Investor Diary Expert Stock Analysis Excel (V-3)

http://www.investordiary.in/

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/register/

Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page - https://www.screener.in/excel/ -
and upload this excel file.
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 your
chosen company. Scroll down and come to the first financial statement table called "Quarterly Results" and click on "View
Consolidated". Now, all data you see for this company will be consolidated.

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
company's financial data will be exported in an excel file in the exact format as "Investor Diary Stock Analysis Excel".
Now onwards, any excel you export for any company on Screener.in will be downloaded in this very format.

IMPORTANT INSTRUCTIONS?
1. All financial data of your chosen company will be automatically updated in the sheet you download.
2. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener.in site using the Step 2 mentioned
above. But DON'T touch the sheet titled "Data Sheet" because this will cause errors in your future downloads.
3. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read those carefully before working on the sheet.
4. This sheet is not a replacement of the work required to read annual reports as part of the analysis process. So please do that along with working
on this sheet. You may sometime find some discrepancy in numbers (though rare), but you will know this only when you read annual reports.
5. I could not find a bug/errors in this spreadsheet, but if you notice some, please email me at - inverstordiary.vishnu@gmail.com - and I will try to
fix the same and update the sheet
6. This excel won't work for banking and financial services companies.

Note: All data is sourced from Screener.in

click here for the explanation
Most investors in the stock market wonder in which stock they should invest because remember we have almost 6000 stocks
So you can use my Winner's list of stocks to generate your Investment Ideas.

Let's make this process simple for you:

Step-1: Click Here To Get Multi-Bagger List Of Stocks

Step-2: Kick out stocks that are out of your circle of competence. Don't worry if you have to kick ou

Step-3: With the remaining stocks, do the complete Stock Analysis by using this excel sheet.

Tip-1: You can Register your Email id with screener.in and can get updates by Email
Tip-2: In the search query, you can customize it as per your requirements, for example I used Market Capitalization > 500 (in

Click Here: List Of 52-Week Low Stocks In India

Click Here: IPO Historic Table

(High Quality Stocks)---List Of Stocks That Passed Our 2-Minute Test In India

3M India Cera Sanitary. Gulf Oil Lubric. Orient Refrac. Tide Water Oil
Abbott India Colgate-Palm. Hawkins Cookers P & G Hygiene TTK Prestige
Accelya Kale CRISIL Honeywell Auto P I Inds. V-Guard Inds.
AIA Engg. Cummins India ICRA Page Industries Vinati Organics
Ajanta Pharma Cyient Indraprastha Gas Persistent Sys VST Inds.
Akzo Nobel DFM Foods Jyothy Lab. Poly Medicure Whirlpool India
Alembic Pharma Dhanuka Agritech Kajaria Ceramics Relaxo Footwear Zensar Tech.
Amara Raja Batt. Divi's Lab. Kansai Nerolac Sanofi India Zydus Wellness
Amrutanjan Healt Dr Lal Pathlabs Kewal Kir.Cloth. Sheela Foam Galaxy Surfactant
Astral Poly eClerx Services L & T Infotech Solar Inds. Asian Paints
Atul Auto Elantas Beck La Opala RG Sonata Software Avenue Super.
Avanti Feeds Endurance Tech. Marico Sun TV Network Bajaj Auto
Berger Paints FDC Mayur Uniquote Supreme Inds. Britannia Inds.
Bombay Burmah Foseco India Mindtree Swaraj Engines Dabur India
Cadila Health. G M Breweries MRF Symphony Eicher Motors
CARE Ratings Gabriel India Navneet Educat. Syngene Intl. Godrej Consumer
Castrol India Gillette India NESCO Tata Elxsi HCL Technologies
Century Ply. GlaxoSmith C H L Oracle Fin.Serv. Thyrocare Tech. Hero Motocorp

Financial Services Companies Are Not Included In This List

 http://www.investordiary.in/

r we have almost 6000 stocks to select from.

y if you have to kick out a lot of stocks in the process.

this excel sheet.

Market Capitalization > 500 (in crores), you can feed in, higher or lower figure.

n India

Hind. Unilever
Hind.Zinc
Infosys
ITC
Maruti Suzuki
Nestle India
pidilite industries
TCS
Tech Mahindra
Titan Company
Wipro
Assoc.Alcohols
Control Print
Cupid
Jenburkt Pharma
Aurabindo Pharma
Balkrishna Ind
CCL Products
 Investor Diary Stock Analysis Excel
http://www.investordiary.in/
Basic Company Details
Parameters Details
Company SUZLON ENERGY LTD
Current Stock Price (Rs) 8
Face Value (Rs) 2
No. of Shares (Crore) 1212
Market Capitalization (Rs Crore) 9817

Key Financials - Trend

Parameters Details

Sales Growth (9-Year CAGR) -11.07%

Profit Before Tax Growth (9-Year CAGR) -135.58%

Net Profit Growth (8-Year CAGR) -29.64%
Average Debt/Equity (5-Years, x) -1.35
Average Return on Equity (5-Years) 9.97%
Average P/E (5-Years, x) -4.34
Latest P/E (x) 4.35
 SUZLON ENERGY LTD
http://www.investordiary.in/ 2-MINUTE TEST PASS

1 Does the firm pass minimum quality hurdle? YES

Avoid low market cap (minimum 500 crores) and IPO companies

2 Has the firm ever made an operating profit? NO

3 Does the company generate consistent cash flow from operations? YES

4 Are returns on equity consistently above 15% with reasonable leverage? NO

5 Is earnings growth consistent or erratic? CONSISTENT

6 How clean is the balance sheet? LOW-DEBT

If financial leverage ratio above 4 or debt-to-equity ratio above 1
a Is the firm in a stable business? CONSISTENT

b Has debt been going down or up as a percantage of total assets? GOING DOWN

c Do you understand the debt? YES

7 Does the firm generate free cash flow? YES

8 How much other is there?(One-time charges, etc) NONE

9 Has the number of shares outstanding increased markedly over the past several years? YES
Assuming no big acquisitions, if shares outstanding are consistently increasing around
by more than 2% per year, think long and hard before investing the firm
 ENTER MANUALLY
PASS click here for the explanation
FAIL

Market Capitalization (Rs Crore) 9817

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
-2528 -1334 -6751 1888 2199 1190 -273 -1317 1101 735

556 568 1119 -739 1602 -109 1267 -929 531 1302

-1474% 647% 100% -8% -13% 5% 18% 24% -3% 5%

-25% 160% -106% 47% -144% 305% 73% -104% -292%

NET PROFITS CAGR 3-YR -49% 5-YR -175% 7-YR -42% 10-YR -30%

FINANCIAL LEVERAGE= -1.72 DEBT TO EQUITY RATIO= -1.124656 ICR 4.51

0.52 0.56 0.82 1.17 0.91 1.08 1.30 2.02 0.75 0.66

FREE CASH FLOW TO SALES 2.33%

-1775 8058.82 3262.99 1147.19 -395.87 992.5 -1079.77 479.24 1236.62

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
NSI 6.731E+09 %change 39.99% 49.02% 35.41% 0.08% 5.88% 0.00% 0.00% 59.93% 8.34%
No. of Equity Shares 177.74 248.81 370.77 502.05 502.44 531.98 531.98 531.98 850.80 921.74
New Bonus Shares 0 0 0 0 0 0 0 0 0 0
Face value 2 2 2 2 2 2 2 2 2 2
 NONE
FEW
A LOT
CONSISTENT
CYCLICAL
ERRATIC

CONSISTENT
CYCLICAL
ERRATIC
 DEBT-FREE
LOW-DEBT
MODERATELY-LOW DEBT
MODERATE DEBT
MODERATELY-HIGH DEBT
HIGH-DEBT

CONSISTENT

YES
NO
 BALANCE SHEET ANALYSIS WITH FLOW-CHART
SHAREHOLDERS EQUITY AND LIABILITIES
http://www.investordiary.in/
STEP-1 STEP-2 STEP-3 STEP-4
Borrowings BS
Borrowings CFA
Financial Leverage
Debt to Equity ratio
Equity Share Capital Reserves BS Int. Coverage ratio OTH Liabilities BS
ESC. CFA Reserves CFA T.Assets/T.Liabilities OTH Liabilities CFA
2 minute test T.Debt/T.Assets
T.Debt/T.Equity
Int. coverage ratio
T.Debt/Cash Flow
T.Debt/F.Cash Flow

IT’S AMOST A
NO DILUTION GOOD INCREASED
DEBTFREE COMPANY

AVANTI FEEDS IS A DEBTFREE COMPANY AND IS NOT SELLING ANY ADDITIONAL SHARES. ITS RESERVES ARE INCREASING
ASSETS IS 51%, WHERE AS ITS NET TANGIBLE ASSETS + CWIP (CAPITAL WORK IN PROGRESS) IS ONLY 19%. ITS ACCOU

STRONG FINANCIAL HEALT

 BALANCE SHEET ANALYSIS WITH FLOW-CHART
ASSETS

STEP-5 STEP-6 STEP-7 STEP-8

Net Block BS
CWIP BS
Net Block CFA Invt BS OTH Assets BS A/R BS
CWIP CFA Invt CFA OTH Assets CFA A/R CFA
F.Asset Turnover Cash&Bank CFA A/R DAYS

IT’S A LOW CAPITAL CASH AS % OF

A/R IS 5
INTENSIVE TOTAL ASSETS IS DECREASED
DAYS
BUSINESS AROUND 51%

RESERVES ARE INCREASING CONSISTENTLY. IT'S RUNNING A LOW CAPITAL INTENSIVE BUSINESS, i.e., CASH AS A % OF TOTAL
ESS) IS ONLY 19%. ITS ACCOUNTS RECEIVABLE DAYS AND INTENTORY DAYS IMPROVED SIGNIFICANTLY OVER THE YEARS.

STRONG FINANCIAL HEALTH

 STEP-9

INV BS
INV CFA
INV Turnover
Days in INV

INV DAYS IS 40

e., CASH AS A % OF TOTAL

TLY OVER THE YEARS.
STRONG FINANCIAL HEALTH
AVERAGE FINANCIAL HEALTH
WEAK FINANCIAL HEALTH
 Balance Sheet http://www.investordiary.in/
SUZLON ENERGY LTD GOOD
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 BAD
Equity Share Capital 355 498 742 1,004 1,005 1,064 1,064 1,064 1,702 1,843
Reserves -35 -1,041 -9,864 -8,537 -7,846 -8,031 -9,562 -12,075 -5,381 -5,615
Borrowings 15,191 17,053 17,811 11,414 11,114 11,996 11,552 13,210 4,962 4,242
Other Liabilities 13,695 13,751 13,043 5,842 7,887 6,092 5,816 4,332 5,318 6,005
Total 29,206 30,261 21,731 9,723 12,160 11,121 8,871 6,530 6,601 6,475
click here for the explanation
Net Block 12,076 13,515 5,843 1,573 1,665 1,463 1,520 1,358 1,166 1,059
Capital Work in Progress 306 433 356 233 206 353 229 122 107 20
Investments 36 707 266 393 670 67 20 20 23 0
Other Assets 16,788 15,606 15,266 7,524 9,619 9,237 7,102 5,030 5,305 5,396
Total 29,206 30,261 21,731 9,723 12,160 11,121 8,871 6,530 6,601 6,475

Working Capital 3,094 1,855 2,223 1,682 1,732 3,146 1,286 698 -14 -609
Receivables 2,732 2,687 2,754 2,515 3,628 2,985 1,881 1,365 1,190 1,377
Inventory 5,264 4,033 3,361 2,525 3,469 3,026 2,914 2,056 2,173 2,208
USE COMMON FORM ANALYSIS AND FINANCIAL HEALTH WORKSHEET TO ANALYSE THE BALANCE SHEET
 Common Form Balance Sheet
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Equity Share Capital 1% 2% 3% 10% 8% 10% 12% 16% 26%
Reserves 0% -3% -45% -88% -65% -72% -108% -185% -82%
Borrowings 52% 56% 82% 117% 91% 108% 130% 202% 75%
Other Liabilities 47% 45% 60% 60% 65% 55% 66% 66% 81%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 41% 45% 27% 16% 14% 13% 17% 21% 18%
Capital Work in Progress 1% 1% 2% 2% 2% 3% 3% 2% 2%
Investments 0% 2% 1% 4% 6% 1% 0% 0% 0%
Other Assets 57% 52% 70% 77% 79% 83% 80% 77% 80%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 9% 9% 13% 26% 30% 27% 21% 21% 18%
Inventory 18% 13% 15% 26% 29% 27% 33% 31% 33%
Cash & Bank 7% 8% 12% 6% 3% 5% 1% 1% 4%

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 AVG MIN MAX
Mar-22
28% 12% 1% 28%
-87% -73% -185% 0%
66% 98% 52% 202%
93% 64% 45% 93%
100% 100% 100% 100%
16% 23% 13% 45%
0% 2% 0% 3%
0% 1% 0% 6%
83% 74% 52% 83%
100% 100% 100% 100%
21% 19% 9% 30%
34% 26% 13% 34%
8% 5% 1% 12%
 SUZLON ENERGY LTD GOOD
FINANCIAL HEALTH BAD
FINANCIAL LEVERAGE= -1.72 MORE THAN 4 IS RISKY
DEBT TO EQUITY RATIO= -1.12 LESS THAN 1 IS GOOD
INTEREST COVERAGE RATIO= 4.51 HIGHER IS BETTER (atleast greater than 10)

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

INVENTORY TURNOVER 3.59 5.06 5.94 3.76 3.67 2.68 1.72
DAYS IN INVENTORY 101.58 72.15 61.47 97.17 99.58 136.10 211.67
DAYS IN RECEIVABLES 52.73 48.07 50.38 96.80 104.14 134.25 136.61
FIXED ASSET TURNOVER 1.57 1.51 3.41 6.03 7.63 5.55 3.31
Total assets/Total liabilities= 1.01 0.98 0.70 0.56 0.64 0.61 0.51
Total debt/Total assets= 0.52 0.56 0.82 1.17 0.91 1.08 1.30
Total debt/Total equity= 47.41 -31.36 -1.95 -1.52 -1.62 -1.72 -1.36
Interest coverage ratio= -1.36 -0.64 -3.27 1.45 1.71 0.75 -0.22
CFFO/capital expenditures= 0.2 3.5 -0.4 4.6
Depreciation/CFFO= 133.3% 136.8% 72.3% -53.0% 24.3% -312.1% 27.0%
Capital expenditures/Depreciation= 3.02 -8.58 -10.22 1.17 0.84 0.80
TOTAL DEBT / CASH FLOW = 27.34 30.03 15.91 -15.44 6.94 -109.61 9.12
TOTAL DEBT / FREE CASH FLOW = -9.61 2.21 3.50 9.69 -30.30 11.64

click here for the explanation

 http://www.investordiary.in/

Mar-20 Mar-21 Mar-22 AVG MIN MAX

1.45 1.54 2.98 3.24 1.45 5.94
252.38 237.04 122.44 139.16 61.47 252.38
167.54 129.79 76.36 99.67 48.07 167.54
2.19 2.87 6.21 4.03 1.51 7.63
0.37 0.64 0.63 0.67 0.37 1.01
2.02 0.75 0.66 0.98 0.52 2.02
-1.20 -1.35 -1.12 0.42 -31.36 47.41
-0.96 1.11 1.00 0 -3 2
-6.2 10.3 19.9 4.6 -6.2 19.9
-45.1% 48.7% 20.0% 5.2% -312.1% 136.8%
0.36 0.20 0.25 -1.35 -10.22 3.02
-14.22 9.35 3.26 -3.73 -109.61 30.03
-12.23 10.35 3.43 -1.26 -30.30 11.64
LESS THAN 3 IS BEST
 INCOME STATEMENT
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
SALES 18914 20403 19954 9483 12714 8116 5025 2973 3346 6582
% of Growth YoY 8% -2% -52% 34% -36% -38% -41% 13% 97%
COST OF GOODS SOLD 15,037 13344.4 14399 5094.76 9567.87 5294.51 3202.6 1126.34 1877.71 4308.12
GROSS PROFIT 3876 7,058 5,555 4,389 3,147 2,822 1,822 1,847 1,468 2,274
SELLING,GENERAL&ADMINISTRATIVE EXP 6,372 5,002 11,319 3,834 2,164 1,653 1,762 1,764 998 894
OPERATING INCOME BEFORE DEPRECIATION -1787 -557 -5943 2280 2588 1532 69 -898 1360 995
DEPRECIATION,DEPLETION&AMORTIZATION 740 777 809 392 389 342 342 419 258 260
OPERATING PROFIT -2528 -1,334 -6,751 1,888 2,199 1,190 -273 -1,317 1,101 735
OTHER INCOME -286 -495 -194 2,563 109 555 92 -42 823 95
INTEREST EXPENSE 1855 2070 2065 1304 1288 1581 1270 1367 996 735
PRETAX INCOME -4383 -3,404 -8,816 584 912 -391 -1,543 -2,684 105 0
% of Growth YoY -22% 159% -107% 56% -143% 295% 74% -104% -100%
TOTAL TAXES 349 144 317 -24 12 -2 -12 7 5 167
NET PROFIT -4724 -3,520 -9,158 583 858 -377 -1,527 -2,642 104 -200
% of Growth YoY -25% 160% -106% 47% -144% 305% 73% -104% -292%
EPS -21.5 -11 -20 1 1 -1 -2 -4 0 0
% of Growth YoY -47% 75% -105% 47% -142% 305% 73% -102% -277%
PRICE TO EARNINGS -0.6 -0.9 -1.3 13.9 12.7 -17.2 -2.4 -0.4 46.4 -48.0
PRICE 12 10 25 13 18 10 6 2 5 8
DIVIDEND PAYOUT RATIO 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
MARKET CAP 2748 3,139 11,531 8,106 10,911 6,474 3,721 1,179 4,835 9,586
RETAINED EARNINGS -4724 -3520 -9158 583 858 -377 -1527 -2642 104 -200
BUFFETT'S $1 TEST -0.3

EXPENSES
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

COST OF MATERIALS CONSUMED 14,137 13,376 13,626 5,185 8,291 5,020 2,957 1,404 1,611 4,092
POWER AND FUEL 62 65 70 60 71 59 57 61 45 58
OTHER MANUFACTURING EXPENSES 341 963 696 269 456 311 231 130 188 398
SELLING AND ADMIN 2,616 2,214 2,110 818 784 503 410 267 224 248
CHANGES IN INVENTORY 497 -1,060 7 -419 749 -96 -42 -469 33 -240
EMPLOYEE BENEFIT EXPENSES 2,133 2,231 2,227 959 1,046 805 874 796 553 545
FINANCE COSTS 1,855 2,070 2,065 1,304 1,288 1,581 1,270 1,367 996 735
DEPRECIATION 740 777 809 392 389 342 342 419 258 260
OTHER EXPENSES 1,623 556 6,982 2,057 334 345 477 701 221 101
 GOOD INCOME STATEMENT
Trailing BAD Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
6821 % % % % % % %
SALES 100% 100% 100% 100% 100% 100% 100%
COST OF GOODS SOLD 79.50% 65.40% 72.16% 53.72% 75.25% 65.23% 63.74%
GROSS MARGINS 20.50% 34.60% 27.84% 46.28% 24.75% 34.77% 36.26%
SELLING,GENERAL&ADMINISTRATIVE EXP 33.69% 24.51% 56.72% 40.43% 17.02% 20.37% 35.06%
EBITDA MARGINS -9.45% -2.73% -29.78% 24.04% 20.36% 18.87% 1.37%
DEPRECIATION,DEPLETION&AMORTIZATION 3.92% 3.81% 4.05% 4.13% 3.06% 4.21% 6.80%
3,176 OPERATING MARGINS -11.85% -4.11% -32.86% -7.12% 16.44% 7.82% -7.27%
2,487 OTHER INCOME/EXPENSE -1.51% -2.42% -0.97% 27.02% 0.86% 6.84% 1.84%
704 INTEREST EXPENSE 9.81% 10.15% 10.35% 13.75% 10.13% 19.48% 25.27%
2,472 PBT MARGINS -23.17% -16.68% -44.18% 6.16% 7.17% -4.81% -30.71%
TOTAL TAXES 1.85% 0.71% 1.59% -0.25% 0.09% -0.02% -0.24%
NET MARGINS -24.98% -17.25% -45.89% 6.15% 6.75% -4.64% -30.39%
2,256 EFFECTIVE TAX RATE -7.97% -4.24% -3.60% -4.04% 1.28% 0.40% 0.77%

4.4
click here for the explanation
8
Mar-20 Mar-21 Mar-22
% % %
100% 100% 100% AVG MIN MAX
37.89% 56.12% 65.46% 63.45% 37.89% 79.50%
62.11% 43.88% 34.54% 36.55% 20.50% 62.11%
59.34% 29.84% 13.59% 33.06% 13.59% 59.34%
-30.21% 40.64% 15.11% 4.82% -30.21% 40.64%
14.08% 7.72% 3.95% 5.57% 3.06% 14.08%
-42.87% 8.32% 9.73% -6.38% -42.87% 16.44%
-1.42% 24.60% 1.44% 5.63% -2.42% 27.02%
45.99% 29.78% 11.16% 18.59% 9.81% 45.99%
-90.28% 3.14% 0.01% -19.34% -90.28% 7.17%
0.25% 0.14% 2.53% 0.67% -0.25% 2.53%
-88.88% 3.11% -3.03% -19.91% -88.88% 6.75%
-0.28% 4.41% ### 4163.42% -7.97% ###

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 Common Form P&L
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 75% 66% 68% 55% 65% 62% 59% 47% 48%
Change in Inventory 3% -5% 0% -4% 6% -1% -1% -16% 1%
Power and Fuel 0% 0% 0% 1% 1% 1% 1% 2% 1%
Other Mfr. Exp 2% 5% 3% 3% 4% 4% 5% 4% 6%
Employee Cost 11% 11% 11% 10% 8% 10% 17% 27% 17%
Selling and Admin Cost 14% 11% 11% 9% 6% 6% 8% 9% 7%
Other Expenses 9% 3% 35% 22% 3% 4% 9% 24% 7%
Operating Profit -13% 10% -29% 6% 8% 14% 1% 3% 14%
Other Income -2% -2% -1% 27% 1% 7% 2% -1% 25%
Depreciation 4% 4% 4% 4% 3% 4% 7% 14% 8%
Interest 10% 10% 10% 14% 10% 19% 25% 46% 30%
Profit Before Tax -23% -17% -44% 6% 7% -5% -31% -90% 3%
Tax 2% 1% 2% 0% 0% 0% 0% 0% 0%
Net Profit -25% -17% -46% 6% 7% -5% -30% -89% 3%
Dividend Amount 0% 0% 0% 0% 0% 0% 0% 0% 0%
 GOOD
Mar-22 BAD AVG MIN MAX
100% 100% 100% 100%
62% 61% 47% 75% A common-size financial statement is displays line
items as a percentage of one selected or common
-4% -2% -16% 6% figure. Creating common-size financial statements
1% 1% 0% 2% makes it easier to analyze a company over time and
6% 4% 2% 6% compare it with its peers. Using common-size
financial statements helps investors spot trends that a
8% 13% 8% 27% raw financial statement may not uncover.
4% 8% 4% 14%
2% 12% 2% 35%
21% 3% -29% 21%
1% 6% -2% 27%
4% 6% 3% 14%
11% 19% 10% 46%
0% -19% -90% 7%
3% 1% 0% 3%
-3% -20% -89% 7%
0% 0% 0% 0%
ancial statement is displays line
age of one selected or common
mmon-size financial statements
nalyze a company over time and
ts peers. Using common-size
helps investors spot trends that a
tatement may not uncover.
 SUZLON ENERGY LTD
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Net Fixed Asset Turnover 1.6 2.1 2.6 7.9 5.2 3.4 2.1 2.7 5.9
NET MARGINS -25% -17% -46% 6% 7% -5% -30% -89% 3% -3%
DIVIDEND PAYOUT RATIO 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Depreciation as % of NFA 6% 6% 14% 25% 23% 23% 22% 31% 22% 25%

SELF-SUSTAINABLE GROWTH RATE (SSGR) -54.18% -66.43% -9.57% -74.66% -171.84% -129.52% -130.74%

TRENDS: 3 YEARS 5 YEARS 7 YEARS 10 YEARS

SALES GROWTH RATE (CAGR) 9.4% -12.3% -14.7% -11.1%
PBT Growth (CAGR) -106.4% -78.7% -124.0% -135.6%
Net Profit Growth (CAGR) -49.3% -174.7% -42.1% -29.6%

Price to Earning -0.7 -4.3 0.7 0.2

Receivables (CAGR) -9.9% -17.6% -9.4% -7.3%
Inventory (CAGR) -8.8% -8.6% -5.8% -9.2%
Check for long term vs short term trends here. Check if the growth over past 3 or
5 years has slowed down / improved compared to long term (7 to 10 years)
growth numbers.
 http://www.investordiary.in/

NFAT
NPM
DPR
DEP

FORMALA FOR SSGR = NFAT*NPM*(1-DPR)-DEP

click here for the explanation

 SUZLON ENERGY LTD
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
SALES 18914 20403 19954 9483 12714 8116
NET PROFIT -4724 -3520 -9158 583 858 -377
NET MARGINS -25% -17% -46% 6% 7% -5%
DEPRECIATION,DEPLETION& 740 777 809 392 389 342
NFA 12076 13515 5843 1573 1665 1463
Depreciation as % of NFA 6% 6% 14% 25% 23% 23%
Net Fixed Asset Turnover 1.6 2.1 2.6 7.9 5.2
DIVIDEND PAYOUT RATIO 0% 0% 0% 0% 0% 0%
(1-DPR) 1.00 1.00 1.00 1.00 1.00 1.00
Mar-19 Mar-20 Mar-21 Mar-22
5025 2973 3346 6582
-1527 -2642 104 -200
-30% -89% 3% -3%
342 419 258 260
1520 1358 1166 1059
22% 31% 22% 25%
3.4 2.1 2.7 5.9
0% 0% 0% 0%
1.00 1.00 1.00 1.00
 Cash Flow Statement 1,000
SUZLON ENERGY LTD
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Total -
Cash from Operating Activity (CFO) 556 568 1,119 -739 1,602 -109 1,267 -929 531 1,302 5,166 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21
% Growth YoY 2% 97% -166% -317% -107% -1257% -173% -157% 145% -1,000
Cash from Investing Activity -328 -439 -825 4,482 -643 -138 125 -32 -24 -19 2,158
Cash from Financing Activity -901 360 -199 -5,656 -1,249 492 -1,898 969 -327 -1,045 -9,454 -2,000 CFFO
Net Cash Flow -673 489 95 -1,914 -290 245 -506 8 180 238 -2,129 Cf-invest
CFO/Sales 3% 3% 6% -8% 13% -1% 25% -31% 16% 20% -3,000 Cf-finance
CFO/Net Profit -12% -16% -12% -127% 187% 29% -83% 35% 509% -652% -14.19%
Capex 2,343 -6,940 -4,002 455 286 274 151 51 65 -4,000
FCF -1,775 8,059 3,263 1,147 -396 993 -1,080 479 1,237 11,927
Average FCF (3 Years) 212 -5,000 CFFO (Good, i.e., business is generating cash)
FCF Growth YoY -554% -60% -65% -135% -351% -209% -144% 158% CFI (Bad, i.e, instead of reinvesting in business, they are liquidating it)
-6,000
FCF/Sales -9% 40% 34% 9% -5% 20% -36% 14% 19%
FCF/Net Profit 50% -88% 560% 134% 105% -65% 41% 460% -620% 4,000
Cf-finance Cf-invest CFFO Net Profit CFFO Cash Flow From Operating Activities
Some Important Questions to Ask while Analysing Mar-22 -1,045 -19 1,302 Mar-22 -200 1,302 2,000 Cash Flow From Investing Activities
the Cash Flow Statement of the Company Mar-21 -327 -24 531 Mar-21 104 531 0 Cash Flow From Financing Activities
What are the major sources of cash? Mar-20 969 -32 -929 Mar-20 -2,642 -929 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Multiple Sources
Cash Flow From Operating Activities Mar-19 -1,898 125 1,267 Mar-19 -1,527 1,267 -2,000 Net Profit
Is cffo sufficient to cover cap ex? Mar-18 492 -138 -109 Mar-18 -377 -109 -4,000 CFFO Cash Flow From Operating Activities
YES Mar-17 -1,249 -643 1,602 Mar-17 858 1,602 Cash Flow From Investing Activities
-6,000
Relationship between Net Profit & CFFO for past 10yrs? Mar-16 -5,656 4,482 -739 Mar-16 583 -739 Cash Flow From Financing Activities
Consistent Mar-15 -199 -825 1,119 Mar-15 -9,158 1,119 -8,000 Multiple Sources
Mar-14 360 -439 568 Mar-14 -3,520 568
click here for the explanation -10,000
Mar-13 -901 -328 556 Mar-13 -4724 556 Consistent
In-Consistent
 SUZLON ENERGY LTD
PROFITABILITY
YEAR Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
RETURN ON CAPITAL EMPLOYED% -16.3% -8.1% -77.7% 48.6% 51.5% 23.7% -8.9% -59.9% 85.8% 156.3%

DUPONT-ANALYSIS
YEAR Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

NET MARGIN% -25.0% -17.3% -45.9% 6.1% 6.7% -4.6% -30.4% -88.9% 3.1% -3.0%

ASSET TURNOVER 0.6 0.7 0.9 1.0 1.0 0.7 0.6 0.5 0.5 1.0

RETURN ON ASSETS% -16.17% -11.63% -42.14% 6.00% 7.05% -3.39% -17.22% -40.46% 1.58% -3.08%

FINANCIAL LEVERAGE 91.15 -55.64 -2.38 -1.29 -1.78 -1.60 -1.04 -0.59 -1.79 -1.72

RETURN ON EQUITY% -1474.3% 647.2% 100.4% -7.7% -12.5% 5.4% 18.0% 24.0% -2.8% 5.3%

FREE CASH FLOW TO SALES ANALYSIS

FREE CASH FLOW = CASHFLOW FROM OPERATIONS-CAPITAL SPENDING

YEAR Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

CFFO (CASH FLOW STATEMENT) 567.86 1119.2 -739.2 1601.91 -109.44 1266.74 -929.04 530.5 1301.9

CAPITAL EXPENDITURE 2342.86 -6939.62 -4002.19 454.72 286.43 274.24 150.73 51.26 65.28

OWNER'S EARNINGS(FCFE) -1775 8058.8 3263.0 1147.2 -395.9 992.5 -1079.8 479.2 1236.6
 FREE CASH FLOW/SALES(%) -8.70% 40.39% 34.41% 9.02% -4.88% 19.75% -36.32% 14.32% 18.79%
MINIMUM 5% IS GOOD

PROFITABILITY MATRIX

FREE CASH FLOW TO SALES 2.33% HIGH LESS RISKY COMPANY

ROE<15% AND FREE CASH FLOW>5% ROE>15% AND FREE CASH FLOW>5%
RETURN ON EQUITY % 10.0%
GOOD FREE CASH FLOW BUT BAD ROE GREAT COMPANY
FREE CASH FLOW 5%

HIGH RISK COMPANY

ROE<15% AND FREE CASH FLOW<5% ROE>15% AND FREE CASH FLOW<5%

WORST COMPANY GOOD ROE BUT BAD FREE CASH FLOW

LOW
15%
RETURN ON EQUITY

PROTABILITY MATRIX GREAT COMPANY

PRICING POWER MOAT NONE STRENGTH

COST ADVANTAGE MOAT NONE NO MOAT
 COMPETETIVE ADVANTAGE PERIOD
FAVORABLE
LONG CAP LONGEST CAP

FAVORABLE COMPANY STRATEGY FAVORABLE COMPANY STRATEGY

BUT AND
UNFAVORABLE INDUSTRY STRUCTURE FAVORABLE INDUSTRY STRUCTURE

COMPANY STRATEGY

SHORTEST CAP SHORT CAP

1. PRICING POWER
2. LOW-COST
3. BOTH UNFAVORABLE COMPANY STRATEGY FAVORABLE INDUSTRY STRUCTURE
4. NONE AND BUT
UNFAVORABLE INDUSTRY STRUCTURE UNFAVORABLE COMPANY STRATEGY

UNFAVORABLE
UNFAVORABLE INDUSTRY STRUCTURE FAVORABLE

COMPETETIVE ADVANTAGE MATRIX SHORTEST CAP

GROWTH ADVANTAGE PERIOD

HIGH
HIGH PAT GROWTH HIGHEST PAT GROWTH
 HIGH COMPANY GROWTH MINDSET HIGH COMPANY GROWTH MINDSET
BUT AND
LOW INDUSTRY GROWTH HIGH INDUSTRY GROWTH

COMPANY GROWTH
MINDSET
LOWEST PAT GROWTH LOWER PAT GROWTH
1. AGGRESSIVE CAPACITY EXPANSION
2. INORGANIC GROWTH STRATEGY
3. OPERATING/FINANCIAL LEVERAGE LOW COMPANY GROWTH MINDSET LOW COMPANY GROWTH MINDSET
AND BUT
LOW INDUSTRY GROWTH HIGH INDUSTRY GROWTH

LOW
LOW INDUSTRY GROWTH HIGH

GROWTH ADVANTAGE MATRIX HIGHEST PAT GROWTH

MOAT GROWTH ADVANTAGE PERIOD

HIGH
GROWTH TRAP TRUE WEALTH CREATOR

HIGH GROWTH HIGH GROWTH

BUT AND
WEAK MOAT HIGH MOAT

TRANSITORY MULTIBAGGER ENDURING MULTIBAGGER

GROWTH
 GROWTH
WEALTH DESTROYER QUALITY TRAP

LOW GROWTH HIGH MOAT

AND BUT
WEAK MOAT LOW GROWTH

PERMANENT LOSS OF CAPITAL UNDERPERFORMER

WEAK
WEAK MOAT HIGH

MOAT GROWTH MATRIX TRUE WEALTH CREATOR

GOOD click here for the explanation
BAD

AVG MIN MAX

19.50% -77.70% 156.32%

AVG MIN MAX %ROE

-19.9% -88.9% 6.7% 28.55%

0.8 0.5 1.0 -11.42%

-11.9% -42.1% 7.1%

2.3 -55.6 91.2 82.9%

-69.7% -1474.3% 647.2% 100%

`
GREAT COMPANY
GOOD FREE CASH FLOW B
GOOD ROE BUT BAD FREE
WORST COMPANY
GREAT COMPANY
GOOD FREE CASH FLOW BUT BAD ROE
GOOD ROE BUT BAD FREE CASH FLOW
WORST COMPANY
 SUZLON ENERGY LTD
RELATIVE VALUATION
CHEAP

1. EARNINGS YIELD
EXPENSIVE

☺
EARNINGS YIELD 22.98%

10 YEAR GOVT BOND YIELD 6.68% click here to know govt bond yield
click here for
YIELD SPREAD 16.30%

2. CASH RETURN

☹
CASH RETURN 1.56%

10 YEAR GOVT BOND YIELD 6.68%

YIELD SPREAD -5.12%

3. HISTORICAL PRICE TO EARNINGS RATIO

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
P/E RATIO -0.6 -0.9 -1.3 13.9 12.7 -17.2 -2.4 -0.4 46.4 -48.0

☹
3 YR AVG P/E RATIO -0.7
5 YR AVG P/E RATIO -4.3
10 YR AVG P/E RATIO 0.2

TRAILING P/E RATIO 4.35

4. HISTORICAL PRICE TO SALES RATIO

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
P/S RATIO 0.1 0.2 0.6 0.9 0.9 0.8 0.7 0.4 1.4 1.5
 ☹
3 YR AVG P/S RATIO 1.1
5 YR AVG P/S RATIO 1.0
10 YR AVG P/S RATIO 0.7

TRAILING P/S RATIO 1.44

5. HISTORICAL PRICE TO BOOK RATIO

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
P/B RATIO 8.6 -5.8 -1.3 -1.1 -1.6 -0.9 -0.4 -0.1 -1.3 -2.5

☺
3 YR AVG P/B RATIO -1.3
5 YR AVG P/B RATIO -1.1
10 YR AVG P/B RATIO -0.6

TRAILING P/B RATIO -2.60

 CHEAP WOW, IT'S CHEAP! ☺
EXPENSIVE IT'S EXPENSIVE ☹
click here for the explanation
 Dicounted Cash Flow Valuation
SUZLON ENERGY LTD

Initial Cash Flow (Rs Cr) 212 2,897

Want to use my fundamental growth YES 9,817
Years 1-10 30%
FCF Growth Rate 15.00%
Discount Rate 12.00%
Terminal Growth Rate 3.75%
click here for the expla
Net Debt Level (Rs Cr) 3,741

Year FCF Growth Present Value

1 223 5.29% 199
2 235 5.29% 187
3 248 5.29% 176
4 261 5.29% 166
5 274 5.29% 156
6 288 4.98% 146
7 302 4.68% 136
8 315 4.37% 127
9 327 4.06% 118
10 340 3.75% 109

If you don't like using past growth rates, then you can use fundamental growth rates which are more dynamic and forwardin
reinvestment ( i.e., how much money you retain in the business ) and return of equity (i.e., the return you generat

GROWTH RATE= (1- Payout Ratio) x Return on equity

ROE X (1- PAYOUT RATIO) = GROWTH

YEAR ROE (1-DPR) GROWTH
CURRENT 5.29% 100.00% 5.29%
1 5.29% 100.00% 5.29%
2 5.29% 100.00% 5.29%
3 5.29% 100.00% 5.29%
4 5.29% 100.00% 5.29%
5 5.29% 100.00% 5.29%
6 7.23% 85.00% 4.98%
7 9.18% 70.00% 4.68%
8 11.12% 55.00% 4.37%
9 13.06% 40.00% 4.06%
10 15.00% 25.00% 3.75%
TERMINAL (STABLE) 15.00% 25.00% 3.75%
What IF, Initial FCF Is Negative, Then Make Your Best Case Assumptions,

YEAR CFFO CAP EX FCF

CURRENT 1302 50% 651
1 1371 50% 685
2 1443 50% 722
3 1520 50% 760
4 1600 50% 800
5 1685 50% 842
6 1769 50% 884
7 1851 50% 926
8 1932 50% 966
9 2011 50% 1005
10 2086 50% 1043

1. SIZE 9817
2. FINANCIAL HEALTH STRONG FINANCIAL HEALTH
3. EARNINGS GROWTH CONSISTENT
4. ECONOMIC MOAT NO MOAT
5. MANAGEMENT HIGH QUALITY MANAGEMENT
6. COMPLEXITY LOW

ESTIMATING THE RISKINESS IN CASH FLOWS (DISCOUNT RATE)

Valuation
TD
GOOD
BAD
WOW, IT'S CHEAP! ☺
DCF Value (As calculated in cell B29)
Current Market Cap
DCF as % of Current Mkt Cap
IT'S EXPENSIVE
☹
click here for the explanation
Final Calculations

☹
Terminal Year 352
PV of Year 1-10 Cash Flows 1,521
Terminal Value 1,376
Total PV of Cash Flows 2,897
Current Market Cap (Rs Cr) 9,817
Share Price 8
Value Per Share 2

growth rates which are more dynamic and forwarding looking. Growth in net profit is the function of
ss ) and return of equity (i.e., the return you generate on incremental retained earnings).

TH RATE= (1- Payout Ratio) x Return on equity

EXPECTED DIVIDEND INCOME ANALYSIS (FUNDAMENTAL GROWTH)

YEAR EPS DPR Dividends Pr. Value
CURRENT 1.9 0.00% 0.00
1 2.0 0.00% 0.00 0.00
2 2.1 0.00% 0.00 0.00
3 2.2 0.00% 0.00 0.00
4 2.3 0.00% 0.00 0.00
5 2.4 0.00% 0.00 0.00
6 2.5 15.00% 0.38 0.19
7 2.6 30.00% 0.79 0.36
8 2.8 45.00% 1.24 0.50
9 2.9 60.00% 1.73 0.62
10 3.0 75.00% 2.24 0.72
Expected Dividend Income From This Stock In Next The 10 Years 6 2.40

Current Share Price 8

Estimated 10th Year Share Price 60
Estimated 10th Year Share Price + Dividends 66
 Total Return 23.35%

Investment Return = % EPS Growth + Dividend Income

Investment return = 4.83% 1.25%

Investment return = 6.07%

DIVIDENDS IN CRORES = 7732

Capital Gains + Dividends 744284

Estimated 10th Year Market Cap 72306

Discounted Estimated 10th Year Market Cap 23281

Discounted Dividends 2

Discounted Value 23283

Disounted Earnings Valuation 19

 GROWTH RATE (MANUALLY INPUTTED)
ROE X (1- PAYOUT RATIO) = GROWTH EXPECTED DIVIDEND INCOME ANALYS
YEAR ROE (1-DPR) GROWTH YEAR
CURRENT 5.29% 283.44% 15.00% CURRENT
1 5.29% 283.44% 15.00% 1
2 5.29% 283.44% 15.00% 2
3 5.29% 283.44% 15.00% 3
4 5.29% 283.44% 15.00% 4
5 5.29% 283.44% 15.00% 5
6 5.29% 283.44% 15.00% 6
7 5.29% 283.44% 15.00% 7
8 5.29% 283.44% 15.00% 8
9 5.29% 283.44% 15.00% 9
10 5.29% 283.44% 15.00% 10
Expected Dividend Income From This Stock In Ne

Estimated 10th Y
Estimated 10th Year Share P
 Estimated 10th Y

Discounted Estimated 10th

Disounted Ea
IDEND INCOME ANALYSIS (MANUAL GROWTH)
EPS DPR Dividends Pr. Value
1.9 -183.44% -3.41
2.1 -183.44% -3.93 -3.51
2.5 -183.44% -4.52 -3.60
2.8 -183.44% -5.19 -3.70
3.3 -183.44% -5.97 -3.80
3.7 -183.44% -6.87 -3.90
4.3 -183.44% -7.90 -4.00
5.0 -183.44% -9.08 -4.11
5.7 -183.44% -10.45 -4.22
6.5 -183.44% -12.01 -4.33
7.5 -183.44% -13.82 -4.45
ome From This Stock In Next The 10 Years -80 -39.61

Current Share Price 8

Estimated 10th Year Share Price 60
mated 10th Year Share Price + Dividends -20
 Total Return #NUM!

Investment Return = % EPS Growth + Dividend Income

Investment return = 15.00% #NUM!

Investment return = #NUM!

DIVIDENDS IN CRORES = -96638

Capital Gains + Dividends 639914

Estimated 10th Year Market Cap 72306

counted Estimated 10th Year Market Cap 23281

Discounted Dividends -40

Discounted Value 23241

Disounted Earnings Valuation 19

 Dhandho Intrinsic Value Calculation
Read the book - The Dhandho Investor by Mohnish Pabrai

SUZLON ENERGY LTD SUZLON EN

Dhandho - Worst Case Dhandho -
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth Year
0 Excess Cash (Latest) 500 Year 1-3 15% 0
1 FY18 244 218 Year 4-6 10% 1
2 FY19 280 224 Year 7-10 5% 2
3 FY20 322 230 Discount Rate 12% 3
4 FY21 355 225 4
5 FY22 390 221 Last 5-Years' CAGR 5
6 FY23 429 217 Sales -12% 6
7 FY24 451 204 PBT -79% 7
8 FY25 473 191 FCF 2% 8

☹
9 FY26 497 179 9
10 FY27 522 168 10
10 5,217 1,680 10
Intrinsic Value 4,257 Intrinsic Va
Current Mkt. Cap. 9,817 Current Mkt. C
Premium/(Discount) 131% Premium/(Discou
Value Per Share 4 Value Per Sh

You have to adjust the initial free cash flows in case if they are negative.
lue Calculation CHEAP EXPENSIVE
vestor by Mohnish Pabrai
WOW, IT'S CHEAP! ☺
SUZLON ENERGY LTD
Dhandho - Best Case
FCF (Rs Cr) PV of FCF (Rs Cr)
IT'S EXPENSIVE
Assumed FCF Growth
☹
Excess Cash (Latest) 500 Year 1-3 20%
FY18 254 227 Year 4-6 15%
FY19 305 243 Year 7-10 10%
FY20 366 261 Discount Rate 12%
FY21
FY22
421
485
268
275
click here for the explanation
FY23 557 282
FY24 613 277
FY25 674 272

☹
FY26 742 267
FY27 816 263
12,238 3,940
Intrinsic Value 7,077
Current Mkt. Cap. 9,817
Premium/(Discount) 39%
Value Per Share 6

they are negative.

 Total Returns Model
SUZLON ENERGY LTD
Particulars Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Net Profit (Rs Crore) -4,724 -3,520 -9,158 583 858 -377 -1,527 -2,642 104 -200
Net Profit Margin -25% -17% -46% 6% 7% -5% -30% -89% 3% -3%
Return on Equity -1474% 647% 100% -8% -13% 5% 18% 24% -3% 5%
Calculations (Enter values only in black cells)
Estimated CAGR in Net Profit over next 10 years 4.83%
GOOD WOW, IT'S CHEAP! ☺
Estimated Net Profit after 10 years (Rs Cr)
Current P/E (x)
Exit P/E in the 10th year from now (x, Estimated)
3,615
4.4
20.0
BAD IT'S EXPENSIVE ☹
Esti. Market Cap (10th year from now; Rs Cr) 72,306
Cost of Capital/Discount Rate 12%

☺
Discounted Value (Rs Cr) 23,283
Current Market Cap (Rs Cr) 9,817

If you invest 1 lakh today, in 10 yrs it will grow into 744284

Investment Return from this stock in the next 10 years 6.07%
Speculative Return from this stock in the next 10 years 17.27%
Capital Gains 22.10%
Dividend Return 1.25% Total
+ Speculative Return =
Total Return = Investment Return + Speculative Return 23.35% Investment Return Return
PEG RATIO 0.90 4.83% 1.25% + 17.27% = 23.35%
4.8%
DANGER! DANGER! You have Inputted The Most Unrealistic And Irrational Growth Rate
ATTENTION PLEASE! Make Sure That Capital Gains Are Atleast 15%
CAGR (9-Yr) CAGR (5-Yr)
-30% -175%

ATTENTION PLEASE!
Make Sure That Capital Gains Are Atleast
15%

Multi-Bagger Gains %

356%
 Intrinsic Value Range UNDER-VALUED
SUZLON ENERGY LTD OVER-VALUED
Market Cap Value Per Share
Lower Higher Lower Higher
Dhandho 4,257 7,077 3.51 5.84
DCF 2,897 2.39
Total Return 23,283 19.21
PE < G Price 10,893 8.99
Current Market Cap. 9,817 share price 8.10 W.Avg Intrinsic Value

ENTRY PRICE Implied PE ASSUMPTIONS

PHASE-1 7 3.86 No.Of Shares Bought in Phase-1
PHASE-2 6 3.43 No.Of Shares Bought in Phase-2
PHASE-3 6 3.22 No.Of Shares Bought in Phase-3
Total No.Of Shares Bought
EXIT PRICE Implied PE
PHASE-1 24 12.90 Capital Gains by selling in Phase-1
PHASE-2 26 13.93 Capital Gains by selling in Phase-1
PHASE-3 29 15.48 Capital Gains by selling in Phase-1
Total Capital Gains (PROFITS)
 LET'S CALCULATE THE RETURN YOU CAN GENERATE

YOUR INVESTMENT = 30,000

Phase-1 Phase-2 Phase-3

10000 10000 10000

TIONS
ught in Phase-1 1,391
ught in Phase-2 1,565
ught in Phase-3 1,669
ares Bought 4,625

elling in Phase-1 27,020

elling in Phase-1 29,982
elling in Phase-1 34,424 Before 30,000
ins (PROFITS) 91,427 304.76% After 121427
 37020
39982.05
44424
121427

Total Return
 10,000

302%

7
26
SUZLON ENERGY LTD
SCREENER.IN
Narration Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22
Sales 655 523 732 955 1,136 1,142 1,356 1,610 2,474 1,381
% Growth YOY 73% 118% 85% 69% 118% 21%
Expenses 1,022 432 620 819 940 988 1,123 1,324 2,258 1,166
Operating Profit -367 91 112 136 196 154 233 286 217 214
Other Income -7 -10 827 5 4 90 6 5 4 2,472
Depreciation 114 71 69 57 62 58 61 63 77 59
Interest 341 408 197 195 197 181 190 186 176 151
Profit before tax -829 -397 672 -111 -59 5 -13 42 -33 2,476
PBT Margin -127% -76% 92% -12% -5% 0% -1% 3% -1% 179%
% Growth YOY -93% -101% -102% -137% -44% 52700%
Tax 5 1 2 0 1 1 0 5 160 44
Net profit -824 -398 676 -117 -57 -22 -11 38 -204 2,433
% Growth YOY -93% -94% -102% -132% 261% ###
OPM -56% 17% 15% 14% 17% 13% 17% 18% 9% 16%
 NEVER PLACE YOUR BUY ORDER WITHOUT GOING THROUGH THIS CHECKLIST

STUDY ITS PRODUCTS/SERVICES CAREFULLY,CHECK WHETHER THEY EXIST IN REAL WORLD AND WHAT
THEY CLAIM ABOUT THEIR PRODUCT/SERVICE IS TRUE OR MAKES SENSE.

READ ATLEAST 10 YEARS OF ANNUAL REPORTS SLOWLY AND SKEPTICALLY.

ARE YOU EXITED BY STORYLINE AND IGNORING WARNING SIGNS?

IS IT JUST LOW P/E OR LOW VALUATION THAT IS TEMPTING YOU TO INVEST? BUY CHEAP STOCKS, BUT
NOT CHEAP QUALITY STOCKS.

STAY AWAY FROM ACQUISITION HUNGRY COMPANIES.

IF YOU FIND ANY RED FLAGS IN YOUR ANALYSIS, NEVER IGNORE, DIG DEEPER.

IF RESULTS ARE GETTING DELAYED.STAY AWAY.

STAY AWAY FROM COMPANIES WHERE INSIDERS ARE SELLING LARGE STAKES.

PROMOTER SHARES ARE PLEDGED,THAT IS ALMOST EQUAL TO SELLING SHARES, SO BE WARY.

IF COMPANY IS FACING TROUBLES COLLECTING CASH (INCREASING RECEIVABLE DAYS).STAY AWAY.

ANALYSE RELATED PARTY TRANSACTIONS CAREFULLY, ESPECIALLY LOANS.

READ 10-YEARS OF REVENUE RECOGNITION POLICIES AND WATCH OUT FOR ANY POLICY CHANGES.

READ 10-YEARS OF AUDITOR REPORTS.

BE WARY WITH COMPANIES NOT CONDUCTING CONFERENCE CALLS AND NO CHAIRMANS LETTER IN THE
ANNUAL REPORT.

NO FINANCIAL DATA ABOUT ACQUIRED COMPANIES, WATCH OUT.

NEVER INVEST IN COMPANIES WITH HIGH POLITICAL CONNECTION.

COMPANY NAME SUZLON ENERGY LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 1,211.96
Face Value 2
Current Price 8.1
Market Capitalization 9816.84

PROFIT & LOSS

Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Sales 18913.53 20402.86 19954.44 9483.48 12714.37 8116.2
Raw Material Cost 14,136.60 13,375.84 13,625.86 5,184.82 8,291.44 5,019.94
Change in Inventory 496.99 -1,059.57 7.19 -418.96 748.55 -95.77
Power and Fuel 62.36 65.34 70.04 60.26 71.44 59.36
Other Mfr. Exp 341.24 962.79 695.9 268.64 456.44 310.98
Employee Cost 2132.7 2231.37 2227.46 959.09 1046.48 804.68
Selling and admin 2615.93 2214.44 2109.51 818.24 784.29 503.36
Other Expenses 1622.99 555.88 6981.83 2056.51 333.57 345.41
Other Income -286.01 -494.54 -193.65 2562.79 108.95 555.15
Depreciation 740.47 776.88 808.77 391.76 389.03 341.61
Interest 1854.85 2069.96 2064.69 1304.02 1287.59 1580.98
Profit before tax -4382.63 -3403.75 -8816.08 583.97 911.59 -390.74
Tax 349.32 144.43 317.28 -23.61 11.7 -1.56
Net profit -4723.96 -3519.97 -9157.69 583.1 857.71 -376.98
Dividend Amount

Quarters
Report Date Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21
Sales 655.1 522.93 731.8 954.99 1136 1141.78
Expenses 1021.65 431.96 620.13 819.32 940.03 987.71
Other Income -6.98 -9.58 826.64 4.53 3.74 89.95
Depreciation 114.11 70.81 68.94 56.58 62.05 57.92
Interest 341.14 407.82 197.36 194.51 196.57 181.41
Profit before tax -828.78 -397.24 672.01 -110.89 -58.91 4.69
Tax 5.36 1.1 2.17 0.25 1.11 1.39
Net profit -823.53 -397.87 675.77 -117.07 -56.65 -22.44
Operating Profit -366.55 90.97 111.67 135.67 195.97 154.07

BALANCE SHEET
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 355.47 497.63 741.54 1004.1 1004.88 1063.95
Reserves -35.06 -1041.48 -9863.84 -8537.27 -7846.21 -8030.8
Borrowings 15,190.81 17,053.32 17,810.96 11,414.32 11,114.29 11,995.52
Other Liabilities 13694.9 13751.04 13042.79 5842.07 7887.14 6091.9
Total 29206.12 30260.51 21731.45 9723.22 12160.1 11120.57
Net Block 12075.68 13514.52 5843.43 1573.08 1665.29 1462.86
Capital Work in Progress 306.27 433.41 356.11 232.51 205.99 353.24
Investments 35.69 706.68 265.66 393.35 669.65 66.99
Other Assets 16788.48 15605.9 15266.25 7524.28 9619.17 9237.48
Total 29206.12 30260.51 21731.45 9723.22 12160.1 11120.57
Receivables 2732.36 2686.85 2754.32 2515.12 3627.53 2985.15
Inventory 5,263.83 4,032.90 3,360.78 2,524.65 3,468.84 3,026.37
Cash & Bank 1959.12 2448.01 2542.88 626.58 336.12 581.07
No. of Equity Shares 1777365600 2.488E+09 3.708E+09 5.021E+09 5.024E+09 5.32E+09
New Bonus Shares
Face value 2 2 2 2 2 2

CASH FLOW:
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 555.69 567.86 1119.2 -739.2 1601.91 -109.44
Cash from Investing Activity -327.88 -438.97 -825.49 4481.8 -643.35 -137.99
Cash from Financing Activity -901.17 360 -198.84 -5656.23 -1249.02 492.38
Net Cash Flow -673.36 488.89 94.87 -1913.63 -290.46 244.95

PRICE: 12.49 10.19 25.12 13.04 17.54 9.83

DERIVED:
Adjusted Equity Shares in Cr 220.05 308.06 459.05 621.59 622.07 658.64
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22

5024.69 2972.85 3345.72 6581.78
2,956.50 1,404.41 1,610.75 4,091.95
-41.85 -469.10 33.48 -239.61
57.1 61.04 45.05 57.59
230.85 129.99 188.43 398.19
874.16 796.25 553.21 545.36
410.39 266.71 223.79 248.21
477.3 701.11 221.28 100.89
92.23 -42.29 822.92 94.78
341.85 418.61 258.38 259.84
1269.91 1367.29 996.26 734.52
-1542.99 -2683.95 104.97 0.4
-11.9 7.44 4.63 166.59
-1527.18 -2642.23 104.18 -199.59

Sep-21 Dec-21 Mar-22 Jun-22

1355.62 1609.91 2474.47 1380.68
1122.91 1323.86 2257.85 1166.44
6 5.1 4.26 2471.88
61.26 63.24 77.42 58.63
190.31 186.37 176.43 151.19
-12.86 41.54 -32.97 2476.3
0.48 4.77 159.95 43.75
-10.55 37.69 -204.29 2433.33
232.71 286.05 216.62 214.24

Mar-19 Mar-20 Mar-21 Mar-22

 1063.95 1063.95 1701.6 1843.49
-9561.56 -12075.39 -5381.09 -5614.99
11,552.03 13,209.80 4,962.27 4,241.64
5816.49 4331.99 5318.31 6004.72
8870.91 6530.35 6601.09 6474.86
1519.75 1358.23 1166.04 1059.3
228.74 122.38 107.45 19.63
20.43 19.74 23 0.03
7101.99 5030 5304.6 5395.9
8870.91 6530.35 6601.09 6474.86
1880.59 1364.54 1189.72 1376.95
2,913.93 2,055.59 2,172.76 2,207.90
74.62 82.33 262.5 500.43
5.32E+09 5319774121 8508012773 9217444037

2 2 2 2

Mar-19 Mar-20 Mar-21 Mar-22

1266.74 -929.04 530.5 1301.9
125.15 -32.49 -23.73 -19.02
-1898.34 969.24 -326.6 -1044.95
-506.45 7.71 180.17 237.93

5.65 1.79 4.59 8.4

658.64 658.64 1,053.37 1,141.21

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