Safal Niveshak Stock Analysis Excel (Ver.

HOW TO USE THIS SPREADSHEET

Step 1 - This spreadsheet works only on Screener.in. The first step is to create a free account here - https://www.screener.in/r
Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page - https://www.screener.in/e
Step 3 - Visit the home page of Screener.in and choose a company of your choice. Once you do that, you will see details of you
financial statement table called "Quarterly Results" and click on "View Consolidated". Now, all data you see for this company w
Step 4 - Scroll back to the top of the page, and you will see a button "Export to Excel" on the right side. Click the button and the
the exact format as "Stock Analysis Excel Ver. 4.0". Now onwards, any excel you export for any company on Screener.in will be
Step 5 - Email me your love and testimonial for helping you with this excel. :-)

IMPORTANT INSTRUCTIONS
1. Ensure that the company whose data you are downloading has numbers at least starting from FY08 (March 2008). This is be
from, say, FY10, you will see incorrect data for FY08 and FY09 (which will be of Hero Motocorp on whose financials I have crea

2. All financial data of your chosen company will be automatically updated in the sheet you download, except "Cash and Bank"
which you must update manually from the company's annual reports. Don’t forget to make these changes as these numbers are
3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener.in site using the Ste
Sheet" because this will cause errors in your future downloads.
4. DON’T touch any cell except the black ones, where you are required to update the numbers manually from Annual Reports (
growth assumptions etc.
4. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read those carefully before wo
5. This sheet is not a replacement of the work required to read annual reports as part of the analysis process. So please do tha
some discrepancy in numbers (though rare), but you will know this only when you read annual reports.
6. I could not find a bug/errors in this spreadsheet, but if you notice some, please email me at - [email protected] - and
7. I will keep on updating the sheet from time to time and will update the same on the website. I invite you to share your feedba
together.
8. This excel won't work for banking and financial services companies.

Note: All data is sourced from Screener.in

 Safal Niveshak Stock Analysis Warning! Excel can be a wonde
deadly weapon if you wish to u
Excel (Ver. 4.0) of what you are getting into. H
out. And if you need the exce
stock, you mus

Basic Company Details

Parameters Details
Company CIGNITI TECHNOLOGIES LTD
Current Stock Price (Rs) 1,365 Remember! Focus on decisio
Face Value (Rs) 10.0 eviden
No. of Shares (Crore) 2.7
Market Capitalization (Rs Crore) 3,725

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 19.0% Please! It's your money. Plea
cause you to lose it all! I've de
Profit Before Tax Growth (9-Year CAGR) 24.4% but you alone are responsible
Net Profit Growth (8-Year CAGR) 23.2% ever after! I am not a sadis
Average Debt/Equity (5-Years, x) 0.2 analyzing companies on you
instead of a map, for you can c
Average Return on Equity (5-Years) 28.9%
Average P/E (5-Years, x) 11.8
Latest P/E (x) 28.3
Warning! Excel can be a wonderful tool to analyze the past. But it can be a
deadly weapon if you wish to use it to predict the future! So be very careful
of what you are getting into. Here, garbage in will always equal garbage
out. And if you need the excel to tell you what you must do with a given
stock, you must not use this tool anyways.

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

evidence. Calculate. Pray!

Please! It's your money. Please don't blame me if results of this excel
cause you to lose it all! I've designed this excel to aid your own thinking,
but you alone are responsible for your actions. I want to live peacefully
ever after! I am not a sadist who wants you to do the hard work by
analyzing companies on your own. But I'd rather give you a compass
instead of a map, for you can confuse map with territory and lose it all. All
the best!
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Parameter

Consumer monopoly or commodity?

Understand how business works

Is the company conservatively financed?

Are earnings strong and do they show an

upward trend?

Does the company stick with what it

knows?

Has the company been buying back its

shares?

Have retained earnings been invested

well?

Is the company’s return on equity above

average?

Is the company free to adjust prices to

inflation?
Does the company need to constantly
reinvest in capital?

Conclusion

Never Forget
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Explanation

Seek out companies that have no or less competition, either due to a patent or brand name or similar intangible that
makes the product unique. Such companies will typically have high gross and operating profit margins because of their
unique niche. However, don't just go on margins as high margins may simply highlight companies within industries with
traditionally high margins. Thus, look for companies with gross, operating and net profit margins above industry norms.
Also look for strong growth in earnings and high return on equity in the past.

Try to invest in industries where you possess some specialized knowledge (where you work) or can more effectively
judge a company, its industry, and its competitive environment (simple products you consume). While it is difficult to
construct a quantitative filter, you should be able to identify areas of interest. You should "only" consider analyzing
those companies that operate in areas that you can clearly grasp - your circle of competence. Of course you can
increase the size of the circle, but only over time by learning about new industries. More important than the size of the
circle is to know its boundaries.

Seeks out companies with conservative financing, which equates to a simple, safe balance sheet. Such companies tend
to have strong cash flows, with little need for long-term debt. Look for low debt to equity or low debt-burden ratios. Also
seek companies that have history of consistently generating positive free cash flows.

Rising earnings serve as a good catalyst for stock prices. So seek companies with strong, consistent, and expanding
earnings (profits). Seek companies with 5/10 year earnings per share growth greater than 25% (along with safe balance
sheets). To help indicate that earnings growth is still strong, look for companies where the last 3-years earnings growth
rate is higher than the last 10-years growth rate. More important than the rate of growth is the consistency in such
growth. So exclude companies with volatile earnings growth in the past, even if the "average" growth has been high.

Like you should stock to your circle of competence, a company should invest its capital only in those businesses within
its circle of competence. This is a difficult factor to screen for on a quantitative level. Before investing in a company, look
at the company’s past pattern of acquisitions and new directions. They should fit within the primary range of operations
for the firm. Be cautious of companies that have been very aggressive in acquisitions in the past.

Buffett prefers that firms reinvest their earnings within the company, provided that profitable opportunities exist. When
companies have excess cash flow, Buffett favours shareholder-enhancing maneuvers such as share buybacks. While
we do not screen for this factor, a follow-up examination of a company would reveal if it has a share buyback plan in
place.

Seek companies where earnings have risen as retained earnings (earnings after paying dividends) have been
employed profitably. A great way to screen for such companies is by looking at those that have had consistent earnings
and strong return on equity in the past.

Consider it a positive sign when a company is able to earn above-average (better than competitors) returns on equity
without employing much debt. Average return on equity for Indian companies over the last 10 years is approximately
16%. Thus, seek companies that earn at least this much (16%) or more than this. Again, consistency is the key here.

That's what is called "pricing power". Companies with moat (as seen from other screening metrics as suggested above
(like high ROE, high grow margins, low debt etc.) are able to adjust prices to inflation without the risk of losing
significant volume sales.
Companies that consistently need capital to grow their sales and profits are like bank savings account, and thus bad for
an investor's long term portfolio. Seek companies that don't need high capital investments consistently. Retained
earnings must first go toward maintaining current operations at competitive levels, so the lower the amount needed to
maintain current operations, the better. Here, more than just an absolute assessment, a comparison against
competitors will help a lot. Seek companies that consistently generate positive and rising free cash flows.

Sensible investing is always about using “folly and discipline” - the discipline to identify excellent businesses, and wait
for the folly of the market to drive down the value of these businesses to attractive levels. You will have little trouble
understanding this philosophy. However, its successful implementation is dependent upon your dedication to learn and
follow the principles, and apply them to pick stocks successfully.

Focus on decisions, not outcomes. Look for disconfirming evidence.

 Balance Sheet
CIGNITI TECHNOLOGIES LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 25 26 27 27 28 28 28 28 27 27
Reserves 244 334 -67 -20 123 239 344 432 562 711
Borrowings 43 127 144 131 74 121 46 80 56 57
Other Liabilities 72 149 125 100 83 91 114 158 201 211
Total 384 636 228 238 308 480 532 698 846 1,006

Net Block 71 141 64 62 68 102 93 113 135 121

Capital Work in Progress 55 64 - - - - - - - -
Investments - - - - - 49 80 120 177 250
Other Assets 258 430 164 176 239 329 358 465 533 635
Total 384 636 228 238 308 480 532 698 846 1,006

Working Capital 186 281 39 77 156 238 244 307 333 424
Debtors 135 176 103 115 124 164 158 227 255 319
Inventory - - - - - - - - - -
Cash & Bank** 34 4 16 18 62 87 128 115 107 160
Creditors *** 150 108 131 272 665 921 1,390 1,283 1,562 1,520
** Manually enter this number; Convert to Rs Crore if not already done in the Annual Reports; Add Cash & equivalents (or similar items) from screener website
*** Manually enter this number; Convert to Rs Crore if not already done in the Annual Reports; Add Trade Payables under balance sheet from screener website
Debtor Days (DSO) 130 108 61 60 55 69 64 67 57 64
Inventory Turnover - - - - - - - - - -
Fixed Asset Turnover 5.3 4.2 9.7 11.2 11.9 8.6 9.6 11.0 12.2 15.0
Debt/Equity 0.2 0.4 -3.5 19.1 0.5 0.5 0.1 0.2 0.1 0.1
Return on Equity 9% 14% 468% 98% 46% 28% 20% 29% 22%
Return on Capital Employed 11% 19% -360% 36% 70% 36% 35% 23% 35% 28%
Inventory Days (DIO) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Creditor Days (DPO) 144.4 66.5 77.0 143.4 297.4 385.3 565.7 377.1 346.0 305.7
 Profit & Loss Account / Income Statement
CIGNITI TECHNOLOGIES LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trailing
Sales 379 595 619 693 816 872 897 1,242 1,648 1,815 1,844
% Growth YOY 57.00% 4.11% 11.95% 17.71% 6.85% 2.82% 38.51% 32.68% 10.16%
Expenses 341 497 641 641 683 743 751 1,113 1,410 1,593 1,635
Material Cost (% of Sales) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 0% 0% 1% 1% 0% 0% 0% 0% 0% 0% Check for wide fluctuations in key expense items. For
manufacturing firms, check their material costs etc. For services
Other Mfr. Exp 1% 1% 2% 12% 14% 16% 19% 21% 20% 0%
firms, look at employee costs.
Employee Cost 72% 66% 73% 68% 58% 60% 58% 60% 59% 62%
Selling and Admin Cost 16% 16% 27% 11% 10% 9% 7% 8% 6% 0%
Operating Profit 38 98 -22 52 133 129 145 129 238 222 209
Operating Profit Margin 10% 16% -4% 8% 16% 15% 16% 10% 14% 12% 11%
Other Income 1 3 -332 1 27 22 13 13 15 33 5
Other Income as % of Sales 0.3% 0.6% -53.6% 0.1% 3.3% 2.5% 1.5% 1.1% 0.9% 1.8% 0.3%
Depreciation 5 11 17 3 3 11 12 16 26 30 31
Interest 3 6 16 17 15 8 6 5 4 4 4
Interest Coverage(Times) 12 15 -23 3 11 17 26 25 51 54 48
Profit before tax (PBT) 31 84 -387 33 142 131 141 122 222 220 179
% Growth YOY 172% -561% 109% 332% -8% 8% -14% 82% -1%
PBT Margin 8% 14% -62% 5% 17% 15% 16% 10% 13% 12% 10%
Tax 6 34 8 1 -5 9 36 30 53 55 47
Net profit 25 50 -395 32 147 122 105 92 168 166 132
% Growth YOY 96% -895% 108% 358% -17% -13% -13% 83% -2%
Net Profit Margin 7% 8% -64% 5% 18% 14% 12% 7% 10% 9% 7%
EPS 10.3 19.5 -149.0 12.1 53.6 43.7 37.6 32.6 59.9 60.7 48.2
% Growth YOY 90% -865% 108% 341% -18% -14% -13% 83% 1%
Price to earning 42.0 21.5 -2.6 19.8 6.1 4.3 8.4 13.2 12.5 20.9 28.3
Price 431 419 384 240 325 189 315 430 746 1,266 1,365
Dividend Payout 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 6.6% 7.6% 8.9% 0.0%
Market Cap 1,065 1,069 1,018 636 894 526 882 1,208 2,096 3,456
Retained Earnings 25 50 -395 32 147 122 98 85 153 166
Buffett's $1 Test 4.9

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth 19.0% 16.6% 17.3% 26.5%
PBT Growth 24.4% -192.3% 9.2% 16.0%
PBT Margin 4.8% 12.6% 13.2% 11.8%
Price to Earning 14.6 12.1 11.8 15.5

Check for long term vs short term trends here. Check if the growth over
past 3 or 5 years has slowed down / improved compared to long term (7 to
10 years) growth numbers.
 Cash Flow Statement
CIGNITI TECHNOLOGIES LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Total
Cash from Operating Activity (CFO) -28 115 -48 35 127 87 145 38 157 129 757
% Growth YoY 510% -142% 172% 263% -32% 67% -74% 311% -18%
Cash from Investing Activity -51 -197 -6 -5 -6 -137 -47 -50 -53 -38 -590
Cash from Financing Activity 108 52 53 -29 -135 -13 -14 -20 -69 -40 -106
Net Cash Flow 28 -30 -1 1 -14 -63 84 -31 35 52 62
CFO/Sales -7% 19% -8% 5% 16% 10% 16% 3% 10% 7%
CFO/Net Profit -111% 232% 12% 109% 86% 71% 138% 42% 93% 78%
Capex - - - - - - - - - - FCF Growth Rate
FCF -28 115 -48 35 127 87 145 38 157 129 757 #NUM!
Average FCF (3 Years) 108
FCF Growth YoY 510% -142% 172% 263% -32% 67% -74% 311% -18%
FCF/Sales -7% 19% -8% 5% 16% 10% 16% 3% 10% 7%
FCF/Net Profit -111% 232% 12% 109% 86% 71% 138% 42% 93% 78%

Fixed Assets Purchased **

Fixed Assets Sold **

** Manually enter this number;

Convert to Rs Crore if not already
done in the Annual Reports; Use
"Abs(fixed assets purchased)-fixed
assets sold" number shown under
"Cash Flow from Investing
Activities" from Screener
 Key Ratios
CIGNITI TECHNOLOGIES LTD
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Sales Growth 57.0% 4.1% 12.0% 17.7% 6.8% 2.8% 38.5% 32.7%
PBT Growth 171.9% ### 108.5% 331.8% -8.0% 7.8% -13.9% 82.4%
Net Profit Growth 96.0% ### 108.1% 358.1% -17.5% -13.4% -12.9% 83.5%
Dividend Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.1% 113.8%
Operating Cash Flow Growth 510.2% ### 172.4% 263.2% -31.8% 67.3% -73.6% 311.3%
Free Cash Flow Growth 510.2% ### 172.4% 263.2% -31.8% 67.3% -73.6% 311.3%

Operating Margin 10.0% 16.5% -3.5% 7.5% 16.3% 14.8% 16.2% 10.4% 14.4%
PBT Margin 8.2% 14.1% -62.5% 4.8% 17.4% 15.0% 15.7% 9.8% 13.5%
Net Margin 6.7% 8.4% -63.8% 4.6% 18.1% 13.9% 11.8% 7.4% 10.2%

Debtor Days (DSO) 129.8 107.9 61.0 60.4 55.3 68.8 64.2 66.7 56.5
Inventory Turnover - - - - - - - - -
Fixed Asset Turnover 5.3 4.2 9.7 11.2 11.9 8.6 9.6 11.0 12.2
Debt/Equity 0.2 0.4 -3.5 19.1 0.5 0.5 0.1 0.2 0.1
Debt/Assets 11.2% 20.0% 63.1% 55.2% 24.0% 25.3% 8.6% 11.5% 6.6%
Interest Coverage (Times) 11.5 14.9 -23.0 2.9 10.7 17.4 26.2 25.1 51.4
Return on Equity 9.4% 13.8% 467.6% 97.8% 45.5% 28.3% 19.9% 28.6%
Return on Capital Employed 10.8% 18.5% ### 36.1% 69.9% 35.7% 35.1% 23.4% 35.0%
Free Cash Flow (Rs Cr) -28 115 -48 35 127 87 145 38 157

Cash conversion cycle #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Debtor-to-Sales ratio 0.39148 0.465169 0.2484 0.26795 0.2911 0.37406 0.3491 0.48455 0.56
Forensic Check -0.6467 1.055571 9.833 0.63842 0.9343 0.61782 0.9183 0.26272 0.5952
Mar/24 Average
10.2% 20.2%
-0.6% 13.3%
-1.6% -32.7%
### #DIV/0!
-17.7% 117.7%
-17.7% 117.7%

12.2% 11.5%
12.1% 4.8%
9.1% 2.6%

64.1 73.5
- -
15.0 9.9
0.1 1.7
5.7% 23%
54.5 19.2
22.4% 81%
28.2% -7%
129 75.7

#DIV/0! #DIV/0!
0.6801 0.4
0.5134 1.5
What to look for?
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher isn't always better, esp. when the company is generating high ROE, which means the management is allocating capital
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency

Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry

Lower/reducing is better. Compare with industry peer(s)

Higher/rising is better. Compare with industry peer(s)
Higher/rising is better. Compare with industry peer(s)
Nil / lower than 0.5 / reducing is better
Lower is better
Look for number > 5
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for positive and rising numbers. If the company consistently generates negative FCF over say 10 years, avoid it.

Lower is better
Lower is better
Higher the better, check for companies with > 0.5
 40% Profit Margin 600%
Capital A
Check for a rising tr
20% 400% Numbers > 20% long
company has zero/m
0% 200% competitor
-20% /15 /1
6
/1
7
/1
8
/1
9
/2
0
/2
1
/2
2
/2
3
/2
4 0%
n n n n n n n n n n
-40%Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja -200% /15 /1
6
/1
7
/1
8
n n n n
-60% Check for a rising trend and/or -400%Ja Ja Ja Ja
consistency. Compare with a close
-80% competitor -600%

Operating Margin PBT Margin

Net Margin R

2,000
Revenue 600% Revenue and
Check fo
1,800 Check for a rising trend. 400% Compare
1,600 tor.
1,400 200%
1,200 0%
1,000 -200%
800
-400%
600
400 -600%
200 -800%
- -1000%
/15 /16 /17 /18 /19 /20 /21 /22 /23 /24 Revenue G
n n n n n n n n n n
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Net Profit G

300 Profit Over Time Operating a

200 Check
Check for a rising trend. for positive
200 150 and which are risin
100 time.
- 100
-100 50
/15 /16 /17 /18 /19 /20 /21 /22 /23 /24
-200 an n n n n n n n n n -
J Ja Ja Ja Ja Ja Ja Ja Ja Ja
-300
-400 -50 /15 /16 /17 /1
n n n n
-500 -100Ja Ja Ja Ja

PBT Net Profit Operating Cas

Data for Charts (Please don't touch any number below)

Margins
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Operating Margin 10% 16% -4% 8% 16% 15% 16% 10% 14%
PBT Margin 8% 14% -62% 5% 17% 15% 16% 10% 13%
Net Margin 7% 8% -64% 5% 18% 14% 12% 7% 10%

Management Effectiveness
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
ROE 9% 14% 468% 98% 46% 28% 20% 29%
ROCE 11% 19% -360% 36% 70% 36% 35% 23% 35%

Revenue & Profit Growth

Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Revenue Growth 57% 4% 12% 18% 7% 3% 39% 33% 10%
PBT Growth 172% -561% 109% 332% -8% 8% -14% 82% -1%
Net Profit Growth 96% -895% 108% 358% -17% -13% -13% 83% -2%

Revenue & Profit

Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Revenue 379 595 619 693 816 872 897 1,242 1,648
PBT 31 84 -387 33 142 131 141 122 222
Net Profit 25 50 -395 32 147 122 105 92 168

Cash Flows
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Operating Cash Flow -28 115 -48 35 127 87 145 38 157
Free Cash Flow -28 115 -48 35 127 87 145 38 157
%
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 Note: Please ignore the dates
% competitor on the X-axis. The figures are
% for/as on the year ending date,
which for most Indian
% /15 /1
6
/1
7
/1
8
/1
9
/2
0
/2
1
/2
2
/2
3
/2
4 companies would be 31st
n n n n n n n n n n March of that year
%a Ja Ja Ja Ja Ja Ja Ja Ja Ja
%

ROE ROCE

% Revenue and Profit Growth (YoY)

Check for a rising trend and/or low volatility.
% Compare growth rates with a close competi-
tor.
%
%
%
%
%
%
%
Revenue Growth PBT Growth
Net Profit Growth

Operating and Free

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

0 /15 /16 /17 /18 /19 /20 /21 /22 /23 /24
n n n n n n n n n n
0Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja

Operating Cash Flow Free Cash Flow

Mar/24
12%
12%
9%

Mar/24
22%
28%

Mar/24
1,815
220
166

Mar/24
129
129
 Common Size P&L
Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Change in Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 0% 0% 1% 1% 0% 0% 0% 0% 0% 0%
Other Mfr. Exp 1% 1% 2% 12% 14% 16% 19% 21% 20% 0%
Employee Cost 72% 66% 73% 68% 58% 60% 58% 60% 59% 62%
Selling and Admin Cost 16% 16% 27% 11% 10% 9% 7% 8% 6% 0%
Other Expenses 1% 1% 1% 1% 1% 0% 0% 0% 0% 26%
Operating Profit 10% 16% -4% 8% 16% 15% 16% 10% 14% 12%
Other Income 0% 1% -54% 0% 3% 2% 2% 1% 1% 2%
Depreciation 1% 2% 3% 0% 0% 1% 1% 1% 2% 2%
Interest 1% 1% 3% 2% 2% 1% 1% 0% 0% 0%
Profit Before Tax 8% 14% -62% 5% 17% 15% 16% 10% 13% 12%
Tax 1% 6% 1% 0% -1% 1% 4% 2% 3% 3%
Net Profit 7% 8% -64% 5% 18% 14% 12% 7% 10% 9%
Dividend Amount 0% 0% 0% 0% 0% 0% 1% 1% 1% 0%

Common Size Balance Sheet

Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 6% 4% 12% 11% 9% 6% 5% 4% 3% 3%
Reserves 64% 53% -30% -9% 40% 50% 65% 62% 66% 71%
Borrowings 11% 20% 63% 55% 24% 25% 9% 11% 7% 6%
Other Liabilities 19% 23% 55% 42% 27% 19% 21% 23% 24% 21%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 19% 22% 28% 26% 22% 21% 18% 16% 16% 12%
Capital Work in Progress 14% 10% 0% 0% 0% 0% 0% 0% 0% 0%
Investments 0% 0% 0% 0% 0% 10% 15% 17% 21% 25%
Other Assets 67% 68% 72% 74% 78% 69% 67% 67% 63% 63%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 35% 28% 45% 48% 40% 34% 30% 33% 30% 32%
Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Cash & Bank 9% 1% 7% 8% 20% 18% 24% 17% 13% 16%
 A common-size financial statement is disp
items as a percentage of one selected or c
figure. Creating common-size financial sta
makes it easier to analyze a company over
compare it with its peers. Using commo
financial statements helps investors spot tre
raw financial statement may not unco
 on-size financial statement is displays line
s a percentage of one selected or common
Creating common-size financial statements
easier to analyze a company over time and
are it with its peers. Using common-size
tatements helps investors spot trends that a
financial statement may not uncover.
 Dhandho Intrinsic Value Calculatio
Read the book - The Dhandho Investor by Mohnish Pa

CIGNITI TECHNOLOGIES LTD

Dhandho IV - Lower Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
0 Excess Cash (Latest) 160 Year 1-3 -4% 3 Year
1 FY18 104 93 Year 4-6 -2% 5 Year
2 FY19 100 80 Year 7-10 -2% 9 Year
3 FY20 97 69 Discount Rate 12% Past FCF Growth Rate
4 FY21 94 60
5 FY22 92 52 Last 5-Years' CAGR
6 FY23 90 45 Sales 17%
7 FY24 88 40 PBT 9%
8 FY25 87 35 FCF 0%
9 FY26 85 31
10 FY27 84 27
10 588 189
Intrinsic Value 882
Current Mkt. Cap. 3,725
Premium/(Discount) to IV 322%

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
assumption of FCF the business will earn in a normal year, without capex. Check the history of this business while arriving at
without twisting the model to fit your version of reality.
trinsic Value Calculation
he Dhandho Investor by Mohnish Pabrai

CIGNITI TECHNOLOGIES LTD

Dhandho IV - Higher Range
Past FCF Growth Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
-4% 0 Excess Cash (Latest) 160 Year 1-3 -5%
0% 1 FY18 103 92 Year 4-6 -3%
NA 2 FY19 98 78 Year 7-10 -2%
#NUM! 3 FY20 93 66 Discount Rate 12%
4 FY21 90 57
5 FY22 87 49
6 FY23 84 43
7 FY24 82 37
8 FY25 81 33
9 FY26 79 28
10 FY27 77 25
10 540 174
Intrinsic Value 843
Current Mkt. Cap. 3,725
Premium/(Discount) to IV 342%

must use a normalized positive FCF as the starting number. This number is your
tory of this business while arriving at your assumption, and use your judgment wisely
fit your version of reality.
Past FCF Growth
-4% 3 Year
0% 5 Year
NA 9 Year
#NUM! Past FCF Growth Rate

Business Sell multiple after 10 years

Large 12
Mid 10
Small 7
Micro 5
Nano 3
 Ben Graham Formula (Low Range) Ben Graham Formula (High Ran
Company Name ITI TECHNOLOGIES LTD Company Name
Year Ended Mar/24 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 131.5 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 7.0 PE Ratio at 0% Growth
Long-Term Growth Rate 1.2 Long-Term Growth Rate
Risk free interest rate 8.5 Risk free interest rate
Y 8.82 Y

Ben Graham Value (Rs Crore) 1,074 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 3,725 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

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 w

Note: I have used Graham's modified formula in the above calculations = [TTM Net Profit × (7 +1.25*g) × 8.5]/Y and [
m Formula (High Range)
ITI TECHNOLOGIES LTD
Mar/24

131.5
7.0
2.4
8.5
8.82

1,486
3,725

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

ofit × (7 +1.25*g) × 8.5]/Y and [TTM Net Profit × (7 + 2*g) × 8.5]/Y for lower and higher range respectively
just to the present, we divide this number by today’s AAA corporate bond rate, represented by Y in the formula above.
 Dicounted Cash Flow Valuation
CIGNITI TECHNOLOGIES LTD

Initial Cash Flow (Rs Cr) 108 #NUM!

3,725
Years 1-5 6-10 #NUM!
FCF Growth Rate #NUM! #NUM!
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (103)

Year FCF Growth Present Value

1 #NUM! #NUM! #NUM!
2 #NUM! #NUM! #NUM!
3 #NUM! #NUM! #NUM!
4 #NUM! #NUM! #NUM!
5 #NUM! #NUM! #NUM!
6 #NUM! #NUM! #NUM!
7 #NUM! #NUM! #NUM!
8 #NUM! #NUM! #NUM!
9 #NUM! #NUM! #NUM!
10 #NUM! #NUM! #NUM!

Final Calculations
Terminal Year #NUM!
PV of Year 1-10 Cash Flows #NUM!
Terminal Value #NUM!
Total PV of Cash Flows #NUM!
Current Market Cap (Rs Cr) 3,725

Note: See explanation of DCF here

ted Cash Flow Valuation
GNITI TECHNOLOGIES LTD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap

Discount Rate = 15% Micro cap, 12% Small cap, 11% Mid cap and 10% Large Cap
Micro cap = Market Cap less than 500 Cr Market Cap (in cr)
Minimum
Large Cap 20000
Mid cap 5000
Small Cap 1000
Micro Cap 500
Maximum

20000
5000
1000
 Expected Returns Model
CIGNITI TECHNOLOGIES LTD
Particulars Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
Net Profit (Rs Crore) 25 50 -395 32 147
Net Profit Margin 7% 8% -64% 5% 18%
Return on Equity 9% 14% 468% 98%

Calculations (Enter values only in black cells)

Estimated CAGR in Net Profit over next 10 years 23%
Estimated Net Profit after 10 years (Rs Cr) 1,332
Current P/E (x) 22.5
Exit P/E in the 10th year from now (x, Estimated) 11.2 11.18 Past P/E growth Rate -7%
Esti. Market Cap (10th year from now; Rs Cr) 14,895
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 4,796
Current Market Cap (Rs Cr) 3,725

Note: See explanation of this model here

s Model
ES LTD
Mar/20 Mar/21 Mar/22 Mar/23 Mar/24 CAGR (9-Yr) CAGR (5-Yr)
122 105 92 168 166 23% 2%
14% 12% 7% 10% 9%
46% 28% 20% 29% 22%
 Intrinsic Value Range
CIGNITI TECHNOLOGIES LTD Price
Lower Higher Lower Higher Remember! Give importance to a stock's
Dhandho 882 843 323.22 308.70 only "after" you have answered in "Yes"
Ben Graham 1,074 1,486 393.54 544.23 (1) Is this business simple to be under
DCF #NUM! #NUM! understand this busin
Expected Return 4,796 1,756.74
Don't try to quantify everything. In stock
Current Market Cap. 3,725 1364.6 mathematical you are, the more simple, s
be your analysis and results. Great analys
the-envelope".
Explanation: Considering the above
range, we can say that Hero Moto's IV Also, your calculated "fair value" will b
range is between Rs 55,000 crore to Rs future, so don't invest your savings just b
95,000 crore. It's a big range, but that's fine with it. Don't look for perfection. It is
(who is looking for precision?). Now, if the decisions, not outcomes. Look for dis
current market cap is within this IV range, it
makes the stock reasonably/attractively
priced. If the current market cap is higher
then the higher value of the range, it
makes it overpriced. But remember, these
are just numbers!
 importance to a stock's valuations / fair value
ave answered in "Yes" to these two questions -
ess simple to be understood? and (2) Can I
understand this business?

fy everything. In stock research, the less non-

are, the more simple, sensible, and useful will
nd results. Great analysis is generally "back-of-
the-envelope".

lated "fair value" will be proven wrong in the

vest your savings just because you fall in love
ook for perfection. It is overrated. Focus on
outcomes. Look for disconfirming evidence.
CIGNITI TECHNOLOGIES LTD
SCREENER.IN
Narration Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24
Sales 344 378 417 428 425 440 452 468 456 468
% Growth YOY 24% 16% 8% 9% 7% 7%
Expenses 311 333 356 364 357 377 387 403 426 419
Operating Profit 33 45 61 64 68 62 65 65 30 50
Other Income 5 1 2 8 4 5 5 7 16 -24
Depreciation 5 5 7 7 7 7 8 8 8 8
Interest 2 1 1 1 1 1 1 1 1 1
Profit before tax 32 39 55 63 64 59 61 63 37 17
PBT Margin 9% 10% 13% 15% 15% 13% 14% 13% 8% 4%
% Growth YOY 103% 49% 12% -1% -42% -71%
Tax 9 8 13 17 15 14 16 15 10 6
Net profit 23 31 42 47 49 45 46 48 27 11
% Growth YOY 118% 44% 10% 3% -45% -76%
OPM 9% 12% 15% 15% 16% 14% 14% 14% 7% 11%
COMPANY NAME CIGNITI TECHNOLOGIES LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHA
CURRENT VERSION 2.10

META
Number of shares 2.73
Face Value 10
Current Price 1364.6
Market Capitalization 3725.37

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 378.88 594.84 619.26 693.28 816.08 871.97
Raw Material Cost
Change in Inventory
Power and Fuel 1.82 0.02 5.86 4.92 4.06 3.87
Other Mfr. Exp 4.48 5.15 9.59 81.03 111.61 136.92
Employee Cost 271.05 393.71 451.33 470.1 475.36 518.96
Selling and admin 60.8 93.94 168.65 77.36 84.66 81.92
Other Expenses 2.68 4.08 5.7 7.82 7.62 1.61
Other Income 1.21 3.41 -332.04 0.58 27.25 21.63
Depreciation 5.42 11.29 16.96 2.71 3.15 11.48
Interest 2.94 6.03 16.1 16.98 14.64 8
Profit before tax 30.9 84.03 -386.97 32.94 142.23 130.84
Tax 5.55 34.35 7.86 0.77 -5.13 9.24
Net profit 25.35 49.68 -394.83 32.17 147.36 121.6
Dividend Amount

Quarters
Report Date Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
Sales 344.08 377.97 416.65 427.99 424.97 439.53
Expenses 311.46 333.41 355.89 363.97 356.6 377.45
Other Income 5.29 1.11 2.17 7.76 3.67 4.69
Depreciation 4.91 5.32 6.89 7.15 7.02 7.11
Interest 1.50 1.07 1.06 1.15 1.12 1.05
Profit before tax 31.5 39.28 54.98 63.48 63.9 58.61
Tax 8.89 8.27 13.46 16.93 14.66 14.05
Net profit 22.6 31 41.53 46.55 49.24 44.56
Operating Profit 32.62 44.56 60.76 64.02 68.37 62.08

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Equity Share Capital 24.74 25.5 26.51 27.25 27.66 27.85
Reserves 244.34 334.12 -67.32 -20.37 123.08 239.39
Borrowings 43.08 127.04 143.85 131.39 73.68 121.47
Other Liabilities 71.91 149.26 124.87 99.77 83.09 91.2
Total 384.07 635.92 227.91 238.04 307.51 479.91
Net Block 71.12 141.4 63.7 61.72 68.48 101.96
Capital Work in Progress 55.04 64.34
Investments 48.89
Other Assets 257.91 430.18 164.21 176.32 239.03 329.06
Total 384.07 635.92 227.91 238.04 307.51 479.91
Receivables 134.7 175.82 103.49 114.68 123.69 164.41
Inventory
Cash & Bank 33.89 4.17 16.26 18.34 61.56 87.13
No. of Equity Shares 24739219 25499219 26509530 27248029 27664269 27846259
New Bonus Shares
Face value 10 10 10 10 10 10

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity -28.11 115.3 -48.28 34.96 126.99 86.6
Cash from Investing Activity -51.16 -197.42 -5.81 -4.86 -6.03 -136.76
Cash from Financing Activity 107.51 52.21 52.97 -28.8 -134.63 -12.58
Net Cash Flow 28.24 -29.92 -1.12 1.3 -13.68 -62.74

PRICE: 431.05 419.3 384.1 240 325.15 189.05

DERIVED:
Adjusted Equity Shares in Cr 2.47 2.55 2.65 2.65 2.75 2.78
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-21 Mar-22 Mar-23 Mar-24

896.53 1241.8 1647.58 1815.01

3.19 3.24 4.72

166.35 266.21 333.92
521.58 739.27 964.46 1124.18
58.63 100.4 101.79
1.31 3.4 4.99 469.08
13.45 13.44 14.72 33.08
12.27 16.16 26.38 30.33
5.59 5.05 4.40 4.12
141.06 121.51 221.64 220.38
35.71 29.78 53.32 54.79
105.35 91.74 168.32 165.59
7 7.01 14.99

Sep-23 Dec-23 Mar-24 Jun-24

451.83 468.02 455.64 468.49
387 403.45 425.77 418.85
5.32 7.31 16.18 -23.88
7.59 7.85 7.79 8.26
1.14 0.92 1.03 0.69
61.42 63.11 37.23 16.81
15.56 15.08 10.09 6.3
45.86 48.04 27.14 10.52
64.83 64.57 29.87 49.64

Mar-21 Mar-22 Mar-23 Mar-24

 28.02 28.05 27.26 27.3
344.33 431.79 562.09 710.77
45.67 80.04 55.77 57.24
114.08 157.86 200.88 210.56
532.1 697.74 846 1005.87
93.23 112.95 135.27 121.29

80.46 120.13 177.28 249.89

358.41 464.66 533.45 634.69
532.1 697.74 846 1005.87
157.72 226.78 255.15 318.64

127.92 115.4 106.74 160.47

28020009 28052509 27256959

10 10 10 10

Mar-21 Mar-22 Mar-23 Mar-24

144.86 38.21 157.17 129.42
-46.56 -50.03 -53.08 -38.12
-14.34 -19.66 -68.76 -39.5
83.96 -31.48 35.33 51.8

315 429.75 746 1265.85

2.80 2.81 2.81 2.73

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

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TESTING:
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do ANYTHING.

alal-street.in
(₹ Crores/10 Millions) CIGNITI TECHNOLOGIES LTD
Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 379 595 619 693 816 872
Operating Profit 38 98 (22) 52 133 129
Operating Profit Margin (OPM%) 10% 16% 0% 8% 16% 15%
Other Income 1 3 (332) 1 27 22
EBITDA 39 101 (354) 53 160 150
Interest 3 6 16 17 15 8
Depreciation 5 11 17 3 3 11
Profit before tax (PBT) 31 84 (387) 33 142 131
Tax 6 34 8 1 (5) 9
Tax% 18% 41% -2% 2% -4% 7%
Net profit after tax (PAT) 25 50 (395) 32 147 122
Net Profit Margin (NPM%) 7% 8% -64% 5% 18% 14%
Cash from Operating Activity (CFO) -28 115 -48 35 127 87
Capex {(NFA+WIP) change+Dep} 91 -125 1 10 45
FCF 24 77 34 117 42
Total Debt (D) 43 127 144 131 74 121
Share Capital 25 26 27 27 28 28
Dividend Paid (Div) Without DDT - - - - - -
Cash + Investments (CI +NCI) 34 4 16 18 62 136

Self-Sustainable Growth Rate (SSGR) -141% -147% 131%

Trade Receivables 135 176 103 115 124 164

Inventory - - - - - -

PBT/Avg. NFA (<10%,>25%) 79% -377% 53% 218% 154%

ROE on Avg Equity (<7%,>25%) 16% -248% -190% 187% 58%
ROCE (EBIT on Avg CE/TA) (<10%,>35%) 18% -86% 21% 58% 35%
Incremental ROE 3Yr Rolling -2% -31% -240%

Net Fixed Asset Turnover (High is better) 5.60 6.04 11.06 12.54 10.23
Receivables days (Low is better) 95 82 57 53 60
Inventory Turnover (High is better) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Working capital cycle days (Rec + Inv Days) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Net Fixed Assets (NFA) 71 141 64 62 68 102

Capital Work in Progress (CWIP) 55 64 0 0 0 0

Dividend Paid (Div) Without DDT - - - - - -

Dividend Payout (Div/PAT) 0% 0% 0% 0% 0% 0%
Retained Earnings (RE=PAT-Div) 25 50 (395) 32 147 122
Price to earning 42.0 21.5 - 19.8 6.1 4.3
Mcap 1,065 1,069 1,018 636 894 526
Cash + Investments (CI +NCI) 34 4 16 18 62 136

Total Debt (D) 43 127 144 131 74 121

Total Equity (E) 269 360 (41) 7 151 267
Debt to Equity ratio (D/E) 0.2 0.4 -3.5 19.1 0.5 0.5
Cost of funds 12.0%
Interest outgo (Rs. Cr.) 10 16 17 12 12
Interest Coverage (OP/Int. Out) 9.6 -1.3 3.2 10.8 11.0

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Cash from Operating Activity (CFO) -28 115 -48 35 127 87
Cash from Investing Activity (CFI) (51) (197) (6) (5) (6) (137)
Cash from Financing Activity (CFF) 108 52 53 (29) (135) (13)
Net Cash Flow (CFO+CFI+CFF) 28 (30) (1) 1 (14) (63)
Cash & Eq. at the end of year 34 4 16 18 62 87

Total Retained Earnings (RE) in 10 Yrs (A) 483

Total increase in Mcap in 10 yrs (B) 2,661
Value created per INR of RE (B/A) 5.50

Costs as % of Sales
Raw Material 0% 0% 0% 0% 0% 0%
Power & Fuel 0% 0% 1% 1% 0% 0%
Employee Costs 72% 66% 73% 68% 58% 60%
Selling & Admin Costs 16% 16% 27% 11% 10% 9%
Other Manufacturing Expenses 1% 1% 2% 12% 14% 16%
Other Expenses 1% 1% 1% 1% 1% 0%
 Jun-24 << Latest available quarterly results
Mar-21 Mar-22 Mar-23 Mar-24 Last 4 Quarters Total 10 Yrs TRENDS: 10Yr 7Yr
897 1,242 1,648 1,815 1,844 Sales Growth 19% 17%
145 129 238 222 209 OPM 12% 13%
16% 10% 14% 12% 11% PAT Growth 23% -188%
13 13 15 33 5 -203 Avg. PE 16.5 12.1
159 143 252 255 214 959
6 5 4 4 4 84
12 16 26 30 31 136 CMP 1,365
141 122 222 220 179 P/E 28.3
36 30 53 55 47
25% 25% 24% 25% 26% P/B 5.0
105 92 168 166 132 512 P/E*P/B 142.9
12% 7% 10% 9% 7% Div Yield 0.0%
145 38 157 129 CFO 757 Market Cap 3,725
4 36 49 16 Capex 126
141 2 108 113 FCF 631 483 Total Retained Earnings (RE) in
46 80 56 57 FCFE (Post Int. exp.) 547 2,661 Total increase in Mcap in 10 y
28 28 27 27 Total Div 10 Yrs 29 5.50 Value created per INR of RE (B
7 7 15 - Inc. in Debt in 10Yrs 14
208 236 284 410 Cash+Investments 410 0 Closing share price on March 3
FCF/CFO 83%
142% 97% 88% 91% Interest Outgo 99
Change in 10 Yrs
158 227 255 319 (184)
- - - - 0

145% 118% 179% 172%

33% 22% 32% 25%
29% 21% 29% 24%
24% -15% 15% 18%

9.19 12.05 13.28 14.15

66 57 53 58
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!

93 113 135 121

0 0 0 0

7 7 15 - 29 Div Growth
7% 8% 9% 0%
98 85 153 166
8.4 13.2 12.5 20.9
882 1,208 2,096 3,456 3,725
208 236 284 410 410

46 80 56 57 Debt 3% -12%
 372 460 589 738 Book Value 12% -251%
0.1 0.2 0.1 0.1

10 8 8 7 99
14.5 17.1 29.2 32.7

Mar-21 Mar-22 Mar-23 Mar-24 Total 10 Yrs

145 38 157 129 757
(47) (50) (53) (38) (590)
(14) (20) (69) (40) (106)
84 (31) 35 52 62
128 115 107 160

0% 0% 0% 0%
0% 0% 0% 0%
58% 60% 59% 62%
7% 8% 6% 0%
19% 21% 20% 0%
0% 0% 0% 26%
Source: Screener.in
 5Yr 3Yr TTM
17% 27% 2%
13% 13% 11%
2% 16% -21%
11.8 15.5 28.3

Retained Earnings (RE) in 10 Yrs (A)

increase in Mcap in 10 yrs (B)
e created per INR of RE (B/A)

ng share price on March 31, 10 years back

-100%

-5% 8% 3%
37% 26% 25%
 Parameter

Proft &

Sales

Operating Profit

Operating Profit Margin (OPM)

Other Income

Interest

Profit before tax (PBT)

Tax%

Net profit after tax (PAT)

Net Profit Margin (NPM%)

You may read more about the Profit and Loss statement analysis in the following article:

Fre
Cash from Operating Activity (CFO)

Capex (NFA+WIP change+Dep)

FCF (Free Cash Flow)

Total Debt (D)

Share Capital

Dividend Paid (Div) Without DDT

Cash + Investments (CI +NCI)

FCFE (Post Int. exp.)

Total Div 10 Yrs

Inc. in Debt in 10Yrs

Cash+Investments

FCF/CFO

Interest outgo (Rs. Cr.)

You may read more about the Free Cash Flow analysis in the following articles:

Return

Self-Sustainable Growth Rate (SSGR)

Trade Receivables

Inventory

PBT/Avg. NFA (<10%,>25%)

ROE on Avg Equity (<7%,>25%)

ROCE (EBIT on Avg CE/TA) (<10%,>35%)

Incremental ROE 3Yr Rolling

Ope
Net Fixed Asset Turnover (High is better)

Receivables days (Low is better)

Inventory Turnover (High is better)

Working capital cycle days (Rec + Inv Days)

You may read more about the assessment of operating efficiency of a company in the following article:

Ba

Net Fixed Assets (NFA)

Capital Work in Progress (CWIP)

Dividend Paid (Div) Without DDT

Dividend Payout (Div/PAT)

Retained Earnings (RE=PAT-Div)

Price to earning

Mcap

Cash + Investments (CI +NCI)

Total Debt (D)

Total Equity (E)

Debt to Equity ratio (D/E)

Cost of funds

Interest outgo (Rs. Cr.)

Interest Coverage (OP/Int. Out)

You may read more about the Balance Sheet Analysis of a Company in the following article:

Cash F

Cash from Operating Activity (CFO)

Cash from Investing Activity (CFI)

Cash from Financing Activity (CFF)

Net Cash Flow (CFO+CFI+CFF)

Cash & Eq. at the end of year

You may read more about the Cash Flow Statement Analysis of a Company in the following articles:

Weal
Total Retained Earnings (RE) in 10 Yrs (A)

Total increase in Mcap in 10 yrs (B)

Value created per INR of RE (B/A)

You may read more about the wealth creation ability and other parameters for assessment of management quality in th

Costs

Raw Material

Power & Fuel

Employee Costs

Selling & Admin Costs

Other Manufacturing Expenses

Other Expenses

Sales Growth
OPM

PAT Growth

Avg. PE

Div Growth

Debt

Book Value

Curr

CMP

P/E

P/B
P/E*P/B

Div Yield

Market Cap

Closing share price on March 31, 10 years back

*Please note that if the data for any of the last 4 quarter is absent in the "Data Sheet", then the column L, which contain
 Interpretation

Proft & Loss Statement Analysis

Higher the sales growth the better. However, very high growth rates in excess of 35-
50% are usually unsustainable

Higher the operating profit the better

Higher the OPM the better.

Focus on the trend of OPM over the years. If OPM has been fluctuating a lot over the
years in a cyclical manner, then it means that the company does not have pricing
power over its customers and is not able to pass on increase in raw material costs to
them.

On the contrary, if OPM is stable/improving over the years, then it means that the
company has sustainable advantages (MOAT) and is able to pass on the increase in
raw material costs to its buyers to protect its margins

Compare other income with the cash + Investments held by the company. If the non
operating income is not equal to atleast the bank FD return on the cash + investments,
then the investor should analyse it deeper to see where the cash has been invested by
the company, which is not yielding atleast bank FD return.

Do not get influenced by a low interest expense. Always try to find out whether
company has been capitalizing the interest cost. Simple method is to multiply total
debt with an assumed interest rate and then find out the total interest outgo as has
been explained in the calculation of interest coverage below.

Tax payout ratio should be near the standard corporate tax rate in India i.e. about 30-
33%. If the tax payout ratio is low, then invetsor should try to find out if the company
has any tax incentives like a unit operating out of special economic zone (SEZ) etc.

Higher the PAT growth rate the better.

Higher the NPM the better.

Be wary of companies, which show high sales growth with declining/not improving
NPM. Companies, which chase growth at the cost of profitability usually do not create
sustainable wealth for shareholders

owing article:

Free Cash Flow Analysis

Higher the CFO the better. Always compare CFO with PAT to see if the funds are
getting stuck or released from working capital

It is an important parameter which represents the money spent by the company in its
operations/plants which is not reflected in the P&L statement.

An investor should always compare Capex with CFO to see whether the company is
able to fund its capital expansion through its operating cash flow

Companies that show high sales growth without much capex have the potential of
turning out to be good investments.

Free cash flow is the most important parameter of the company analysis. It is like the
discretionary surplus that the company makes, which can be distributed to reward the
shareholders.

I believe that if a company is not able to generate FCF, then it should be avoided by
investors, however good its sales growth and profitability margins be.

Lower the debt, the better.

Debt represents the excess funds used by the company than what it is generating from
its operations. It is like living beyond your means.

ideally, share captial should be constant or decrease due to buy back.

Increase in share captial over the years, which is not due to bonus shares, represents
dilution of stake of existing shareholders.

A company, which generates FCF should pay dividends to shareholders to share the
fruits of growth with the shareholders.

Very high cash levels in companies, which do not payout dividends should be looked
with caution. It might be that the cash shown on the balance sheet is fictitious.
Free Cash Flow to Equity (FCFE): Higher the FCFE, the better.

The interpretation is same as FCF (Free Cash Flow) shared above in terms of availability
of surplus cash with the company after meeting captial expenditure. FCFE is more
stringent than FCF as in addition to deducting Capex, it also deducts interest payment
from CFO

A decline in debt over the years is better

Companies with good cash generation over the years will witness their total debt
decline over the years whereas the companies, which rely on debt to fund their
growth, will witness the total debt increase over the years

Very high cash levels in companies, which do not payout dividends should be looked
with caution. It might be that the cash shown on the balance sheet is fictitious.

Ideally the FCF generated by the company should be more or less similar to the sum
of dividends paid out and the cash+investments held. If there is a significant
difference in FCF and Div+cash+Investment, then the investor should do further
analysis to see the usage/sources of cash

Higher the proportion of Free Cash Flow out of Cash Flow from Operations, the better.

lower the interest outgo the better.

Return Ratios and working capital

SSGR higher than the sales growth rate is desirable.

Lower the trade receivables, the better it is for the company

Lower the inventory, the better it is for the company

Higher the PBT/Avg. NFA, the better

Higher the ROE, the better.

However, always be cautious with the companies with high ROE and high
Debt/Equity.

In such companies high leverage is the reason for high ROE, which is not sustainable

Higher the ROCE, the better

Ideally, incremental ROE 3 years rolling should be stable or improving.

Operating Efficiency Ratios

 Higher the NFAT, the better.

High NFAT represents that the company is able to use its fixed assets in a very efficient
manner (many a times, due to the nature of its business) and does not require to do a
lot of capex)

Lower the receivables days, the better. It means that the company is not giving higher
credit period to customers to generate sales.

In case of fictitious sales where cash is not received from customers, the company
will see increasing receivables days.

Higher the inventory turhover ratio, the better.

Lower inventory turnover means that the company is accumulating a lot of inventory,
which might become obsolete later.

In the extreme cases, the inventory being shown might be fictitious and may be an
indicator of underlying fraud.

Lower the working capital days, the better for the company

pany in the following article:

Balance Sheet Analysis

Increase in NFA means that the company has done capacity addition, which should
lead to higher sales/income in future.

Increase in CWIP means that the company is currently executing any project/capacity
expansion.

Once the underconstruction project is complete, it is shifted from CWIP to NFA.

A company, which generates FCF should pay dividends to shareholders to share the
fruits of growth with the shareholders.
its good if the dividend payout ratio is constant or improving. It means that the
company follows:

1. a stable dividend policy.

2. is interested in sharing higher rewards of the growth with shareholders with higher
growth in business

Cumulative retained earnings should be compared with cumulative increase in market

capitalization over the years.

Lower the P/E ratio, the better.

Lower the current market cap, the better.

However, I do not advise investing in companies with market capitalziation less than
INR 25 cr.

Cumulative retained earnings should be compared with cumulative increase in market

capitalization over the years.

Very high cash levels in companies, which do not payout dividends should be looked
with caution. It might be that the cash shown on the balance sheet is fictitious.

Lower the debt, the better.

Debt represents the excess funds used by the company than what it is generating from
its operations. It is like living beyond your means.

Compare the increase in equity with the retained earnings for the year. They should
ideally be the same.

lower the debt to equity ratio, the better.

However, more than the debt to equity ratio, it is important to check the debt
serviceability by way of interest coverage and FCF.

There have been cases where the company had low debt to equity ratio, but still
faced financial stress as the operating profit & cash was not sufficient to meet debt
obligations.
 lower the interest outgo the better.

Higher the interest coverage, the better.

following article:

Cash Flow Statement Analysis

Higher the CFO the better. Always compare CFO with PAT to see if the funds are
getting stuck or released from working captial

If higher outflow in CFI, then read the annual report to find out whether the same is
for capex or other investments

Contains debt repayments, interest payments, dividend payments

net cash made/consumed by the company in a year.

The higher the net cash flow the better

Very high cash levels in companies, which do not payout dividends should be looked
with caution. It might be that the cash shown on the balance sheet is fictitious.

in the following articles:

Wealth Creation Assessment

 Cumulative retained earnings should be compared with cumulative increase in market
capitalization over the years.

Cumulative retained earnings should be compared with cumulative increase in market

capitalization over the years.

At least INR 1 of incease in market capitalization should have happened for every INR 1
retained by the company. Otherwise, it is a wealth destroying company for
shareholders.

The higher the value created, the better.

s for assessment of management quality in the following article:

Costs as a percentage of Sales

It is preferrable to have declining or stable Raw material costs as a % of sales over the
years. It indicates that the company is able to pass on increase in raw material costs to
its customers
It is preferrable to have declining or stable power & fuel costs as a % of sales over the
years.
It is preferrable to have declining or stable employee costs as a % of sales over the
years. Investors may also compare employee costs of a company with its peers to find
out whether there are any major differences
It is preferrable to have declining or stable Selling & Admin costs as a % of sales over
the years.
It is preferrable to have declining or stable other manufacturing expenses as a % of
sales over the years.
It is preferrable to have declining or stable other expenses as a % of sales over the
years.

Growth Trends

Higher the sales growth the better. However, very high growth rates in excess of 35-
50% are usually unsustainable
Higher the OPM the better.

Focus on the trend of OPM over the years. If OPM has been fluctuating a lot over the
years in a cyclical manner, then it means that the company does not have pricing
power over its customers and is not able to pass on increase in raw material costs to
them.

On the contrary, if OPM is stable/improving over the years, then it means that the
company has sustainable advantages (MOAT) and is able to pass on the increase in
raw material costs to its buyers to protect its margins

Higher the PAT growth rate the better.

Lower the P/E ratio, the better.

if the company generates positive FCF, then Higher the dividend growth rate, the
better

If FCF is negative, then the dividend is funded by debt and the investor should not
take any comfort of such dividend growth rate.

Lower the debt, the better.

Debt represents the excess funds used by the company than what it is generating from
its operations. It is like living beyond your means.

Higher the increase in book value over the years, the better.

Current Share Market Data

Ignore the absolute level of current market price. It does not matter whether the
current price is INR 10 or INR 10,000/-.

Always focus on other parameters of the company assessment

Lower the P/E ratio, the better.

Lower the P/B ratio, the better.

 Lower the P/E* P/B multiplication number, the better.

if the company generates positive FCF, then Higher the dividend yield, the better

If FCF is negative, then the dividend is funded by debt and the investor should not
take any comfort of such dividend yield.

Lower the current market cap, the better.

However, I do not advise investing in companies with market capitalziation less than
INR 25 cr.

Data Sheet", then the column L, which contains last 12 months (TTM) figure, will remain blank.
 Description

Represents the operating income for the company in a given financial year.

The conditional formatting highlights the years where sales increased from previous
year as "Green" and years where sales decreased from previous year as "Red"
It represents EBITDA - Non Operating Income. EBITDA = Earnings before Interest, Tax,
Depreciation & Amortization.

= Operating Profit/Sales.

The conditional formatting highlights the years where OPM increased from previous
year as "Green" and years where OPM decreased from previous year as "Red"

Represents the non operating income for the financial year

Represents the interest amount expensed by the company in a financial year

Represents the profit before tax (PBT) for the financial year

=Tax/Sales. Represents the tax payout of the company for the financial year.

The conditional formatting highlights the years where Tax % is >29.5% as "Green" and
years where Tax % is <29.5% as "Red"
Represents the net profit reported by the company for the financial year

=PAT/Sales.

The conditional formatting highlights the years where NPM increased from previous
year as "Green" and years where NPM decreased from previous year as "Red"

How to do Financial Analysis of Companies

Represents the CFO for the financial year as reported by the company in its cash flow
statements.

The conditional formatting highlights the years where CFO is greater than PAT as
"Green" and years where CFO is less than PAT as "Red"

Represents the capital expenditure done by the company in a financial year. Capex =
Depreciation + Increase in (NFA+CWIP) over the year.

The conditional formatting highlights the years where Capex is less than CFO as
"Green" and years where Capex is higher than CFO as "Red"

FCF=CFO - Capex.

Represents the total debt of the company at the financial year ending date.

The conditional formatting highlights the years where total debt decreased from
previous year as "Green" and years where total debt increased from previous year as
"Red"

Represents the issued and paid up share capital of the company at the end of financial
year. Capital increases due to either by raising further equity by the company or by
issuance of bonus shares. Capital is decreased in cases of share buyback by the
company.

The conditional formatting highlights the years where Share Capital decreased from
previous year as "Green" and years where Share Capital increased from previous year
as "Red"

Represents the dividend paid by the company in a financial year. The dividend shown
here does not include the dividend distribution tax (DDT).

The conditional formatting highlights the years where Dividend increased from
previous year as "Green" and years where Dividend decreased from previous year as
"Red"

=Cash & equivalesnt + Current Investments + Non Current Investments held by the
company at the end of the financial years
FCFE = CFO-Capex-Interest Expense from P&L

The formula assumes the deduction of all interest payments for the company as the
capitalized interest is deducted as a part of Capex and the non-capitalized interest is
deducted as interest expense from P&L
Represents total dividend paid by the company over last 10 years

If the total debt has decreased over last 10 years, then this cell will be highlighted as
"Green". If the total debt has increased in last 10 years, then the cell will be
highlighted "Red"

Represents the cash & equivalents + Current Investment + Non Current Investment
held by the company at the end of latest financial year

Represents the proportion of CFO, which has become available as free cash flow (FCF)
to the shareholders in last 10 years.

Higher proportion of CFO becoming available as FCF indicates low capex requirements,
which is a feature to identify cash cows.

=Cost of funds*(average of total debt at the start and end of the financial year).

The interest outgo, calculated on total debt, takes care of the interest that has been
capitalized by the company and therefore, has not been shown as interest expense in
the P&L statement.

Free Cash Flow: A Complete Guide to Understanding FCF

3 Simple Ways to Assess Margin of Safety while buying stocks

Represents the debt-free self sustainable growth rate potential of a company. It has
been observed that companies growing at a higher rate than SSGR are using more
resources than their inherent operations can produce and therefore, witness
increasing debt levels. Similarly, the companies that are growing at a rate less than or
equal to SSGR are able to sustain their growth rates without raising debt/see declining
debt levels.

It is to be kept in mind that SSGR does not take into account the funds getting blocked
or released from working capital

You may read more about SSGR in the following article:

https://www.drvijaymalik.com/2015/06/self-sustainable-growth-rate-measure-
of.html

shows the total money consumed in or released from trade receivables over last 10
years

shows the total money consumed in or released from inventory over last 10 years

=PBT/average of Net Fixed Assets at the start and the end of the financial year

The conditional formatting highlights the years where PBT/NFA is > 25% as "Green"
and years where PBT/NFA is <10% as "Red". This is to highlight that if a company is not
able to earn at least 10% or Bank FD rate from its fixed assets, then it should ideally
sell all its assets and put the amount in a bank fixed deposit and earn higher return
without taking the pains of running a business.

=PAT/average of shareholder's equity at the start and the end of the finanical year.

The conditional formatting highlights the years where ROE is > 25% as "Green" and
years where ROE is <7% as "Red". This is to highlight that if a company is not able to
earn at least 7% post tax from its equity or shareholders' funds, then it should ideally
put its entire equity in a bank fixed deposit and earn higher return without taking the
pains of running a business.

=EBIT/average of total assets at the start and the end of the financial year. EBIT =
Earnings before Interest and Tax.

The conditional formatting highlights the years where ROCE is > 35% as "Green" and
years where ROCE is <10% as "Red". This is to highlight that if a company is not able to
earn at least 7% pre-tax ROCE from its assets, then it should ideally put its entire assets
in a bank fixed deposit and earn higher return without taking the pains of running a
business.

Represents the incremental returns/profits generated by the earnings retained by the

company over any consecutive three years period. Represents the efficiency of
utilization of incremental money being deployed by the company management in its
operations.

The conditional formatting highlights the years where incremental ROE increased from
the previous period as "Green" and years where incremental ROE decreased from
previous years as "Red"
=Sales/average of net fixed assets at the start and end of a financial year.

The conditional formatting highlights the years where NFAT increased from previous
year as "Green" and years where NFAT decreased from previous year as "Red"

=365/(Sales/average of account receivables at the start and end of the financial year)

The conditional formatting highlights the years where receivables days decreased from
previous year as "Green" and years where receivables days increased from previous
year as "Red"

=Sales/average of inventory at the start and the end of the financial year

The conditional formatting highlights the years where inventory turnover increased
from previous year as "Green" and years where invenotry turnover decreased from
previous year as "Red"

The formula calculates working capital days as a sum of receivables days and inventory
days. It does not take into account payables days as otherwise companies can easily
mask poor working capital position by delaying the payment to suppliers/vendors.

The conditional formating highlights the cells in which working capital days have
decreased (i.e. improved) over previous year as "Green" and the cells in which the
working capital days have increased (i.e. deteriorated) over previous year as "Red"

How to Analyse Operating Performance of a Company

Represents the net fixed assets of the company after factoring in the accumulated
depreciation at the end of a financial year

Represents the capital work in progress (CWIP) of the company at the end of a
financial year. CWIP usually shows the projects under execution by the company. Once
the projects get completed and become operational, they are shifted from CWIP to the
fixed assets (NFA).

Represents the dividend paid by the company in a financial year. The dividend shown
here does not include the dividend distribution tax (DDT).

The conditional formatting highlights the years where Dividend increased from
previous year as "Green" and years where Dividend decreased from previous year as
"Red"
=Dividend paid/net profit after tax.

This criteria helps in identification of any stable dividend payout policy, if it is being
followed by the company for paying dividend year on year

=Net profit after tax - Dividend Payout

Cumulative retained earnings of last 10 years are compared with the increase in
market capitalization of the company over last 10 years to see whether the company
has created atleast equal wealth for its shareholders than the earnings that has been
retained by it over last 10 years. It helps in identifying companies which have
generated wealth for shareholders from those companies which have destroyed
wealth for shareholders.

= Share market price/earnings per share for the period

P/E ratio is an important criteria to arrive at valuation levels of any company's stock

Represents the market capitalization of a company for the financial year. The share
price taken here is the average price for the month of april of each financial year.

Represents the cash & equivalents + Current Investment + Non Current Investment
held by the company at the end of latest financial year

Represents the total debt of the company at the financial year ending date.

The conditional formatting highlights the years where total debt decreased from
previous year as "Green" and years where total debt increased from previous year as
"Red"

Represents the total shareholders' funds invested in the company at the end of
financial year. It includes paid up capital and reserves including retained earnings.

=Total Debt/Total Equity

It represents the extent of leverage that a company has in its capital structure. Higher
D/E ratio represents high leverage and vice versa
It is a manual entry field provided for the investors to put in the assumed cost of debt
(Interest rate), which the investor believes that lenders would be charging to the
company for their loans.

The default value is 12%. The investor can change the value to her preference.

=Cost of funds*(average of total debt at the start and end of the financial year).

The interest outgo, calculated on total debt, takes care of the interest that has been
capitalized by the company and therefore, has not been shown as interest expense in
the P&L statement.

=Operating profit/interest outgo

It represents the servicing ability of the company for the total interest outgo of the
company, including P&L and capitalized interest.

How to do Financial Analysis of Companies

Represents the CFO for the financial year as reported by the company in its cash flow
statements.

The conditional formatting highlights the years where CFO is greater than PAT as
"Green" and years where CFO is less than PAT as "Red"
Represents the CFI for the financial year as reported by the company in its cash flow
statements.
Represents the CFF for the financial year as reported by the company in its cash flow
statements.

Represents the Net cash inflow/outflow (CFO+CFI+CFF) for the financial year et
reported by the company in its net flow statements.

Represents the net cash & equivalents reported by the company at the end of the
financial year.

Please not that Cash & Equivalents shown here does not include Current Investments
(usually FDs and Mutual Funds) and Non Current Investments (Equities, JV etc.) made
by the company

How to do Financial Analysis of Companies

Understanding Cash Flow from Operations (CFO)
represents the sum of earnings retained and not distributed by the company over last
10 years

Represents the increase in market capitalization of the company since 10 years ago.

Please note that the increase in market capitalization has been taken upto the current
date from the market capitalization of 10 years before as I believe that the current
market capitalization rather than the market capitalization at the end of recent most
financial year to be better representative of upto date wealth generation data.

=Increase in market capitalization since 10 years ago/total retained earnings of last 10

years

it is expected that the company should atleast create a wealth of INR 1 in market
capitalization for its shareholders for every INR 1 of earnings retained by it.

How to do Management Assessment of a Company

Formula used is (Raw Material Costs - Change in Inventory)/Sales for the year

Formula used is Power & Fuel costs/Sales for the year

Formula used is Employee costs/Sales for the year

Formula used is Selling & Admin Costs/Sales for the year

Formula used is Other Mfr. Exp/Sales for the year

Formula used is Other Expenses/Sales for the year

Represents the trend of growth in sales for last 10 years, last 7 years, last 5 years, last 3
years and the growth in last 12 months over last financial year sales

Assessment of sales growth trend is essential to find out whether the company has
been showing consistent sales growth year on year or it is influenced by very high/low
sales growth in any particular year
Represents the trend of average Operating Profit Margin for last 10 years, last 7 years,
last 5 years, last 3 years and the OPM in last 12 months

Represents the trend of growth in net profit after tax (PAT) for last 10 years, last 7
years, last 5 years, last 3 years and the growth in last 12 months over last financial year
PAT

Assessment of PAT growth trend is essential to find out whether the company has
been showing consistent PAT growth year on year or it is influenced by very high/low
PAT growth in any particular year
Represents the trend of average Price to Earnings ratio (P/E) for last 10 years, last 7
years, last 5 years, last 3 years and the OPM in last 12 months

Represents the trend of growth in Dividend for last 10 years, last 7 years, last 5 years
and last 3 years

Represents the trend of growth in total debt for last 10 years, last 7 years, last 5 years
and last 3 years
Represents the trend of growth in book value per share for last 10 years, last 7 years,
last 5 years and last 3 years

Represents the closing market price of the stock of the company for previous trading
day

Represents the latest price to earnings (P/E) ratio based on the current market price
and the earnings per share (EPS) for last 4 quarters/trailing twelve months (TTM). If
the data of any of the last 4 quarters is absent, then the cell would show P/E ratio
based on last financial year earnings

The conditional formating highlights the cell as "Green" whenever the latest P/E ratio
is less than 10
Represents the latest price to book value (P/B) ratio based on the current market price
and the book value at the end of recent most financial year
=latest P/E ratio * latest P/B ratio

The conditional formating highlights the cell as "Red" whenever the P/E*P/B ratio
exceeds 22.5, which is the maximum buy value guided by Benjamin Graham in his book
"The Intelligent Investor"

=Dividend paid in last financial year/latest market capitalization

The conditional formatting highlights the cell as "Green" whenever the dividend yield is
greater than 4%

Represents latest market capitalization of the company based on the closing price of
the previous trading day

it is a manual entry field, which is provided for the investor to punch in the split/bonus
adjusted share price of the company for the March 31 of the year 10 years back on her
own so that she can get the accurate increase in market capitalization since 10 years
ago.

Please note that the default value is "0" and the formula for calculating increase in
market capitalization has been drafted in a manner that if "0" is put in this cell, then
the increase in market capitalization is shown as per the data provided by screener.
However, if the investor puts in her value in this cell, then the sheet will show the
incresae in market capitalization as per her share price value.