AVENUE SUPERMARTS LTD SCREENER.

IN

Narration Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Trailing Best Case Worst Case
Sales 3,340.85 4,686.48 6,439.43 8,583.76 11,897.70 15,033.20 20,004.52 24,870.20 24,143.06 30,976.27 38,680.61 39,743.48 37,045.72
Expenses 3,126.20 4,345.20 5,983.17 7,919.30 10,928.52 13,680.34 18,371.21 22,741.89 22,398.23 28,473.92 35,174.61 36,141.14 34,093.03
Operating Profit 214.65 341.28 456.26 664.46 969.18 1,352.86 1,633.31 2,128.31 1,744.83 2,502.35 3,506.00 3,602.34 2,952.69
Other Income 14.86 16.27 20.27 17.02 27.70 87.75 48.33 59.99 194.43 113.64 123.24 - -
Depreciation 45.79 57.01 81.54 98.43 127.82 159.00 212.49 374.41 414.16 498.08 581.33 581.33 581.33
Interest 42.59 55.68 72.36 91.34 121.98 59.54 47.21 69.12 41.65 53.79 65.48 65.48 65.48
Profit before tax 141.13 244.86 322.63 491.71 747.08 1,222.07 1,421.94 1,744.77 1,483.45 2,064.12 2,982.43 2,955.53 2,305.88
Tax 47.28 83.48 110.92 171.47 268.28 415.79 519.48 443.79 384.02 571.72 674.55 23% 23%
Net profit 93.86 161.37 211.67 320.24 478.75 806.26 902.54 1,301.08 1,099.49 1,492.55 2,308.09 2,287.06 1,784.35
EPS 1.73 2.95 3.77 5.70 7.67 12.92 14.46 20.08 16.97 23.04 35.64 35.32 27.56
Price to earning 83.15 102.55 101.73 108.91 168.45 173.75 113.25 141.09 113.25
Price - - - - 637.85 1,324.80 1,471.10 2,187.50 2,859.05 4,003.35 4,036.60 4,983.14 3,120.64
NPM 3%
RATIOS:
Dividend Payout 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
OPM 6.43% 7.28% 7.09% 7.74% 8.15% 9.00% 8.16% 8.56% 7.23% 8.08% 9.06%
Tax payout 33.50% 34.09% 34.38% 34.87% 35.91% 34.02% 36.53% 25.44% 25.89% 27.70%
Book value per share 14.51 17.48 21.36 27.08 61.56 74.81 89.53 171.04 188.08 211.14
TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST
Sales Growth 28.07% 25.16% 21.09% 15.69% 28.30% 28.30% 15.69%
OPM 8.01% 8.11% 8.14% 7.97% 9.06% 9.06% 7.97%
Price to Earning 121.68 121.68 128.11 141.09 113.25 141.09 113.25

Common Sizing Expenses

Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw material Expenses 88% 87% 88% 87% 87% 85% 87% 86% 86% 87%
Power and fuel cost 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Other Mfr. Exp 3% 3% 2% 3% 3% 2% 2% 3% 3% 3%
Employee Cost 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
Selling and admin 9% 9% 9% 8% 1% 1% 1% 0% 0% 0%
Other Expenses -7% -7% -7% -6% 1% 1% 1% 1% 1% 1%
OPM 6.43% 7.28% 7.09% 7.74% 8.15% 9.00% 8.16% 8.56% 7.23% 8.08%
AVENUE SUPERMARTS LTD SCREENER.IN

Narration Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22
Sales 3,883.18 5,306.20 7,542.00 7,411.68 5,183.12 7,788.94 9,217.76 8,786.45 10,038.07 10,638.33
Expenses 3,771.41 4,976.70 6,852.88 6,799.02 4,958.94 7,120.36 8,351.30 8,047.17 9,029.83 9,746.31
Operating Profit 111.77 329.50 689.12 612.66 224.18 668.58 866.46 739.28 1,008.24 892.02
Other Income 50.60 52.17 45.32 48.12 31.46 27.50 25.96 32.57 29.14 35.57
Depreciation 94.78 100.72 113.70 104.96 107.44 116.01 128.30 146.33 144.74 161.96
Interest 8.82 9.27 11.30 12.26 10.84 12.37 13.95 16.63 17.22 17.68
Profit before tax 58.77 271.68 609.44 543.56 137.36 567.70 750.17 608.89 875.42 747.95
Tax 18.69 73.15 162.49 129.69 42.00 149.94 197.64 182.14 232.53 62.24
Net profit 40.09 198.55 446.97 413.88 95.37 417.79 552.56 426.83 642.93 685.77

OPM 3% 6% 9% 8% 4% 9% 9% 8% 10% 8%
AVENUE SUPERMARTS LTD SCREENER.IN

Narration Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Cash from Operating Activity 127.09 198.14 222.02 433.47 455.28 729.99 806.84 1,280.14 1,375.14 1,372.35
Cash from Investing Activity -230.89 -270.17 -473.88 -632.89 -2,481.61 463.55 -958.37 -4,656.56 -1,110.00 -1,289.49
Cash from Financing Activity 117.54 65.23 234.45 196.44 2,025.26 -1,159.06 208.98 3,357.42 -179.50 -179.24
Net Cash Flow 13.74 -6.80 -17.41 -2.98 -1.07 34.48 57.45 -19.00 85.64 -96.38
Enter Fixed Assets Expenditure 19 15 24 26 41 35 66 136 69 77
using screener in +
Free Cash Flow 108.09 183.14 198.02 407.47 414.28 694.99 740.84 1,144.14 1,306.14 1,295.35
Cash EPS 2.34 3.62 3.95 7.72 7.29 11.70 12.93 19.76 21.23 21.18
Reinvestment(capex/cfo) 15% 8% 11% 6% 9% 5% 8% 11% 5% 6%
Cumulative of 10 years
CFO 7,000.46
CFI -11,640.31
CFF 4,687.52
AVENUE SUPERMARTS LTD SCREENER.IN

Narration Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Equity Share Capital 544.06 546.75 561.54 561.54 624.08 624.08 624.08 647.77 647.77 647.77
Reserves 245.48 408.82 637.65 958.90 3,217.70 4,044.97 4,963.37 10,431.97 11,535.94 13,029.87
Borrowings 526.06 640.82 904.26 1,192.34 1,497.32 439.25 700.15 333.19 392.71 646.94
Other Liabilities 176.47 211.26 251.36 388.78 480.18 539.92 717.90 663.23 1,078.63 1,146.40
Total 1,492.07 1,807.65 2,354.81 3,101.56 5,819.28 5,648.22 7,005.50 12,076.16 13,655.05 15,470.98

Net Block 924.67 1,171.69 1,528.08 2,093.52 2,577.75 3,399.97 4,400.37 5,948.03 7,008.80 9,260.02
Capital Work in Progress 118.11 88.78 98.12 81.69 152.89 147.07 376.84 364.40 1,019.59 1,129.34
Investments 15.96 15.54 15.23 29.33 25.69 68.18 16.53 14.68 2.95 5.94
Other Assets 433.33 531.64 713.38 897.02 3,062.95 2,033.00 2,211.76 5,749.05 5,623.71 5,075.68
Total 1,492.07 1,807.65 2,354.81 3,101.56 5,819.28 5,648.22 7,005.50 12,076.16 13,655.05 15,470.98

Working Capital 256.86 320.38 462.02 508.24 2,582.77 1,493.08 1,493.86 5,085.82 4,545.08 3,929.28
Debtors 13.29 9.54 7.07 8.42 21.00 33.52 64.37 19.55 43.58 66.89
Inventory 276.23 378.33 539.61 671.69 947.90 1,163.45 1,608.65 1,947.40 2,248.28 2,742.66
Debtor Days 1.45 0.74 0.40 0.36 0.64 0.81 1.17 0.29 0.66 0.79
Return on Equity 12% 17% 18% 21% 12% 17% 16% 12% 9% 11%
Return on Capital Emp 21% 21% 24% 22% 25% 26% 20% 13% 16%
 Report Date Mar-13 Mar-14 Mar-15 Mar-16
AVENUE SUPERMARTS LTD
Balance Sheet
Equity Share Capital 36.46% 30.25% 23.85% 18.11%
Reserves 16.45% 22.62% 27.08% 30.92%
Borrowings 35.26% 35.45% 38.40% 38.44%
Other Liabilities 11.83% 11.69% 10.67% 12.53%

Total Liabilities 100.00% 100.00% 100.00% 100.00%

Net Block 61.97% 64.82% 64.89% 67.50%

Capital Work in Progress 7.92% 4.91% 4.17% 2.63%
Investments 1.07% 0.86% 0.65% 0.95%
Other Assets 29.04% 29.41% 30.29% 28.92%
As a % of total assets
Receivables 0.89% 0.53% 0.30% 0.27%
Inventory 18.51% 20.93% 22.92% 21.66%
Cash & Bank 4.13% 3.07% 1.62% 1.13%

Total Assets 100.00% 100.00% 100.00% 100.00%

 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
AVENUE SUPERMARTS LTD
Balance Sheet
10.72% 11.05% 8.91% 5.36% 4.74% 4.19%
55.29% 71.61% 70.85% 86.38% 84.48% 84.22%
25.73% 7.78% 9.99% 2.76% 2.88% 4.18%
8.25% 9.56% 10.25% 5.49% 7.90% 7.41%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

44.30% 60.20% 62.81% 49.25% 51.33% 59.85%

2.63% 2.60% 5.38% 3.02% 7.47% 7.30%
0.44% 1.21% 0.24% 0.12% 0.02% 0.04%
52.63% 35.99% 31.57% 47.61% 41.18% 32.81%

0.36% 0.59% 0.92% 0.16% 0.32% 0.43%

16.29% 20.60% 22.96% 16.13% 16.46% 17.73%
32.38% 9.92% 3.13% 0.89% 10.59% 1.93%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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

D/E 0.67 0.67 0.75 0.78 0.39

Debt/Assets 0.35 0.35 0.38 0.38 0.26
Debt/Ebitda 2.45 1.88 1.98 1.79 1.54
Debt/Capital Ratio 40% 40% 43% 44% 28%
Cash flow/Debt 0.24 0.31 0.25 0.36 0.30
Interest coverage ratio 4.3 5.4 5.5 6.4 7.1
Sales Change 40% 37% 33% 39%
Ebit Change 64% 31% 48% 49%
Operating Leverage 1.6 0.8 1.4 1.3
Financial Leverage 1.9 1.9 2.0 2.0 1.5
Debt Burden Ratio 0.21 0.29 0.22 0.34 0.28
Efficiency ratios
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Receivable days 1.45 0.74 0.40 0.36 0.64
Receivable turnover 251.4 491.2 910.8 1019.4 566.6
Inventory days 32.3 31.8 32.9 31.0 31.7
Inventory turnover 12.1 12.4 11.9 12.8 12.6
Net Fixed assets turnove 3.6 4.0 4.2 4.1 4.6
Sales/capital employed 2.54 2.94 3.06 3.16 2.23
Total Asset Turnover 2.24 2.59 2.73 2.77 2.04

Profitability ratios
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Ebitda 214.65 341.28 456.26 664.46 969.18
Ebitda margin 6% 7% 7% 8% 8%
Gross Profit 483.41 702.05 952.24 1280.22 1816.67
Gross Profit Margin 14% 15% 15% 15% 15%
EBIT 183.72 300.54 394.99 583.05 869.06
EBIT Margin 5% 6% 6% 7% 7%
ROE 12% 17% 18% 21% 12%
Net profit margin 3% 3% 3% 4% 4%
EPS 1.73 2.95 3.77 5.70 7.67
DU Pont ROE 12% 17% 18% 21% 12%
Net Profit Margin 3% 3% 3% 4% 4%
Sales/Total assets 2.24 2.59 2.73 2.77 2.04
Financial Leverage 1.89 1.89 1.96 2.04 1.51

DU PONT ROA 6.3% 8.9% 9.0% 10.3% 8.2%

Net Profit Margin 3% 3% 3% 4% 4%
Sales/Total assets 2.24 2.59 2.73 2.77 2.04

Capital Allocation Ratios Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

ROCE 0% 21% 21% 24% 22%
EBIT Margin 5% 6% 6% 7% 7%
Sales/cap employed 2.54 2.94 3.06 3.16 2.23
NOPAT 122.2 198.1 259.2 379.7 557.0
Capital employed 1253.98 1540.98 2065.41 2677.68 3454.81
ROIC 10% 13% 13% 14% 16%

10 year profit change 38%

5 year profit change 23%
10 year mcap change #VALUE!
5 year mcap change 26%

Capex Ratios
Capex/Net Profits 10yr 7%
Capex/Net Profits 5 yr 7%
Capex/Net Profits 3 yr 6%
Capex/Depreciation 10yr 25%

Valuation Ratios Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Price/Earnings 83.2
Price/Book 0.00 0.00 0.00 0.00 10.36
Price/CashFlow #VALUE! #VALUE! #VALUE! #VALUE! 87
Price/Sales #VALUE! #VALUE! #VALUE! #VALUE! 3.35
Enterprise Value #VALUE! #VALUE! #VALUE! #VALUE! 39421.25
EV/EBITDA #VALUE! #VALUE! #VALUE! #VALUE! 40.7
MAX Pe in Last 10 years 173.8
Max Ev/Ebitda in Last 10 y #VALUE!
Max P/B 18.96
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

0.09 0.13 0.03 0.03 0.05

0.08 0.10 0.03 0.03 0.04
0.32 0.43 0.16 0.23 0.26
9% 11% 3% 3% 5%
1.66 1.15 3.84 3.50 2.12
21.5 31.1 26.2 36.6 39.4
26% 33% 24% -3% 28%
47% 15% 23% -16% 39%
1.8 0.4 1.0 5.4 1.4
1.2 1.3 1.1 1.1 1.1
1.58 1.06 3.43 3.33 2.00

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

0.81 1.17 0.29 0.66 0.79
448.5 310.8 1272.1 554.0 463.1
31.0 32.0 31.3 36.6 35
12.9 12.4 12.8 10.7 11.3
4.4 4.5 4.2 3.4 3.3
2.94 3.18 2.18 1.92 2.16
2.66 2.86 2.06 1.77 2.00

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

1352.86 1633.31 2128.31 1744.83 2502.35
9% 8% 9% 7% 8%
2397.56 3003.68 3767.27 3588.38 4578.88
16% 15% 15% 15% 15%
1281.61 1469.15 1813.89 1525.1 2117.91
9% 7% 7% 6% 7%
17% 16% 12% 9% 11%
5% 5% 5% 5% 5%
12.92 14.46 20.08 16.97 23.04
17% 16% 12% 9% 11%
5% 5% 5% 5% 5%
2.66 2.86 2.06 1.77 2.00
1.21 1.25 1.09 1.12 1.13

14.3% 12.9% 10.8% 8.1% 9.6%

5% 5% 5% 5% 5%
2.66 2.86 2.06 1.77 2.00

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

25% 26% 20% 13% 16%
9% 7% 7% 6% 7%
2.94 3.18 2.18 1.92 2.16
 845.6 932.4 1352.5 1130.3 1531.3
4548.12 6068.53 11305.05 11130.84 14026
19% 15% 12% 10% 11%

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

102.5 101.7 108.9 168.5 173.8 113.3
17.71 16.43 12.79 15.20 18.96
113 114 111 135 189 #DIV/0!
5.50 4.59 5.70 7.67 8.37
82559.84 92292.43 141931.56 184156.39 259685.37
61.0 56.5 66.7 105.5 103.8
 Capital allocation is the number one thing we look f
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Net profit 93.86 161.37 211.67 320.24 478.75
Dividend Payout 0 0 0 0 0
Retained Earnings 93.86 161.37 211.67 320.24 478.75
MCAP #VALUE! #VALUE! #VALUE! #VALUE! 39808.2185

Earnings Retention TestTotal Earnings retain Change in MCA PER Rs Mcap

10 years 6867.81 #VALUE! #VALUE!

5 years 5601.92 178712.282 31.9

ROIC 10% 13% 13% 14% 16%

Cost of capital 10% 10% 10% 10% 10%
Cost of capital in cr 125.40 154.10 206.54 267.77 345.48
Economic value added -3.23 43.98 52.65 111.96 211.50
(NOPAT-Cost of capital)

Rolling ROIIC 18% 21% 26%

ROIIC 3 year Rolling
ROIIC 5 Year Rolling

Intrinsic Compounding Table

Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
PAT 93.9 161.4 211.7 320.2 478.8
Capital Employed 1253.98 1540.98 2065.41 2677.68 3454.81

Cumulative PAT 6867.8

Incremental Capital
Employed 12772.02
Reinvestment Rate 186%

Return on incremental
capital
employed/Intrinsic Stock Cagr 10
compunding rate 11% year #VALUE!
Stock Cagr 5
year 26%
e thing we look for in managements
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 TTM
806.26 902.54 1301.08 1099.49 1492.55
0 0 0 0 0
806.26 902.54 1301.08 1099.49 1492.55
82680.768 91811.351 141706.25 185209.259 259337.013 261393.05
Compound Change in mcap/change
Multiple in profit

10yr #VALUE!

5yr 1.1

19% 15% 12% 10% 11%

10% 10% 10% 10% 10%
454.81 606.85 1130.51 1113.08 1402.60
390.75 325.57 222.01 17.21 128.69

42% 9% 26% -4% 14%

31% 23% 24% 4% 9%
22% 24% 8% 12%

nding Table
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
806.3 902.5 1301.1 1099.5 1492.6
4548.12 6068.53 11305.05 11130.84 14026

16000

14000

12000

10000

8000 Capital Employed

PAT
6000

4000

2000

0
1 2 3 4 5 6 7 8 9 10
Year Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

GP Margin 14% 15% 15% 15% 15%

Ebitda Margin 6% 7% 7% 8% 8%
Net Profit Margin 3% 3% 3% 4% 4%
ROIC 10% 13% 13% 14% 16%
ROCE 0% 21% 21% 24% 22%
ROE 12% 17% 18% 21% 12%
EPS 1.73 2.95 3.77 5.70 7.67

18%

16%

14%

12%

10%
GP Margin
Ebitda Margi
8%
Net Profit Ma
6%

4%

2%

0%
1 2 3 4 5 6 7 8 9 10

Average GP 15%
Average Ebitda margin 8%
Average Net Profit margin 4%
Average ROE 15%
Average ROIC 13%
Average ROCE 19%
 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

16% 15% 15% 15% 15% Things To Look For

9% 8% 9% 7% 8% Stable/Expanding Margins
5% 5% 5% 5% 5% ROIC above 15% over the years
19% 15% 12% 10% 11% ROE Above 15% over the years
25% 26% 20% 13% 16% ROCE Above 15% over the years
17% 16% 12% 9% 11%
12.92 14.46 20.08 16.97 23.04

Return Ratios
ROIC ROCE ROE

21% 17%
16%
GP Margin 17% 18% 12%
Ebitda Margin
25% 12%
Net Profit Margin 26%
24% 22%
21% 21% 20%

12%
19%
14% 16% 15%
13% 13% 12%
10%
0%

9 10 1 2 3 4 5 6 7 8
To Look For
ding Margins PRICING POWER
5% over the years
5% over the years Business abilitiy to protect its profitability
15% over the years

tios
ROE

17%
16%

25% 12%
26%
11%
20% 9%
16%
13%
19%
15%
12% 10% 11%

7 8 9 10
Checklist for finding frauds

1) CUM PAT VS CUM CFO of last 10 years and in block of 3 years+ CFO/Ebitda > 0.7
2) Volatility in Depreciation Rate as a percentage of sales

3) Cash Yield
4) Increasing Receivables>Increasing sales
5) Miscellaneous Expenses
6) Sales being done to subsidiary
7) Always check for segmental break up of revenue
8) Company paying dividend in slow down or not

1) Check for contingent liabilites

2) Check for goodwill/intangibles as a % of networth

3) Check for provisions in trade receivables

4) Check for Auditors CARO REPORT (Annexure A OR B)

5) Check for unusual write offs in the past

6) Check for write offs from equity

1) Very high CFI without purchase of fixed assets

2) Lack of FCFE generation

3) CFF very high and excessive share issues

1) Past claims of the management and track with current performance

2) Channel checks

3) Google Fraud checks

4) Industry checks
5) Glassdoor and linkedin checks

6) Stock Pledge
Auditor
checks

1) Look for KEY AUDIT OBSERVATIONS

2) Look for Auditors opinion on internal control
3) Always read CARO report
What this does,it tells us whether Acrrual Profits are being
converted into real profits or not
Company chaging depreciation assets life constantly?
Company earning more than Risk free rate or not on the
cash>5%
Incremental sales of poor quality
If high, then doubt if expenses are real?
Kitex and Bharat RASAYAN Related Party Transactions
Kwality Ltd- sales being done in Trading (low margin)
EG- Compare Balaji Amines and Alkyl Amines DPO

Off the balance sheet items, which can wipe off equity if
too high, shouldn't be more than 5%

eg- What happened with 8k miles and Tanla solutions. If

greater than 10%, Avoid unless know goodwill acccounting.
Eg- Kwality Dairy, Parag Milk foods, if provisions are more
than 5-10% of trade receivables, Avoid
Auditor usually rectifies the assets of the company. Eg-
Denis Chem Lab, Radico Khaitan (2012-2015)
Previously written off Trade receivables or goodwill or
advances

Usually can be found in Auditors report or use Change in

reserves (excluding share premium) to net income
excluding divdends- A ratio less than 1 would show knock
off from equity. Eg- Godrej Properties, UPL

Check if Cash is being accumulated on balance sheet and

where it is being used eg- GM Breweries
Check if Free cash flow is lumpy, if lumpy then what is the
reason?
If dilutions are frequent, Avoid

Check kitex management interviews- All talk and no show

fictitious market presence like Manapasand and vakrangee

type in managements name with "legal","SEBI" OR "Fraud",
Moneylife
Check with competitors, Just ask any jeweller about PC
Jewellers
Check for 8k miles review on Glassdoor
Why would you pledge family jewels?- Seya industries, Zee
etc

Key differences on accounting between auditor and the

management
A lack of internal control is a big red flag
Fictitious assets or real assets?
Fraud untill proven innocent sheet Mar-13 Mar-14 Mar-15 Mar-16
Percentage Increase in Sales 40.28% 37.40% 33.30%
Percentage increase in receivables -28.22% -25.89% 19.09%
Percentage Increase in Inventory 36.96% 42.63% 24.48%
Inventory/sales 8.27% 8.07% 8.38% 7.83%
Recievable/Sales 0% 0% 0% 0%
Cash yield 19% 23% 38% 26%
Depreciation rate 1% 1% 1% 1%

Contingent Liability as a % of networth - - - -

CFO/PAT 135% 123% 105% 135%
CFO/EBITDA 59% 58% 49% 65%
Self Sustainable growth rate 12% 17% 18% 21%
Dividend given (intention to share wealth) 0 0 0 0
Dividend Payout Ratio/Also check for buyback 0% 0% 0% 0%
Check for Miscellaneous expenses as a total
revenues - - - -
Check sales being done to subsidiary as a % of
sales 0 0 0 0

Check for intangibles as a% of networth - - - -

Check for Write offs as a % ofTrade receivables 0 0 0 0

CWIP/Net block 13% 8% 6% 4%
Employee cost as a % of sales 2% 2% 2% 2%
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
38.61% 26.35% 33.07% 24.32% -2.92% 28.30%
149.41% 59.62% 92.03% -69.63% 122.92% 53.49%
41.12% 22.74% 38.27% 21.06% 15.45% 21.99%
7.97% 7.74% 8.04% 7.83% 9.31% 8.85%
0% 0% 0% 0% 0% 0%
1% 14% 21% 49% 13% 37%
1% 1% 1% 2% 2% 2%

- - - - - - Enter Using annual rep

95% 91% 89% 98% 125% 92% 109%
47% 54% 49% 60% 79% 55% 58%
12% 17% 16% 12% 9% 11%
0 0 0 0 0 0
0% 0% 0% 0% 0% 0%

- - - - - - Enter Using annual rep

0 0 0 0 0 Enter Using annual rep
0

- - - - - - Enter Using annual rep

0 0 0 0 0 0 Enter Using annual rep

6% 4% 9% 6% 15% 12%
2% 2% 2% 2% 2% 2%
ng annual report

ng annual report
ng annual report
ng annual report
ng annual report
Consensus Forecasts Input
FCF Growth(1-5 years) 20.00%
Fcf growth (5-10 years) 20.00%
Discount Rate/Cost of capital 7%
Terminal growth rate 2.00%
Cash & Bank Balance 298.58
Investments 5.94
Debt 646.94
Shares outstanding 64.76
Non-Operative Assets 304.52
Current Market Price 4036.6
Free Cash flow of last 3 years 1248.5

YEAR FCF Growth Present Value

1 1498.3 20.00% 1400.2
2 1797.9 20.00% 1570.35758581536
3 2157.5 20.00% 1761.1
4 2589.0 20.00% 1975.1
5 3106.8 20.00% 2215.08788531418
6 3168.9 20.00% 2111.5791056266
7 3802.7 20.00% 2368.12609976815
8 4563.2 20.00% 2655.84235488016
9 5475.9 20.00% 2978.51479051981
10 6571.1 20.00% 3340.39041927455
 Valuation ranges Mcap Per stock
Future Val
Warren Buffet Way 90520.4 1,397.87
2
Benjamin Graham Way 21,322.14 329.27027653 19%
Bharat Shah Way 111,842.51 1,727.14
Margin of safety at 50% 55,921.25 863.57207169
Current Price 4,036.60

DO NOT FORGET TO INSERT FIXED ASSETS PURCHASE FROM SCREENER in CFO S

Terminal Year Cash Flow 6702.4746181
Present value of 1-10 year 22376.4
Terminal value 68143.9645532
Total PV of shares 90520.4

To Calculate reverse DCF Just adjust the FCF growth to get to a point where Value Per stock v
 Future Value vs Cigar butt

2
19%

1
81%

OM SCREENER in CFO SHEET!

a point where Value Per stock via Warren Buffett wayy is equal to the current market price
 (adapted from the methodology described in the book "Buffetology" by M
Current Data 10 yr Projected Company data using hist
Price 4036.6 Year EPS DPS
EPS: 35.64 Current 35.64 0.00
DPS: 0.00 Year 1 40.99 0.00
BVPS: 211.14 Year 2 47.14 0.00
P/E: 113.25 Year 3 54.21 0.00
Earnings Yield: 0.88% Year 4 62.34 0.00
Dividend Yield: 0.00% Year 5 71.69 0.00
P/BV: 19.12 Year 6 82.44 0.00
Year 7 94.81 0.00
Input Visibility data below Year 8 109.03 0.00
Sales Year 9 125.39 0.00
Med Term Visibility 15% Year 10 144.20 0.00
Sales 10 Yr CAGR 28%
Sales 5yr CAGR 20.81% 10 yr Projected Company data using susta
Sales 3yr CAGR 15.86% Year BVPS EPS
Sales Y-o-Y growth 24.87% Current 211.14 35.64
Sales TTM Growth Year 1 246.78 40.28
EPS Year 2 287.07 45.53
Med Term Visibility 15% Year 3 332.60 51.46
EPS 10 Yr CAGR 37.75% Year 4 384.05 58.16
EPS 5yr CAGR 23.41% Year 5 442.21 65.73
EPS 3yr CAGR 21.07% Year 6 507.94 74.29
EPS Y-o-Y growth 54.70% Year 7 582.22 83.96
EPS TTM Growth Year 8 666.18 94.89
5Yr Averages Year 9 761.07 107.24
Return on Equity: 13.02% Year 10 868.32 121.21
Payout Ratio: 0.00% *Assuming current capital structure is maintained - business's inherent a
P/E Ratio-High: 173.8
P/E Ratio-Low: 101.7 5Year Avg Roe 13%
Avg. P/E Ratio: 133.2
Avg Sustainable P/E 60
RoE/Payout Visibility 5 Yr Avg
RoE Visibility 13% 13.02%
Payout Visbility 0% 0.00%
Sustainable Growth 13.02% 13.02%
ibed in the book "Buffetology" by Mary Buffet - using current Visibility aided by Historicals)
rojected Company data using historical earnings growth rate/current visibility

144.20 Earnings after 10 years

0.00 Dividends paid over 10 years

8651.75 Projected price [Avg Sustainable P/E*EPS]

8651.75 Total Gain [Projected Price+Dividends]

8.84% Projected annual return using current EPS growth visibility

[(Total Gain/Current Price)^1/9)-1]

ojected Company data using sustainable growth rate based on current visibility
DPS
0.00 121.21 Earnings after 10 years
0.00 0.00 Dividends paid over 10 years
0.00
0.00 7272.50 Projected price [Avg Sustainable P/E*EPS]
0.00 7272.50 Total Gain [Projected Price+Dividends]
0.00
0.00 6.76% Projected annual return using sustainable growth visbility*
0.00 [(Total Gain/Current Price)^1/9)-1]
0.00
0.00
0.00
maintained - business's inherent ability to grow with internal accruals from here
10yr Sales Projection
Year Sales
Current 38680.61
Year 1 44482.70
Year 2 51155.11
Year 3 58828.37
Year 4 67652.63
Year 5 77800.52
Year 6 89470.60
Year 7 102891.19
Year 8 118324.87
Year 9 136073.60
Year 10 156484.64
COMPANY NAME AVENUE SUPERMARTS LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 64.76
Face Value 10.00
Current Price 4,036.60
Market Capitalization 261,393.05

PROFIT & LOSS

Report Date Mar-13 Mar-14 Mar-15 Mar-16
Sales 3,340.85 4,686.48 6,439.43 8,583.76
Raw Material Cost 2,937.93 4,086.53 5,648.47 7,435.62
Change in Inventory 80.49 102.10 161.28 132.08
Power and Fuel 34.84 45.31 59.33 79.24
Other Mfr. Exp 84.30 123.53 155.35 241.36
Employee Cost 68.67 87.34 134.06 149.04
Selling and admin 306.10 420.11 582.80 647.37
Other Expenses -225.15 -315.52 -435.56 -501.25
Other Income 14.86 16.27 20.27 17.02
Depreciation 45.79 57.01 81.54 98.43
Interest 42.59 55.68 72.36 91.34
Profit before tax 141.13 244.86 322.63 491.71
Tax 47.28 83.48 110.92 171.47
Net profit 93.86 161.37 211.67 320.24
Dividend Amount

Quarters
Report Date Jun-20 Sep-20 Dec-20 Mar-21
Sales 3,883.18 5,306.20 7,542.00 7,411.68
Expenses 3,771.41 4,976.70 6,852.88 6,799.02
Other Income 50.60 52.17 45.32 48.12
Depreciation 94.78 100.72 113.70 104.96
Interest 8.82 9.27 11.30 12.26
Profit before tax 58.77 271.68 609.44 543.56
Tax 18.69 73.15 162.49 129.69
Net profit 40.09 198.55 446.97 413.88
Operating Profit 111.77 329.50 689.12 612.66
BALANCE SHEET
Report Date Mar-13 Mar-14 Mar-15 Mar-16
Equity Share Capital 544.06 546.75 561.54 561.54
Reserves 245.48 408.82 637.65 958.90
Borrowings 526.06 640.82 904.26 1,192.34
Other Liabilities 176.47 211.26 251.36 388.78
Total 1,492.07 1,807.65 2,354.81 3,101.56
Net Block 924.67 1,171.69 1,528.08 2,093.52
Capital Work in Progress 118.11 88.78 98.12 81.69
Investments 15.96 15.54 15.23 29.33
Other Assets 433.33 531.64 713.38 897.02
Total 1,492.07 1,807.65 2,354.81 3,101.56
Receivables 13.29 9.54 7.07 8.42
Inventory 276.23 378.33 539.61 671.69
Cash & Bank 61.62 55.41 38.04 35.10
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 10.00 10.00 10.00 10.00

CASH FLOW:
Report Date Mar-13 Mar-14 Mar-15 Mar-16
Cash from Operating Activity 127.09 198.14 222.02 433.47
Cash from Investing Activity -230.89 -270.17 -473.88 -632.89
Cash from Financing Activity 117.54 65.23 234.45 196.44
Net Cash Flow 13.74 -6.80 -17.41 -2.98

PRICE:

DERIVED:
Adjusted Equity Shares in Cr 54.41 54.68 56.15 56.15
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

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

11,897.70 15,033.20 20,004.52 24,870.20 24,143.06 30,976.27
10,357.25 12,846.95 17,445.49 21,441.68 20,855.56 26,891.77
276.22 211.31 444.65 338.75 300.88 494.38
99.41 121.26 152.80 188.24 174.20 207.86
332.90 373.72 499.72 645.96 746.43 805.85
192.67 283.14 356.17 457.14 537.58 617.36
71.24 96.00 135.84 119.23 108.69 143.41
151.27 170.58 225.84 228.39 276.65 302.05
27.70 87.75 48.33 59.99 194.43 113.64
127.82 159.00 212.49 374.41 414.16 498.08
121.98 59.54 47.21 69.12 41.65 53.79
747.08 1,222.07 1,421.94 1,744.77 1,483.45 2,064.12
268.28 415.79 519.48 443.79 384.02 571.72
478.75 806.26 902.54 1,301.08 1,099.49 1,492.55

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

5,183.12 7,788.94 9,217.76 8,786.45 10,038.07 10,638.33
4,958.94 7,120.36 8,351.30 8,047.17 9,029.83 9,746.31
31.46 27.50 25.96 32.57 29.14 35.57
107.44 116.01 128.30 146.33 144.74 161.96
10.84 12.37 13.95 16.63 17.22 17.68
137.36 567.70 750.17 608.89 875.42 747.95
42.00 149.94 197.64 182.14 232.53 62.24
95.37 417.79 552.56 426.83 642.93 685.77
224.18 668.58 866.46 739.28 1,008.24 892.02
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
624.08 624.08 624.08 647.77 647.77 647.77
3,217.70 4,044.97 4,963.37 10,431.97 11,535.94 13,029.87
1,497.32 439.25 700.15 333.19 392.71 646.94
480.18 539.92 717.90 663.23 1,078.63 1,146.40
5,819.28 5,648.22 7,005.50 12,076.16 13,655.05 15,470.98
2,577.75 3,399.97 4,400.37 5,948.03 7,008.80 9,260.02
152.89 147.07 376.84 364.40 1,019.59 1,129.34
25.69 68.18 16.53 14.68 2.95 5.94
3,062.95 2,033.00 2,211.76 5,749.05 5,623.71 5,075.68
5,819.28 5,648.22 7,005.50 12,076.16 13,655.05 15,470.98
21.00 33.52 64.37 19.55 43.58 66.89
947.90 1,163.45 1,608.65 1,947.40 2,248.28 2,742.66
1,884.29 560.18 219.07 107.88 1,445.58 298.58
### ### ### ### ### ###

10.00 10.00 10.00 10.00 10.00 10.00

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

455.28 729.99 806.84 1,280.14 1,375.14 1,372.35
-2,481.61 463.55 -958.37 -4,656.56 -1,110.00 -1,289.49
2,025.26 -1,159.06 208.98 3,357.42 -179.50 -179.24
-1.07 34.48 57.45 -19.00 85.64 -96.38

637.85 1,324.80 1,471.10 2,187.50 2,859.05 4,003.35

62.41 62.41 62.41 64.78 64.78 64.78