CENTRAL DEPOSITORY SERVICES

COMPANY NAME CENTRAL DEPOSITORY SERVICES (INDIA) LTD
LATEST VERSION 2.10 PLEA

CURRENT VERSION 2.10
META
Number of shares 284.59
Face Value 10.00
Current Price 952.85
Market Capitalization 9,957.32
PROFIT & LOSS

Report Date Mar-13 Mar-14 Mar-15 Mar-16
Sales 90.75 88.93 105.42 122.85
Raw Material Cost
Change in Inventory
Power and Fuel 0.75 0.76 0.61 0.69
Other Mfr. Exp 7.93 9.34 9.26 9.25
Employee Cost 17.27 17.60 19.58 21.95
Selling and admin 12.62 24.37 26.69 18.04
Other Expenses 16.44 4.14 3.87 9.00
Other Income 32.57 34.74 23.45 71.58
Depreciation 2.61 4.97 6.24 4.19
Interest
Profit before tax 65.70 62.49 62.62 131.31
Tax 15.19 12.94 19.20 40.18
Net profit 51.10 49.35 43.66 91.00
Dividend Amount 20.90 20.90 22.99 26.12
Sep-20 Dec-20 Mar-21 Jun-21

89.21 86.13 103.09 117.28
34.84 30.12 39.70 43.55
11.95 17.07 7.17 12.51
2.60 2.51 1.63 1.64
0.01 0.01 0.01
63.71 70.56 68.92 84.60
14.84 16.53 17.27 20.60
48.75 53.69 51.74 63.87
54.37 56.01 63.39 73.73
BALANCE SHEET
Equity Share Capital 104.50 104.50 104.50 104.50
Reserves 224.01 248.91 264.90 374.82
Borrowings
Other Liabilities 87.06 101.47 121.77 73.66
Total 415.57 454.88 491.17 552.98
Net Block 8.47 9.61 6.69 3.67
Capital Work in Progress 1.31 0.18
Investments 341.99 375.39 389.26 457.47
Other Assets 63.80 69.70 95.22 91.84
Total 415.57 454.88 491.17 552.98
Receivables 8.46 6.19 6.91 13.01
Inventory
Cash & Bank 35.33 40.98 65.60 40.37
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 10.00 10.00 10.00 10.00
CASH FLOW:
Cash from Operating Activity 23.96 35.33 42.95 28.42
Cash from Investing Activity -5.99 -12.53 -19.44 0.27
Cash from Financing Activity -18.17 -23.45 -23.48 -27.67
Net Cash Flow -0.20 -0.66 0.03 1.01
PRICE:
DERIVED:
Adjusted Equity Shares in Cr 10.45 10.45 10.45 10.45
PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

146.00 187.69 196.25 214.55 343.72 551.33
0.67 0.65 0.52 0.44 0.51 0.55

9.74 9.72 13.98 15.36 19.91 27.63
25.39 31.14 35.59 48.84 43.54 53.14
17.15 21.49 19.80 34.31 27.42 43.28
13.63 14.32 17.43 26.54 40.52 61.21
40.85 37.99 49.19 59.15 56.92 54.57
3.70 6.95 9.92 11.73 9.20 11.46
0.03 0.02 0.08
116.57 141.41 148.20 136.45 259.52 408.55
29.98 37.78 33.38 29.73 58.25 96.74
85.78 103.18 113.51 106.16 200.34 311.18
31.35 36.58 41.80 47.02 94.05 156.75
Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22

145.97 151.52 136.56 140.18 148.95 141.19
47.30 48.75 46.30 65.51 57.63 56.56
19.18 11.42 15.41 6.12 20.99 19.68
3.06 3.15 3.61 4.19 4.89 4.94
0.02 0.04 0.04
114.79 111.04 102.06 76.58 107.38 99.33
28.73 27.40 23.94 18.98 26.92 24.57
85.92 83.73 77.65 57.78 80.41 74.64
98.67 102.77 90.26 74.67 91.32 84.63

104.50 104.50 104.50 104.50 104.50 104.50
428.82 494.25 563.64 619.49 772.72 988.42
0.28 0.29
73.18 91.59 115.65 138.34 206.48 232.34
606.50 690.34 783.79 862.33 1,083.98 1,325.55
5.22 76.09 75.24 74.35 73.43 106.18
0.26 22.78 3.80
502.90 521.04 593.25 664.59 709.42 925.49
98.12 93.21 115.30 123.39 278.35 290.08
606.50 690.34 783.79 862.33 1,083.98 1,325.55
13.27 18.85 19.14 26.03 37.48 45.83
48.32 41.95 55.50 53.70 207.68 205.85

### ### ### ### ### ###
10.00 10.00 10.00 10.00 10.00 10.00

42.74 79.30 85.70 82.17 192.56 282.50
18.19 -67.09 -66.78 -32.66 -107.23 -144.62
-31.44 -37.73 -20.09 -50.54 -47.16 -94.18
29.49 -25.52 -1.17 -1.02 38.17 43.70
282.65 242.55 214.40 656.05 1,480.35
10.45 10.45 10.45 10.45 10.45 10.45

CENTRAL DEPOSITORY Warning! Excel can be a wond
a deadly weapon if you wish
SERVICES (INDIA) LTD careful of what you are gettin
garbage out. And if you need th
given stock, you m
Basic Company Details

Parameters Details
Company CENTRAL DEPOSITORY SERVICES (INDIA) LT
Current Stock Price (Rs) 953 Remember! Focus on decision
Face Value (Rs) 10.0 evidenc
No. of Shares (Crore) 10.5
Market Capitalization (Rs Crore) 9,957
Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 22.2% Please! It's your money. Plea
cause you to lose it all! I've des
Profit Before Tax Growth (9-Year CAGR) 22.5% but you alone are responsible
Net Profit Growth (8-Year CAGR) 22.2% ever after! I am not a sadist
Average Debt/Equity (5-Years, x) 0.0 analyzing companies on you
instead of a map, for you can co
Average Return on Equity (5-Years) 20.1%
Average P/E (5-Years, x) 31.0
Latest P/E (x) #REF!
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!
CENTRAL DEPOSITORY SERVICES (INDIA) LTD
EP S v s P r i c e
Number of shares 10.45 Fair Value ₹ 1,600.00
Face Value 10.00 ₹ 1,400.00
Current Price 952.85 ₹ 1,200.00
Market Capitalization 9957.32 ₹ 1,000.00

₹ 800.00
EPS 29.78 3 Years Avarage ROE 16.49%
₹ 600.00
Price to Earning 49.71 3Years Avarage EPS 19.70
₹ 400.00
Debt to Equity 0.00 3 Years Avarage PE 18.44
₹ 200.00
ROE 28.47%
₹ 0.00
ROCE 41.47%
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

PROFIT & LOSS , RATIO
Sales 90.75 88.93 105.42 122.85 146.00
-2% 19% 17% 19%
Expense 55.01 56.21 60.01 58.93 66.58
2% 7% -2% 13%
Net profit 51.10 49.35 43.66 91.00 85.78
EPS 4.89 4.72 4.18 8.71 8.21
-0.03 -0.12 1.08 -0.06
Price 0.00 0.00 0.00 0.00 0.00
Mcap 0.00 0.00 0.00 0.00 0.00
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
Price to Earning 0.00 0.00 0.00 0.00 0.00
Debt to Equity 0.00 0.00 0.00 0.00 0.00
Return on Equity 16% 14% 12% 19% 16%
Return on Capital Emp 18% 17% 31% 23%
BALANCE SHEET
Equity Share Capital 105 105 105 105 105
Reserves 224.01 248.91 264.90 374.82 428.82
Borrowings - - - - -
Other Liabilities 87.06 101.47 121.77 73.66 73.18
Total 415.57 454.88 491.17 552.98 606.50
Net Block 8.47 9.61 6.69 3.67 5.22
Capital Work in Progress 1.31 0.18 - - 0.26
Investments 341.99 375.39 389.26 457.47 502.90
Other Assets 63.80 69.70 95.22 91.84 98.12
Total 415.57 454.88 491.17 552.98 606.50
EP S v s P r i c e Equity Share Capial D e b t( B o r r owin g ) Sales
EPS Price
R e se r v e s D e bt : E qui ty Net Profit
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Trailing

OFIT & LOSS , RATIO
187.69 196.25 214.55 343.72 551.33 566.88
29% 5% 9% 60% 60% 3%
77.32 87.32 125.49 131.90 185.81 226
16% 13% 44% 5% 41% 22%
103.18 113.51 106.16 200.34 311.18 290.48
9.87 10.86 10.16 19.17 29.78 27.80
0.20 0.10 -0.06 0.89 0.55 -0.07
282.65 242.55 214.40 656.05 1480.35
2953.70 2534.66 2240.49 6855.75 15469.72 0.00
#DIV/0! -14% -12% 206% 126%
28.63 22.33 21.10 34.22 49.71 34.28
0.00 0.00 0.00 0.00 0.00
17% 17% 15% 23% 28%
25% 23% 20% 32% 41%
BALANCE SHEET
105 105 105 105 105
494.25 563.64 619.49 772.72 988.42
- - - 0.28 0.29
91.59 115.65 138.34 206.48 232.34
690.34 783.79 862.33 1,083.98 1,325.55
76.09 75.24 74.35 73.43 106.18
- - - 22.78 3.80
521.04 593.25 664.59 709.42 925.49
93.21 115.30 123.39 278.35 290.08
690.34 783.79 862.33 1,083.98 1,325.55
Analysis of screener.in data for CENTRAL DEPOSITORY Mar/13 Mar/14 Mar/15 Mar/16
Tax Rate % 23% 21% 31% 31%
Gross Margin % 71% 69% 72% 74%
EBT Margin 72.40% 70.27% 59.40% 106.89%
Operating Margin % 39.38% 36.79% 43.08% 52.03%
1Y rolling growth growth in op margin -7% 17% 21%
3Y rolling growth op margin 10%
5Y rolling growth op margin
7Y rolling growth op margin
Return on Equity % 16% 14% 12% 19%
1Y rolling growth growth in RoE -10% -15% 61%
3Y rolling growth RoE 7%
5Y rolling growth RoE
7Y rolling growth RoE
Return on Invested Capital % 4.72% 4.04% 2.73% 6.99%
1Y rolling growth growth in RoIC -14% -32% 156%
3Y rolling growth ROIC 14%
5Y rolling growth ROIC
7Y rolling growth ROIC
Return on Assets % 12.30% 10.85% 8.89% 16.46%
Dividend Amount Mil 209 209 230 261
Shares Mil 105 105 105 105
Net Income INR Mil 511 494 437 910
Earnings Per Share INR 4.89 4.72 4.18 8.71
Diluted Dividend Per Share 2.00 2.00 2.20 2.50
1Y rolling growth growth in Div per share 0% 10% 14%
3Y rolling growth in Div per share 8%
5Y rolling growth in Div per share
7Y rolling growth in Div per share
Dividend Payout 41% 42% 53% 29%
Diluted Earnings Per Share* 4.89 4.72 4.18 8.71
1Y rolling growth growth in Diluted EPS -3% -12% 108%
3Y rolling growth diluted EPS 21%
5Y rolling growth diluted EPS
Book Value Per Share INR 31.44 33.82 35.35 45.87
1Y rolling growth growth in BV per share 8% 5% 30%
3Y rolling growth BV per share 13%
5Y rolling growth BV per share
7Y rolling growth BV per share
EBT Margin 72.40% 70.27% 59.40% 106.89%

1Y rolling growth growth in EBT margin -3% -15% 80%
3Y rolling growth EBT margin 14%
5Y rolling growth EBT margin
7Y rolling growth EBT margin
Debt/Equity 0.95 0.99 1.05 0.94
Free Cash Flow INR Mil
1Y rolling growth growth in cash flow
3Y rolling growth free cash flow
Return on Assets % 12.30% 10.85% 8.89% 16.46%
1Y rolling growth growth in RoA -12% -18% 85%
3Y rolling growth RoA 10%
5Y rolling growth RoA
7Y rolling growth RoA
Operating Cash Flow Growth % YOY
3Y rolling growth OCF
Free Cash Flow/Sales %
1Y rolling growth growth in FCF/Sales
3Y rolling growth FCF/Sales
Revenue INR Mil (Sales) 908 889 1,054 1,229
1Y rolling growth growth in Revenue -2% 19% 17%
3Y rolling growth in revenue 11%
5Y rolling growth in revenue
7Y rolling growth in revenue
Equity Share Capital Mil 1,045 1,045 1,045 1,045
Err:504 -233 -318 -266 182
1Y rolling growth growth in Work. Cap. 37% -16% -168%
3Y rolling growth in Work. Cap. -192%
5Y rolling growth in Work. Cap.
7Y rolling growth in Work. Cap.
Operating Profit Mil (EBIT) 357 327 454 639
Err:504 39.38% 36.79% 43.08% 52.03%
EBT Margin 72.40% 70.27% 59.40% 106.89%
Net Sales Mil 908 889 1054 1229
Earnings before taxes Mil 657 625 626 1313
Debt/Equity 0.95 0.99 1.05 0.94
Total liabilities Mil 3,111 3,504 3,867 4,485
Return on Assets % 12.30% 10.85% 8.89% 16.46%
Total assets Mil 4156 4549 4912 5530
Total liabilities Mil 3111 3504 3867 4485
Cash & Short-Term Investments
Cash & Short-Term Investments
Long-Term Debt (total liability - current liability) 2240 2489 2649 3748
Debt Level 0.75 0.77 0.79 0.81
Reserves Mil 2,240 2,489 2,649 3,748
Borrowings Mil - - - -
Current Liabilities Mil (short term debt) 871 1,015 1,218 737
Net Block Mil 85 96 67 37

Capital Work in Progress Mil 13 2 - -
Investments Mil 3,420 3,754 3,893 4,575
Current Assets Mil 638 697 952 918
Sales Mil 908 889 1,054 1,229
Raw Material Cost Mil - - - -
Power and Fuel Mil 8 8 6 7
Other Mfr. Exp Mil 79 93 93 93
Employee Cost 173 176 196 220
Selling and admin 126 244 267 180
Other Expenses 164 41 39 90
Change in Inventory - - - -
Total Expenses 550 562 600 589
Cash from Operating Activity Mil 240 353 430 284
Cash from Investing Activity -60 -125 -194 3
Cash from Financing Activity -182 -235 -235 -277
Net Cash Flow -2 -7 0 10
Depreciation Mil 26 50 62 42
Tax Mil 152 129 192 402
Cost of good sold (COGS) 260 277 295 319
Gross Profit 648 612 760 910
Return on Capital Employed -121.30% -66.83% -100.55% 89.47%
1Y rolling growth in ROCE -45% 50% -189%
3Y rolling growth in ROCE -190%
5Y rolling growth in ROCE
7Y rolling growth in ROCE
Price 0 0 0 0
Price to earning 0.00 0.00 0.00 0.00
Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Average Std Dev
26% 27% 23% 22% 22% 24% 24.80% 4%
75% 78% 74% 70% 81% 85% 75.07% 5%
79.84% 75.34% 75.52% 63.60% 75.50% 74.10% 75.29% 13%
54.40% 58.80% 55.51% 41.51% 61.63% 66.30% 50.94% 10%
5% 8% -6% -25% 48% 8%
14% 11% 2% -9% 2% 6%
8% 9% -1% 3% 4%
1% 8% 6%
16% 17% 17% 15% 23% 28% 17.66% 5%
-15% 7% -1% -14% 56% 25%
5% 13% -4% -3% 10% 19%
2% 4% 4% 4% 12%
-1% 7% 13%
5.26% 5.62% 5.32% 3.99% 5.72% 6.67% 5.11% 1%
-25% 7% -5% -25% 43% 17%
9% 27% -9% -9% 1% 8%
4% 6% 8% -4% 5%
-2% 5% 14%
14.14% 14.95% 14.48% 12.31% 18.48% 23.48% 14.63% 4%
314 366 418 470 941 1568 Average Std Dev
105 105 105 105 105 105
858 1,032 1,135 1,062 2,003 3,112 1155 823
8.21 9.87 10.86 10.16 19.17 29.78 11.1 7.9
3.00 3.50 4.00 4.50 9.00 15.00 4.8 4.2
20% 17% 14% 12% 100% 67% 28% 33%
14% 17% 17% 14% 37% 55% 23% 17%
12% 15% 15% 29% 38% 22% 11%
12% 24% 32% 23% 10%
37% 35% 37% 44% 47% 50% 42% 7%
8.21 9.87 10.86 10.16 19.17 29.78 11.1 7.9
-6% 20% 10% -6% 89% 55% 28% 45%
20% 33% 8% 7% 25% 40%
15% 18% 19% 17% 29%
11% 22% 32%
51.04 57.30 63.94 69.28 83.94 104.59 57.7 23.6
11% 12% 12% 8% 21% 25% 15% 9%
15% 17% 12% 11% 14% 18%
13% 14% 14% 13% 15%
12% 14% 17%
79.84% 75.34% 75.52% 63.60% 75.50% 74.10% 0.8 0.1

-25% -6% 0% -16% 19% -2%
4% 8% -11% -7% 0% -1%
1% 1% 1% -7% -1%
-2% 1% 3%
0.94 0.98 1.02 1.05 1.12 1.12 1.01 0.1
#DIV/0! #DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
14.14% 14.95% 14.48% 12.31% 18.48% 23.48%
-14% 6% -3% -15% 50% 27%
9% 19% -4% -5% 7% 17%
4% 6% 7% 2% 11%
0% 8% 15%
14.63% 4%
7.60% 7%
1,460 1,877 1,963 2,146 3,437 5,513

19% 29% 5% 9% 60% 60%
18% 21% 17% 14% 22% 41%
16% 17% 15% 23% 30%
13% 21% 27%
1,045 1,045 1,045 1,045 1,045 1,045
249 16 -4 -150 719 577 77.5 143885%
37% -94% -122% 4171% -581% -20%
-192% -139% -127% -184% 254% -648%
-159% -59% -11% 32% 18%
-6% -212% -212%
794 1,104 1,089 891 2,118 3,655
54.40% 58.80% 55.51% 41.51% 61.63% 66.30%
79.84% 75.34% 75.52% 63.60% 75.50% 74.10%
1460 1877 1963 2146 3437 5513
1166 1414 1482 1365 2595 4086
0.94 0.98 1.02 1.05 1.12 1.12
5,020 5,858 6,793 7,578 9,795 12,211
14.14% 14.95% 14.48% 12.31% 18.48% 23.48%
6065 6903 7838 8623 10840 13256 0.12296364
5020 5858 6793 7578 9795 12211 0.1%
4288 4943 5636 6195 7730 9887

0.83 0.85 0.87 0.88 0.90 0.92
4,288 4,943 5,636 6,195 7,727 9,884
- - - - 3 3
732 916 1,157 1,383 2,065 2,323
52 761 752 744 734 1,062

3 - - - 228 38
5,029 5,210 5,933 6,646 7,094 9,255
981 932 1,153 1,234 2,784 2,901
1,460 1,877 1,963 2,146 3,437 5,513
- - - - - -
7 7 5 4 5 6
97 97 140 154 199 276
254 311 356 488 435 531
172 215 198 343 274 433
136 143 174 265 405 612
- - - - - -
666 773 873 1,255 1,319 1,858
427 793 857 822 1,926 2,825
182 -671 -668 -327 -1,072 -1,446
-314 -377 -201 -505 -472 -942
295 -255 -12 -10 382 437
37 70 99 117 92 115
300 378 334 297 583 967
358 415 501 646 640 813
1,102 1,462 1,462 1,499 2,798 4,700
151.66% 84.47% 87.64% 80.13% 99.36% 156.98%
69% -44% 4% -9% 24% 58%
-231% -194% -1% -19% 6% 21%
-193% -206% -196% 2% 1%
-194% -206% -207%
0 282.65 242.55 214.4 656.05 1480.35
0.00 28.63 22.33 21.10 34.22 49.71
Inconsistency measure* Geometric average*
0.002 25%
0.001 75%
0.005 75%
0.006 51%
0.005 18%
0.001 5%
0.005 15%
Inconsistency measure* Geometric average*
0.169 960
0.155 9
0.182 4
0.208 22%
0.348 15%
0.533 10%
0.724 6%
0.004 41%
0.155 9
0.303 0
0.069 54
0.123 0
0.005 1
0.001 1.01
0.005 15%
0.714 2%
2013
Choose 'none' if you want to get rid of a plot
Choose property (left y-axis) 3Y rolling growth RoE 3Y rolling growth RoE Diluted Dividend
Choose property (left y-axis) Diluted Dividend Per Share
Choose property (right y-axis) None 41000 41500 42000 42500 43000
16
Choose property (right y-axis) None
14
12
10
-2
Projected Earnings Per Share (crude and approx

This Year Mar/13 Mar/14 Mar/15 Mar/16
cannot be Price to earning 0 0.000 0 0
used for all Earnings Per Share INR 4.89 4.72 4.18 8.71
businesses! Projected EPS in yellow 1.15 3.35 5.55 7.76
Projection from Log(EPS) fit 0.6893 0.67417 0.620967 0.93993
0.59186 0.67434 0.756819 0.83952
Earnings Per Share INR projection Projection from Log(E

04/2012 08/2013 12/2014 05/2016 09/2017 02/2019 06/2020 10/2021 03/2023 04/2012 08/2013 12/2014
35.00 1.6
30.00 1.4
25.00 1.2
20.00 1
0.8
15.00
0.6
10.00
0.4
5.00 0.2
0.00 0
oE Diluted Dividend Per Share None None
42000 42500 43000 43500 44000 44500 45000

12
10
er Share (crude and approximate and as on Mar 31st of that year)

Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Apr/22 Apr/22
0 28.626599 22.32973 21.10475 34.22044 49.71289
8.21 9.87 10.86 10.16 19.17 29.78
9.96 12.15 14.35 16.56 18.76 20.96 20.96 20.97
0.91427 0.9944792 1.035918 1.006845 1.282651 1.473895 21.62 21.63
0.922003 1.0044821 1.086961 1.169666 1.252145 1.334623 1.3348494594 1.3350754289
Projection from Log(EPS) fit projection

04/2012 08/2013 12/2014 05/2016 09/2017 02/2019 06/2020 10/2021 03/2023
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
6 7 8 9
42825.00 43190.00 43555.00 43921.00
0.048246 0.133934 -0.036355 -0.030361
3 3.500478 4 4.499522
#N/A #N/A #N/A #N/A
#N/A #N/A #N/A #N/A
10 11
44286.00 44651.00
0.098423 0.187824
9 15
#N/A #N/A
#N/A #N/A
COMPANY NAME CENTRAL DEPOSITORY SERVICES (INDIA) LTD
Create
PAGE INDUSTRIES LTD & Self-f
Self-funding, but not enough value
8.55
3.55
-8.51 -6.51 -4.51 -2.51 -0.51 1.49 3.49 5.49 7

-1.45
-6.45
Neither self-fund
nor create value Create Value but not self-funding
-11.45
Earnings Power Box Data For CENTRAL DEPOSITORY SERVICES (INDIA) LTD
NET BLOCK + CWIP 9.78 9.79 6.69 3.67 5.48 76.09
CAPEX 4.98 3.14 1.17 5.51 77.56
CFO 23.96 35.33 42.95 28.42 42.74 79.30
DEFENSIVE INCOME (FCF) 30.35 39.81 27.25 37.23 1.74
TOTAL CAPITAL = DEBT + EQ+ CASH 705.83 769.78 824.26 977.16 1084.54 1161.74
WACC Expectation 15% 15% 15% 15% 15% 15%
WACC INTEREST ON TOTAL CAPITAL 105.87 115.47 123.64 146.57 162.68 174.26
ENTERPRISE INCOME -87.34 -100.86 -103.43 -127.15 -117.75 -109.07
EPS 4.89 4.72 4.18 8.71 8.21 9.87
Report Year 2013 2014 2015 2016 2017 2018
ENTERPRISING EPS -9.65 -9.90 -12.17 -11.27 -10.44
DEFENSIVE EPS 2.90 3.81 2.61 3.56 0.17
S.no 2 3 4 5 6 7
Report Date Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
NET PROFIT 51.10 49.35 43.66 91.00 85.78 103.18
OTHER INCOME 32.57 34.74 23.45 71.58 40.85 37.99
DEPRECIATION 2.61 4.97 6.24 4.19 3.70 6.95
Net Block 8.47 9.61 6.69 3.67 5.22 76.09
Capital Work in Progress 1.31 0.18 0.00 0.00 0.26 0.00
Cash from Operating Activity 23.96 35.33 42.95 28.42 42.74 79.30
Equity Share Capital 104.50 104.50 104.50 104.50 104.50 104.50
Reserves 224.01 248.91 264.90 374.82 428.82 494.25
Borrowings 0.00 0.00 0.00 0.00 0.00 0.00
Investments 341.99 375.39 389.26 457.47 502.90 521.04
Cash & Bank 35.33 40.98 65.60 40.37 48.32 41.95
Adjusted Equity Shares in Cr 10.45 10.45 10.45 10.45 10.45 10.45
Create Value EPS DEFENSIVE EPS ENTER
& Self-fund 40.00
30.00
20.00
10.00
.49 5.49 7.49

0.00
Jan/13 Jan/14 Jan/15 Jan/16 Jan/17 Jan
-10.00
-20.00
but not self-funding
ICES (INDIA) LTD

75.24 74.35 96.21 109.98
9.07 10.84 31.06 25.23
85.70 82.17 192.56 282.50
76.63 71.33 161.50 257.27
1316.89 1442.28 1794.60 2224.55

15% 15% 15% 15% Assumed to be 15%. Vary if necessary
197.53 216.34 269.19 333.68
-133.21 -169.33 -125.77 -77.07
10.86 10.16 19.17 29.78
2019 2020 2021 2022 min max abs min abs max
-12.75 -16.20 -12.04 -7.38 -16.20 -7.38 16.20402 7.375359 16.20402
7.33 6.83 15.45 24.62 0.17 24.62 0.166507 24.61914 24.61914
8 9 10 11
Mar/19 Mar/20 Mar/21 Mar/22
113.51 106.16 200.34 311.18
49.19 59.15 56.92 54.57
9.92 11.73 9.20 11.46
75.24 74.35 73.43 106.18
0.00 0.00 22.78 3.80
85.70 82.17 192.56 282.50
104.50 104.50 104.50 104.50
563.64 619.49 772.72 988.42
0.00 0.00 0.28 0.29
593.25 664.59 709.42 925.49
55.50 53.70 207.68 205.85
10.45 10.45 10.45 10.45
EPS DEFENSIVE EPS ENTERPRISING EPS
Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22

Altman Z-score is a measure of how
Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Working Capital INR Mil -233 -317.7 -266 182 249 16
Asset Turnover (Average) 0.2 0.2 0.2 0.2 0.2 0.3
Revenue INR Mil 908 889 1054 1229 1460 1877
Average total assests* 4156 4549 4912 5530 6065 6903
Total liabilities* 3111 3504 3867 4485 5020 5858
Net Sales* 908 889 1054 1229 1460 1877
Shares outstanding Mil 105 105 105 105 105 105
Avg of max and min share price #REF! #REF! #REF! #REF! #REF! #REF!
Market Cap* #REF! #REF! #REF! #REF! #REF! #REF!
Operating Income INR Mil (EBIT) 357.4 327.2 454.1 639.2 794.2 1103.7
Net Income INR Mil 511 493.5 436.6 910 857.8 1031.8
Dividends INR per share 2.00 2.00 2.20 2.50 3.00 3.50
Retained earnings 302 285 207 649 544 666
Working Capital/avg total assets -0.06 -0.07 -0.05 0.03 0.04 0.00
Retained earnings/avg total assets 0.07 0.06 0.04 0.12 0.09 0.10
EBIT/avg total assets 0.09 0.07 0.09 0.12 0.13 0.16
Market Cap/Total liabilities #REF! #REF! #REF! #REF! #REF! #REF!
Net Sales/avg total assets 0.22 0.20 0.21 0.22 0.24 0.27
Altman Z-score (1968 formula) #REF! #REF! #REF! #REF! #REF! #REF!
Altman Z-score for emerging markets #REF! #REF! #REF! #REF! #REF! #REF!
Altman Z-score for non-manufacturing industries #REF! #REF! #REF! #REF! #REF! #REF!
(Banks, airlines etc)
0.15 0.30
0.25
0.10
0.20
0.05
Retained earnings/avg total
assets 0.15
Working Capital/avg total
assets
0.00 0.10
Jan/13 Jan/15 Jan/17 Jan/19 Jan/21
0.05
-0.05
0.00
-0.10 Apr/12 Dec
0.05
-0.05
0.00
-0.10 Apr/12 Dec
a measure of how close a firm is to bankruptcy
Mar/19 Mar/20 Mar/21 Mar/22 Analysis of screener.in data for CENTRAL DEPOSITORY SERVICES (INDIA) LTD
-4 -150 719 577
0.3 0.2 0.3 0.4
1963 2146 3437 5513
7838 8623 10840 13256
6793 7578 9795 12211
1963 2146 3437 5513
105 105 105 105
#REF! #REF! #REF! #REF! Note stock price data is for #REF!
#REF! #REF! #REF! #REF!
1089.3 890.6 2118.2 3655.2
1135.1 1061.6 2003.4 3111.8
4.00 4.50 9.00 15.00 * Same units and denomination as Revenue
717 591 1063 1544 retained earnings from the previous year are not taken into account
0.00 -0.02 0.07 0.04

0.09 0.07 0.10 0.12
0.14 0.10 0.20 0.28
0.25 0.25 0.32 0.42
#REF! #REF! #REF! #REF! >3 Safe from bankruptcy; Less than 3 but > 1.8 = Grey zone; Less than 1.8 = dis
#REF! #REF! #REF! #REF! >2.6 Safe from bankruptcy; Less than 2.6 but > 1.1 = Grey zone; Less than 1.1 =
#REF! #REF! #REF! #REF! >2.6 Safe from bankruptcy; Less than 2.6 but > 1.1 = Grey zone; Less than 1.1 =
0.30 0.45
0.40
0.25
0.35
0.20 0.30
0.25
EBIT/avg total assets
0.15
Market Cap/Total liabilities
0.20
Net Sales/avg total assets
0.10 0.15
0.10
0.05
0.05
0.00 0.00
Apr/12 Dec/14 Sep/17 Jun/20 Mar/23
0.05
0.05
0.00 0.00
Apr/12 Dec/14 Sep/17 Jun/20 Mar/23
S (INDIA) LTD
ne; Less than 1.8 = distress
zone; Less than 1.1 = distress
zone; Less than 1.1 = distress

Dupont 5-step ROE Analysis with Analysis of screener.in data for CENTRAL DEPOSITORY SERVICES (INDIA) LT
Inputs Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Net Income INR Mil 511 494 437 910 858 1032 1135 1062
Tax Rate % 23% 21% 31% 31% 26% 27% 23% 22%
Pre-tax income (EBT) INR Mil 657 625 626 1313 1166 1414 1482 1365
Operating Income INR Mil (EBIT) 357 327 454 639 794 1104 1089 891
Tax burden 78% 79% 70% 69% 74% 73% 77% 78%
Interest burden 184% 191% 138% 205% 147% 128% 136% 153%
Operating Margin 39.4% 36.8% 43.1% 52.0% 54.4% 58.8% 55.5% 41.5%
Asset Turnover (Average) 0.22 0.20 0.21 0.22 0.24 0.27 0.25 0.25
Financial Leverage 1.27 1.29 1.33 1.15 1.14 1.15 1.17 1.19
Return on Equity % (as per Screener.in) 16% 14% 12% 19% 16% 17% 17% 15%
Calculated Return on Equity 15.6% 14.0% 11.8% 19.0% 16.1% 17.2% 17.0% 14.7%
Tax burden Interest burden

250%
200%
150%
100%
50%
0%
Jan/13 Jan/14 Jan/15 Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22
Return on Equity % (as per Screener.in) Calculated Return on Equity

30%
25%
20%
15%
10%
5%
0%
5%
0%
Y SERVICES (INDIA) LTD
Mar/21 Mar/22 Net Income INR Mil Pre-tax income (EBT) INR Mil Operating Income INR Mil (EBIT)
2003 3112 4500
22% 24% 4000
2595 4086
3500
2118 3655
3000
77% 76% 2500
123% 112% 2000
61.6% 66.3%
1500
0.32 0.42
1000
1.24 1.21
500
23% 28% 0
22.8% 28.5% Jan/13 Jan/14 Jan/15 Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22
Asset Turnover (Average) Financial Leverage

1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
Jan/22 Jan/13 Jan/14 Jan/15 Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22
ity Operating Margin

70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
20.0%
10.0%
0.0%
come INR Mil (EBIT)
Jan/20 Jan/21 Jan/22
Jan/21 Jan/22
Jan/21 Jan/22
Jan/21 Jan/22
Data as on March of year 2013 2014 2015 2016 2017
Net Income INR Mil 511 494 437 910 858
Total assets INR Mil 4,156 4,549 4,912 5,530 6,065
Return on assets 12.3% 10.8% 8.9% 16.5% 14.1%
Operating Cash Flow INR Mil 239.6 353.3 429.5 284.2 427.4
Operating Cash Flow/ Total Assets* 5.77% 9.44% 8.70% 15.50% 31.75%
* Cash flow return on assests
Long-Term Debt (total liability - current liability) 2240.1 2489.1 2649 3748.2 4288.2
Long-term Debt/ Total Assets 54% 55% 54% 68% 71%
Current Ratio 0.733 0.687 0.782 1.247 1.341
Gross Margin % 71% 69% 72% 74% 75%
Shares outstanding Mil 105 105 105 105 105
Asset Turnover 0.2183748 0.195502 0.21463 0.22216 0.240725
Piotroski Score for CENTRAL DEPOSITORY SERVICES (INDIA) L 3/9 7/9 7/9 7/9
0.67
1.20 0.33 0.78 0.78 0.78
1.00
0.80
0.60
0.40
0.20
0.00
2014 2015 2016 2017 2018 2019
Piotroski Score for PAGE INDUST

2018 2019 2020 2021 2022
1,032 1,135 1,062 2,003 3,112
6,903 7,838 8,623 10,840 13,256
14.9% 14.5% 12.3% 18.5% 23.5%
793 857 821.7 1925.6 2825
4942.5 5636.4 6194.9 7730 9887.1

72% 72% 72% 71% 75%
1.018 0.997 0.892 1.348 1.249
78% 74% 70% 81% 85%
105 105 105 105 105
0.271880523 0.250386 0.248803 0.317091 0.415925
7/9 4/9 5/9 9/9 7/9

0.78 0.44 0.56 1.00 0.78
2017 2018 2019 2020 2021 2022
core for PAGE INDUSTRIES LTD

In this sheet you can value the stock using the Graham n
Graham Number
The Graham number or Benjamin Graham number is a figure us
Source https://en.wikipedia.org/wiki/Graham_number
Data derived from Analysis of screener.in data for CENTRAL DEPOSITORY SERVICES (INDIA
Diluted Earnings Per Share* 4.89 4.72 4.18 8.71 8.21
Book Value Per Share INR (last reported) 104.5856
Current market price for CENTRAL DEPOSITORY SERV 952.85 Ensure market price and financials are for the same stock!!
Graham Number Stock is Margin of safety
Using 3Y average of Diluted EPS 215.32 Overvalued -343%
Reference https://en.wikipedia.org/wiki/Graham_number
Current price should not be more than 1½ times the book value las
However a multiplier of earnings below 15 could justify a correspondingl
As a rule of thumb we suggest that the product of the multiplier times th
(This figure corresponds to 15 times earnings and 1½ times book value. I
— Benjamin Graham, The Intelligent Investor, chapter 14
Graham Formula
The Benjamin Graham formula is an intrinsic value formula proposed by
Published in his book, The Intelligent Investor, Graham devised the form
As with any valuation formula, the final number is not designed to give a
Source https://en.wikipedia.org/wiki/Benjamin_Graham_formula

1Y rolling growth growth in Diluted EPS -3% -12% 108% -6%
3Y rolling growth diluted EPS 21% 20%
Use the above data to enter the projected EPS growth rate for the next 5 years 7.00
EPS lasy FY 29.78
No-growth PE of a company 7 PE ratio of a company with 0% growth.
This guy (OSV) uses 7.http://www.oldschoolvalue.com/blog/v
I don’t know what applies to Indian Stocks.
This VR article says 7 is fine: https://www.valueresearcho
Multiplier to be used for the EPS growth rate 1 Ben Grram used 2. That is 2 x 700%
OSV uses 1.5
VR articles uses 1
High Grade corporae bond yield 8.00% Ben Graham used 4.4% in 1974!
VR article suggests setting to FD rate as a risk-free return
Current yield on long-term corporate bonds 8.50% I am still searching for a reliable source of this. If not known, s
Graham formula (intrisic value) 392.3688
Current market price for CENTRAL DEPOSITORY SERV 952.85

Margin of safety -143%
ock using the Graham number and Graham formula (scroll down)
Graham Number
ham number is a figure used in securities investing that measures a stock's so-called fair value
aham_number
EPOSITORY SERVICES (INDIA) LTD

2018 2019 2020 2021 2022 10Y Average Last 5Y average
9.87 10.86 10.16 19.17 29.78 11.06 15.97
als are for the same stock!!
½ times the book value last reported.

could justify a correspondingly higher multiplier of assets.
duct of the multiplier times the ratio of price to book value should not exceed 22.5.
gs and 1½ times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
vestor, chapter 14
Graham Formula
c value formula proposed by investor and professor, Benjamin Graham, often referred to as the "father of value investing".
or, Graham devised the formula for investors to be able to quickly determine how rationally priced their stocks were.
mber is not designed to give a true value of a stock, but only to approximate its range of possible values
njamin_Graham_formula
2018 2019 2020 2021 2022

20% 10% -6% 89% 55%
33% 8% 7% 25% 40%
15% 18% 19% 17% 29%
11% 22% 32%
percentage
Ben Graham used 8.5.

w.oldschoolvalue.com/blog/valuation-methods/value-stocks-benjamin-graham-formula/
https://www.valueresearchonline.com/story/h2_storyView.asp?str=27759
rate as a risk-free return
source of this. If not known, set it a bit above the risk-free rate
Last 3Y average
19.70
set value, etc.)
her of value investing".

heir stocks were.
952.85 #REF!
Price Multiple Model
Calculate if the stock is overvalued or undervalued
Source: http://investexcel.net/how-to-calculate-if-a-stock-is-undervalued-or
Current price 952.85 Analysis of screener.in data for CENTRAL DEPOSITORY SE

Average annual Diluted EPS Growth over last 10Y 28%
Standard Deviation 45% If the standard deviation is as high than the average, the
Expected conservative EPS growth 15%
Forward PE* 40
PE each fi
Current EPS (last FY) 29.78 60
Current Dividend per share (last FY) 15.00
Expected conservative rate of return 15% 50
40
* Either take a 'guess' from the graph or you can get the forward PE estimtae from
morning star page for the stock 30
20
10
0
Apr/12 Aug/13 Dec/14 May/16
Expected EPS Growth

Year 0 29.78
Year 1 34.24
Year 2 39.38
Year 3 45.29
Total 3Y EPS 118.91
Expected Share Price in 3 Years 1811.54

Dividend Payout Ratio 0.33
Total Dividends Per Share Over 3 Years 39.39
Expected Share Value at End of 3 Years 1850.93
Present Share Value for Good Value 1217.02 Stock is undervalued
Undervaluation could mean trouble too!
"Analysis is purely quantitative, and does not incorporate qualitative aspects that may lead to investors prefering the over valu
Thanks to Raghavendre Shenoy for suggesting this disclaimer.
lculate-if-a-stock-is-undervalued-or-overvalued/
n data for CENTRAL DEPOSITORY SERVICES (INDIA) LTD
tion is as high than the average, the average is useless!
PE each financial year

60
50
40
30
20
10
0
Apr/12 Aug/13 Dec/14 May/16 Sep/17 Feb/19 Jun/20 Oct/21 Mar/23
Expected EPS Growth

Year 0 29.78
Year 1 34.24
Year 2 39.38
Year 3 45.29
Year 4 52.08
Year 5 59.89
Total 5Y EPS 230.89
Expected Share Price in 5 Years ###

Dividend Payout Ratio 0.25
Total Dividends Per Share Over 5 Years 57.82
Expected Share Value at End of 5 Years ###
Present Share Value for Good Value ### Stock is undervalued
to investors prefering the over valued stock"

Valuation using sustainable growth rate
Before using please ensure both Analysis of screener.in data for CENTRAL DEPOSITORY SERVICES (INDIA) LTD
morning star and yahoo finance Money Control Data is for #REF!
data is for the same stock!
Year Price Max Price Min Shares Mil Earnings Per Share INR
#REF! #REF! #REF! 105 4.89
#REF! #REF! #REF! 105 4.72
2007 #REF! #REF! 105 4.18
#REF! #REF! #REF! 105 8.71
#REF! #REF! #REF! 105 8.21
#REF! #REF! #REF! 105 9.87
#REF! #REF! #REF! 105 10.86
#REF! #REF! #REF! 105 10.16
#REF! #REF! #REF! 105 19.17
#REF! #REF! #REF! 105 29.78
Average
Average Sustainable Growth rate 10%
CAGR 3Y 0% 40%
CAGR 5Y 0% 29%
CAGR 7Y 0% 32%
CAGR 9Y 0% 20%
Valuation with TTM EPS and DPS and their past CAGR's
CAGR that will be use to project growth rates
Select CAGR to be used CAGR 3Y 40%
Average Earnings Per Share INR
Last FY 4.89
1Y from now 6.84
2Y from now 9.58
3Y from now 13.41
4Y from now 18.76
5Y from now 26.26
6Y from now 36.75
7Y from now 51.43
8Y from now 71.99
9Y from now 100.75
10Y from now 141.00
Total Dividend over next 10Y 456.22

EPS 10Y from now 141.00 This calculation is similar to that done in 'Valuation-1' shee
Proected price after 10Y with average PE #DIV/0! Projected price after 10Y with median PE
Total gain #DIV/0! Total gain
Projected return #DIV/0! Projected return
Valuation with TTM BVS and projected EPS and DPS with average of past ROE and payout ratios
Average Earnings Per Share INR
Current projected (BVS is last FY) 5.55
1Y from now 6.13
2Y from now 6.76
3Y from now 7.46
4Y from now 8.23
5Y from now 9.08
6Y from now 10.01
7Y from now 11.05
8Y from now 12.19
9Y from now 13.45
10Y from now 14.84
Projected CAGR
10.33%
Total Dividend over next 10Y 43.47

Projected EPS 10Y from now 14.84
Proected price after 10Y #DIV/0! Projected price after 10Y with median PE
Total gain #DIV/0! Total gain
Projected return #DIV/0! Projected return
To find the actual return on investment based on parameters that influence sustainable growth, go to valuation-3
Source: http://www.aaii.com/computerized-investing/article/valuing-stocks-the-warren-buffett-way.touch
RY SERVICES (INDIA) LTD Current price 952.85
Diluted Dividen Book Value Per Share INR PE high PE low ROE% Payout Ratio% Revenue INR Mil (S
2.00 31.44 16% 41% 907.5
2.00 33.82 14% 42% 889.3
2.20 35.35 12% 53% 1054.2
2.50 45.87 19% 29% 1228.5
3.00 51.04 16% 37% 1460
3.50 57.30 17% 35% 1876.9
4.00 63.94 17% 37% 1962.5
4.50 69.28 15% 44% 2145.5
9.00 83.94 23% 47% 3437.2
15.00 104.59 28% 50% 5513.3
#DIV/0! #DIV/0! 18% 42%
55% 18% 19%

38% 15% 12%
32% 17% 13%
22% 13% 6%
ill be use to project growth rates Average high PE Average low PE

55% #DIV/0! #DIV/0!
Diluted Dividend Per Share
2.00
3.11
4.83
7.50
11.65
18.10
28.13
43.70
67.89
105.47
163.86
r to that done in 'Valuation-1' sheet

Y with median PE #VALUE!
#DIV/0!
#DIV/0!
Diluted Dividen Book Value Per Share INR
2.30 31.44
2.54 34.68
2.80 38.27
3.09 42.22
3.41 46.58
3.77 51.39
4.16 56.70
4.59 62.56
5.06 69.02
5.58 76.15
6.16 84.02
Projected CAGR
10.33% 10.33%
Y with median PE #VALUE!

#VALUE!
#VALUE!
owth, go to valuation-3
n-buffett-way.touch
Net Income INR Mil Equity Share Capital Mil Growth Rate
511 1045
493.5 1045
436.6 1045
910 1045
857.8 1045
1031.8 1045
1135.1 1045
1061.6 1045
2003.4 1045
3111.8 1045
Return on investment based on book value growth rate Source:
http://gbr.pepperdine.edu/2010/08
Source:
Long-term Bond yield 7.98% http://www.investing.com/rates-bon
Year Book Yield Per Share Payout Ratio% Retention Ratio%

#REF! 0.16 0.41 0.59
#REF! 0.14 0.42 0.58
2007 0.12 0.53 0.47
#REF! 0.19 0.29 0.71
#REF! 0.16 0.37 0.63
#REF! 0.17 0.35 0.65
#REF! 0.17 0.37 0.63
#REF! 0.15 0.44 0.56
#REF! 0.23 0.47 0.53
#REF! 0.28 0.50 0.50
Average 0.18 0.42 0.58
Median 0.17 0.42 0.58
Choose Book value Growth rate 4% #N/A
Projection with avg BYS and Payout Ratio

Book Value Per Share INR Earnings Per Share INR Diluted Dividend Per
Last FY 31.44 5.55 2.30
1Y from now 32.73 5.78 2.40
2Y from now 34.07 6.02 2.50
3Y from now 35.47 6.26 2.60
4Y from now 36.92 6.52 2.71
5Y from now 38.44 6.79 2.82
6Y from now 40.02 7.07 2.93
7Y from now 41.66 7.36 3.05
8Y from now 43.37 7.66 3.18
9Y from now 45.15 7.97 3.31
10Y from now 47.00 8.30 3.45
CAGR 3.72% 3.72% 3.72%
Estimated CAGR of investment with different PE values

Choose Projection with median BYS and Payout Ratio
Lowest PE Highest PE Average PE
Historical
0.00 0.00 #DIV/0!
Projected CAGR with Lowest PE Highest PE Average PE
Investment at today's price -952.85 -952.85 -952.85
Dividend received 1Y from now 2.25 2.25 2.25
Future value (incl. Div) 10Y from now 3.24 3.24 #DIV/0!
IRR Err:523 Err:523 #DIV/0!
Sometimes IRR will give an error if it cannot calculate the return
r.pepperdine.edu/2010/08/the-buffett-approach-to-valuing-stocks/
ww.investing.com/rates-bonds/india-10-year-bond-yield-historical-data
Assumed Growth in Book Value

with avg BYS and RR 10% Sustainable Growth rate
with median BYS and RR 10%
historical 1Y average 15%
lower limit (hist avg- std.dev) 6%
Projection with median BYS and Payout Ratio

Earnings Per Share INR Diluted Dividend Per Share
5.20 2.16
5.41 2.25
5.63 2.35
5.87 2.44
6.11 2.54
6.36 2.65
6.62 2.75
6.89 2.87
7.17 2.99
7.47 3.11
7.77 3.24
3.72% 3.72%
Median PE
#VALUE!
Median PE
-952.85 negative sign signifies investment (necessary for IRR calcualtion)
2.25 These are the
2.35 dividends which
2.44 are assumed to be
2.54 received and not
2.65 reinvested. Such as
2.75 assumption is incorrect,
2.87 but should suffice for
2.99 estimation purposes
3.11
#VALUE!
#VALUE! Since entries are spaced an year apart, IRR = XIRR
Valuation using the Discounted Cash Flow Model Source:
Current price 952.85

Shares Mil outstanding 105
Debt level in the last year 1 (see Notes for definition) Negative implies more cash than de
Year Diluted Dividend PROE% Payout Ratio% Growth Rate
#REF! 2.00 15.56% 40.90% 9%
#REF! 2.00 13.96% 42.35% 8%
2007 2.20 11.82% 52.66% 6%
#REF! 2.50 18.99% 28.70% 14%
#REF! 3.00 16.08% 36.55% 10%
#REF! 3.50 17.23% 35.45% 11%
#REF! 4.00 16.99% 36.82% 11%
#REF! 4.50 14.66% 44.29% 8%
#REF! 9.00 22.84% 46.95% 12%
#REF! 15.00 28.47% 50.37% 14%
3Y Average 9.50 21.99% 47.20% 12%
5Y Average 7.20 20.04% 42.78% 11%
7Y Average 5.93 19.32% 39.88% 12%
10Y Average 4.77 17.66% 41.50% 10%
Next 3Y average Dividends pe 10.60 Initial Cash Flow 81

Next 5Y average Dividends pe 8.03
Next 7Y average Dividends pe 6.62 What is the rate at which you would like to discount future
Next 10Y average Dividends p 5.26 Technically this should be equal to the weighted average c
3Y Cost of Equity* 12.72% This is (according to wikipedia), the minimum return that a
5Y Cost of Equity 12.31% on an existing asset base to satisfy its creditors, owners, a
10Y Cost of Equity 12.31% capital, or they will invest elsewhere. The WACC is difficult
10Y Cost of Equity 10.88% So you will need to guess the discount rate conservatively
* Also known as required rate of return Margin of Safety 25%
Discounted Cash Flow projections (choose FCF growth rate in green cells) DCF projections beyond 10Y may no
Year FCF Growth Rate Free Cash Flow Present Value
1 5% 85 76
2 5% 89 71
3 5% 94 67
4 5% 98 63
5 5% 103 59
6 5% 109 55 Terminal year for 5Y projectio
7 5% 114 52
8 5% 120 48
9 5% 126 45
10 5% 132 42
12 5% 145 37
13 5% 153 35
14 5% 160 33
15 5% 168 31
17 5% 186 27
18 5% 195 25
19 5% 205 24
20 5% 215 22
Terminal year for 20Y projectio
http://www.focusinvestor.com/index.php/articles.html
http://www.investopedia.com/university/dcf/
ve implies more cash than debt

Free Cash Flow INR Mil
0
0
0
0
0
0
0
0
0
0 Use this as reference for FCF growth rate
0 FCF Last 3Y growth rate #DIV/0!
0 FCF Last 9 growth rate
#N/A
u would like to discount future cash flow to present values?

ual to the weighted average cost of capital (WACC).
a), the minimum return that a company must earn
satisfy its creditors, owners, and other providers of
ewhere. The WACC is difficult to compute.
discount rate conservatively 12%
ojections beyond 10Y may not be of much use!
After 5Y, 10Y, 15Y or 20Y, if we assume the growth will saturate,
the growth rate at this point is the terminal growth rate
Growth rate in terminal year FCF in terminal year PV of Cash flow

Terminal year for 5Y projection 5% 108.55 335
erminal year for 10Y projection -10% 118.75 578

erminal year for 15Y projection -10% 151.55 754
erminal year for 20Y projection 0% 214.92 881

Year average Dividends per share Price Max
#REF! #REF!
#REF! 2.16 #REF!
2007 2.32 #REF!
#REF! 2.84 #REF!
#REF! 3.31 #REF!
#REF! 3.89 #REF!
#REF! 4.43 #REF!
#REF! 4.87 #REF!
#REF! 10.09 #REF!
#REF! 17.12 #REF!
Terminal Value Total cash flow PV DCF value per share

879.90 1215 11.62
173.79 752 7.18

125.86 879 8.41
185.66 1066 10.20

Price Min Max Cost of Equity Min Cost of Equity Avg Cost of Equity
#REF!
The price at or below which you can buy

DCF value per share with margin of safety
8.71
5.39
6.30
7.65
Valuation using the Reverse Discounted Cash Flow Model
Current price 952.85

Shares Mil outstanding 104.5
Debt level in the last year 1 (see Notes for definition)
Year Diluted Dividend Per Share ROE%
#REF! 2 15.56%
#REF! 2 13.96%
2007 2.2 11.82%
#REF! 2.49952153110048 18.99%
#REF! 3 16.08%
#REF! 3.50047846889952 17.23%
#REF! 4 16.99%
#REF! 4.49952153110048 14.66%
#REF! 9 22.84%
#REF! 15 28.47%
3Y Average 9.50 21.99%
5Y Average 7.20 20.04%
7Y Average 5.93 19.32%
10Y Average 4.77 17.66%
Next 3Y average Dividends per share 10.60

3Y Cost of Equity* 12.72%
5Y Cost of Equity 12.31%
* Also known as required rate of return
Discounted Cash Flow projections (choose FCF growth rate in green cells)
Year FCF Growth Rate Free Cash Flow
1 127.28% 260
2 127.28% 590
3 127.28% 1341
4 127.28% 3049
5 127.28% 6929
After 5Y, if we assume the growth will saturate,

the growth rate at this point is the terminal growth rate
Growth rate in terminal year If you wish to

projected gro
should b
If you wish to
Terminal year for 5Y projection 5% projected gro
FCF in terminal year 7271.84
should b
PV of Cash flow 7527
Terminal Value 58467.95
Total cash flow PV 65995
DCF value per share 631.52
When you click on the black button,
Current price will be equal to DCF value per share with margin of safety
DCF value per share with margin of safety 473.64
For this to happen, the FCF growth rate for next 5 years should be 127.28%
Source: http://www.investopedia.com/articles/fundamental-analysis/09/reverse-discount-ca
Notes for definition) Negative implies more cash than debt

Payout Ratio% Growth Rate Free Cash Flow INR Mil
40.90% 9% 0
42.35% 8% 0
52.66% 6% 0
28.70% 14% 0
36.55% 10% 0
35.45% 11% 0
36.82% 11% 0
44.29% 8% 0
46.95% 12% 0
50.37% 14% 0
47.20% 12% 0
42.78% 11% 0
39.88% 12% 0
41.50% 10% 0
Initial Cash Flow 114 #N/A
What is the rate at which you would like to discount future cash flow to present values?
Technically this should be equal to the weighted average cost of capital (WACC).
This is (according to wikipedia), the minimum return that a company must earn
on an existing asset base to satisfy its creditors, owners, and other providers of
capital, or they will invest elsewhere. The WACC is difficult to compute.
So you will need to guess the discount rate conservatively
Margin of Safety 25%
n cells)
Present Value
232
470
955
1938
3932
If you wish to buy at current price, the

projected growth rate in free cash flow
should be: (Click to find out)
If you wish to buy at current price, the
projected growth rate in free cash flow
should be: (Click to find out)
undamental-analysis/09/reverse-discount-cash-flow.asp
Use this as reference for FCF growth rate

FCF Last 3Y growth rate #DIV/0!
FCF Last 9 growth rate
12%
Profit & Loss Account / Income Statement
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Trailing
Sales 91 89 105 123 146 188 196 215 344 551 567
% Growth YOY -2% 19% 17% 19% 29% 5% 9% 60% 60%
Expenses 55 56 60 59 67 77 87 125 132 186 226
Material Cost (% of Sales) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check for wide fluctuations in key
Power and Fuel 1% 1% 1% 1% 0% 0% 0% 0% 0% 0% expense items. For manufacturing firms,
Other Mfr. Exp 9% 11% 9% 8% 7% 5% 7% 7% 6% 5% check their material costs etc. For
Employee Cost 19% 20% 19% 18% 17% 17% 18% 23% 13% 10% services firms, look at employee costs.
Selling and Admin Cost 14% 27% 25% 15% 12% 11% 10% 16% 8% 8%
Operating Profit 36 33 45 64 79 110 109 89 212 366 341
Operating Profit Margin 39% 37% 43% 52% 54% 59% 56% 42% 62% 66% 60%
Other Income 33 35 23 72 41 38 49 59 57 55 62
Other Income as % of Sales 35.9% 39.1% 22.2% 58.3% 28.0% 20.2% 25.1% 27.6% 16.6% 9.9% 11.0%
Depreciation 3 5 6 4 4 7 10 12 9 11 18
Interest - - - - - - - 0 0 0 0
Interest Coverage(Times) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4,549 12,977 5,108 3,855
Profit before tax (PBT) 66 62 63 131 117 141 148 136 260 409 385
% Growth YOY -5% 0% 110% -11% 21% 5% -8% 90% 57%
PBT Margin 72% 70% 59% 107% 80% 75% 76% 64% 76% 74% 68%
Tax 15 13 19 40 30 38 33 30 58 97 94
Net profit 51 50 43 91 87 104 115 107 201 312 291
% Growth YOY -2% -12% 110% -5% 20% 11% -7% 89% 55%
Net Profit Margin 56% 56% 41% 74% 59% 55% 59% 50% 59% 57% 51%
EPS 4.8 4.7 4.2 8.7 8.3 9.9 11.0 10.2 19.3 29.8 27.8
% Growth YOY -2% -12% 110% -5% 20% 11% -7% 89% 55%
Price to earning 28.5 22.1 21.0 34.1 49.6 34.2
Price - - - - - 283 243 214 656 1,480 953
Dividend Payout 40.9% 42.4% 52.7% 28.7% 36.5% 35.5% 36.8% 44.3% 46.9% 50.4%
Market Cap - - - - - 2,954 2,535 2,240 6,856 15,470
Retained Earnings 30 29 21 65 55 67 73 59 107 155
Buffett's $1 Test 23.5
TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth 22.2% 26.7% 30.4% 41.1%
PBT Growth 22.5% 30.7% 28.5% 40.2%
PBT Margin 75.3% 78.7% 72.8% 71.1%
Price to Earning 31.0 31.0 31.0 34.9
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.
SCREENER.IN
Narration Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22
Sales 89 86 103 117 146 152 137 140 149 141
% Growth YOY 64% 76% 32% 20% 2% -7%
Expenses 35 30 40 44 47 49 46 66 58 57
Operating Profit 54 56 63 74 99 103 90 75 91 85
Other Income 12 17 7 13 19 11 15 6 21 20
Depreciation 3 3 2 2 3 3 4 4 5 5
Interest 0 0 0 - - - - 0 0 0
Profit before tax 64 71 69 85 115 111 102 77 107 99
PBT Margin 71% 82% 67% 72% 79% 73% 75% 55% 72% 70%
% Growth YOY 80% 57% 48% -9% -6% -11%
Tax 15 17 17 21 29 27 24 19 27 25
Net profit 49 54 52 64 86 84 78 58 80 75
% Growth YOY 76% 56% 50% -10% -6% -11%
OPM 61% 65% 61% 63% 68% 68% 66% 53% 61% 60%
Excel Sheet Made by Amol
(all figures in Rs crores) BALANCE SHEET COMMON SIZE BALANCE SHEET
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Equity Share Capital 105 105 105 105 105 105 105 105 105 105 25% 23% 21% 19% 17% 15% 13% 12% 10% 8%
Reserves 224 249 265 375 429 494 564 619 773 988 54% 55% 54% 68% 71% 72% 72% 72% 71% 75%
Borrowings - - - - - - - - 0 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Trade Payables (Manually copy from Screener.in) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Liabilities 87 101 122 74 73 92 116 138 206 232 21% 22% 25% 13% 12% 13% 15% 16% 19% 18%
TOTAL LIABILITIES 416 455 491 553 607 690 784 862 1,084 1,326 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 8 10 7 4 5 76 75 74 73 106 2% 2% 1% 1% 1% 11% 10% 9% 7% 8%

Capital Work in Progress 1 0 - - 0 - - - 23 4 0% 0% 0% 0% 0% 0% 0% 0% 2% 0%
Cash & Bank 35 41 66 40 48 42 56 54 208 206 9% 9% 13% 7% 8% 6% 7% 6% 19% 16%
Investments 342 375 389 457 503 521 593 665 709 925 82% 83% 79% 83% 83% 75% 76% 77% 65% 70%
Inventory - - - - - - - - - - 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Receivables 8 6 7 13 13 19 19 26 37 46 2% 1% 1% 2% 2% 3% 2% 3% 3% 3%
Loans & Advances (Manually copy from Screener.in) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Assets 20 23 23 38 37 32 41 44 33 38 5% 5% 5% 7% 6% 5% 5% 5% 3% 3%
TOTAL ASSETS 416 455 491 553 607 690 784 862 1,084 1,326 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
FUND FLOW ANALYSIS

5 YEAR 1 YEAR
Equity Share Capital - -
Reserves 560 216
Borrowings 0 0
Trade Payables - -
Other Liabilities 159 26
TOTAL CHANGE IN LIABILITIES 719 242
Net Block + WIP 105 14

Cash & Bank 158 -2
Investments 423 216
Inventory - -
Receivables 33 8
Loans & Advances - -
Other Assets 2 5
TOTAL CHANGE IN ASSETS 719 242
FROM THE LIABILITY SIDE RETURN ON AVERAGE INVESTED CAPITAL (ROIC)

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Operating EBIT 33 28 39 60 76 103 99 77 203 354 Median Min Max
Effective Tax Rate 23% 21% 31% 31% 26% 27% 23% 22% 22% 24% 23% 21% 31%
Operating EBIAT 25 22 27 41 56 76 77 60 157 270
Invested Capital from the Liability Side of Balance Sheet = (Book Value of Equity + Book Value of Debt - Cash)
Invested Capital 293 312 304 439 485 557 613 670 670 887
Average Invested Capital 303 308 371 462 521 585 641 670 779
Median Min Max
ROIC (EBIAT / Average Invested Capital) 7% 9% 11% 12% 15% 13% 9% 23% 35% 12% 7% 35%
with DuPont breakup
EBIAT/Sales 25% 26% 34% 39% 40% 39% 28% 46% 49% 39% 25% 49%
Sales/Av Invested Capital 0.3 0.3 0.3 0.3 0.4 0.3 0.3 0.5 0.7 0.3 0.3 0.7
FROM THE ASSET SIDE RETURN ON AVERAGE INVESTED CAPITAL (ROIC)

The section below breaks down ROIC into various components and thus allows us to use just one ratio-ROIC to measure it ALL operational parameters!
However it is helpful if you read a short note on this before using this section. Click HERE to read this short note
Please Manually Input the Trade Payables Data in 'Row 8' above from Screener.in BEFORE using this section
DATA NEEDED TO CALCULATE ROIC FROM THE ASSET SIDE

Net Working Capital 8 6 7 13 13 19 19 26 37 46
Average Net Working Capital 7 7 10 13 16 19 23 32 42
Median Min Max
Av Working Capital/Sales 8% 6% 8% 9% 9% 10% 11% 9% 8% 9% 6% 11%
Av Working Capital Turnover 12.1 16.1 12.3 11.1 11.7 10.3 9.5 10.8 13.2 11.7 9.5 16.1
Fixed Asset 10 10 7 4 5 76 75 74 96 110

Average Fixed Assets 10 8 5 5 41 76 75 85 103
Av Fixed Assets/Sales 11% 8% 4% 3% 22% 39% 35% 25% 19% 19% 3% 39%
Av Fixed Asset Turnover 9.1 12.8 23.7 31.9 4.6 2.6 2.9 4.0 5.3 5.3 2.6 31.9
Average Invested Capital from the Asset Side of Balance Sheet = Average Net Block & CWIP + Average Net Working Capital
Average Invested Capital 17 15 15 18 57 95 97 117 145
RETURN ON AVERAGE INVESTED CAPITAL (ROIC) with DETAILED BREAK-UP

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Median Min Max Chart of Op. EBIT Margin
Operating EBIT Margin 31% 37% 49% 52% 55% 50% 36% 59% 64% 50% 31% 64%
Gross Margin 89% 91% 92% 93% 94% 93% 93% 94% 95%
- SG&A & Others -52% -48% -40% -38% -36% -37% -51% -32% -29%
- Depreciation -6% -6% -3% -3% -4% -5% -5% -3% -2%
Chart of Sales/Av Invested Capital
Sales/Av Invested Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sales/Av Invested Capital is further broken down into Fixed Asset Turnover and Working Capital Turnover as below:
Av Fixed Asset Turnover 9.1 12.8 23.7 31.9 4.6 2.6 2.9 4.0 5.3
Av Working Capital Turnover - - - - - - - - -

Average Inventory Days - - - - - - - - - Note: Inventory Days and Payable Days are calculated using Sales & not COGS
Average Receivable Days 30 23 30 33 31 35 38 34 28
Average Payable Days 0 0 0 0 0 0 0 0 0
Average Working Capital Cycle Days - - - - - - - - -
Median Min Max Chart of ROIC Pre-Tax
ROIC Pre-Tax #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Effective Tax Rate 21% 31% 31% 26% 27% 23% 22% 22% 24%
ROIC #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
NOTES:
1) The formula used for breaking up ROIC into its components is given in the adjacent image
2) To correctly calculate ROIC you need to several adjustments such as Identifying operating assets,
Capitalizing Operating & Financial Expenses, removing one-time & extra-ordinary items, adjusting taxes, etc
These adjustments are ESSENTIAL to get a correct measurement of ROIC or any other return such as ROE, ROA,
ROCE, etc. However, to do the same we need more granular level data from the Annual Report
HENCE, ROIC calculated without adjustments are ROUGH ESTIMATES of the actual return
Balance Sheet
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Equity Share Capital 105 105 105 105 105 105 105 105 105 105
Reserves 224 249 265 375 429 494 564 619 773 988
Borrowings - - - - - - - - 0 0
Other Liabilities 87 101 122 74 73 92 116 138 206 232
Total 416 455 491 553 607 690 784 862 1,084 1,326
Net Block 8 10 7 4 5 76 75 74 73 106

Capital Work in Progress 1 0 - - 0 - - - 23 4
Investments 342 375 389 457 503 521 593 665 709 925
Other Assets 64 70 95 92 98 93 115 123 278 290
Total 416 455 491 553 607 690 784 862 1,084 1,326
Working Capital -23 -32 -27 18 25 2 -0 -15 72 58

Debtors 8 6 7 13 13 19 19 26 37 46
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 34 25 24 39 33 37 36 44 40 30
Inventory Turnover - - - - - - - - - -
Fixed Asset Turnover 10.7 9.3 15.8 33.5 28.0 2.5 2.6 2.9 4.7 5.2
Debt/Equity - - - - - - - - 0.0 0.0
Return on Equity 15% 14% 12% 19% 16% 17% 17% 15% 23% 29%
Return on Capital Employed 20% 18% 17% 27% 22% 24% 22% 19% 30% 37%
Cash Flow Statement
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) 24 35 43 28 43 79 86 82 193 283 896
% Growth YoY 47% 22% -34% 50% 86% 8% -4% 134% 47%
Cash from Investing Activity -6 -13 -19 0 18 -67 -67 -33 -107 -145 -438
Cash from Financing Activity -18 -23 -23 -28 -31 -38 -20 -51 -47 -94 -374
Net Cash Flow -0 -1 0 1 29 -26 -1 -1 38 44 84
CFO/Sales 26% 40% 41% 23% 29% 42% 44% 38% 56% 51%
CFO/Net Profit 47% 71% 99% 31% 49% 77% 75% 77% 96% 91%
Capex** 315 212 364 565 607 937 1,156 1,638 1,238 824
FCF -291 -176 -321 -537 -564 -858 -1,070 -1,556 -1,045 -542 -6,960
Average FCF (3 Years) -1,048
FCF Growth YoY -39% 82% 67% 5% 52% 25% 45% -33% -48%
FCF/Sales -321% -198% -305% -437% -386% -457% -545% -725% -304% -98%
FCF/Net Profit -570% -357% -736% -590% -658% -831% -943% -1466% -522% -174%
** 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
DELTA DELTA
NETWORTH MKTCAP IMPACT*
10 YR 764 15470 20.24
7 YR 614 15470 25.21
5 YR 494 12516 25.33
3 YR 369 13229 35.86
1 YR 216 8614 39.93
* IMPACT – Every Rupee retained added xx.yy in incremental market value
CENTRAL DEPOSITORY SERVICES (INDIA) LTD SALES GROSS PROFIT EBIT PAT
10 YR CAGR 22.20% 22.20% 22.52% 22.23%
5 YR CAGR 30.92% 30.92% 30.38% 31.78%
3 YR CAGR 60.30% 60.30% 73.03% 71.21%
1 YR GROWTH 60.40% 60.40% 57.44% 55.33%
**modify (if, then) for negative values
CENTRAL DEPOSITORY SERVICES (INDIA) LTD Mar-13 Mar-14 Mar-15 Mar-16
Total Assets/Networth= Financial Leverage 1.27 1.29 1.33 1.15
Long term debt/Earning 0.00 0.00 0.00 0.00
Current liablility/Earning 1.70 2.06 2.79 0.81
Total liability/Earning 1.70 2.06 2.79 0.81
Debt/Equity 0.00 0.00 0.00 0.00
Interest Coverage #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Working Capital/Sales -25.63% -35.72% -25.18% 14.80%
Inventory Turns #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Inventory Days 0 0 0 0
Debtor Days 34 25 24 39
Creditor Days
Cash Conversion Cycle
Cash In/Cash Out Ratio 0.50 0.46 0.60 0.72
Current Ratio 0.73 0.69 0.78 1.25
CFO/PAT 0.47 0.72 0.98 0.31
Gross Margin =Gross Profit/Sales 100.00% 100.00% 100.00% 100.00%

EBIT/Sales 72.40% 70.27% 59.40% 106.89%
EBITDA/Sales 75.27% 75.86% 65.32% 110.30%
Op Profit (Ex Other Income)/Sales 39.38% 36.79% 43.08% 52.03%
Net Margin =PAT/Sales 56.31% 55.49% 41.42% 74.07%
Op Cash Flow/Sales 26.40% 39.73% 40.74% 23.13%
Free Cash Flow/Sales 0.00% 34.13% 37.76% 22.18%
EPA/Sales 57.44% 58.68% 43.45% 72.05%
Sales/Invested Capital =Capital Turns -6.73 -4.05 -5.31 5.62

Sales/Fixed Assets= Fixed Asset Turns 10.71 9.25 15.76 33.47
Sales/Total Assets= Asset Turns 0.22 0.20 0.21 0.22
Net Margin*Asset Turns= RoA 12.30% 10.85% 8.89% 16.46%
Net Margin*Asset Turn*Fin Leverage= RoE 15.56% 13.96% 11.82% 18.99%
RoCE 20.00% 17.68% 16.95% 27.40%
EBIT Margin*Cap Turns*(1-Tax rate)= RoIC -374.70% -225.43% -218.63% 417.07%
Altman Z-Score 0.77 0.65 0.63 1.21

Dividend Payout 40.90% 42.35% 52.66% 28.70%
Cash/Assets 8.50% 9.01% 13.36% 7.30%
EBIT/Invested Capital -487.39% -284.30% -315.31% 600.96%
EPA 52.13 52.19 45.80 88.51
MktCap 0 0 0 0
MktCap Change 0 0 0
MktCap Change - EPA -52.19 -45.80 -88.51
Capex/Net Profits 10 yr 15%

Capex/Depreciation 10 yr 238%
HISTORICAL VALUATIONS
P/E P/B EV/EBITDA P/SALES YIELD
MIN 0.00 0.00 -0.95 0.00 #DIV/0!
MAX 49.71 14.15 36.34 28.06 #DIV/0!
TRAILING 34.28 9.11 36.34 18.06 1.57%
DIVIDEND EPA** MKTCAP CFO** FCF** NETWORTH TOTAL RETURNS

25.09% 21.09% #DIV/0! 31.54% 30.63% 14.29% 108.59%
43.88% 32.62% 51.28% 37.38% 248.71% 16.23% 51.19%
82.58% 71.13% 162.77% 85.42% 89.91% 22.86% 161.37%
66.67% 61.08% 125.65% 46.71% 59.30% 24.59% 124.85%

1.14 1.15 1.17 1.19 1.24 1.21
0.00 0.00 0.00 0.00 0.00 0.00
0.85 0.89 1.02 1.30 1.03 0.75
0.85 0.89 1.02 1.30 1.03 0.75
0.00 0.00 0.00 0.00 0.00 0.00
#DIV/0! #DIV/0! #DIV/0! 4549.33 12977.00 5107.88
17.08% 0.86% -0.18% -6.97% 20.91% 10.47% Check for improving or deteriorating picture
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 0 0 0 0 0
33 37 36 44 40 30
Check back to see if Creditor policy change i
0.84 0.66 0.65 0.58 1.19 1.08

1.34 1.02 1.00 0.89 1.35 1.25
0.50 0.77 0.75 0.77 0.96 0.91
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

79.84% 75.34% 75.52% 63.61% 75.51% 74.12%
82.38% 79.05% 80.57% 69.08% 78.19% 76.20%
54.40% 58.80% 55.51% 41.51% 61.63% 66.30%
58.75% 54.97% 57.84% 49.48% 58.29% 56.44%
29.27% 42.25% 43.67% 38.30% 56.02% 51.24%
25.50% 0.93% 39.05% 33.25% 46.99% 46.66%
56.81% 50.24% 53.93% 46.43% 52.69% 52.92%
4.80 2.42 2.62 3.61 2.04 3.29

27.97 2.47 2.61 2.89 4.68 5.19
0.24 0.27 0.25 0.25 0.32 0.42
14.14% 14.95% 14.48% 12.31% 18.48% 23.48% Check back what is really driving RoA (Net M
16.08% 17.23% 16.99% 14.66% 22.84% 28.47% Check back what is really driving RoE (Net M
21.86% 23.62% 22.18% 18.85% 29.58% 37.38%
284.65% 133.35% 153.32% 179.70% 119.76% 185.95% Check back what is really driving RoIC (Op M
1.05 3.65 2.94 2.41 5.12 8.65

36.55% 35.45% 36.82% 44.29% 46.95% 50.37%
7.97% 6.08% 7.08% 6.23% 19.16% 15.53%
383.20% 181.97% 197.89% 229.76% 154.41% 243.64% Check back the significant role of EBIT/Inves
82.94 94.30 105.83 99.62 181.12 291.74 Check back what is really driving EPA (Inves
0 2954 2535 2240 6856 15470
0 2954 -419 -294 4615 8614
-82.94 2859.39 -524.88 -393.78 4434.13 8322.19
PRE-TAX BOND
LongTerm Bond 9%
LTB Quote 10.30
Equity Quoting @ 3.42%
for improving or deteriorating picture
back to see if Creditor policy change is impacting Working Cap cycle
back what is really driving RoA (Net Margins or Asset Turns, or both)
back what is really driving RoE (Net Margins, Asset Turns, or Financial Leverage)
back what is really driving RoIC (Op Margins or Capital Turns, or both)
back the significant role of EBIT/Invested Capital

back what is really driving EPA (Invested Capital or RoIC, or both)

Gross Profit 90.75 88.93 105.42 122.85 146 187.69
Gross Margin 100% 100% 100% 100% 100% 100%
EBIT 65.7 62.49 62.62 131.31 116.57 141.41
EBITDA 68.31 67.46 68.86 135.5 120.27 148.36
Operating Profit (excl Other Income) 35.74 32.72 45.41 63.92 79.42 110.37
PAT 51.1 49.35 43.66 91 85.78 103.18
Dividend 20.9 20.9 22.99 26.12 31.35 36.58
Networth 328.51 353.41 369.4 479.32 533.32 598.75
Working Capital -23.26 -31.77 -26.55 18.18 24.94 1.62
Invested Capital -13.48 -21.98 -19.86 21.85 30.42 77.71
Capital Employed 328.51 353.41 369.4 479.32 533.32 598.75
Total Assets 415.57 454.88 491.17 552.98 606.5 690.34
Operating Cash Flow 23.96 35.33 42.95 28.42 42.74 79.3
Capex 4.98 3.14 1.17 5.51 77.56
Free Cash Flow 30.35 39.81 27.25 37.23 1.74
Tax Rate 23% 21% 31% 31% 26% 27%
NOPLAT 50.51 49.55 43.42 91.13 86.59 103.63
RoIC -375% -225% -219% 417% 285% 133%
WACC 12% 12% 12% 12% 12% 12%
EPA (Economic Profit Added) 52.13 52.19 45.80 88.51 82.94 94.30
MktCap 0.00 0.00 0.00 0.00 0.00 2953.69
MktCap+Dividend 20.90 20.90 22.99 26.12 31.35 2990.27
Retained Profit 30.2 28.45 20.67 64.88 54.43 66.6
Shares Outstanding (Mn) 104.50 104.50 104.50 104.50 104.50 104.50
EPS 4.89 4.72 4.18 8.71 8.21 9.87
EV -35.33 -40.98 -65.60 -40.37 -48.32 2911.74
Price/Earnings 0.00 0.00 0.00 0.00 0.00 28.63
Price/Book 0.00 0.00 0.00 0.00 0.00 4.93
Price/CashFlow 0.00 0.00 0.00 0.00 0.00 37.25
Price/Sales 0.00 0.00 0.00 0.00 0.00 15.74
EV/EBITDA -0.52 -0.61 -0.95 -0.30 -0.40 19.63
Dividend Yield #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.24%
Working Capital/Total Assets -0.06 -0.07 -0.05 0.03 0.04 0.00
Retained Profits/Total Assets 0.07 0.06 0.04 0.12 0.09 0.10
EBIT/Total Assets 0.16 0.14 0.13 0.24 0.19 0.20
Market Cap/Total Liabilities 0.00 0.00 0.00 0.00 0.00 4.28
Sales/Total Assets 0.22 0.20 0.21 0.22 0.24 0.27
Altman Z-Score 0.77 0.65 0.63 1.21 1.05 3.65
Z > 2.99 -“Safe” Zones
1.81 < Z < 2.99 -“Grey” Zones
Z < 1.81 -“Distress” Zones
10 YEARS NUMBERS
Sales 91 89 105 123 146 188
Receivables 8 6 7 13 13 19
% Sales 9% 7% 7% 11% 9% 10%
EBITDA 38 38 52 68 83 117
EBITDA % 42% 42% 49% 55% 57% 63%
Other Income 33 35 23 72 41 38
Depreciation 3 5 6 4 4 7
Interest - - - - - -
Profit before tax 66 62 63 131 117 141
Tax% 23% 21% 31% 31% 26% 27%
Tax 15 13 19 40 30 38
Net Profit after Tax 51 49 44 91 86 103
NPM% 56% 55% 41% 74% 59% 55%
Cash from Operations 24 35 43 28 43 79
Capex(NFA+WIP Change+Dep) 5 3 1 6 78
YoY Sales Growth (%) -2% 19% 17% 19% 29%

YoY Op. Profit Growth (%) -2% 37% 32% 22% 41%
Business Risk (Op. Leverage) -0.14 1.00 0.93 0.17 0.44
Self Sustainable Growth Rate(SSGR) 252% 283% 1060% 1101% 77%

Growth in Sales -2% 19% 17% 19% 29%
Need for External Funds (Debt/Equity) NO NO NO NO NO
Return on Invested Capital (ROIC) -375% -225% -219% 417% 285% 133%

Capital Intensity (EBITDA / EBIT) 1.07 1.15 1.14 1.07 1.05 1.06
Net Fixed Assets Turns (Higher is be 10.71 9.25 15.76 33.47 27.97 2.47
Depreciation/NFA (consistency) 31% 52% 93% 114% 71% 9%
Receivable days (Lower is better) 34.03 25.41 23.92 38.65 33.18 36.66
Inventory Turnover (Higher is bette 0.00 0.00 0.00 0.00 0.00 0.00
Working Capital Cycle 34.03 25.41 23.92 38.65 33.18 36.66
Net Fixed Assets 8.47 9.61 6.69 3.67 5.22 76.09

CWIP 1.31 0.18 0 0 0.26 0
Share Capital 104.5 104.5 104.5 104.5 104.5 104.5
Dividend Paid (Div) without DDT 21 21 23 26 31 37

Dividend Payout (Div/PAT) 41% 42% 53% 29% 37% 35%
Retained Earnings (PAT-Div) 30 28 21 65 54 67
Cash + Investments (CI+NCI) 377 416 455 498 551 563
Total Debt(D) 0 0 0 0 0 0
Total Equity(E) 329 353 369 479 533 599
D/E 0.00 0.00 0.00 0.00 0.00 0.00
Cost of Funds 12%
Interest Outgo (Rs Cr) (Calculated) - - - - - -
Interest Coverage (Op/Int. Outgo) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Cash from Operating Activity 24 35 43 28 43 79
Cash from Investing Activity -6 -13 -19 0 18 -67
Cash from Financing Activity -18 -23 -23 -28 -31 -38
Net Cash Flow -0 -1 0 1 29 -26
Cash & Eq at end of Year 35 41 66 40 48 42
Market Cap 0 0 0 0 0 2954

P/B 0 0 0 0 0 5
Mar-19 Mar-20 Mar-21 Mar-22
196.25 214.55 343.72 551.33
100% 100% 100% 100%
148.2 136.48 259.54 408.63
158.12 148.21 268.74 420.09
108.93 89.06 211.82 365.52
113.51 106.16 200.34 311.18
41.8 47.02 94.05 156.75
668.14 723.99 877.22 1092.92
-0.35 -14.95 71.87 57.74
74.89 59.4 168.08 167.72
668.14 723.99 877.5 1093.21
783.79 862.33 1083.98 1325.55
85.7 82.17 192.56 282.5
9.07 10.84 31.06 25.23
76.63 71.33 161.50 257.27
23% 22% 22% 24%
114.82 106.74 201.29 311.87
153% 180% 120% 186%
12% 12% 12% 12%
105.83 99.62 181.12 291.74
Mar-19 Mar-20 Mar-21 Mar-22 CURRENT
2534.65 2240.48 6855.72 15469.66 9957.32
2576.45 2287.50 6949.77 15626.41
71.71 59.14 106.29 154.43
104.50 104.50 104.50 104.50
10.86 10.16 19.17 29.78
2479.15 2186.78 6648.32 15264.10
22.33 21.10 34.22 49.71
3.79 3.09 7.82 14.15
29.58 27.27 35.60 54.76
12.92 10.44 19.95 28.06
15.68 14.75 24.74 36.34
1.65% 2.10% 1.37% 1.01%
Mar-19 Mar-20 Mar-21 Mar-22 Z-Weights
0.00 -0.02 0.07 0.04 1.2
0.09 0.07 0.10 0.12 1.4
0.19 0.16 0.24 0.31 3.3
3.23 2.60 6.32 11.67 0.6
0.25 0.25 0.32 0.42 1
2.94 2.41 5.12 8.65
MBERS
Mar-19 Mar-20 Mar-21 Mar-22 Total 10 Yrs CAGR
196 215 344 551 2,047 22%
19 26 37 46 21%
10% 12% 11% 8%
119 101 221 377 29%
61% 47% 64% 68%
49 59 57 55
10 12 9 11 71
- 0 0 0 0
148 136 260 409 23%
23% 22% 22% 24%
33 30 58 97
114 106 200 311 1,155 22%
58% 49% 58% 56%
86 82 193 283 896 32%
9 11 31 25 169 22%
FCF 727
5% 9% 60% 60%
1% -15% 119% 71% Avg Op. Lev
-0.71 -2.63 0.98 0.17 0.02
84% 74% 139% 145%

5% 9% 60% 60%Req. Funds ?
NO NO NO NO No
153% 180% 120% 186%

1.09 1.13 1.04 1.03
2.61 2.89 4.68 5.19
13% 16% 13% 11%
35.60 44.28 39.80 30.34
0.00 0.00 0.00 0.00
35.60 44.28 39.80 30.34
75.24 74.35 73.43 106.18

0 0 22.78 3.8
104.5 104.5 104.5 104.5
42 47 94 157
37% 44% 47% 50%
72 59 106 154 657
649 718 917 1131
0 0 0 0
668 724 877 1093
0.00 0.00 0.00 0.00
- - 0 0 0
#DIV/0! #DIV/0! 6,577.98 10,832.76
Mar-19 Mar-20 Mar-21 Mar-22 Total 10 Yrs

86 82 193 283 896
-67 -33 -107 -145 -438
-20 -51 -47 -94 -374
-1 -1 38 44 84
56 54 208 206
2535 2240 6856 15470

4 3 8 14
PETER LYNCH KPIs
Current Price 953
Cash Held Per Share 108
Dividend Paid 15.00
Dividend Payout (%) 50%
Current EPS 29.78
Cash EPS 27.03
Cash Yield on CMP 2.8%
A) NET PROFIT MARGIN 56.4%

B) ASSET TURNOVER 0.42
C) LEVERAGE 1.00
ROE = A X B X C 23.5%
Price/Earnings 32.00
Cash Adjusted P/E ratio 28.36
Price/Book Value 9.11
Dividend Yield 1.6%
Earnings Growth 55.3%
Inverse PEG 0.02
Growth Nos:
3 Year Sales CAGR 41%
3 Years Profit CAGR 40%
1 Year Sales Growth 60%
1 Year EBIT Growth 71%
1 Year Profit Growth 55%
RM/ Sales 0%
5 yr Avg RM/Sales 0%
Inventory/Sales 0%
5 yr Avg Inventory/Sales 2%
Debt:Equity 0.00
Networth 1,092.92
Long Term Debt 0.29
Cash & Bank Balance 205.85
Investments 925.49
Management Effectiveness:
Book Value 104.59
ROE 28%
ROCE 30%
Shares ( in Cr) 10.45
Margins:
Operating 68.4%
Net Profit 56.4%
Latest Earnings:
Net Profit (TTM) 299.57
Q1
83.73
Q2 77.65
Q3 57.78
Q4 80.41
Last 5 Years: Sales

2014 187.69
2015 196.25
2016 214.55
2017 343.72
2018 551.33
Last 5 Years: Inventory

2014 0.00
2015 0.00
2016 26.03
2017 0.00
2018 0.00
Last 5 Years: RM
2014 0.00
2015 0.00
2016 0.00
2017 0.00
2018 0.00
Last 5 Years: EBIT

2014 117.32
2015 118.85
2016 100.79
2017 221.02
2018 376.98
Last 5 Years: Profits

2014 103.18
2015 113.51
2016 106.16
2017 200.34
2018 311.18
Last 5 Years: Dividends

2014 36.58
2015 41.80
2016 47.02
2017 94.05
2018 156.75
Last 5 Years: Op CF
2014 79.30
2015 85.70
2016 82.17
2017 192.56
2018 282.50
Debt: Equity
Debt FY2017 0.28
Debt FY2018 0.29
Equity FY2017 877.22
Equity FY2018 1,092.92
Sales Other Income Depreciati

600 80 14
500 70 12
60 10
400 50
8
300 40
6
200 30
20 4
100 10 2
0 0 0
Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-1
Gross Profit Gross Margin Operating Profit (

600 120% Other Income
100%100%100%100%100%100%100%100%100%100%
500 100% 400
400 80% 300
300 60%
200
200 40%
100 20% 100
0 0% 0
Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-
EBITDA EBITDA Margin Operating Cash F

400 80% 300
350 70% 250
300 60%
250 50% 200
200 40% 150
150 30% 100
100 20%
50 10% 50
- 0% 0
Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-
Profit before tax Tax Percentage Shares Outstanding

35% 120.00
400
30% 100.00
300 25% 80.00
20%
200 60.00
15%
10% 40.00
100
5% 20.00
0 0% 0.00
Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan
PAT PAT Margin EPS

350 80% 35.00
300 70% 30.00
250 60% 25.00
200 50% 20.00
40%
150 15.00
30%
100 20% 10.00
50 10% 5.00
0 0% 0.00
350 80% 35.00
300 70% 30.00
250 60% 25.00
200 50% 20.00
40%
150 15.00
30%
100 20% 10.00
50 10% 5.00
0 0% 0.00
Mar-17
Depreciation Quarterly Sales Sales (INR Cr) 146
14 160.00 PAT (INR Cr) 86
12 140.00 ROE (%) 16%
10 120.00
100.00 PE (x) 0.00
8
6
80.00 PB (x) 0.00
60.00
4 Mcap (INR Cr) 0
40.00
2 20.00
0 -
Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22
OCF as part of Sales
OCF as part of Profits
Operating Profit (excl Other Income
Other Income) 25.00
400 20.00 R
300 15.00 50.00
200 10.00 45.00
100 5.00 40.00
0 - 35.00
Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 30.00
25.00
Operating Cash Flow Quarterly EBITDA 20.00
300 120.00 15.00
250 100.00 10.00
200 80.00 5.00
150 60.00 0.00
100 40.00 Jan-13 Jan-14 Jan-15 Jan-
50 20.00 Receivable day
0 -
GROW
Shares Outstanding (Mn) Quarterly PBT SALES
120.00 140.00 DIVIDEN
100.00 120.00
80.00 100.00
80.00
60.00
60.00
40.00
40.00
20.00 20.00
0.00 -
EPS Quarterly PAT

31.78%
30.92%
30.92%
35.00
30.38%
100.00
25.09%
22.52%
22.20%
22.20%
22.23%
21.09%
30.00
80.00
25.00
20.00 60.00
15.00 40.00
10.00 1 0 YR C AG R 5 YR C
5.00 20.00
0.00 -
35.00 100.00
31.78
25.09%
30.92
30.92
30.38
22.52%
22.20%
22.20%
22.23%
21.09%
30.00
80.00
25.00
20.00 60.00
15.00 40.00
10.00 1 0 YR C AG R 5 YR C
5.00 20.00
0.00 -
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Growth (x)
188 196 215 344 551 3.78 Shareholder funds
103 114 106 200 311 3.63 1200
17% 17% 15% 23% 28% 1.77 1000
28.63 22.33 21.10 34.22 49.71 #DIV/0! 800
4.93 3.79 3.09 7.82 14.15 #DIV/0! 600
2,954 2,535 2,240 6,856 15,470 #DIV/0! 400
200
10 Years 3 Years Total Retained Earnings (10 Yrs) 657 0

Jan-13 Jan-15 Jan-17 Jan-19 Jan-21
44% 50% Total Mcap Increase (10 Yrs) 15,470
78% 90% Value created per INR of RE 23.55 Total Debt
0
Receivable vs WCAP
0
0
Inventory Days
1
1
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22
Receivable days (Lower is better) Working Capital Cycle

0
GROWTH IN LAST 10 YEARS
Debtor Days
SALES GROSS PROFIT EBIT PAT
DIVIDEND EPA** MKTCAP 50
162.77%
40
30
125.65%
20
10
0
82.58%

73.03%
71.21%
71.13%
66.67%
61.08%
60.40%
60.40%
60.30%
60.30%
57.44%
55.33%
Receivable days
51.28%
43.88%
50.00
32.62%
31.78%
30.92%
30.92%
30.38%
25.09%
21.09%
40.00
30.00
20.00
C AGR 5 YR C AG R 3 YR C AG R 1 YR G R OW TH
10.00
0.00
50.00
43
32.62
31.78
25.09%
30.92
30.92
30.38
21.09% 40.00
30.00
20.00
C AGR 5 YR C AG R 3 YR C AG R 1 YR G R OW TH
10.00
0.00
Shareholder funds Cash from Operating Activ- RoIC
ity 500%
400%
300
300%
250 200%
200 100%
150 0%
100 -100%Jan-13 Jan-15 Jan-17 Jan-19 Jan-21
-200%
50 -300%
- -400%
Jan-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 -500%
Total Debt Depreciation/NFA (consis- Net Margin*Asset Turn*Fin

tency) Leverage= RoE
120% 30.00%
100% 25.00%
80% 20.00%
60% 15.00%
40% 10.00%
20% 5.00%
0% 0.00%
n-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21
Inventory Days Capital Intensity (EBITDA / Net Margin =PAT/Sales

EBIT) 80.00%
1.20 70.00%
60.00%
1.15 50.00%
1.10 40.00%
1.05 30.00%
20.00%
1.00 10.00%
0.95 0.00%
n-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21
Debtor Days Receivable as % Sales Assets Turns

14% 40.00
12% 35.00
10% 30.00
25.00
8%
20.00
6% 15.00
4% 10.00
2% 5.00
0% 0.00
an-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21 Jan-13 Jan-15 Jan-17 Jan-19 Jan-21
Receivable days Interest Coverage Leverage (Debt/Equity)

14000.00 0.00
12000.00
10000.00
8000.00
0.00
6000.00
4000.00
2000.00
0.00 0.00
14000.00 0.00
12000.00
10000.00
8000.00
0.00
6000.00
4000.00
2000.00
0.00 0.00
Net Fixed Assets

120
100
80
60
40
20
0
Jan-13 Jan-15 Jan-17 Jan-19 J
C
17 Jan-19 Jan-21
set Turn*Fin
= RoE
17 Jan-19 Jan-21
PAT/Sales
17 Jan-19 Jan-21
urns
7 Jan-19 Jan-21
bt/Equity)
7 Jan-19 Jan-21
7 Jan-19 Jan-21
Net Fixed Assets
-13 Jan-15 Jan-17 Jan-19 Jan-21

120% Profit Margin Capital All
40%
Check for a rising trend a
100% 35% Numbers > 20% long term
30% has zero/marginal debt. C
80%
25%
60% 20%
40% 15%
10%
20% Check for a rising trend and/or consistency. 5%
Compare with a close competitor
0% 0%
Jan/13 Jan/15 Jan/17 Jan/19 Jan/21 Jan/13 Jan/15
Operating Margin PBT Margin

Net Margin RO
600
Revenue Revenue and P
120%
Check for a rising trend. Check for a r
500 100% pare growth
400 80%
60%
300
40%
200
20%
100
0%
- Jan/14 Jan/16
-20%
Revenue Gro
Net Profit Gr
500 Profit Over Time Operating an

500 Check
Check for a rising trend. for positive num
which are rising over ti
400 -
Jan/13 Jan/15
300 -500
200 -1,000
100 -1,500
- -2,000
PBT Net Profit Operating Cash

Data for Charts (Please don't touch any number below)
Margins
Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21
Operating Margin 39% 37% 43% 52% 54% 59% 56% 42% 62%
PBT Margin 72% 70% 59% 107% 80% 75% 76% 64% 76%
Net Margin 56% 56% 41% 74% 59% 55% 59% 50% 59%
Management Effectiveness
ROE 15% 14% 12% 19% 16% 17% 17% 15% 23%
ROCE 20% 18% 17% 27% 22% 24% 22% 19% 30%
Revenue & Profit Growth

Revenue Growth -2% 19% 17% 19% 29% 5% 9% 60% 60%
PBT Growth -5% 0% 110% -11% 21% 5% -8% 90% 57%
Net Profit Growth -2% -12% 110% -5% 20% 11% -7% 89% 55%
Revenue & Profit

Revenue 91 89 105 123 146 188 196 215 344
PBT 66 62 63 131 117 141 148 136 260
Net Profit 51 50 43 91 87 104 115 107 201
Cash Flows
Operating Cash Flow 24 35 43 28 43 79 86 82 193
Free Cash Flow -291 -176 -321 -537 -564 -858 -1,070 -1,556 -1,045
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
ROE ROCE
Revenue and Profit Growth (YoY)

Check for a rising trend and/or low volatility. Com-
pare growth rates with a close competitor.
Revenue Growth PBT Growth

Net Profit Growth
Operating and Free Cash Flow

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

0
0
0
0
Operating Cash Flow Free Cash Flow

Mar/22
66%
74%
57%
Mar/22
29%
37%
Mar/22
551
409
312
Mar/22
283
-542
Annual
Growth% -2% 19% 17% 19%
Exp as Sales% 61% 63% 57% 48% 46%
OPM % 39.4% 36.8% 43.1% 52.0% 54.4%
Tax % 23% 21% 31% 31% 26%
NPM % 56% 55% 41% 74% 59%
Narration Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Sales 90.75 88.93 105.42 122.85 146.00
Expenses 55.01 56.21 60.01 58.93 66.58
Operating Profit 35.74 32.72 45.41 63.92 79.42
Other Income 32.57 34.74 23.45 71.58 40.85
Depreciation 2.61 4.97 6.24 4.19 3.70
Interest - - - - -
Profit before tax 65.70 62.49 62.62 131.31 116.57
Tax 15.19 12.94 19.20 40.18 29.98
Net profit 51.10 49.35 43.66 91.00 85.78
EPS 4.89 4.72 4.18 8.71 8.21
Price to earning
Price - - - - -
Quarterly
QoQ Sales -3% 20% 14% 24%
Tax % 23% 25% 24% 25%
Quarterly Contribution 25% 30% 34% 42%
Narration Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
Sales 89.21 86.13 103.09 117.28 145.97
Expenses 34.84 30.12 39.70 43.55 47.30
Operating Profit 54.37 56.01 63.39 73.73 98.67
Other Income 11.95 17.07 7.17 12.51 19.18
Depreciation 2.60 2.51 1.63 1.64 3.06
Interest 0.01 0.01 0.01 - -
Profit before tax 63.71 70.56 68.92 84.60 114.79
Tax 14.84 16.53 17.27 20.60 28.73
Net profit 48.75 53.69 51.74 63.87 85.92
0 0 0 0 0
OPM 61% 65% 61% 63% 68%
29% 5% 9% 60% 60% 15% 15%
41% 44% 58% 38% 34% 89% 89%
58.8% 55.5% 41.5% 61.6% 66.3% 11.0% 11.2%
27% 23% 22% 22% 24% 35% 35%
55% 58% 49% 58% 56% 12% 12%
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

187.69 196.25 214.55 343.72 551.33 634.03 729.13
77.32 87.32 125.49 131.90 185.81 564.29 647.47
110.37 108.93 89.06 211.82 365.52 69.74 81.66
37.99 49.19 59.15 56.92 54.57 60.03 66.03
6.95 9.92 11.73 9.20 11.46 12.61 13.87
- - 0.03 0.02 0.08 0.08 0.08
141.41 148.20 136.45 259.52 408.55 117.08 133.75
37.78 33.38 29.73 58.25 96.74 40.98 46.81
103.18 113.51 106.16 200.34 311.18 76.10 86.94
9.87 10.86 10.16 19.17 29.78 7.28 8.32
28.63 22.33 21.10 34.22 49.71 130.84 20.00
282.65 242.55 214.40 656.05 1,480.35 952.85 166.38
Nosh 10.45
4% -10% 3% 6% -5% 30%

25% 23% 25% 25% 25% 25%
27% 25% 25% 27%
Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 YoY
151.52 136.56 140.18 148.95 141.19 183.55 -7%
48.75 46.30 65.51 57.63 56.56 71.02 16%
102.77 90.26 74.67 91.32 84.63 112.53 -18%
11.42 15.41 6.12 20.99 19.68 15.55 72%
3.15 3.61 4.19 4.89 4.94 4.77 57%
- - 0.02 0.04 0.04 8.00 #DIV/0!
111.04 102.06 76.58 107.38 99.33 115.32 -11%
27.40 23.94 18.98 26.92 24.57 28.55 -10%
83.73 77.65 57.78 80.41 74.64 86.76 -11%
0 0 0 0 0
68% 66.10% 53.27% 61.31% 59.94% 61% -12%
15% 15% 15%
89% 89% 89%
11.3% 11.4% 11.5%
35% 35% 35%
12% 12% 12%
Mar-25 Mar-26 Mar-27 5 Yr Cagr

838.50 964.28 1,108.92 15%
743.75 854.35 981.40 39%
94.75 109.93 127.53 -19%
72.63 79.90 87.89 10%
15.25 16.78 18.46 10%
0.08 0.08 0.08 1%
152.05 172.97 196.87 -14%
53.22 60.54 68.91 -7%
98.84 112.43 127.97 -16%
9.46 10.76 12.25 -16%
20.00 20.00 20.00
189.16 215.17 244.91 -30%
QoQ
-5%
-2%
-7%
-6%
1%
0%
-7%
-9%
-7%
-2%
Excel Sheet Made by Amol
CENTRAL DEPOSITORY SERVICES (All figures in Rs crores
PROFIT & LOSS STATEMENT
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 TTM COMMON SIZE P&L STATEMENT
y-o-y Sales Growth % -2% 19% 17% 19% 29% 5% 9% 60% 60% 3% Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 TTM
Sales 91 89 105 123 146 188 196 215 344 551 567
Raw Material Cost - - - - - - - - - - - 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 1 1 1 1 1 1 1 0 1 1 1% 1% 1% 1% 0% 0% 0% 0% 0% 0%
Other Mfr. Exp 8 9 9 9 10 10 14 15 20 28 9% 11% 9% 8% 7% 5% 7% 7% 6% 5%
Gross Profit 82 79 96 113 136 177 182 199 323 523 Gross Margin 90% 89% 91% 92% 93% 94% 93% 93% 94% 95%
Employee Cost 17 18 20 22 25 31 36 49 44 53 19% 20% 19% 18% 17% 17% 18% 23% 13% 10%
Selling and admin 13 24 27 18 17 21 20 34 27 43 14% 27% 25% 15% 12% 11% 10% 16% 8% 8%
Other Expenses 16 4 4 9 14 14 17 27 41 61 18% 5% 4% 7% 9% 8% 9% 12% 12% 11% Chart of Op.EBIT Margin
Depreciation 3 5 6 4 4 7 10 12 9 11 18 3% 6% 6% 3% 3% 4% 5% 5% 3% 2%
Operating Profit (Op. EBIT) 33 28 39 60 76 103 99 77 203 354 323 Op.EBIT Margin 37% 31% 37% 49% 52% 55% 50% 36% 59% 64% 57%
Other Income 33 35 23 72 41 38 49 59 57 55 62 36% 39% 22% 58% 28% 20% 25% 28% 17% 10%
Interest - - - - - - - 0 0 0 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Profit before tax 66 62 63 131 117 141 148 136 260 409 385 Chart of PAT Margin
Tax 15 13 19 40 30 38 33 30 58 97 94
PROFIT AFTER TAX (PAT) 51 50 43 91 87 104 115 107 201 312 291 PAT Margin 56% 56% 41% 74% 59% 55% 59% 50% 59% 57% 51%
Effective Income Tax Rate 23% 21% 31% 31% 26% 27% 23% 22% 22% 24%
Marginal Income Tax Rate 33.99% 33.99% 34.61% 34.61% 34.61% 35.00% 30.00% 25.17% 25.17% #N/A
MARGINAL INCOME TAX DATA
GROWTH ANALYSIS Source KPMG for the years from 2011 until 2019
SALES Op. EBIT PAT from FY20 onwards, it is assumed that domestic companies will take advantage of Section 115BAA
9 Year CAGR 22% 30% 22% Mar-11 32.44%
7 Year CAGR 27% 37% 33% Mar-12 32.45%
5 Year CAGR 30% 36% 29% Mar-13 33.99%
3 Year CAGR 41% 53% 40% Mar-14 33.99%
TTM CAGR 3% -9% -7% Mar-15 34.61%
Mar-16 34.61%
Mar-17 34.61%
DEBT & SOLVENCY RATIOS Mar-18 35.00%
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-19 30.00%
Debt - - - - - - - - 0 0 Mar-20 25.17%
Equity 329 353 369 479 533 599 668 724 877 1,093 Mar-21 25.17%
Debt Coverage Ratios (Lower is Better)

Debt/Equity Ratio - - - - - - - - 0.0 0.0
Debt/EBITDA - - - - - - - - 0.0 0.0
Interest Coverage Ratios (Higher is better)

Op. EBIT/Interest 2,577.7 10,131.0 4,425.8
EBITDA/Interest 2,968.7 10,591.0 4,569.0
NET DEBT (as at) Mar-22

Outstanding Debt 0
- Investments - Investments of 925 NOT deducted from debt. Deduct it, only if it is liquid. Check from Annual Report
- Cash & Bank 206
Net Outstanding Debt -206 This is a GOOD thing. It means that the company has no net debt as its cash reserves exceeds debt
FREE CASH FLOW

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
CASH FROM OPERATIONS 35 43 28 43 79 86 82 193 283
- CAPEX -5 -3 -1 -6 -78 -9 -11 -31 -25 Chart of FCFF
- Tax Benefit from Interest (Int x Tax) - - - - - - -0 -0 #N/A
FREE CASH FLOW TO FIRM (FCFF) 30 40 27 37 2 77 71 161 #N/A
- Interest - - - - - - -0 -0 -0
+ Tax Benefit from Interest (Int x Tax) - - - - - - 0 0 #N/A
- Debt Repayment - - - - - - - - -
+ New Debt - - - - - - - 0 0
FREE CASH FLOW TO EQUITY (FCFE) 30 40 27 37 2 77 71 162 #N/A
FREE CASH FLOW OVER 9 YEARS FROM Mar-14 UNTIL Mar-22
Total CFO - Int Tax Shield #N/A (Cum CFO - Interest)/Cum PAT 79% (ideally, should be more than 75%. Higher the better)
- Total Capex -169
TOTAL FCFF #N/A Cum FCFF/Cum EBIAT #N/A
(Payout Ratio)
- Total Interest + Int Tax Benefit #N/A
Total FCFE through operations #N/A
+ INCREASE in Debt 0
TOTAL FCFE #N/A
#N/A
Total Dividends in 9 yrs 478 #N/A
CASH FLOW STATEMENT

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 24 35 43 28 43 79 86 82 193 283 896
Cash from Investing Activity -6 -13 -19 0 18 -67 -67 -33 -107 -145 -438
Cash from Financing Activity -18 -23 -23 -28 -31 -38 -20 -51 -47 -94 -374
Net Cash Flow -0 -1 0 1 29 -26 -1 -1 38 44 84
VALUATION MULTIPLES
Based on Equity Value
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 1.4.23
No. of shares (in crores) 10 10 10 10 10 10 10 10 10 10 10
EPS 5 5 4 9 8 10 11 10 19 30 28
Stock Price - - - - - 283 243 214 656 1,480 953
P / ETTM 28.5 22.1 21.0 34.1 49.6 34.2
Book Value / Share 31.4 33.8 35.3 45.9 51.0 57.3 63.9 69.3 83.9 104.6 104.6
P/B 4.9 3.8 3.1 7.8 14.2 9.1
Based on Enterprise Value

Debt - Cash -35 -41 -66 -40 -48 -42 -56 -54 -207 -206 Put updated figures
Enterprise Value (EV) -35 -41 -66 -40 -48 2,912 2,479 2,187 6,648 15,264 -
EBIT 66 62 63 131 117 141 148 136 260 409 385
EV / EBITTTM -0.5 -0.7 -1.0 -0.3 -0.4 20.6 16.7 16.0 25.6 37.4
EBITDA 68 67 69 136 120 148 158 148 269 420 403

EV / EBITDA TTM -0.5 -0.6 -1.0 -0.3 -0.4 19.6 15.7 14.8 24.7 36.3
EV / Sales -0.4 -0.5 -0.6 -0.3 -0.3 15.5 12.6 10.2 19.3 27.7
DIVIDENDS
Dividends (Rs crores) 21 21 23 26 31 37 42 47 94 157
Dividends/Net Profit 41% 42% 53% 29% 36% 35% 36% 44% 47% 50%
Dividends/Share 2.0 2.0 2.2 2.5 3.0 3.5 4.0 4.5 9.0 15.0
Stock Dividend Yield 1% 2% 2% 1% 1% 2%
% RETURN IF YOU PURCHASED THE STOCK IN THE PAST AND SOLD IT TODAY
INPUT Date of Purchase Mar/17
Stock Bought - - - - - - - - - -
Dividends - - - - 3.0 3.5 4.0 4.5 9.0 15.0
Stock Sold 953
Total - - - - 3 4 4 4 9 15 953
IRR Err:502
NOTE: The IRR calculated above DOES NOT account for buybacks, if any, by a company
ROIC PREDICTOR
Calculate the impact of ROIC of a company using your estimates of margins, tax and capital efficiency ratios
Input ONLY in Cells denoted as:

Historical Data of 9 years
Operating EBIT Margin 0% Median Min
Gross Margin 93% 89%
- SG&A & Others Input % as a negative number -38% -52%
- Depreciation Input % as a negative number -4% -6%
Sales/Av Invested Capital -

Fixed Asset Turnover 5.3 2.6
Working Capital Turnover -

Average Inventory Days - -
Average Receivable Days 31 23
Average Payable Days 0 0
Average Working Capital Cycle Days -
ROIC Pre-Tax 0%
Effective Tax Rate 24% 21%

ROIC 0%
1) Refer to the historical ranges of these inputs so that you make more informed estimates.
It is very much possible that you can have estimates higher/lower than the historical ranges.
But you should have strong reasons for doing so
2) Remember that these historical numbers are without adjustments as stated in the previous tab
ciency ratios
ical Data of 9 years

Max
95%
-29%
-2%
31.9
-
38
0
31%
QUARTER ANALYSIS
Latest Quarter Latest 6 Months Period Latest 9 Months Period

Dec-22 Dec-21 Growth Latest Year Ago Growth Latest Year Ago Growth
Sales 141 152 -7% 290 297 -2% 430 415 4%
Expenses 57 49 114 96 180 140
Depreciation 5 3 10 6 14 8
Operating Profit 80 100 -20% 166 195 -15% 237 267 -11%
Other Income 20 11 41 31 47 43
Interest 0 - 0 - 0 -
Profit before tax 94 108 197 220 269 303
Tax 25 27 51 56 70 77
Net profit 70 80 -13% 145 163 -11% 199 226 -12%
EBIT Margin 56% 66% 57% 66% 55% 64%

EBITDA Margin 60% 68% 61% 68% 58% 66%
PAT Margin 49% 53% 50% 55% 46% 54%
Dec-22 Dec-21 Dec-20 Sep-22 Sep-21 Sep-20 Jun-22 Jun-21 Mar-22 Mar-21
Sales 141 152 86 149 146 89 140 117 137 103
-7% 76% 2% 64% 20% 32%
Operating Profit 80 100 54 86 96 52 70 72 87 62

-20% 86% -10% 85% -2% 40%
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.

Key Ratios
Sales Growth -2.0% 18.5% 16.5% 18.8% 28.6% 4.6% 9.3% 60.2%
PBT Growth -4.9% 0.2% 109.7% -11.2% 21.3% 4.8% -7.9% 90.2%
Net Profit Growth -1.9% -12.4% 109.9% -5.0% 19.7% 10.8% -7.1% 88.6%
Dividend Growth 0.0% 10.0% 13.6% 20.0% 16.7% 14.3% 12.5% 100.0%
Operating Cash Flow Growth 47.5% 21.6% -33.8% 50.4% 85.5% 8.1% -4.1% 134.3%
Free Cash Flow Growth -39.5% 82.2% 67.1% 5.2% 52.0% 24.8% 45.4% -32.8%
Operating Margin 39.4% 36.8% 43.1% 52.0% 54.4% 58.8% 55.5% 41.5% 61.6%
PBT Margin 72.4% 70.3% 59.4% 106.9% 79.8% 75.3% 75.5% 63.6% 75.5%
Net Margin 55.7% 55.7% 41.2% 74.2% 59.3% 55.2% 58.5% 49.7% 58.6%
Debtor Days 34.0 25.4 23.9 38.7 33.2 36.7 35.6 44.3 39.8
Inventory Turnover - - - - - - - - -
Fixed Asset Turnover 10.7 9.3 15.8 33.5 28.0 2.5 2.6 2.9 4.7
Debt/Equity - - - - - - - - 0.0
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! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### ###
Return on Equity 15.4% 14.0% 11.8% 19.0% 16.2% 17.3% 17.2% 14.7% 22.9%
Return on Capital Employed 20.0% 17.7% 17.0% 27.4% 21.9% 23.6% 22.2% 18.9% 29.6%
Free Cash Flow (Rs Cr) -291 -176 -321 -537 -564 -858 -1,070 -1,556 -1,045
Mar/22
60.4%
57.4%
54.9%
66.7%
46.7%
-48.2%
66.3%
74.1%
56.6%
30.3
-
5.2
0.0
0.0%
###
28.5%
37.4%
-542
What to look for?
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, 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.
Common Size P&L
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 1% 1% 1% 1% 0% 0% 0% 0% 0% 0%
Other Mfr. Exp 9% 11% 9% 8% 7% 5% 7% 7% 6% 5%
Employee Cost 19% 20% 19% 18% 17% 17% 18% 23% 13% 10%
Selling and Admin Cost 14% 27% 25% 15% 12% 11% 10% 16% 8% 8%
Other Expenses 18% 5% 4% 7% 9% 8% 9% 12% 12% 11%
Operating Profit 39% 37% 43% 52% 54% 59% 56% 42% 62% 66%
Other Income 36% 39% 22% 58% 28% 20% 25% 28% 17% 10%
Depreciation 3% 6% 6% 3% 3% 4% 5% 5% 3% 2%
Interest 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Profit Before Tax 72% 70% 59% 107% 80% 75% 76% 64% 76% 74%
Tax 17% 15% 18% 33% 21% 20% 17% 14% 17% 18%
Net Profit 56% 55% 41% 74% 59% 55% 58% 49% 58% 56%
Dividend Amount 23% 24% 22% 21% 21% 19% 21% 22% 27% 28%
Common Size Balance Sheet

Equity Share Capital 25% 23% 21% 19% 17% 15% 13% 12% 10% 8%
Reserves 54% 55% 54% 68% 71% 72% 72% 72% 71% 75%
Borrowings 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Liabilities 21% 22% 25% 13% 12% 13% 15% 16% 19% 18%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 2% 2% 1% 1% 1% 11% 10% 9% 7% 8%
Capital Work in Progress 0% 0% 0% 0% 0% 0% 0% 0% 2% 0%
Investments 82% 83% 79% 83% 83% 75% 76% 77% 65% 70%
Other Assets 15% 15% 19% 17% 16% 14% 15% 14% 26% 22%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 2% 1% 1% 2% 2% 3% 2% 3% 3% 3%
Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Cash & Bank 9% 9% 13% 7% 8% 6% 7% 6% 19% 16%
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
CENTRAL DEPOSITORY SERVICES (INDIA) LTD CENTRAL DEPOSITORY SERVICES (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 (1,205) (1,076) Year 4-6 10% 1 FY18
2 FY19 (1,386) (1,105) Year 7-10 5% 2 FY19
3 FY20 (1,593) (1,134) Discount Rate 12% 3 FY20
4 FY21 (1,753) (1,114) 4 FY21
5 FY22 (1,928) (1,094) Last 5-Years' CAGR 5 FY22
6 FY23 (2,121) (1,074) Sales 30% 6 FY23
7 FY24 (2,227) (1,007) PBT 29% 7 FY24
8 FY25 (2,338) (944) FCF -1% 8 FY25
9 FY26 (2,455) (885) 9 FY26
10 FY27 (2,578) (830) 10 FY27
10 -25,778 (8,300) 10
Intrinsic Value (12,734) Intrinsic Value
Current Mkt. Cap. 9,957 Current Mkt. Cap.
Premium/(Discount) to IV -178% 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
TRAL DEPOSITORY SERVICES (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%
(1,257) (1,122) Year 4-6 15%
(1,509) (1,203) Year 7-10 10%
(1,810) (1,289) Discount Rate 12%
(2,082) (1,323)
(2,394) (1,359)
(2,753) (1,395)
(3,029) (1,370)
(3,331) (1,346)
(3,665) (1,321)
(4,031) (1,298)
(60,466) (19,468)
Intrinsic Value (26,665)
Current Mkt. Cap. 9,957
Premium/(Discount) to IV -137%
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 SERVICES (INDIA) LTD Company Name
Year Ended Mar/22 Year Ended
Avg 5-Yr Net Profit (Rs Crore) 167.7 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 14.6 Long-Term Growth Rate
Ben Graham Value (Rs Crore) 6,321 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 9,957 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)
SERVICES (INDIA) LTD
Mar/22
167.7
8.5
29.2
11,218
9,957
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
Initial Cash Flow (Rs Cr) (1,048) (23,849)

9,957
Years 1-5 6-10 -240%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%
Net Debt Level (Rs Cr) (5,828)
Year FCF Growth Present Value

1 (1,205) 15% (1,076)
2 (1,386) 15% (1,105)
3 (1,593) 15% (1,134)
4 (1,832) 15% (1,164)
5 (2,107) 15% (1,196)
6 (2,360) 12% (1,196)
7 (2,643) 12% (1,196)
8 (2,960) 12% (1,196)
9 (3,316) 12% (1,196)
10 (3,714) 12% (1,196)
Final Calculations
Terminal Year (3,788)
PV of Year 1-10 Cash Flows (11,653)
Terminal Value (12,196)
Total PV of Cash Flows (23,849)
Current Market Cap (Rs Cr) 9,957
Note: See explanation of DCF here

Valuation
ES (INDIA) LTD
DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
Expected Returns Model
Particulars Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
Net Profit (Rs Crore) 51 49 44 91 86 103 114
Net Profit Margin 56% 55% 41% 74% 59% 55% 58%
Return on Equity 15% 14% 12% 19% 16% 17% 17%
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) 966
Current P/E (x) 32.0
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 19,330
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 6,224
Current Market Cap (Rs Cr) 9,957
Note: See explanation of this model here

el
IA) LTD
Mar/20 Mar/21 Mar/22 CAGR (9-Yr) CAGR (5-Yr)
106 200 311 22% 29%
49% 58% 56%
15% 23% 29%
Intrinsic Value Range
Lower Higher Remember! Give importance to a stock's valuations / fai
Dhandho -12,734 ### only "after" you have answered in "Yes" to these two que
Ben Graham 6,321 11,218 (1) Is this business simple to be understood? and (2) C
DCF -23,849 understand this business?
Expected Return 6,224
Don't try to quantify everything. In stock research, the les
Current Market Cap. 9,957
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
ve 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.

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CENTRAL DEPOSITORY SERVICES

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COMPANY NAME CENTRAL DEPOSITORY SERVICES (INDIA) LTD

LATEST VERSION 2.10 PLEA

PROFIT & LOSS

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

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

0.67 0.65 0.52 0.44 0.51 0.55

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

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

48.32 41.95 55.50 53.70 207.68 205.85

10.00 10.00 10.00 10.00 10.00 10.00

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

282.65 242.55 214.40 656.05 1,480.35

10.45 10.45 10.45 10.45 10.45 10.45

Basic Company Details

Key Financials - Trend

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

Market Capitalization 9957.32 ₹ 1,000.00

Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

R e se r v e s D e bt : E qui ty Net Profit

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Trailing

EBT Margin 72.40% 70.27% 59.40% 106.89%

Net Block Mil 85 96 67 37

79.84% 75.34% 75.52% 63.60% 75.50% 74.10% 0.8 0.1

1,460 1,877 1,963 2,146 3,437 5,513

4288 4943 5636 6195 7730 9887

52 761 752 744 734 1,062

Projected Earnings Per Share (crude and approx

Earnings Per Share INR projection Projection from Log(E

42000 42500 43000 43500 44000 44500 45000

er Share (crude and approximate and as on Mar 31st of that year)

Projection from Log(EPS) fit projection

-8.51 -6.51 -4.51 -2.51 -0.51 1.49 3.49 5.49 7

.49 5.49 7.49

ICES (INDIA) LTD

1316.89 1442.28 1794.60 2224.55

Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22

0.00 -0.02 0.07 0.04

ne; Less than 1.8 = distress

zone; Less than 1.1 = distress

zone; Less than 1.1 = distress

Tax burden Interest burden

Return on Equity % (as per Screener.in) Calculated Return on Equity

Asset Turnover (Average) Financial Leverage

ity Operating Margin

Jan/20 Jan/21 Jan/22

Piotroski Score for PAGE INDUST

793 857 821.7 1925.6 2825

4942.5 5636.4 6194.9 7730 9887.1

7/9 4/9 5/9 9/9 7/9

2017 2018 2019 2020 2021 2022

core for PAGE INDUSTRIES LTD

Book Value Per Share INR (last reported) 104.5856

— Benjamin Graham, The Intelligent Investor, chapter 14

Data as on March of year 2013 2014 2015 2016 2017

Graham formula (intrisic value) 392.3688

Current market price for CENTRAL DEPOSITORY SERV 952.85

EPOSITORY SERVICES (INDIA) LTD

als are for the same stock!!

½ times the book value last reported.

2018 2019 2020 2021 2022

Ben Graham used 8.5.

rate as a risk-free return

set value, etc.)

— Benjamin Graham, The Intelligent Investor, chapter 14

DIVIDEND EPA MKTCAP CFO FCF** NETWORTH TOTAL RETURNS