Manual input of data next to yellow colored cells

Date of analysis 8/29/2020

Stock ticker GLENMARK

Stock price (INR) 485.25
Currency conversion rate (For NON IND stocks) 1.00
485.25
Stock price after currency conversion
Enterprise value (Crores) 21093.48
Enterprise value after currency conversion 21093.48
F-Score 0
Z-score 0.00
M-Score 0
Required Margin of safety % 0%
Desired Discount Rate % 0%
20 AA Corporate bond Rate % 0.00%
Dicount Rate 10y fed note % 0.00%

Scores (max 100%)

Valuation ratios 33%
Efficiency 63%
Efficiency growth 0%
Financial strenght 31%
Growth rates 86%
Earnings stability 42%
Checklist ratios 44%

Valuation inputs
P/E 10y median Change?
20.0 20.0
3 year average free cash flow
1998
5 year average free cash flow Change?

-17

10y average free cash flow

1652
Growth rates. Median
Free cash flow
-10.3 %
EPS Change?
15.0 % 15%
Book value growth rate Change?
10.0 % 10%
Future Expected ROE Change?
15.0 % 15%

A ct ual margin of s afe t y vs require d margin of

s afe ty

0% Required Margin of
safety %

Margin of safety
1%

0% 20% 40% 60% 80% 100%

Past 10 years valuation 1 2

P/E 29.3 17.4
P/B 4.2 3.9
P/S 3.8 2.7
P/Operating cash flow 26.9 8.5

Past 10 years data 1 2

Revenue / sales (mill) 25006 29491
Operating Income (mill) 5479 6381
Net Income (mill) 3310 4578
Earnings Per Share  12.40 16.76
Dividend per share 0.40 0.40
Shares outstanding (mill) 261 270
Book Value Per Share — 75.4
Operating Cash Flow (mill) 3524 9303
Free Cash Flow (mill) -434 5291
Interest Coverage 3.34 4
Current Ratio 4.67 1.15
Debt/Equity 0.79 0.30

Long term debt 0 6106

Total equity 20353
Sales/revenue per share 95.8 109.2
Operating income per share 21.0 23.6
Operating cash flow per share 13.5 34.5
Free cash flow per share -1.7 19.6
Capex 3958 4011
FCF margin -0.08 0.83

STDV 0.39
Average FCF margin 0.22
FCF coefficient variation 179%
10y avg EPS 22.5
10y avg FCF per share 5.9

10y avg free cash flow 1617

5y avg free cash flow 362
3y avg free cash flow 2725

10y avg capex 3958

5y avg capex 10238
3yavg capex 11600

Financial strength 1 2
Y's to pay long term debt with net income 0.0 1.3
Y's pay long term debt with free cash flow 0.0 1.2
Debt/Equity 0.8 0.3
Current ratio 4.7 1.2
Interest coverage 3.3 4.0

Efficiency 1 2
FCF/Sales -2% 18%
CROIC 20%
ROTC 12% 12%
ROE 16% 21%
Gross margin 59% 66%
Operating margin 22% 22%
Net margin 13% 16%
Return on retained earnings

Checklist ratios past 10 years 1 2

Dividend safety 33.8 86.1
Net income of cash flow from operation 94% 49%
Dividend payout ratio 3% 2%
Capex of operating cash flow 112% 43%
5 year cumulative capex of 5y cumulative net inc 129%

Earnings and growth stability past 10 years 1 2

Earnings Per Share INR 12.40 16.76
Number of years of new high EPS 1
Number of years with positive EPS 1 1
Revenue INR Mil 25006 29491
Number of years new high revenue/sales 1
Free Cash Flow INR Mil -434 5291
Number of years of new high free cash flow
Number of years with positive FCF 0 1
Dividends INR 0.4 0.4
Number of years of new high dividend 1
Number of years with dividend payment 1 1
Operating Income INR Mil 5479 6381
Number of years new high operating income 1
Number of years with positive operating income 1 1
Operating Cash Flow INR Mil 3524 9303
Number of years of new operating cash flow 1
Number of years with positive operating cash flow 1 1

Growth rates %. Different time periods 1y-8y 2y-9y

Free cash flow (FCF) 11.2 % 1.9 %
Sales/Revenue 20.2 % 17.4 %
EPS (Earnings per share) 14.7 % 7.3 %
Net income 15.7 % 7.8 %
Book Value per share 14.4 %
Operating income 15.0 % 10.3 %
Operating cash flow 9.3 % 8.5 %

Growth rates %. Different time periods 1y-8y 2y-9y

FCF/Sales -7.5 % -13.2 %
CROIC -15.1 %
ROTC 0.3 % -3.1 %
ROE 2.8 % -4.7 %
Gross margin 2.6 % -0.2 %
Operating margin -4.3 % -6.1 %
Net Margin -3.8 % -8.2 %

Historical valua
80.0

70.0

60.0

50.0

40.0

30.0

20.0

10.0
 50.0

40.0

30.0

20.0

10.0

0.0
1 2 3 4 5 6 7

Earnings grow
400.0

350.0

300.0

250.0

200.0

150.0

100.0

50.0

0.0
1 2 3 4 5 6 7
-50.0

Earnings grow
Revenue / sales (mill) Operating Income (mill)
120000 16000 14601
103724
98655 14000
100000 90794 90744
12000 11480
80000 75460
65561 10000 8830 8836 9189
59450
60000 50123 8000
6381 6257
40206 6000 5479
40000 29491
25006 4000
20000
2000
0 0
1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8
Year number Year number

Earnings Per Share  Dividend per share

35.00 32.5 2.50
31.6
30.00 27.4 2.00 2.00 2.00 2.00 2.00
25.0 2.00
24.2
25.00 22.9
20.0 1.50
20.00 17.5
16.8 17.0
15.00 12.4 1.00
 Earnings Per Share  Dividend per share
35.00 32.5 2.50
31.6
30.00 27.4 2.00 2.00 2.00 2.00 2.00
25.0 2.00
25.00 24.2
22.9
20.0 1.50
20.00 16.8 17.0 17.5
15.00 12.4 1.00
10.00
0.50 0.40 0.40 0.40
5.00

0.00 0.00
1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8
Year number Year number

Operating Cash Flow (mill) Free Cash Flow (mill)

18000 16481 8000
16000 6000 5291 5190 4771
14000 13242 13254
4000
12000 1786
2000
10000 9303
8044 8537 0
8000 6496 6574 1
-434 2 3 4 5 6 7 8
-2000 -626 -911
6000 4817
4000 3524 3448 -4000

2000 -6000 -5454

0 -8000
1 2 3 4 5 6 7 8 9 10 11
Year number
Year number

Sales/revenue per share Operating income per share

400.0 367.8 60.0
349.8 51.8
350.0 322.0 321.8 50.0
300.0 268.5 40.9
241.9 40.0
250.0 219.4 32.6 32.6 33.9
200.0 185.0 30.0
148.4 23.6 23.1
150.0 21.0
20.0
95.8 109.2
100.0
10.0
50.0
0.0 0.0
1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8
Year number Year number

Efficiency
80%

70%

60%

50%

40%

30%

20%
 50%

40%

30%

20%

10%

0%
1 2 3 4 5 6 7
-10%

-20%

FCF/Sales CROIC
20% 18% 25%
20%
15% 20%
13% 16%
15%
10% 8%
7% 9%
10%
5% 4%
4%
1% 1% 5%
0%
1 2 3 4 5 6 7 8 9 10 11 0%
-2% -1% -1% 1 2 3 4 5 6 7 8
-5% -1% -1%
-5%
-7%
-10% -10% -8%
Year number Year number

ROE Operating margin

30% 25%
22% 22%
25% 24%
20%
21% 21% 18%
20% 19% 19% 20% 16% 16%
15% 15%
16% 16% 15% 14%
15% 15%
15%
10%
10%

5% 5%

0% 0%
1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8
Year number Year number

Financial stren
Y's to pay long term debt with net inc. Y's pay long term debt with F
6.0 5.6 60.0
5.2
5.0 4.7 4.6 40.0
4.3
4.0
4.0 20.0 9.3
3.4 4.8
0.0 1.2 2.2
3.0 2.7 0.0
2.4 1 2 3 4 5 6 7 8
-4.3
2.0 -20.0
1.3
1.0 -40.0
-42.5
 5.0 4.7 4.6 40.0
4.3
4.0
4.0 20.0 9.3
3.4 4.8
0.0 1.2 2.2
3.0 2.7 0.0
2.4 1 2 3 4 5 6 7 8
-4.3
2.0 -20.0
1.3
1.0 -40.0
0.0 -42.5
-47.7
0.0 -60.0
1 2 3 4 5 6 7 8 9 10 11
Year number
Year number

Current ratio Interest coverage

5.0 4.7 7.0 6.6
6.3
4.5
6.0 5.6
4.0
3.5 5.0 4.7
4.3 4.1
3.0 4.0
2.5 4.0
2.5 3.3
2.1
2.0 1.7 3.0
1.6 1.6 1.7
1.4 1.5 1.5
1.5 1.2 2.0
1.0
1.0
0.5
0.0 0.0
1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8
Year number Year number

Checklist ratios &

Dividend safety Net inc of cash flow from opera
100.0 250%
90.0 86.1
204%
80.0 74.2 200%
70.0
60.0 150% 139%
50.0
95% 99%
40.0 33.8 100% 94%
29.2
30.0 23.5 23.5 58% 64%
49%
20.0 15.8 50%
12.0 8.9 11.7
10.0 6.1
0.0 0%
1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8
Year number Year number

Capex of operating cash flow Shares outstanding (mill)

300% 285 282
258% 281
250% 280

275
200% 271 271 271 271
270
270
150%
112% 113% 114% 265
93% 90% 261
100% 73% 63% 260
43% 35% 44%
50% 255

0% 250
1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8
Year number Year number
 73% 63% 260
43% 35% 44%
50% 255

0% 250
1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8
Year number Year number

Intrinsic Valuation methods

3 Stage DCF valuation

5y average free cash flow: -17

Years: 1-3 4-7

Growth Rate: -10% -8%

Terminal Growth Rate: 2% Discount Rate:

Shares Outstanding: 282 MOS:

Year Flows Growth

1 -16 -10%
2 -14 -10%
3 -13 -10%
4 -12 -8%
5 -11 -8%
6 -10 -8%
7 -9 -8%
8 -8 -7%
9 -8 -7%
10 -7 -7%

Terminal Year -7
PV of Year 1-10 Cash Flows: -106
Terminal Value: 59294
Total PV of Cash Flows: 59187
Number of Shares: 282
Intrinsic Value (IV): 210

Katsenelsons Absolute P/E Valuation

No Growth P/E 7
EPS Growth Rate % 15.0 % Points
Dividend Yield % 0.41% Points
Basic P/E 17.4
Business Risk 1 Adjustment
Financial Risk 1 Adjustment
Earnings stability 1 Adjustment
5y average EPS 28.15
Current Stock Price 485.25
Fair Value P/E 17.4
Intrinsic Value 490
Benjamin Grahams Growth Formula
Normalized EPS Using The ROE Method:
10y median ROE 15.0 %
Shareholders Equity (TTM) 58924
Normalized Net Income 8839
Shares Outstanding 282
Normalized EPS 31.34
Normalized EPS Using The Net Margin Method:
10 Year Average Net Profit Margin 10.2 %
Revenue (TTM) 103724
Normalized Net Income 10608
Normalized EPS 37.62
Average Normalized EPS 34.48
20y AA Corp Bond Rate 0.00
Estimated Future EPS Growth Rate 15.00
Current Stock Price 485.25
Intrinsic Value

Classic Value investors valuation Year

Current Stock Price 485.25 1
5 year average EPS 28.15 2
Dividend pay out ratio 7% 3
EPS growth rate (1st five years) 15.0 % 4
EPS Growth Rate (2nd Five Years) 12.0 % 5
Discount Rate 0% 6
P/E Ratio in 10 Years ( 10y median p/e ratio) 20.0 7
8
9
10

Value of Future Dividends Today 41.86 Year

Value of Future Sales Price Today 1995.38 10
Intrinsic Value Of The Stock 2037

P/E valuation
5y average EPS 28.15
Average historical P/E 20.0
EPS growth rate 15%
Growth decline rate 2%
Discount rate 0%

Year EPS*Growth rate

1 32.37
2 37.13
3 42.47
4 48.47
5 55.18
6 62.66
7 70.98
8 80.23
9 90.47
10 101.78
Value in 10 years 2,036
Intrinsic Value 2,036

Book value growth + Dividend valuation

Current Stock Price 485.25
Annual Dividend 2.00
Years Of Future Value Calculation 10
Discount Rate - 10 yr. Fed Note 0.00%
Future Book Value 501
Book Value Growth Rate 10.0 %
Book value growth adjusted for share buybacks 9.1 %
Current Year Book Value 208.95
Intrinsic Value

Projected Annual Compounding Return

10y Median Return On Equity 15.0 %
Percentage Of Earnings Retained 93%
Estimated Book Value Growth 10.0 %
Number Of Years 10
Present Book Value 208.95
Future Book Value -542
Converting Percentage To Decimal 0.150
Future Per Share Earnings 81.3
Terminal value 1,626
Intrinsic Value 1,626

Keynumbers used in watchlist Ticker Date

GLENMARK 8/29/2020

Stock score system: Growth rates Earnings stability

0 0
1 1
1 0
1 0
1 0
1 1
1 1
0
1
0
1
0
Market cap (mill) 136841 Valuation methods
3 stage DCF

Intrinsic value 490 Katsenelsons absolute p/e

Buyprice 490 B.Graham Formula

Margin of safety 1% Classic Value Valuation

Total quality score 43% P/E Valuation

Company Quality Average Book Value I.V

Buy/hold/sell? Hold Projected compounding

Median

Share buybacks Data

10y -0.9 % Valuation ratios
5y -0.8 % P/E
3y 0.0 % P/E Yield
1y 0.0 % P/B
P/S
P/operating cash flow
Growth rates Median Shiller P/E
FCF (Free cash flow) -10% P/Operating income
Sales/revenue 18% Operating income/p yield
EPS (Earnings per share) 9% EV/Operating income
Book value growth 15% Operating income/EV yield
Operating income 11% EV/FCF
Operating cash flow 8% FCF/Enterprise yield
Dividend 10y growth 20% P/FCF
FCF/price yield
Dividend yield
Earnings stability 10y Data Shareholders Yield
Years of EPS Growth 5 Peter Lynch PEG ratio
Y's of positive EPS 11 Warren Buffets's ratio
Y's of revenue growth 9
Y's of FCF Growth 1 Efficiency
Y's of positive FCF 7 FCF/Sales
Y's of dividend growth 11 CROIC
Y's of dividend paid 11 ROTC
Y's of oper. inc. growth 6 ROE
Y's of pos.operating inc. 11 Gross margin

2
Y's of O.C.F growth Operating margin
Y's of positive O.C.F 11 Net margin
FCF covariation 179% Return on retained earnings
 Financial strength
Efficiency growth Median Y's to pay debt with net.Inc
FCF/Sales -22.5 % Y's to pay debt with FCF
CROIC -35.3 % Debt/Equity
ROTC -2.6 % Current ratio
ROE -2.7 % Interest coverage
Gross Margin 0.2 % F-Score
Operating margin -5.8 % Z-Score
Net margin -5.4 % M-Score

Checklist ratios
Dividend safety
Net Inc of cash from operation
Dividend payout ratio
Capex of operating cash flow
Cum. capex of Cum. net inc

3 4 5 6
23.9 21.8 34.3 49.7
6.0 5.1 6.7 6.4
3.0 2.7 3.3 3.7
17.2 22.3 24.5 52.7

3 4 5 6
40206 50123 59450 65561
6257 8830 8836 9189
4643 6147 5423 4753
17.01 22.89 20.00 17.52
0.40 2.00 2.00 2.00
271 271 271 271
75.3 88.7 105.2 115.6
8044 6496 8537 4817
5190 1786 4771 -626
4.33 5.59 4.7 4.13
1.55 1.72 1.61 1.43
0.55 0.69 0.81 0.85

11223 16580 23088 26617

20406 24030 28504 31314
148.4 185.0 219.4 241.9
23.1 32.6 32.6 33.9
29.7 24.0 31.5 17.8
19.2 6.6 17.6 -2.3
2854 4710 3766 5443
0.83 0.20 0.54 -0.07

3 4 5 6
2.4 2.7 4.3 5.6
2.2 9.3 4.8 -42.5
0.6 0.7 0.8 0.9
1.6 1.7 1.6 1.4
4.3 5.6 4.7 4.1

3 4 5 6
13% 4% 8% -1%
16% 4% 9% -1%
13% 15% 12% 10%
21% 24% 19% 16%
67% 67% 68% 70%
16% 18% 15% 14%
12% 12% 9% 7%

3 4 5 6
74.2 12.0 15.8 8.9
58% 95% 64% 99%
2% 9% 10% 11%
35% 73% 44% 113%

3 4 5 6
17.01 22.89 20.00 17.52
 2 3
1 1 1 1
40206 50123 59450 65561
2 3 4 5
5190 1786 4771 -626

1 1 1 0
0.4 2.0 2.0 2.0
2 3 4 5
1 1 1 1
6257 8830 8836 9189
2 3 4
1 1 1 1
8044 6496 8537 4817

1 1 1 1

3y-10y 1y-6y 2y-7y 3y-8y

-22.5 % 7.6 % -200.6 % -170.6 %
13.7 % 21.3 % 20.7 % 17.7 %
9.3 % 7.2 % 8.3 % 13.8 %
9.8 % 7.5 % 8.9 % 14.6 %
15.7 % 14.0 % 17.3 %
7.5 % 10.9 % 12.5 % 18.5 %
7.4 % 6.5 % -18.0 % -4.0 %

3y-10y 1y-6y 2y-7y 3y-8y

-31.8 % -11.3 % -183.4 % -160.0 %
-33.7 % -184.2 % -157.2 %
-3.0 % -4.0 % -2.2 % -2.3 %
-4.2 % -0.6 % -1.3 % -0.8 %
-0.2 % 3.4 % 0.5 % 1.2 %
-5.4 % -8.5 % -6.8 % 0.7 %
-3.4 % -11.3 % -9.7 % -2.7 %

Historical valuation

P/E
P/B
P/S
P/Operating cash flow
 P/E
P/B
P/S
P/Operating cash flow

5 6 7 8 9 10 11

Earnings growth

Sales/revenue per share

Operating cash flow per share
Operating income per share
Earnings Per Share 
Free cash flow per share
Book Value Per Share
Dividend per share

6 7 8 9 10 11

Earnings growth
Operating Income (mill) Net Income (mill)
14601 10000 9160 8917
9000
12634 7742
11480 8000
7021 6839
10393 10040 7000 6147
8830 8836 9189 6000 5423
5000 4578 4643 4753
6381 6257
4000 3310
3000
2000
1000
0
2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8 9 10 11
Year number Year number

Dividend per share Book Value Per Share

250.0
209.2 209.0
2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 193.2
200.0
167.4
145.1
150.0
115.6
105.2
100.0 88.7
75.4 75.3
 Dividend per share Book Value Per Share
250.0
209.2 209.0
2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 193.2
200.0
167.4
145.1
150.0
115.6
105.2
100.0 88.7
75.4 75.3

0.40 0.40 50.0

0.0
2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8 9 10 11
Year number Year number

Free Cash Flow (mill) Free cash flow per share

25.0 21.4
6034 19.6 19.2
5291 5190 20.0 17.6
4771
15.0
1786 10.0 6.6
1271 3.1 4.5
870 5.0
0.0
2 3 4 5 6 7 8 9 10 11 1
-1.7 2 3 4 5 6 7 8 9 10 11
-626 -911 -5.0 -2.3 -3.2
-10.0
-15.0
-5454 -20.0
-19.4
-25.0
Year number Year number

Operating income per share Operating cash flow per share

70.0
51.8 58.4
60.0
44.8
40.9 50.0 47.0 47.0
36.9 35.6
32.6 32.6 33.9
40.0 34.5
29.7 31.5
23.6 23.1 30.0 24.0 23.3
20.0 17.8
13.5 12.3
10.0

0.0
2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8 9 10 11
Year number Year number

Efficiency

FCF/Sales
CROIC
ROTC
ROE
Gross margin
Operating margin
Net margin
 FCF/Sales
CROIC
ROTC
ROE
Gross margin
Operating margin
Net margin

5 6 7 8 9 10 11

CROIC ROTC
16% 15%
20% 13%
14%
16% 12% 12% 12%
12% 12%
11% 11%
10% 10%
9% 10%
6% 8%
4%
1% 1% 6%

2 3 4 5 6 7 8 9 10 11 4%
-1% -1%
2%
-8% 0%
1 2 3 4 5 6 7 8 9 10 11
Year number
Year number

Operating margin Net margin

18%
22% 16% 16%

18% 14% 13%

12%
16% 16% 12% 12%
15% 15%
14% 14% 10%
10% 9% 9% 9%
9%
11% 8% 7%
10% 7%
6%
4%
2%
0%
2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8 9 10 11
Year number Year number

Financial strength
Y's pay long term debt with FCF Debt/Equity
1.0 0.9
40.7 0.9 0.9
0.8 0.8
0.8 0.7
24.6 0.7
0.7
9.3 0.6 0.6
4.8 6.7 0.6 0.6 0.5
1.2 2.2
0.5
2 3 4 5 6 7 8 9 10 11
-4.3 0.4
0.3
0.3
0.2
-42.5 0.1
 40.7 0.9 0.9
0.8 0.8
0.8 0.7
24.6 0.7
0.7
9.3 0.6 0.6
4.8 6.7 0.6 0.6 0.5
1.2 2.2
0.5
2 3 4 5 6 7 8 9 10 11
-4.3 0.4
0.3
0.3
0.2
-42.5 0.1
-47.7
0.0
1 2 3 4 5 6 7 8 9 10 11
Year number
Year number

Interest coverage Long term debt

6.6 50000
6.3 43422
45000
5.6 40307
40000
35397
4.7 4.7 4.8 35000
4.3 31230
4.0 4.1
3.7 30000 26617
25000 23088 23648
20000 16580
15000 11223
10000 6106
5000
0
2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8 9 10 11
Year number Year number

Checklist ratios & Misc

Net inc of cash flow from operation Dividend payout ratio
12% 11%
204% 10%
10%
9%
8% 8%
8% 7%
139% 6%
6%
6%
95% 99%

64% 67% 4% 3%
49% 58% 52%
47% 2% 2%
2%

0%
2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8 9 10 11
Year number Year number

Shares outstanding (mill) FCF vs EPS

12000
281 282 282 282 282
10000
Net Income (mill)
8000
6000 Free Cash Flow (mill)
270 271 271 271 271
4000
2000
0
1 2 3 4 5 6 7 8 9 10 11
-2000
-4000
-6000
-8000
2 3 4 5 6 7 8 9 10 11
Year number
 -2000
-4000
-6000
-8000
2 3 4 5 6 7 8 9 10 11
Year number

ods

8-10
-7%

0%

0%

Value
-16
-14
-13
-12
-11
-10
-9
-8
-8
-7

P/E Exp EPS Grwth Rate Dividend Yield Add'l P/E Points
7.00 0% 0.0% 0.0
7.65 1% 0.1% 0.5
9.8 8.30 2% 0.5% 0.5
8.95 3% 1.0% 1.0
0.5 9.60 4% 1.5% 1.5
10.25 5% 2.0% 2.0
10.90 6% 2.5% 2.5
1.00 11.55 7% 3.0% 3.0
1.00 12.20 8% ∆0.65 3.5% 3.5
12.85 9% 4.0% 4.0
1.00 13.50 10 % 4.5% 4.5
14.15 11 % 5.0% 5.0
14.80 12 % 5.5% 5.5
15.45 13 % 6.0% 6.0
16.10 14 % 6.5% 6.5
16.75 15 % 10.0% 10.0
17.40 16 %
17.90 17 %
18.40 18 %
18.90 19 %
19.40 20 %
19.90 21 % ∆0.50
20.40 22 %
20.90 23 %
 15.45 13 % 6.0% 6.0
16.10 14 % 6.5% 6.5
16.75 15 % 10.0% 10.0
17.40 16 %
17.90 17 %
18.40 18 %
18.90 19 %
19.40 20 %
19.90 21 % ∆0.50
20.40 22 %
20.90 23 %
21.40 24 %
21.90 25 %

Projected EPS Pay out ratio Dividends Disc. Divid.

32.4 7% 2.2 2.18
37.2 7% 2.5 2.51
42.8 7% 2.9 2.89
49.2 7% 3.3 3.32
56.6 7% 3.8 3.82
63.4 7% 4.3 4.27
71.0 7% 4.8 4.79
79.5 7% 5.4 5.36
89.1 7% 6.0 6.00
99.8 7% 6.7 6.73
Sum 41.86
Projected EPS PE ratio in 10 years Terminal value Disc. term. V.
99.8 20.0 1995.38 1995.38
 F-Score Z-score
0 0.00
Financial strength Valuation ratios
0 1
0 1
1 1
0 1
0 0
0 0
1 0
M-score Interest coverage (TTM)
0 3.7
Efficiency Efficiency growth
0 0
0 0
1 0
1 0
1 0
1 0
1 0
1 0 0 0
1 0
0 0
0 0
0 0
0 1
0
0
Intrinsic value Buyprice Margin of safety
210 210 -131%
490 490 1%
0 0 N/A
2037 2037 76%
2,036 2036 76%
0 0 N/A
1,626 1626 70%
490 490 70%

TTM 10y avg 5y avg

20.0 26.0 22.0
5.0 % 4.6 % 5.5 %
2.3 4.4 3.2
1.3 2.6 1.9
10.3 25.5 25.7
21.6
13.6
7.3 %
Score chart
2.1
47.6 %
Checklist ratios
16.6
6.0 % Earnings stability
107.7
0.9 % Growth rates
0.4 %
0.4 % Financial strenght
0.46
Efficiency growth
3.02
Efficiency
TTM 10y avg 5y avg
1% 4% 0% Valuation ratios
1% 5% -1%
0% 10% 20% 30% 40% 50% 60% 70% 80%
12% 11%
19% 17%
65% 67% 68%

10% 16% 14%

7% 10% 9%
5.1 %
 TTM 10y avg 5y avg
4.6 3.5 4.6
24.6 -0.5 -9.4
0.5 0.7 0.7
1.5 1.9 1.9
3.7 4.7 5.3
0
0
0

TTM 10y avg 5y avg

23.5 29.5 15.9
52% 88% 111%
8% 7% 8%
90% 95% 128%
111% 129%

7 8 9 10 TTM Visually
33.4 16.7 22.4 16.1 21.4
5.3 3.1 3.3 1.7 2.5
3.1 1.8 2.1 1.0 1.4
72.7 25.6 11.9 7.4 11.1

7 8 9 10 TTM Visually
75460 90794 90744 98655 103724
11480 14601 12634 10393 10040
7021 9160 7742 8917 6839
25.00 32.45 27.44 31.60 24.24
2.00 2.00 2.00 2.00 2.00
281 282 282 282 282
145.1 167.4 193.2 209.2 209.0
3448 6574 16481 13242 13254
-5454 -911 6034 870 1271
6.62 6.31 4.74 4.76 3.7
1.48 2.54 2.13 1.67 1.45
0.58 0.92 0.74 0.60 0.53

23648 43422 40307 35397 31230

40773 47198 54468 58994 58924
268.5 322.0 321.8 349.8 367.8
40.9 51.8 44.8 36.9 35.6
12.3 23.3 58.4 47.0 47.0
-19.4 -3.2 21.4 3.1 4.5
8903 7485 10446 12372 11982
-0.48 -0.06 0.48 0.08 0.13

7 8 9 10 TTM 10y Average

3.4 4.7 5.2 4.0 4.6 3.5
-4.3 -47.7 6.7 40.7 24.6 -0.5
0.6 0.9 0.7 0.6 0.5 0.7
1.5 2.5 2.1 1.7 1.5 1.9
6.6 6.3 4.7 4.8 3.7 4.7

7 8 9 10 TTM 10y Average

-7% -1% 7% 1% 1% 4%
-8% -1% 6% 1% 1% 5%
11% 12% 10% 11% 12%
19% 20% 15% 15% 19%
68% 71% 66% 66% 65% 67%
15% 16% 14% 11% 10% 16%
9% 10% 9% 9% 7% 10%
5%

7 8 9 10 TTM 10y Average

6.1 11.7 29.2 23.5 23.5 29.5
204% 139% 47% 67% 52% 88%
8% 6% 7% 6% 8% 7%
258% 114% 63% 93% 90% 95%

7 8 9 10 TTM
25.00 32.45 27.44 31.60 24.24
 4 5
1 1 1 1 1
75460 90794 90744 98655 103724
6 7 8 9
-5454 -911 6034 870 1271
1
0 0 1 1 1
2.0 2.0 2.0 2.0 2.0
6 7 8 9 10
1 1 1 1 1
11480 14601 12634 10393 10040
5 6
1 1 1 1 1
3448 6574 16481 13242 13254
2
1 1 1 1 1

4y-9y 5y-10y Median

27.6 % -28.8 % -10.3 %
12.6 % 10.7 % 17.6 %
3.7 % 9.6 % 8.8 %
4.7 % 10.5 % 9.4 %
16.8 % 14.7 % 15.2 %
7.4 % 3.3 % 10.6 %
20.5 % 9.2 % 7.9 %

4y-9y 5y-10y Median

13.3 % -35.7 % -22.5 %
7.7 % -36.9 % -35.3 %
-7.8 % -1.3 % -2.6 %
-9.2 % -4.0 % -2.7 %
-0.4 % -0.7 % 0.2 %
-4.6 % -6.7 % -5.8 %
-7.0 % -0.2 % -5.4 %

P/E
P/B
P/S
P/Operating cash flow
 P/E
P/B
P/S
P/Operating cash flow

/revenue per share

ating cash flow per share
ating income per share
ngs Per Share 
cash flow per share
Value Per Share
end per share

9160 8917
7742
6839

8 9 10 11

re
209.2 209.0
193.2
167.4
re
209.2 209.0
193.2
167.4

8 9 10 11

are
21.4

3.1 4.5

8 9 10 11
-3.2

share

58.4

47.0 47.0

23.3

8 9 10 11

FCF/Sales
CROIC
ROTC
ROE
Gross margin
Operating margin
Net margin
 FCF/Sales
CROIC
ROTC
ROE
Gross margin
Operating margin
Net margin

12%
11%
10%

8 9 10 11

10%
9% 9%

7%

8 9 10 11

0.9

0.7
0.6
0.5
 0.7
0.6
0.5

8 9 10 11

43422
40307
35397
31230

8 9 10 11

tio

8%
7%
6% 6%

8 9 10 11

8 9 10 11
Interest coverageDebt/Equity
10y avg (TTM)
Debt/Equity 10y avg
Current ratio
Current
(TTM)ratio
Y's to10y
payavg
debt with net inc (TTM)
4.7 0.5 0.7 1.5 1.9 4.6

Checklist ratios
1
1
1
0
1
0
0
0
0
 Score chart

s
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Y's to pay debt with net inc 10y avg Years to pay debt with FCF
Years
(TTM)
to pay debt with
FCF
FCF
(Free
10ycash
avg flow)
3.5 24.6 -0.5 -10%
 Datainput from Morning

Morningstar valuation ratios

Price/Sales 3.79 2.67 3.02 2.67
P/E 29.25 17.35 23.9 21.81
Price/Cash Flow 26.9 8.45 17.18 22.25
Price/Book 4.16 3.86 5.95 5.07

Morningstar key ratios

Revenue INR Mil 25,006 29491 40,206 50,123

Gross Margin % 59.2 66.40 66.5 67

Operating Income INR Mil 5,479 6381.00 6,257 8,830

Operating Margin % 21.9 21.6 15.6 17.6

Net Income INR Mil 3,310 4,578 4,643 6,147

Earnings Per Share INR 12.4 16.76 17.01 22.89

Dividends INR 0.4 0.4 0.4 2

Payout Ratio % * — 2.4 2.4 9.1

Shares Mil 261 270 271 271

Book Value Per Share * INR — 75.38 75.3 88.67

Operating Cash Flow INR Mil 3,524 9,303 8,044 6,496

Cap Spending INR Mil -3,958 -4,011 -2,854 -4,710

Free Cash Flow INR Mil -434 5,291 5,190 1,786

Free Cash Flow Per Share * INR — 19.56 19.56 19.15

Working Capital INR Mil 19,024 3,469 10,454 15,688

Morningstar profitability tab
Tax Rate % 13.77 4.93 4.87 15.09

Net Margin % 12.98 15.37 11.45 12.26

Asset Turnover (Average) 0.55 0.59 0.73 0.77

Return on Assets % 7.1 9.08 8.38 9.42

Financial Leverage (Average) 2.07 2.5 2.45 2.6

Return on Equity % 16.41 20.64 20.74 23.81

Return on Invested Capital % 11.77 12.21 13.45 14.68

Interest Coverage 3.34 4 4.33 5.59

Morningstar financial health tab

Current Ratio 4.67 1.15 1.55 1.72

Quick Ratio 2.29 0.59 0.82 1.04

Financial Leverage 2.07 2.5 2.45 2.6

Debt/Equity 0.79 0.3 0.55 0.69

Sales/revenue EPS (Earnings per share) Book value growth
Operating income
Operating cash
Dividend
flow 10y growth
18% 9% 15% 11% 8% 20%
tainput from Morningstar.com

Current
3.27 3.66 3.09 1.76 2.13 0.96 1.41
34.3 49.74 33.42 16.66 22.4 16.09 21.44
24.48 52.72 72.71 25.55 11.85 7.4 11.07
6.67 6.36 5.31 3.08 3.31 1.66 2.49

TTM
59,450 65,561 75,460 90,794 90,744 98,655 103,724

67.8 70 68.2 70.7 65.7 65.5 65

8,836 9,189 11,480 14,601 12,634 10,393 10,040

14.9 14 15.2 16.1 13.9 10.5 9.7

5,423 4,753 7,021 9,160 7,742 8,917 6,839

20 17.52 25 32.45 27.44 31.6 24.24

2 2 2 2 2 2 2

8.1 10.6 9.8 5.4 8.8 6.4 8.3

271 271 281 282 282 282 282

105.18 115.55 145.1 167.37 193.15 209.2 208.95

8,537 4,817 3,448 6,574 16,481 13,242 13,254

-3,766 -5,443 -8,903 -7,485 -10,446 -12,372 -11,982

4,771 -626 -5,454 -911 6,034 870 1,271

6.59 17.58 -2.25 -18.95 -3.23 21.38 —

18,135 16,120 19,079 41,708 37,008 26,757 —

 21.71 20.03 30.14 27.32 27.42 29.12 29.9

9.12 7.25 9.3 10.09 8.53 9.04 6.59

0.75 0.72 0.73 0.78 0.72 0.73 —

6.86 5.19 6.75 7.86 6.14 6.68 —

2.89 3.23 2.6 2.47 2.33 2.28 2.35

18.87 15.89 19.31 19.89 14.71 15.39 —

11.63 9.6 10.91 12 9.8 10.9 —

4.7 4.13 6.62 6.31 4.74 4.76 3.7

1.61 1.43 1.48 2.54 2.13 1.67 1.45

1.01 0.89 0.84 1.35 1.19 0.83 0.72

2.89 3.23 2.6 2.47 2.33 2.28 2.35

0.81 0.85 0.58 0.92 0.74 0.6 0.53

FCF/Sales (TTM)FCF/sales 10y avg CROIC (TTM) CROIC 10y avg ROTC (TTM) ROTC 10y avg ROE (TTM)
1% 4% 1% 5% 12%
ROE 10y avg Operating margin (TTM)Operating margin 10y avgNet margin (TTM)
19% 10% 16% 7%
Net margin 10y avg Return on retained earnings
Years of EPS Growth Y's of positive EPS
10% 5.1 % 5 11
Y's of revenue growth Y's of FCF Growth Y's of positive FCF Y's of dividend growth
9 1 7 11
Y's of dividend paid Y's of oper. inc. growth Y's of pos.operating inc. Y's of O.C.F growth
11 6 11 2
Y's of positive O.C.F FCF covariation Dividend safety (TTM)
11 179% 23.5
Dividend safety 10y avg Net inc of cash flow from operation (TTM)
29.5 52%
Net inc of cash flow from operation 10y Dividend
avg payout ratio (TTM) Dividend payout ratio 10y avg
88% 8% 7%
Capex of operating cash flow
Capex
(TTM)
of operating cash flow10y
10y avg 5y 3y 1y P/E (TTM)
90% 95% -0.9 % -0.8 % 0.0 % 0.0 % 20.0
P/E 10y avg P/B (TTM) P/B 10y avg P/S (TTM) P/S 10y avg
26.0 2.3 4.4 1.3 2.6
P/operating cash flow (TTM)
P/operating cash flow 10y
P/FCF
avg (TTM) Shiller P/E
10.3 25.5 107.7 21.6
P/Operating income (TTM) FCF/market cap yield (TTM)Dividend yield (TTM)
Shareholder yield (TTM)
13.6 0.9 % 0.4 % 0.4 %
Peter Lynch ratio (TTM)
Warren Buffets ratio (TTM)
EV/Operating income (TTM) FCF/Enterprise yield (TTM)
0.46 3.02 2.1 6.0 %
Total quality score Company quality Current stock price Intrinsic value Buyprice
43% Average 485.25 490 490
Margin of safetyBuy/Hold/Sell
1% Hold