Average Score: Gujarat Narmada Valley (Gnfc-In)

GUJARAT NARMADA VALLEY (GNFC-IN)
Chemicals / Chemicals / Agricultural Chemicals DETAILED STOCK REPORT

Report Date: 2022-Feb-10
Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
570.75 (INR) 3.3M 573.00 7.9 8.00 17.9% -- 24.7%
2022 February 10 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NSE Exchange
70.7B 222.85 -- 1.5% 76.0B 13.3% 22.5%
AVERAGE SCORE
POSITIVE OUTLOOK: GNFC is currently among Score Averages
an exclusive group of 163 stocks awarded our Chemicals Group: 6.5 Mid Market Cap: 6.2
highest score of 10. Chemicals Sector: 6.5 BSE Sensex Index: 6.5
Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive GNFC 9 10 10 10 10
GSFC 10 10 10 10 10
Neutral CHAMBLFERT 10 10 10 10 9
RCF 8 9 9 9 9
Negative
COROMANDEL 9 5 6 6 7
2019-02 2020-02 2021-02 2022-02
HIGHLIGHTS I/B/E/S MEAN

- The score for Gujarat Narmada Valley last changed from 9 to
10 on 2022-01-09 and has remained the same for 5 weeks. NA Mean recommendation from all analysts covering
0 Analysts the company on a standardized 5-point scale.
- The recent change in the Average Score was primarily due to
an improvement in the Price Momentum and Risk component
scores. Strong Strong
Sell Hold Buy
Sell Buy
PRICE AND VOLUME CHARTS

1-Year Return: 155.7% 5-Year Return: 111.6%
BUSINESS SUMMARY
Gujarat Narmada Valley Fertilizers & Chemicals Limited is engaged in operating businesses in the industrial chemicals, fertilizers and information
technology (IT) products space. The Company is engaged in manufacturing and selling various fertilizers, such as urea and ammonium nitro-phosphate
under the NARMADA brand. The Company's segments include Fertilizers, Chemicals and Others. The Others segment includes the activities of the IT
division. The Company offers various fertilizers, such as urea, Ammonium Nitrophosphate, Narmada Plus (19:19:19), Neem De-Oiled cake, Muriate of
Potash and Single Super Phosphate. The Company offers various chemicals, such as Weak Nitric Acid, Formic Acid, Ammonium Nitrate, Ethyl Acetate,
Methyl Formate, Calcium Carbonate, Nitrobenzene and Catsol. The Company provides various IT services and solutions covering System integration,
E-procurement, E-Governance projects, Data centers and Cloud storage under the brand name of (n)code solutions.
Page 1 of 11
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INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of five widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, and Price Momentum. A simple average of the underlying component ratings is normally
distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently using
alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment styles.
Additional criteria should always by used to evaluate a stock.
Earnings Fundamental Relative Valuation Risk Price Momentum
PEER ANALYSIS Currency in INR
PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2022-02-10) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
7 COROMANDEL 807.75 4.5% 2.5% 5.1% 232.9B 19.6 16.4 1.5% 7.9% -- Strong Buy 12
9 CHAMBLFERT 407.45 -5.9% 15.7% 74.5% 165.1B 9.5 11.3 2.2% 12.3% -- Buy 3
10 GNFC 570.75 24.7% 22.5% 155.7% 70.7B 7.9 -- 1.4% 18.1% -- -- --
10 GSFC 128.50 2.2% -4.9% 65.4% 51.5B 6.8 8.0 1.7% 8.7% -- Strong Buy 2
9 RCF 77.75 -1.8% -4.1% 45.5% 42.5B 7.4 -- 4.0% 6.2% -- -- --
8 NFL 54.00 -3.4% -3.9% 29.7% 27.0B 11.1 -- -- -0.3% -- -- --
9 SPIC 52.90 -4.0% 8.1% 112.5% 11.0B 6.4 -- -- 8.1% -- -- --
10 MANGCHEFER 78.75 5.6% 11.1% 26.8% 9.7B 9.7 -- 1.3% 3.6% -- -- --
6 NAGAFERT 13.75 1.5% 47.9% 172.3% 8.0B -- -- -- -31.3% -- -- --
10 RAMAPHO 362.95 11.6% 11.2% 245.3% 6.8B 8.5 -- 0.6% 8.7% -- -- --
7 MADRASFERT 36.65 11.7% 25.7% 52.7% 5.4B 182.1 -- -- 0.2% -- -- --
8.6 Average 235.56 4.3% 12.0% 89.6% 57.3B 26.9 11.9 1.8% 3.8% -- Buy 5.7
PEER COMPANIES
CHAMBLFERT Chambal Fertilisers NAGAFERT Nagarjuna Fertilizers
COROMANDEL Coromandel International NFL National Fertilizers
GSFC Gujarat State Fertilizers RAMAPHO Rama Phosphates
MADRASFERT Madras Fertilizers RCF Rashtriya Chemicals
MANGCHEFER Mangalore Chemicals SPIC Southern Petrochemical
Page 2 of 11
EARNINGS Currency in INR
This company does not currently meet the data Earnings Score Averages
requirements to calculate a score for this Chemicals Group: 5.3 Mid Market Cap: 5.6
component. Chemicals Sector: 5.3 BSE Sensex Index: 5.8
Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive GSFC 4 9 9 9 9
CHAMBLFERT 9 7 10 10 4
Neutral COROMANDEL 7 1 2 1 2
GNFC NR NR NR NR NR
Negative
RCF NR NR NR NR NR
2019-02 2020-02 2021-02 2022-02
EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)
CHAMBLF…
GSFC
GSFC
COROMAN…
CHAMBLF…
COROMAN…
COROMAN…
CHAMBLF…
GNFC GNFC GNFC

RCF RCF GSFC
RCF
Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (>2%) 0 # Up Revisions -- # Broker Upgrades 0
# Negative Surprises (<-2%) 0 # Down Revisions -- # Broker Downgrades 0
# In-Line Surprises (within 2%) 0 Avg Up Revisions --
Avg Surprise -- Avg Down Revisions --
HIGHLIGHTS PRICE TARGET

- Due to a lack of recent analyst activity, no Earnings Rating can be The chart indicates where analysts predict the stock price will be within
calculated for Gujarat Narmada Valley. The average Earnings Rating the next 12 months, as compared to the current price.
for its Agricultural Chemicals industry is 6.5 and the S&P BSE
SENSEX index average is 5.8. 720 12-Month Price Target
Mean (INR) --
- There have been no upward or downward broker recommendation 660
High --
changes for Gujarat Narmada Valley over the past 120 days. 600 570.75
Low --
540 Target vs. Current --
480 # of Analysts --
420
Current Price Price Target
(INR)
Page 3 of 11
EARNINGS PER SHARE

Actuals Estimates
Earnings per share (EPS) is calculated Quarterly -- --

by dividing a company's earnings by the Mean -- --
number of shares outstanding. Analysts Quarterly data is not available
tend to interpret a pattern of increasing High -- --
earnings as a sign of strength and flat Low -- --
or falling earnings as a sign of
# of Analysts -- --
weakness.
The charts provide a comparison NA NA NA NA

between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts.
Annual -- --
Mean -- --
Annual data is not available
High -- --
Low -- --
# of Analysts -- --
NA NA NA NA
MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price I/B/E/S Mean: NA (0 Analysts)
-- -- -- -- Target
Current -- -- -- -- --
Strong Buy 0
30 Days Ago -- -- -- -- -- Buy 0
90 Days Ago -- -- -- -- -- Hold 0
% Change (90 Days) -- -- -- -- --
Sell 0
Current Fiscal Year End: --
Next Expected Report Date: 2022-05-18 Strong Sell 0
EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters)
Surprise Type Amount Percent There are no earnings surprises during this time period.
Positive Quarters (> 2%) 0 --
Negative Quarters (< -2%) 0 --
In-Line Quarters (within 2%) 0 --
ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while NA NA
flat or falling sales and faltering
earnings may explain a sell Mean -- --
recommendation. A rising EPS with flat Annual revenue data is not available High -- --
or falling sales may result from
increased cost efficiency and margins, Low -- --
rather than market expansion. This Forecasted Growth -- --
chart shows the sales forecast trend of # of Analysts -- --
all analysts and the highest and lowest
projections for the current and next NA NA NA NA
fiscal year.
Page 4 of 11
FUNDAMENTAL
POSITIVE OUTLOOK: Strong fundamentals Fundamental Score Averages
such as high profit margins, low debt levels, or Chemicals Group: 6.1 Mid Market Cap: 6.5
growing dividends. Chemicals Sector: 6.1 BSE Sensex Index: 6.4
Q1 Q2 Q3 Q4
Fundamental Score Trend Peers 2021 2021 2021 2021 Current 3Y Trend
Positive
GNFC 4 5 7 7 10
Neutral GSFC 3 4 3 4 10
Negative COROMANDEL 9 10 10 10 8
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 RCF 5 6 6 6 7
2019 2020 2021
FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)
CHAMB…
CHAMB…
GNFC COROM…
GNFC GSFC
GSFC GSFC
GNFC
RCF
RCF
CHAMB… CHAMB… RCF
GNFC
COROM… COROM… COROM…
GSFC
RCF
Revenue Growth 60.5% Current Ratio 3.3 Oper. Cash Yield 41.8% Dividend Growth 60.0%
For year over year For interim period For latest 12 months For year over year
ending 2021-12 ending 2021-09 ending 2021-03 ending 2021-12
Gross Margin 42.1% Debt-to-Capital 0.0% Accruals -6.5% Dividend Payout 9.0%
For latest 12 months For annual period For latest 12 months For latest 12 months
Return On Equity 17.9% Interest Funding 1.8% Days Sales In Inv. 135.1 Dividend Coverage 11.9
For interim period For interim period For annual period For annual period
Net Margin 18.1% Interest Coverage 566.1 Days Sales In Rec. 122.7 Current Div. Yield 1.5%
For latest 12 months For interim period For annual period For latest 12 months
HIGHLIGHTS
- The Fundamental Rating for Gujarat Narmada Valley improved - The company's days sales in inventory has been higher than its
significantly over the last quarter from 5 to 10. The current rating is industry group average for each of the past five years.
considerably more bullish than the Chemicals industry group average - Of the 308 firms within the Chemicals industry group, Gujarat Narmada
of 6.1. Valley is among 164 companies that pay a dividend. The stock's
- The company's gross margin has been higher than its industry group dividend yield is currently 1.5%.
average for each of the past five years.
- GNFC's debt-to-capital of 0.0% is substantially below the Chemicals
industry group average of 4.9%.
Page 5 of 11
RELATIVE VALUATION
POSITIVE OUTLOOK: Multiples significantly Relative Valuation Score Averages
below the market or the stock's historic norms. Chemicals Group: 5.6 Mid Market Cap: 4.4
Chemicals Sector: 5.6 BSE Sensex Index: 4.1
Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive GSFC 10 9 10 10 10
RCF 10 10 10 10 10
Neutral GNFC 8 8 9 9 9
Negative
COROMANDEL 6 6 7 7 7
2019-02 2020-02 2021-02 2022-02
RELATIVE VALUATION INDICATORS

Price to Sales Trailing PE Forward PE
(50% weight) (25% weight) (25% weight)
GSFC
GSFC
RCF RCF
CHAMBLF…
GSFC CHAMBLF…
COROMAN…
GNFC
GNFC
CHAMBLF… COROMAN…
COROMAN…
GNFC
RCF
Price to Sales 1.2 Trailing PE 7.9 Forward PE --

5-Yr Average 1.0 5-Yr Average 8.4 5-Yr Average --
Rel. to 5-Yr Avg. 20% Premium Rel. to 5-Yr Avg. 6% Discount Rel. to 5-Yr Avg. --
BSE Sensex Index 4.1 BSE Sensex Index 27.8 BSE Sensex Index 23.3
Rel. to BSE Sensex 72% Discount Rel. to BSE Sensex 72% Discount Rel. to BSE Sensex --
HIGHLIGHTS
- Gujarat Narmada Valley currently has a Relative Valuation Rating of 9 - GNFC's Price to Sales ratio of 1.2 represents a 20% Premium to its 5-
which is significantly above the S&P BSE SENSEX index average year average of 1.0.
rating of 4.1. - GNFC's Trailing P/E of 7.9 represents a 6% Discount to its 5-year
- GNFC is currently valued at a discount to the S&P BSE SENSEX index average of 8.4.
based on both Price to Sales ratio and Trailing P/E.
Page 6 of 11
PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 1.2 Trailing PE: 7.9
5-Year Average: 1.0 5-Year Average: 8.4
BSE Sensex Index Average: 4.1 BSE Sensex Index Average: 27.8
Chemicals Group Average: 3.2 Chemicals Group Average: 35.6
2.4 22
2.2 20
2.0 18
1.8 16
1.6 14
1.4 12
1.2 10
1.0 5-Yr Average 8 5-Yr Average
0.8 6
0.6 4
0.4 2
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: -- Forward PEG: --
5-Year Average: -- 5-Year Average: --
BSE Sensex Index Average: 23.3 BSE Sensex Index Average: 1.0
Chemicals Group Average: 44.5 Chemicals Group Average: 1.8
7.5 >5.0
7.2 4.5
6.9 4.0
6.6 3.5
6.3 3.0
6.0 2.5 This valuation data is not available
5.7 2.0
5.4 1.5
5.1 1.0
4.8 0.5
4.5 <0.0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Page 7 of 11
RISK
NEUTRAL OUTLOOK: Moderate risk (medium Risk Score Averages
volatility). Chemicals Group: 6.1 Mid Market Cap: 7.8
Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive COROMANDEL 10 10 10 10 10
Neutral GSFC 9 9 9 9 9
RCF 8 7 9 9 9
Negative
GNFC 7 6 7 6 7
2019-02 2020-02 2021-02 2022-02
RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)
COROM…
COROM… CHAMB…
CHAMB…
GSFC GSFC
GSFC
RCF RCF
RCF
CHAMB… GNFC
GNFC
GNFC COROM… COROM…
CHAMB…
RCF
GSFC
GNFC
Daily Returns (Last 90 Days) Standard Deviation Beta vs. BSE Sensex 0.86 Correlation vs. BSE Sensex
Best 13.3% Last 90 Days 3.08 Positive Days Only 0.76 Last 90 Days 25%
Worst -7.5% Last 60 Months 16.81 Negative Days Only 0.29 Last 60 Months 52%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 1.40 Correlation vs. Group
Best 72.7% Average 4.3% Positive Days Only 1.85 Last 90 Days 42%
Worst -26.4% Largest 10.6% Negative Days Only 1.63 Last 60 Months 71%
HIGHLIGHTS RISK ANALYSIS

- Gujarat Narmada Valley currently has a Risk Rating of 7, which Last 90 Days Last 60 Months
is significantly below the S&P BSE SENSEX index average Best Worst # # Largest Best Worst
rating of 9.6. Daily Daily Days Days Intra-Day Monthly Monthly
- On days when the market is up, GNFC shares tend to lag the Peers Return Return Up Down Swing Return Return
S&P BSE SENSEX index. However, on days when the market GNFC 13.3% -7.5% 38 26 10.6% 72.7% -26.4%
is down, the shares generally decrease less than the index.
- In the short term, GNFC has shown average correlation (>= 0.2 CHAMBLFERT 9.2% -7.6% 32 32 9.5% 32.3% -23.0%
and < 0.4) with the S&P BSE SENSEX index. The stock has, COROMANDEL 3.6% -4.5% 36 28 6.6% 19.2% -14.9%
however, shown high correlation (>= 0.4) with the market in the
long term. GSFC 4.9% -5.6% 32 32 8.9% 29.6% -39.9%
- Over the last 90 days, GNFC shares have been more volatile RCF 4.9% -6.5% 39 25 9.1% 42.1% -31.6%
than the overall market. The stock's daily price fluctuations
have exceeded that of all S&P BSE SENSEX index firms. BSE Sensex 1.8% -2.9% 32 31 3.5% 14.4% -23.1%
Page 8 of 11
PRICE MOMENTUM Currency in INR
NEUTRAL OUTLOOK: Performance relatively Price Momentum Score Averages

in-line with the market. Chemicals Group: 6.5 Mid Market Cap: 5.1
Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive GNFC 5 7 5 6 7
GSFC 8 6 2 4 7
Neutral COROMANDEL 5 1 1 3 5
Negative
RCF 4 4 2 3 4
2019-02 2020-02 2021-02 2022-02
PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(70% weight) (30% weight)
GNFC
RCF
GSFC
CHAMBLF…
GNFC
COROMAN…
CHAMBLF…
GSFC
COROMAN…
RCF
Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
GNFC Industry Avg Feb Mar Apr
Last 1 Month 69 56 Company Avg -3.8% -0.9% 11.9%
Last 3 Months 61 56 Industry Avg -4.7% -2.3% 11.0%
Last 6 Months 59 55 Industry Rank 83 of 94 29 of 92 4 of 94
PRICE PERFORMANCE
Daily close prices are used to calculate the GNFC GNFC BSE Sensex
performance of the stock as compared to a
BSE Sensex Close Price (2022-02-10) 570.75 58,466
relevant index over five time periods.
52-Week High 573.00 61,766
21.7%
1-Week 52-Week Low 222.85 47,706
-1.8%
24.7% - Gujarat Narmada Valley has a Price Momentum Rating of 7,

1-Month
-2.1% which is significantly above the S&P BSE SENSEX index
average rating of 4.8.
22.5%
3-Month - On 2022-02-09, GNFC closed at 546.50, 0.9% below its 52-
-3.3% week high and 145.5% above its 52-week low.
29.5% - GNFC shares are currently trading 20.9% above their 50-day
YTD moving average of 451.96, and 34.4% above their 200-day
0.4%
moving average of 406.76.
155.7%
1-Year
13.9%
Page 9 of 11
DETAILED STOCK REPORT TIPS Mean Estimate Trend

The mean estimates show how the consensus has changed over the past 30 days
The Stock Report from Refinitiv is a comprehensive, company-specific analysis that and 90 days for the upcoming two quarters (when available) and two years. The
includes a proprietary Stock Rating along with underlying component indicators and percentage change is calculated for the company as a means for comparison by
supportive data elements. The report is updated daily, although some of the data measuring the difference between the current consensus estimate and that of 90
elements and the ratings are updated weekly. days ago.
Average Score Analyst Recommendations
The Stock Reports Plus Average Score combines a quantitative analysis of five The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
widely-used investment decision making tools - Earnings, Fundamental, Relative as provided by I/B/E/S, the Institutional Brokers Estimate System, from Refinitiv.
Valuation, Risk, and Price Momentum. First, a simple average of the five underlying The recommendations are presented on a five-point standardized scale: strong buy,
component ratings is calculated. Then, a normal distribution is used to rank each buy, hold, reduce, and sell.
stock across the market on a scale of 1 to 10, with 10 being most favorable. A
score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is negative. Earnings Surprises
These five factors may be evaluated differently using alternative methodologies, ● The surprise summary includes the total number of time periods (and
and the importance of individual factors varies across industry groups, market percentage) in the last 12 quarters (quarterly) or last 4 years (annual) in which
capitalization and investment styles. Additional criteria should always be used to earnings surprises were positive, negative, or in-line. In order to be recognized
evaluate a stock. as a positive or negative surprise, the percent must be greater than 2% above or
2% below the consensus, respectively.
A company must have sufficient data available for at least three of the five ● The surprise detail section includes a listing of the company's quarterly earnings
component indicators in order to receive an overall Average Score. Approximately reported for the most recent 6 periods (quarters or years). The consensus
85% of the stocks within the coverage universe meet the criteria to generate a analyst estimate is provided to determine if the actual earnings report
score. represented a positive surprise, negative surprise, or in-line result.
Indicator Components Fundamental
The five indicators that comprise the stock rating are displayed. Like the stock The Fundamental Rating is based on a combination of four fundamental component
rating, the component rating scale is 1 to 10, with 10 being best. A company will factors: profitability, debt, earnings quality, and dividend. Companies that do not
receive an ‘NR’ for No Rating if the required data elements or criteria are not met. A pay a dividend are not penalized. Each factor is equally weighted. Then, equal
detailed section for each component is included in the report. deciles are used to rank each stock across the market on a scale of 1 to 10, with 10
being most favorable. A stock needs to have at least two of the four fundamental
Indicator Trends factors present in order to receive a score.
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted ● Profitability is comprised of four data elements.
orange line indicates the average of the scores over those three years. The most - Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
recent occurrences of the best and worst scores are also displayed on the chart in - Gross Margin: Gross Profit / Net Sales
grey boxes to put the current score into historical context. - Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
Next to the trend chart for the company, current score averages are included, along ● Debt is comprised of four data elements.
with peer company comparisons of values from 6 months ago, 3 months ago, 1 - Current Ratio: Current Assets / Current Liabilities
month ago, the most recent value from 1 week ago, and the current score. The four - Debt-to-Capital: Total Debt / Total Capital
closest industry peers are presented based on similar market capitalization. - Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
Funds from Operations
Peer Analysis - Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
● The Refinitiv Business Classification (TRBC) schema is used for industry Debt + Preferred Cash Dividends)
comparisons. It is designed to track and display the primary business of a ● Earnings Quality is comprised of four data elements.
corporation by grouping together correlated companies that offer products and - Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
services into similar end markets. The system includes 10 Economic Sectors, 28 - Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
Business Sectors, 54 Industry Groups, and 136 Industries. Average Net Operating Assets
● The Peer Analysis section of the report compares the company to its ten closest - Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
peers. The peers are selected from the industry based on similar market - Days Sales in Receivables: 365 / (Net Sales / Receivables)
capitalization. The peer listing may have fewer than ten companies if there are ● Dividend is comprised of four data elements. The company must have a current
fewer than ten companies within that industry classification. dividend yield.
- Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
Highlights / Previous Dividends per Share
The automated text-generation system from Refinitiv creates highlights - Dividend Payout: Dividends per Share / Earnings per Share
summarizing the most noteworthy data. The bullets will vary by company and will - Dividend Coverage: Funds from Operations / Cash Dividends
change from week to week as different criteria are met. - Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Earnings Indicator Trend

The Earnings Rating is based on a combination of three factors: earnings surprise, The fundamental indicator trend displays either quarterly scores over the past three
estimate revision, and recommendation changes. Each factor is equally weighted. years or annual scores over the past six years, depending on the reporting periods
Then, equal deciles are used to rank each stock across the market on a scale of 1 for the country. The best and worst scores can be easily determined from the
to 10, with 10 being most favorable. A stock needs to have at least two of the three values shown on the chart for each quarter or year.
earnings factors in order to receive a score.
Relative Valuation
● Earnings Surprises - The number of positive and negative surprises within the The Relative Valuation Rating is based on a combination of three component
last 4 periods (quarters or years). factors: Price to Sales (50% weight), Trailing P/E (25% weight), and Forward P/E
● Estimate Revisions - The number of up and down revisions and the average (25% weight). After the weightings are considered to combine individual factors,
percentage change of those revisions within a 4 week period. equal deciles are used to rank each stock across the market on a scale of 1 to 10,
● Recommendation Changes - The number of broker upgrades and downgrades in with 10 being most favorable. These common valuation metrics are evaluated
the last 120 days. against the overall market, the index, and the company's own historic 5-year
averages. A stock needs to have at least one of the three relative valuation factors
Price Target in order to receive a score.
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months. ● Price to Sales: Close Price / (Sales for 4 Quarters or 1 Year / Shares
Outstanding)
Earnings Per Share ● Trailing P/E: Close Price / Most Recent 4 Quarters or 1 Year of Earnings
The quarterly and annual earnings per share are presented when available, along ● Forward P/E: Close Price / Upcoming 4 Quarters or 1 Year of Earnings
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Page 10 of 11
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the
averages.
Valuation Multiples
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and
Price to Sales for the company and the S&P 500 index average. In addition, a
comparison of the current company’s values to its 5-year average and an industry
average are presented. A discount occurs when the company’s ratio is valued
more favorably (lower) than that to which it is compared.
Risk
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles
are used to rank each stock across the market. A stock needs to have at least two
of the four risk factors in order to receive a score.
● Magnitude of Returns – The best / worst daily returns in the past 90 days and the
best / worst monthly returns in the past 60 months.
● Volatility – The standard deviation of the stock price over the last 90 days and
last 60 months, along with the average and largest intra-day stock swing.
● Beta – Measures the tendency of a security’s returns to respond to swings in the
market, based on the beta of the company versus the relevant index.
● Correlation – Determines how closely the returns of the stock and the relevant
index move together, measured over the last 90 days and last 60 months.
Risk Analysis
Price analysis for the company and the relevant index is provided over two time
periods. Daily analysis is provided for the last 90 days, whereas monthly statistics
are used for the last 60 months.
Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A stock needs to have data for the relative strength factor in order to
receive a score.
● Relative Strength – The relative strength of the company for the last 1 month, 3
months, and 6 months on a scale of 1 to 100.
● Seasonality – The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years.
A lower industry rank indicates a higher return.
Price Performance
Daily close prices are used to calculate the price performance of the stock. The
performance of the relevant index is also displayed as a means of comparison.
DISCLAIMER
© 2021 Refinitiv. Republication or redistribution of Refinitiv content, including by
framing or similar means, is prohibited without the prior written consent of Refinitiv.
All information in this report is assumed to be accurate to the best of our ability.
Refinitiv is not liable for any errors or delays in Refinitiv content, or for any actions
taken in reliance on such content.
Any forward-looking statements included in the Refinitiv content are based on

certain assumptions and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from current expectations. There is no
assurance that any forward-looking statements will materialize.
The content in this Refinitiv report does not constitute investment advice or a
recommendation to buy or sell securities of any kind. Past performance is not a
guarantee of future results. Investors should consider this report as only a single
factor when making an investment decision.
Page 11 of 11

Average Score: Gujarat Narmada Valley (Gnfc-In)

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Average Score: Gujarat Narmada Valley (Gnfc-In)

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GUJARAT NARMADA VALLEY (GNFC-IN)

Chemicals / Chemicals / Agricultural Chemicals DETAILED STOCK REPORT

HIGHLIGHTS I/B/E/S MEAN

PRICE AND VOLUME CHARTS

Earnings Fundamental Relative Valuation Risk Price Momentum

PEER ANALYSIS Currency in INR

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

EARNINGS Currency in INR

GNFC GNFC GNFC

Last 4 Quarters Last 4 Weeks Last 120 Days

HIGHLIGHTS PRICE TARGET

EARNINGS PER SHARE

Earnings per share (EPS) is calculated Quarterly -- --

The charts provide a comparison NA NA NA NA

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

RELATIVE VALUATION INDICATORS

Price to Sales 1.2 Trailing PE 7.9 Forward PE --

PRICE TO SALES TRAILING PE

FORWARD PE FORWARD PEG

GNFC COROM… COROM…

HIGHLIGHTS RISK ANALYSIS

PRICE MOMENTUM Currency in INR

NEUTRAL OUTLOOK: Performance relatively Price Momentum Score Averages

PRICE MOMENTUM INDICATORS

24.7% - Gujarat Narmada Valley has a Price Momentum Rating of 7,

DETAILED STOCK REPORT TIPS Mean Estimate Trend

Earnings Indicator Trend

Any forward-looking statements included in the Refinitiv content are based on

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