenue and Profit Growth (YoY)

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

Jan/13 Jan/15 Jan/17 Jan/19 Jan/21

Revenue Growth PBT Growth

Net Profit Growth

Operating and Free Cash Flow

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

Jan/12 Jan/14 Jan/16 Jan/18 Jan/20

0
0
0

Operating Cash Flow Free Cash Flow

Mar/21
47%
68%
58%

Mar/21
16%
19%

Mar/21
391
267
225

Mar/21
-184
-1,009
 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% 0% 0% 0% 0% 0% 0% 0%
Change in Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 0% 1% 1% 1% 1% 1% 1% 1% 1% 0%
Other Mfr. Exp 15% 2% 2% 3% 4% 1% 1% 1% 1% 0%
Employee Cost 5% 6% 9% 16% 18% 25% 27% 25% 21% 19%
Selling and Admin Cost 13% 29% 38% 41% 41% 39% 40% 38% 31% 0%
Other Expenses 5% 3% 7% 0% 6% 3% 3% 9% 4% 33%
Operating Profit 62% 60% 43% 39% 30% 31% 28% 27% 41% 47%
Other Income 16% 23% 29% 50% 50% 45% 35% 29% 34% 27%
Depreciation 5% 6% 10% 12% 10% 7% 6% 5% 5% 6%
Interest 0% 0% 0% 1% 0% 0% 0% 0% 0% 0%
Profit Before Tax 73% 77% 62% 77% 69% 69% 57% 51% 71% 68%
Tax 20% 20% 17% 20% 20% 20% 15% 2% 8% 11%
Net Profit 53% 57% 45% 57% 49% 49% 42% 49% 63% 58%
Dividend Amount 22% 23% 15% 23% 14% 29% 33% 34% 41% 36%

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 3% 3% 3% 3% 3% 3% 3% 2% 2% 2%
Reserves 51% 62% 63% 63% 67% 70% 68% 58% 48% 55%
Borrowings 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Liabilities 47% 35% 34% 34% 31% 27% 30% 40% 50% 43%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 10% 11% 10% 8% 7% 8% 8% 8% 6% 7%
Capital Work in Progress 0% 0% 0% 0% 0% 0% 0% 1% 1% 0%
Investments 61% 60% 63% 71% 60% 64% 67% 51% 46% 48%
Other Assets 29% 29% 27% 21% 33% 28% 25% 40% 47% 44%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 3% 0% 1% 1% 0% 0% 0% 0% 0% 0%
Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Cash & Bank 17% 19% 20% 15% 27% 1% 3% 26% 28% 17%
 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

MULTI COMMODITY EXCHANGE OF INDIA LTD MULTI COMMODITY EXCHANGE OF I

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 (1,218) (1,087) Year 4-6 10% 1 FY18
2 FY19 (1,401) (1,117) Year 7-10 5% 2 FY19
3 FY20 (1,611) (1,146) Discount Rate 12% 3 FY20
4 FY21 (1,772) (1,126) 4 FY21
5 FY22 (1,949) (1,106) Last 5-Years' CAGR 5 FY22
6 FY23 (2,144) (1,086) Sales 11% 6 FY23
7 FY24 (2,251) (1,018) PBT 11% 7 FY24
8 FY25 (2,364) (955) FCF 14% 8 FY25
9 FY26 (2,482) (895) 9 FY26
10 FY27 (2,606) (839) 10 FY27
10 -26,059 (8,390) 10
Intrinsic Value (12,937) Intrinsic Value
Current Mkt. Cap. 8,382 Current Mkt. Cap.
Premium/(Discount) to IV -165% 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 th
number. This number is your assumption of FCF the business will earn in a normal year, without capex. Check the history
business while arriving at your assumption, and use your judgment wisely without twisting the model to fit your version of r
Calculation
by Mohnish Pabrai

TI COMMODITY EXCHANGE OF INDIA 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%
(1,271) (1,135) Year 4-6 15%
(1,525) (1,216) Year 7-10 10%
(1,830) (1,303) Discount Rate 12%
(2,105) (1,338)
(2,420) (1,373)
(2,783) (1,410)
(3,062) (1,385)
(3,368) (1,360)
(3,705) (1,336)
(4,075) (1,312)
(61,126) (19,681)
Intrinsic Value (27,019)
Current Mkt. Cap. 8,382
Premium/(Discount) to IV -131%

use a normalized positive FCF as the starting

, without capex. Check the history of this
ng the model to fit your version of reality.
 Ben Graham Formula (Low Range) Ben Graham Formula (High Range
Company Name XCHANGE OF INDIA LTD Company Name
Year Ended Mar/21 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 168.6 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 7.2 Long-Term Growth Rate

Ben Graham Value (Rs Crore) 3,871 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 8,382 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)
XCHANGE OF INDIA LTD
Mar/21

168.6
8.5
14.5

6,309
8,382

is the growth rate for the next 7-10 years

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 num
resent, we divide this number by today’s AAA corporate bond rate, represented by Y in the formula above.
 Dicounted Cash Flow Valuation
MULTI COMMODITY EXCHANGE OF INDIA LTD

Initial Cash Flow (Rs Cr) (1,059) (24,109)

8,382
Years 1-5 6-10 -288%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (5,829)

Year FCF Growth Present Value

1 (1,218) 15% (1,087)
2 (1,401) 15% (1,117)
3 (1,611) 15% (1,146)
4 (1,852) 15% (1,177)
5 (2,130) 15% (1,209)
6 (2,386) 12% (1,209)
7 (2,672) 12% (1,209)
8 (2,993) 12% (1,209)
9 (3,352) 12% (1,209)
10 (3,754) 12% (1,209)

Final Calculations
Terminal Year (3,829)
PV of Year 1-10 Cash Flows (11,780)
Terminal Value (12,329)
Total PV of Cash Flows (24,109)
Current Market Cap (Rs Cr) 8,382

Note: See explanation of DCF here

Valuation
OF INDIA LTD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Expected Returns Model
MULTI COMMODITY EXCHANGE OF INDIA LTD
Particulars Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Net Profit (Rs Crore) 287 299 153 126 115 127 108
Net Profit Margin 53% 57% 45% 57% 49% 49% 42%
Return on Equity 29% 26% 13% 10% 9% 9% 8%

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) 699
Current P/E (x) 37.2
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 13,990
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 4,504
Current Market Cap (Rs Cr) 8,382

Note: See explanation of this model here

el
DIA LTD
Mar/19 Mar/20 Mar/21 CAGR (9-Yr) CAGR (5-Yr)
146 237 225 -3% 14%
49% 63% 58%
12% 17% 16%
 Intrinsic Value Range
MULTI COMMODITY EXCHANGE OF INDIA LTD
Lower Higher Remember! Give importance to a stock's valuations / fai
Dhandho -12,937 ### only "after" you have answered in "Yes" to these two que
Ben Graham 3,871 6,309 (1) Is this business simple to be understood? and (2) C
DCF -24,109 understand this business?
Expected Return 4,504
Don't try to quantify everything. In stock research, the les
Current Market Cap. 8,382 mathematical you are, the more simple, sensible, and use
be your analysis and results. Great analysis is generally "
the-envelope".
Explanation: Considering the above
range, we can say that Hero Moto's IV Also, your calculated "fair value" will be proven wrong
range is between Rs 55,000 crore to Rs future, so don't invest your savings just because you fall
95,000 crore. It's a big range, but that's with it. Don't look for perfection. It is overrated. Focus
fine (who is looking for precision?). Now, decisions, not outcomes. Look for disconfirming evide
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 -
ess 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
nd 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.
MULTI COMMODITY EXCHANGE OF INDIA LTD
SCREENER.IN
Narration Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21
Sales 79 79 107 94 112 73 120 101 97 88
% Growth YOY 42% -8% 12% 7% -14% 20%
Expenses 54 52 53 50 65 46 54 52 53 51
Operating Profit 25 28 53 44 48 27 66 49 44 37
Other Income 32 32 38 19 23 50 18 25 11 21
Depreciation 4 4 4 4 6 5 5 6 6 7
Interest - 0 - - 0 0 0 0 0 0
Profit before tax 53 55 87 59 65 71 78 68 49 51
PBT Margin 67% 69% 82% 62% 58% 98% 65% 67% 51% 59%
% Growth YOY 22% 30% -10% 15% -23% -28%
Tax -8 11 15 3 -1 15 20 -4 11 12
Net profit 61 44 72 56 66 56 59 72 38 40
% Growth YOY 7% 29% -18% 29% -41% -29%
OPM 32% 35% 50% 47% 42% 36% 55% 48% 46% 42%
COMPANY NAME MULTI COMMODITY EXCHANGE OF IND
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 5.10
Face Value 10
Current Price 1643.6
Market Capitalization 8382.36

PROFIT & LOSS

Report Date Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 545.11 523.96 340.67 222.49 234.93 259.44
Raw Material Cost
Change in Inventory
Power and Fuel 2.1 2.65 3.33 2.6 3.02 3.18
Other Mfr. Exp 80.52 7.91 6.78 7.67 9.11 3.45
Employee Cost 28.24 28.93 31.35 34.93 42.6 65.33
Selling and admin 70.76 152.2 130.01 90.34 97.4 101
Other Expenses 26.28 17.1 23.47 -0.62 13.16 6.85
Other Income 86.28 121.23 99.65 110.15 116.91 116.9
Depreciation 27.17 30.75 34.3 25.93 24.59 18.57
Interest 0.03 1.06 1.37 0.3 0.2
Profit before tax 396.32 405.62 210.02 170.42 161.66 177.76
Tax 109.78 106.5 56.89 45.01 47.03 51.17
Net profit 286.72 299.15 153.16 125.77 114.63 126.59
Dividend Amount 121.85 122.4 51 51 33.15 76.5

Quarters
Report Date Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
Sales 79.14 79.45 106.58 94.11 112.19 73.01
Expenses 53.96 51.75 53.18 50.07 64.62 46.48
Other Income 31.87 31.5 37.95 18.89 22.75 49.8
Depreciation 4.13 4.03 4.23 4.31 5.58 4.8
Interest 0.10 0.16 0.07
Profit before tax 52.92 55.07 87.12 58.62 64.58 71.46
Tax -8.03 11.37 15.37 3.05 -0.92 15.03
Net profit 60.95 43.7 71.75 55.57 65.5 56.43
Operating Profit 25.18 27.7 53.4 44.04 47.57 26.53

BALANCE SHEET
Report Date Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 50.77 51 51 51 51 51
Reserves 947.01 1105.05 1094.91 1153.71 1242.41 1311.39
Borrowings
Other Liabilities 876.87 631.18 597.52 622.13 568.5 507.09
Total 1874.65 1787.23 1743.43 1826.84 1861.91 1869.48
Net Block 187.57 203.44 173.28 142.82 136.98 151.78
Capital Work in Progress 0.14 0.98 0.24 2.28 3.13 0.36
Investments 1151.12 1,069.59 1091.55 1295.13 1114.33 1198.47
Other Assets 535.82 513.22 478.36 386.61 607.47 518.87
Total 1874.65 1787.23 1743.43 1826.84 1861.91 1869.48
Receivables 49.22 6.93 8.99 10.65 4.19 2.81
Inventory
Cash & Bank 312.44 347.63 341.86 265.63 500.31 19.27
No. of Equity Shares 50766063 50998370 50998370 50998369 50998369 50998369
New Bonus Shares
Face value 10 10 10 10 10 10

CASH FLOW:
Report Date Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 355.19 52.92 38.48 69.61 77.52 -32.08
Cash from Investing Activity -297.29 144.85 52.72 -68.39 -30.42 55.27
Cash from Financing Activity -29.59 -213.41 -113.27 -19.27 -61.42 -39.9
Net Cash Flow 28.31 -15.65 -22.08 -18.05 -14.32 -16.71

PRICE: 1270.25 830.6 494.1 1122.45 836.65 1205.05

DERIVED:
Adjusted Equity Shares in Cr 5.10 5.10 5.10 5.10 5.10 5.10
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-18 Mar-19 Mar-20 Mar-21

259.84 300.03 374.15 390.56

3.25 2.95 3.33

3.23 2.1 2.58
68.96 74.47 79.74 75.07
104.08 112.89 117.39
8.46 25.73 16.44 130.27
92.02 87.26 129 103.87
16.66 15.45 18.14 22.06
0.04 0.01 0.16 0.28
147.18 153.69 265.37 266.75
38.82 7.45 28.87 41.53
108.36 146.24 236.5 225.22
86.7 102 153 141.27

Sep-20 Dec-20 Mar-21 Jun-21

119.68 100.9 96.97 87.6
54.01 52.22 52.78 50.82
17.84 24.84 11.49 21.34
5.23 5.88 6.14 6.67
0.05 0.05 0.07 0.05
78.23 67.59 49.47 51.4
19.68 -4.21 11.03 11.6
58.55 71.8 38.44 39.8
65.67 48.68 44.19 36.78

Mar-18 Mar-19 Mar-20 Mar-21

51 51 51 51
 1329.48 1199.9 1308.38 1367.23

585.81 824.56 1375.24 1084.28

1966.29 2075.46 2734.62 2502.51
156.23 158.01 158.34 184.51
5.54 18.95 23.67 1.19
1322.05 1066.27 1256.14 1205.09
482.47 832.23 1296.47 1111.72
1966.29 2075.46 2734.62 2502.51
6.31 6.01 6.46 8.96

59.66 534.59 759.26 426.08

50998369 50998369 50998369

10 10 10 10

Mar-18 Mar-19 Mar-20 Mar-21

99.34 258.21 449.15 -184.43
36.05 -92.66 -27.18 -38.78
-92.12 -104.53 -123.42 -153.89
43.27 61.02 298.55 -377.1

667.35 806.6 1124.25 1512.95

5.10 5.10 5.10 5.10

How to use it?
You can customize this workbook as you want.
You can add custom formating, add conditional formating, add your own formulas… do ANYTHING.
Please don't edit the "Data Sheet" only.

After customization, you can upload this back on Screener.

Upload on: https://www.screener.in/excel/

Download your customized workbooks now onwards.

Now whenever you will "Export to excel" from Screener, it will export your customized file.

TESTING:
This is a testing feature currently.
You can report any formula errors on the worksheet at: screener.feedback@dalal-street.in
… do ANYTHING.

dalal-street.in