Safal Niveshak Stock Analysis Excel (Ver. 3.

www.safalniveshak.com

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/re
Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page - https://www.screener.in/ex
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 wi
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 "Safal Niveshak's Stock Analysis Excel Ver. 3.0". Now onwards, any excel you export for any company on S
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"
figures, which you must update manually from the company's annual reports. Don’t forget to make these changes as these num
3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener.in site using the Step
"Data 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 (j
the 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 - vishal@safalniveshak.com - 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 Excel (Ver. 3.0)
www.safalniveshak.com
Basic Company Details
Parameters
Company
Current Stock Price (Rs)
Face Value (Rs)
No. of Shares (Crore)
Market Capitalization (Rs Crore)
Key Financials - Trend
Parameters
Sales Growth (9-Year CAGR)
Profit Before Tax Growth (9-Year CAGR)
Net Profit Growth (8-Year CAGR)
Average Debt/Equity (5-Years, x)
Average Return on Equity (5-Years)
Average P/E (5-Years, x)
Latest P/E (x)
Warning! Excel can be a wonde
the past. But it can be a we
destruction to predict the future
of what you are getting into. He
always equal garba
Details
T.V. TODAY NETWORK LTD
542 Remember! Focus on decision
5.0 Look for disconfirming evidenc
6.0
3,235
Please! It's your money. Please
Details
results of this excel cause you
10.6% designed this excel to aid your
10.4% you alone are responsible for yo
10.6% live peacefully ever after! I am
0.0 wants you to do the hard wo
13.4% companies on your own. But I'd
compass instead of a map, for
21.6
map with territory and lose it
26.7
 Excel can be a wonderful tool to analyze
past. But it can be a weapon of mass
on to predict the future! So be very careful
you are getting into. Here, garbage in will
always equal garbage out.

ber! Focus on decisions, not outcomes.

disconfirming evidence. Calculate. Pray!

t's your money. Please don't blame me if

of this excel cause you to lose it all! I've
d this excel to aid your own thinking, but
are responsible for your actions. I want to
acefully ever after! I am not a sadist who
you to do the hard work by analyzing
es on your own. But I'd rather give you a
ss instead of a map, for you can confuse
ith 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
T.V. TODAY NETWORK LTD
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 29 29 29 30 30 30 30 30 30 30
Reserves 264 292 275 283 288 295 349 420 478 596
Borrowings - - 66 18 56 60 17 7 - -
Other Liabilities 64 57 71 73 75 99 105 126 122 138
Total 357 378 440 404 449 484 501 582 630 764

Net Block 78 65 74 63 55 222 215 235 214 198

Capital Work in Progress 8 31 58 75 175 10 2 3 5 3
Investments 110 53 2 47 46 46 46 46 3 34
Other Assets 162 229 307 218 174 207 239 298 408 528
Total 357 378 440 404 449 484 501 582 630 764

Working Capital 98 172 236 144 99 108 134 173 286 390
Debtors 80 65 86 99 89 94 110 137 141 156
Inventory - - - - - - - - - -
Cash & Bank** 4,735 3,367 3,190 3,393 2,605 3,546 4,618
** Manually enter this number; Convert to Rs Crore if not already done in the Annual Reports; Use Cash+Bank+Current Investments from Consolidated Balance Sheet in Annual Reports

Debtor Days 126 95 110 123 106 110 103 105 95 99

Inventory Turnover - - - - - - - - - -
Fixed Asset Turnover 3.0 3.8 3.9 4.6 5.6 1.4 1.8 2.0 2.5 2.9
Debt/Equity - - 0.2 0.1 0.2 0.2 0.0 0.0 - -
Return on Equity 15% 10% 10% 4% 3% 4% 16% 18% 12% 17%
Return on Capital Employed 13% 4% 5% 2% 4% 2% 15% 15% 16% 14%
 Profit & Loss Account / Income Statement
T.V. TODAY NETWORK LTD
Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Trailing
Sales 231 250 285 293 308 313 389 477 542 573 634
% Growth YOY 8% 14% 3% 5% 1% 25% 22% 14% 6%
Expenses 169 206 233 267 282 278 280 345 380 410 450
Material Cost (% of Sales) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check for wide fluctuations in key
Power and Fuel 1% 1% 2% 2% 2% 2% 2% 2% 1% 1% expense items. For manufacturing
Other Mfr. Exp 13% 12% 14% 16% 16% 15% 12% 13% 13% 13% firms, check their material costs etc. For
Employee Cost 23% 27% 29% 30% 30% 30% 24% 25% 26% 26% services firms, look at employee costs.
Selling and Admin Cost 34% 40% 37% 43% 42% 40% 31% 31% 29% 31%
Operating Profit 62 44 52 26 26 35 109 132 162 163 184
Operating Profit Margin 27% 18% 18% 9% 9% 11% 28% 28% 30% 28% 29%
Other Income 20 24 23 9 6 7 12 23 -18 30 31
Other Income as % of Sales 8.8% 9.7% 8.1% 3.2% 1.8% 2.4% 3.0% 4.8% -3.2% 5.2% 4.9%
Depreciation 16 19 21 16 14 21 24 30 31 29 30
Interest 0 0 7 1 1 3 4 1 1 2 2
Interest Coverage(Times) 742 349 8 21 12 6 27 84 204 80 82
Profit before tax (PBT) 67 49 47 18 16 18 93 123 114 162 183
% Growth YOY -27% -4% -61% -11% 7% 430% 32% -7% 42%
PBT Margin 29% 19% 16% 6% 5% 6% 24% 26% 21% 28% 29%
Tax 23 15 16 6 6 5 32 42 53 54 61
Net profit 44 34 31 12 11 12 61 81 61 108 121
% Growth YOY -23% -8% -60% -15% 16% 403% 32% -25% 77%
Net Profit Margin 19% 13% 11% 4% 3% 4% 16% 17% 11% 19% 19%
EPS 7.5 5.8 5.3 2.1 1.8 2.1 10.3 13.6 10.2 18.1 20.3
% Growth YOY -23% -8% -61% -15% 16% 402% 32% -25% 77%
Price to earning 14.9 13.4 21.3 31.1 35.2 32.9 12.0 16.9 31.0 15.2 26.7
Price 112 78 114 65 62 68 124 229 316 275 542
Dividend Payout 10.0% 13.0% 14.0% 35.9% 42.4% 36.5% 9.7% 11.0% 0.0% 0.0%
Market Cap 649 450 657 387 370 401 735 1,368 1,883 1,641
Retained Earnings 39 29 27 8 6 8 55 72 61 108
Buffett's $1 Test 2.4

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth 10.6% 10.5% 13.2% 13.7%
PBT Growth 10.4% 19.3% 58.1% 20.2%
PBT Margin 18.1% 16.6% 20.9% 25.0%
Price to Earning 22.4 24.9 21.6 21.0

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.
 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 1% 1% 2% 2% 2% 2% 2% 2% 1% 1%
Other Mfr. Exp 13% 12% 14% 16% 16% 15% 12% 13% 13% 13%
Employee Cost 23% 27% 29% 30% 30% 30% 24% 25% 26% 26%
Selling and Admin Cost 34% 40% 37% 43% 42% 40% 31% 31% 29% 31%
Other Expenses 2% 2% 1% 1% 2% 2% 3% 2% 0% 1%
Operating Profit 27% 18% 18% 9% 9% 11% 28% 28% 30% 28%
Other Income 9% 10% 8% 3% 2% 2% 3% 5% -3% 5%
Depreciation 7% 8% 7% 5% 5% 7% 6% 6% 6% 5%
Interest 0% 0% 2% 0% 0% 1% 1% 0% 0% 0%
Profit Before Tax 29% 19% 16% 6% 5% 6% 24% 26% 21% 28%
Tax 10% 6% 6% 2% 2% 2% 8% 9% 10% 9%
Net Profit 19% 13% 11% 4% 3% 4% 16% 17% 11% 19%
Dividend Amount 2% 2% 2% 2% 1% 1% 2% 2% 0% 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 8% 8% 7% 7% 7% 6% 6% 5% 5% 4%
Reserves 74% 77% 62% 70% 64% 61% 70% 72% 76% 78%
Borrowings 0% 0% 15% 4% 13% 12% 3% 1% 0% 0%
Other Liabilities 18% 15% 16% 18% 17% 21% 21% 22% 19% 18%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 22% 17% 17% 16% 12% 46% 43% 40% 34% 26%
Capital Work in Progress 2% 8% 13% 19% 39% 2% 0% 1% 1% 0%
Investments 31% 14% 0% 12% 10% 9% 9% 8% 1% 4%
Other Assets 45% 61% 70% 54% 39% 43% 48% 51% 65% 69%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 22% 17% 20% 24% 20% 19% 22% 23% 22% 20%
Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Cash & Bank 14% 24% 29% 8% 3% 6% 11% 16% 27% 34%
 A common-size financial statement is displays line
items as a percentage of one selected or common
figure. Creating common-size financial statements
makes it easier to analyze a company over time and
compare it with its peers. Using common-size
financial statements helps investors spot trends that
a raw financial statement may not uncover.
 Cash Flow Statement
T.V. TODAY NETWORK LTD
Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Total
Cash from Operating Activity (CFO) 28 6 -9 9 57 39 81 78 -32 15 272
Cash from Investing Activity -50 41 35 43 -79 -15 -3 -49 1 3 -74
Cash from Financing Activity -9 -5 13 -54 32 -7 -52 -18 -11 -14 -125
Net Cash Flow -32 42 39 -1 10 17 26 11 -42 3 73
CFO/Sales 12% 3% -3% 3% 19% 13% 21% 16% -6% 3%
CFO/Net Profit 64% 19% -28% 76% 543% 321% 131% 96% -53% 14%
Capex** 375 315 212 364 565 607 937 1156 1638 1238
FCF -347 -309 -220 -355 -508 -568 -856 -1,078 -1,670 -1,223 -7,135
Average FCF (3 Years) -1,324
FCF/Sales -150% -123% -77% -121% -165% -182% -220% -226% -308% -214%
FCF/Net Profit -797% -920% -714% -2856% -4833% -4651% -1397% -1330% -2745% -1134%

** Manually enter this number;

Convert to Rs Crore if not already
done in the Annual Reports; Use
"Capital expenditure" number
shown under "Cash Flow from
Investing Activities" segment of
Consolidated Cash Flow Statement
available in the Annual Reports
 Earnings Power Value (Bruce Greenwald)
Read the book - Value Investing: From Graham to Buffett and Beyond by Bruce Greenwald (EPV is explained P
Explanation - Earnings power value (EPV) is a technique for valuing stocks by making an assumption about the sustainability
of capital but assuming no further growth. EPV formula = Adjusted Earnings / Cost of Capital

Company Name T.V. TODAY NETWORK LTD

Latest Year Ended Mar-17

Calculation of Normalized Earnings

(Rs Crore) Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Sales 313 389 477 542 573
EBIT 21 97 124 114 164
Less - Adjustment 0 0 1 1 1
EBIT (Adjusted) 21 96 124 114 163
EBIT Margin'(Adjusted) 7% 25% 26% 21% 29%
Tax Rate 31% 34% 34% 47% 33%
Earnings After Tax (Adjusted) 14 63 82 61 109
Depreciation 21 24 30 31 29
Maintenance Capex (See Table Below) 605 899 1,113 1,605 1,223
Earnings After Tax (Normalized, A) -569 -811 -1,001 -1,514 -1,085
Reported Profit After Tax (B) 12 61 81 61 108

EPV Process (as per Greenwald's book, slightly modified) -

1. Start with operating earnings, i.e. EBIT. Adjust any one-time charges. I deduct 0.5% of reported EBIT as this adjustment
2. Apply a tax rate to the adjusted EBIT. I use the actual tax rate calculated from the Income Statement. After reducing this tax,
3. Add back Depreciation
4. Subtract Maintenance Capex
5. After these four steps, you arrive at Normalized Earnings
6. Divide this Normalized Earnings number by the Discount Rate to arrive at EPV. I use 12% discount rate/cost of capital.
7. Note that Greenwald's process as per his book is slightly more detailed than what I have used here

Calculation of Maintenance Capex

(Rs Crore) Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Fixed Assets (PPE) 222 215 235 214 198
Net Sales 313 389 477 542 573
PPE/Sales 0.71 0.55 0.49 0.39 0.35
Change in Sales 4 77 87 65 31
Total Capex 607 937 1,156 1,638 1,238
Growth Capex 2 38 43 33 15
Maintenance Capex 605 899 1,113 1,605 1,223

Calculating Maintenance Capex, as per Greenwald's book -

1. Calculate the Average Gross Property Plant and Equipment (PPE) / Sales ratio over 5-7 years
2. Calculate current year’s increase in sales
3. Multiply PPE/Sales ratio by increase in sales to arrive at Growth Capex
4. Maintenance Capex = Total Capex figure from the cash flow statement minus Growth Capex calculated above
(Bruce Greenwald)
nd by Bruce Greenwald (EPV is explained Page 93 onwards)
king an assumption about the sustainability of current earnings and the cost
rmula = Adjusted Earnings / Cost of Capital

EPV with Different Cost of Capital

Discount Rate EPV Net Cash** Total EPV Per Share
10% ### 4,618 -6,235 -1,045
12% -9,045 4,618 -4,426 -742
15% -7,236 4,618 -2,618 -439
Current Market Cap (Rs Crore) 3,235
EPV as % of Market Cap -137%

** Change the "Cash & Bank" number in "Balance Sheet" sheet

(Row #19) so that the correct number automatically reflects here

5% of reported EBIT as this adjustment

e Income Statement. After reducing this tax, we arrive at Adjusted Earnings After Tax

use 12% discount rate/cost of capital.

at I have used here

over 5-7 years

owth Capex calculated above

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

T.V. TODAY NETWORK LTD T.V. TODAY NETWORK LTD

Dhandho IV - Lower Range Dhandho IV - Higher Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth Year
0 Excess Cash (Latest) 4,618 Year 1-3 15% 0 Excess Cash (Latest)
1 FY18 (1,522) (1,359) Year 4-6 10% 1 FY18
2 FY19 (1,751) (1,396) Year 7-10 5% 2 FY19
3 FY20 (2,013) (1,433) Discount Rate 12% 3 FY20
4 FY21 (2,215) (1,407) 4 FY21
5 FY22 (2,436) (1,382) Last 5-Years' CAGR 5 FY22
6 FY23 (2,680) (1,358) Sales 13% 6 FY23
7 FY24 (2,814) (1,273) PBT 58% 7 FY24
8 FY25 (2,954) (1,193) FCF 19% 8 FY25
9 FY26 (3,102) (1,119) 9 FY26
10 FY27 (3,257) (1,049) 10 FY27
10 -32,572 (10,487) 10
Intrinsic Value (18,838) Intrinsic Value
Current Mkt. Cap. 3,235 Current Mkt. Cap.
Premium/(Discount) to IV -117% Premium/(Discount) to IV

Note: See explanation of this model here

P.S. In case of companies earning negative FCF, where this model will not work, you must use a normalized positive FCF as
starting number. This number is your assumption of FCF the business will earn in a normal year, without capex. Check the his
this business while arriving at your assumption, and use your judgment wisely without twisting the model to fit your version of
Calculation
by Mohnish Pabrai

T.V. TODAY NETWORK LTD

Dhandho IV - Higher Range
FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
Excess Cash (Latest) 4,618 Year 1-3 20%
(1,589) (1,418) Year 4-6 15%
(1,906) (1,520) Year 7-10 10%
(2,288) (1,628) Discount Rate 12%
(2,631) (1,672)
(3,025) (1,717)
(3,479) (1,763)
(3,827) (1,731)
(4,210) (1,700)
(4,631) (1,670)
(5,094) (1,640)
(76,405) (24,600)
Intrinsic Value (36,441)
Current Mkt. Cap. 3,235
Premium/(Discount) to IV -109%

ust use a normalized positive FCF as the

al year, without capex. Check the history of
sting the model to fit your version of reality.
 Ben Graham Formula (Low Range) Ben Graham Formula (High Range)
Company Name .V. TODAY NETWORK LTD Company Name
Year Ended Mar/17 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 64.7 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 29.7 Long-Term Growth Rate

Ben Graham Value (Rs Crore) 4,384 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 3,235 Current Market Cap (Rs Crore)

EXPLANATION
Ben Graham's Original Formula: Value = EPS x (8.5 + 2G)
Here, EPS is the trailing 12 month EPS, 8.5 is the P/E ratio of a stock with 0% growth and g is the growth rate for the next 7-10

Ben Graham's Revised Formula: Value = [EPS x (8.5 + 2G) x 4.4] / Y

Here, 4.4 is what Graham determined to be his minimum required rate of return. At the time of around 1962 when Graham was

Note: I have used Graham's original formula in the above calculations

m Formula (High Range)
.V. TODAY NETWORK LTD
Mar/17

64.7
8.5
59.3

8,219
3,235

g is the growth rate for the next 7-10 years

e 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 nu
e present, we divide this number by today’s AAA corporate bond rate, represented by Y in the formula above.
 Dicounted Cash Flow Valuation
T.V. TODAY NETWORK LTD

Initial Cash Flow (Rs Cr) (1,324) ###

3,235
Years 1-5 6-10 -931%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (4,618)

Year FCF Growth Present Value

1 (1,522) 15% (1,359)
2 (1,751) 15% (1,396)
3 (2,013) 15% (1,433)
4 (2,315) 15% (1,471)
5 (2,663) 15% (1,511)
6 (2,982) 12% (1,511)
7 (3,340) 12% (1,511)
8 (3,741) 12% (1,511)
9 (4,190) 12% (1,511)
10 (4,692) 12% (1,511)

Final Calculations
Terminal Year (4,786)
PV of Year 1-10 Cash Flows ###
Terminal Value ###
Total PV of Cash Flows ###
Current Market Cap (Rs Cr) 3,235

Note: See explanation of DCF here

 Valuation
K LTD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Expected Returns Model
T.V. TODAY NETWORK LTD
Particulars Mar/08 Mar/09 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14
Net Profit (Rs Crore) 44 34 31 12 11 12 61
Net Profit Margin 19% 13% 11% 4% 3% 4% 16%
Return on Equity 15% 10% 10% 4% 3% 4% 16%

Calculations (Enter values only in black cells)

Estimated CAGR in Net Profit over next 10 years 12%
Estimated Net Profit after 10 years (Rs Cr) 335
Current P/E (x) 30.0
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 6,701
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 2,158
Current Market Cap (Rs Cr) 3,235

Note: See explanation of this model here

el
Mar/15 Mar/16 Mar/17 CAGR (9-Yr) CAGR (5-Yr)
81 61 108 11% 59%
17% 11% 19%
18% 12% 17%
 Intrinsic Value Range
T.V. TODAY NETWORK LTD
Lower Higher Remember! Give importance to a stock's valuations / fair va
EPV -4,426 only "after" you have answered in "Yes" to these two questio
Dhandho -18,838 ### (1) Is this business simple to be understood? and (2) Can
Ben Graham 4,384 8,219 understand this business?
DCF -30,135 Don't try to quantify everything. In stock research, the less n
Expected Return 2,158 mathematical you are, the more simple, sensible, and useful
Current Market Cap. 3,235 be your analysis and results. Great analysis is generally "ba
of-the-envelope".

Also, your calculated "fair value" will be proven wrong in t

future, so don't invest your savings just because you fall in
with it. Don't look for perfection. It is overrated. Focus on
decisions, not outcomes. Look for disconfirming evidenc
 importance to a stock's valuations / fair value
ave answered in "Yes" to these two questions -
ness 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
and 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.
T.V. TODAY NETWORK LTD
SCREENER.IN
Narration Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
Sales 126 151 142 137 132 141 165 151 144 174
% Growth YOY 5% -6% 16% 10% 9% 23%
Expenses 88 90 148 100 95 99 118 119 97 116
Operating Profit 38 60 -6 37 37 42 47 32 48 57
Other Income 6 4 7 5 5 5 15 5 5 6
Depreciation 8 7 8 7 7 7 7 7 8 8
Interest 0 0 0 0 0 0 2 0 0 0
Profit before tax 36 57 -7 34 35 40 53 30 45 55
PBT Margin 29% 38% -5% 25% 26% 28% 32% 20% 31% 31%
% Growth YOY -5% -30% -817% -13% 31% 37%
Tax 12 20 11 12 12 14 17 10 15 19
Net profit 24 37 -18 22 23 26 37 19 30 36
% Growth YOY -7% -29% -299% -13% 31% 36%
OPM 30% 40% -5% 27% 28% 30% 28% 21% 33% 33%
COMPANY NAME T.V. TODAY NETWORK LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHA
CURRENT VERSION 2.10

META
Number of shares 5.97
Face Value 5
Current Price 542.35
Market Capitalization 3235.32

PROFIT & LOSS

Report Date Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sales 231.06 249.99 284.82 293.38 308.43 312.67
Raw Material Cost 0.02
Change in Inventory
Power and Fuel 2.65 2.94 4.39 4.53 5.02 6.26
Other Mfr. Exp 30.27 30.32 38.83 45.76 48.07 48.29
Employee Cost 53.27 67.84 81.98 87.73 93.35 93.09
Selling and admin 77.7 100.68 104.26 125 130.62 123.62
Other Expenses 4.71 4.13 3.33 4.38 5.11 6.83
Other Income 20.37 24.21 23.1 9.42 5.62 7.36
Depreciation 16.01 19.42 21.1 16.01 14.04 21.03
Interest 0.09 0.14 7.05 0.94 1.43 3.34
Profit before tax 66.71 48.73 46.98 18.45 16.41 17.57
Tax 23.15 15.18 16.12 6.03 5.9 5.37
Net profit 43.56 33.55 30.86 12.42 10.51 12.21
Dividend Amount 4.35 4.35 4.33 4.46 4.46 4.46

Quarters
Report Date Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Sales 125.81 150.52 141.82 136.94 132.27 140.88
Expenses 87.98 90.24 148.21 100.08 95.36 98.99
Other Income 6.15 4.18 6.86 4.94 4.98 5.16
Depreciation 7.7 7.17 7.71 7.47 7.3 6.98
Interest 0.06 0.06 0.2 0.15 0.08 0.08
Profit before tax 36.22 57.24 -7.44 34.19 34.52 39.99
Tax 11.86 20.42 10.97 11.8 11.91 13.67
Net profit 24.36 36.82 -18.4 22.38 22.61 26.32
Operating Profit 37.83 60.28 -6.39 36.86 36.91 41.89

BALANCE SHEET
Report Date Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Equity Share Capital 29 28.98 28.9 29.73 29.73 29.73
Reserves 264.06 292.26 274.83 282.68 287.93 294.86
Borrowings 65.83 17.87 56.45 60.17
Other Liabilities 63.75 56.56 70.79 73.42 74.83 99.29
Total 356.81 377.8 440.35 403.7 448.94 484.05
Net Block 77.69 64.96 73.75 63.36 54.9 221.76
Capital Work in Progress 7.7 30.72 58 74.97 174.58 9.56
Investments 109.61 53.12 1.92 47.47 45.67 45.67
Other Assets 161.81 229 306.68 217.9 173.79 207.06
Total 356.81 377.8 440.35 403.7 448.94 484.05
Receivables 79.57 65.29 86.02 98.65 89.25 93.93
Inventory
Cash & Bank 48.56 90.99 129.59 32.79 14.18 31.1
No. of Equity Shares 58009000 57967868 57791616 59456615 59456615 59456615
New Bonus Shares
Face value 5 5 5 5 5 5

CASH FLOW:
Report Date Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Cash from Operating Activity 27.67 6.44 -8.68 9.42 57.08 39.11
Cash from Investing Activity -49.89 41.37 34.5 43.33 -79.35 -15
Cash from Financing Activity -9.37 -5.38 12.78 -53.69 31.96 -7.18
Net Cash Flow -31.59 42.43 38.6 -0.94 9.69 16.93

PRICE: 111.89 77.56 113.73 65.04 62.18 67.52

DERIVED:
Adjusted Equity Shares in Cr 5.80 5.80 5.78 5.95 5.95 5.95
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-14 Mar-15 Mar-16 Mar-17

389.44 476.56 542.02 572.77

7.47 7.9 7.97 7.95

47.1 61.22 70.36 73.11
92.97 116.81 141.66 146.37
122.3 148.9 157.75 177.05
10.33 10.05 1.81 5.56
11.7 22.69 -17.59 29.91
24.18 30.02 30.57 28.6
3.59 1.48 0.56 2.04
93.2 122.88 113.75 162.02
31.88 41.84 52.91 54.13
61.32 81.03 60.84 107.88
5.95 8.95

Mar-17 Jun-17 Sep-17 Dec-17

164.74 151.07 144.35 173.59
117.8 118.96 96.55 116.42
14.86 5.3 5.38 5.54
6.85 7.48 7.99 7.74
1.6 0.2 0.1 0.37
53.34 29.73 45.09 54.6
16.75 10.34 15.44 18.87
36.58 19.39 29.65 35.73
46.94 32.11 47.8 57.17

Mar-14 Mar-15 Mar-16 Mar-17

29.74 29.82 29.83 29.83
 349.32 420.14 477.79 595.84
17.28 6.73
105.02 125.68 122.26 138.17
501.36 582.37 629.88 763.84
215.1 235.22 213.52 198.28
1.92 3.08 4.71 3.18
45.67 45.67 3.41 34.18
238.67 298.4 408.24 528.2
501.36 582.37 629.88 763.84
110.35 136.7 141.16 155.72

57.04 94.51 169.95 262.47

59488115 59648615 59653615 59653615

5 5 5 5

Mar-14 Mar-15 Mar-16 Mar-17

80.54 77.94 -32.05 14.72
-3.06 -49.37 0.52 2.85
-51.54 -17.9 -10.89 -14.25
25.94 10.68 -42.42 3.32

123.52 229.32 315.66 275.15

5.95 5.96 5.97 5.97

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