Investor Diary Expert Stock Analysis Excel (V-3)

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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/register/

Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page - https://www.screener.in/excel/ -
and upload this excel file.
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 your
chosen company. Scroll down and come to the first financial statement table called "Quarterly Results" and click on "View
Step 4 - Scroll back to theNow,
Consolidated". top of
allthe page,
data you and youthis
see for willcompany
see a button "Export
will be to Excel" on the right side. Click the button and the
consolidated.
company's financial data will be exported in an excel file in the exact format as "Investor Diary Stock Analysis Excel".
Now onwards, any excel you export for any company on Screener.in will be downloaded in this very format.

IMPORTANT INSTRUCTIONS?
1.
2. All
Youfinancial data the
may update of your chosen
sheet company
and add willanalysis,
your own be automatically
formulaeupdated
etc. and in theupload
then sheet you download.
again to Screener.in site using the Step 2 mentioned
above.
3. I haveBut DON'T
added touch theand
Comments sheet titled "Data
Instructions Sheet" because
wherever necessarythis
so will
as cause
to errors
explain the in your future
concepts. downloads.
Read those carefully before
4. This sheet is not a replacement of the work required to read annual reports as part of the analysis process. So please do working onwith
that along the
sheet.
working on this sheet. You may sometime find some discrepancy in numbers (though rare), but you will know this only when you read
annual
5. reports.
I could not find a bug/errors in this spreadsheet, but if you notice some, please email me at - [email protected] - and I will
try to fix the same and update the sheet
6. This excel won't work for banking and financial services companies.

Note: All data is sourced from Screener.in

click here for the explanation
Most investors in the stock market wonder in which stock they should invest because remember we have almost 6000 stocks
So you can use my Winner's list of stocks to generate your Investment Ideas.

Let's make this process simple for you:

Step-1: Click Here To Get Multi-Bagger List Of Stocks

Step-2: Kick out stocks that are out of your circle of competence. Don't worry if you have to kick ou

Step-3: With the remaining stocks, do the complete Stock Analysis by using this excel sheet.

Tip-1: You can Register your Email id with screener.in and can get updates by Email
Tip-2: In the search query, you can customize it as per your requirements, for example I used Market Capitalization > 500 (in

Click Here: List Of 52-Week Low Stocks In India

Click Here: IPO Historic Table

(High Quality Stocks)---List Of Stocks That Passed Our 2-Minute Test In India

Alembic Pharma Dhanuka Agritech Cupid Kajaria Ceramics Relaxo Footwear

3M India Cera Sanitary. Gulf Oil Lubric. Orient Refrac. Tide Water Oil
Abbott India Colgate-Palm. Hawkins Cookers P & G Hygiene TTK Prestige
Accelya Kale CRISIL Honeywell Auto P I Inds. V-Guard Inds.
AIA Engg. Cummins India ICRA Page Industries Vinati Organics
Ajanta Pharma Cyient Indraprastha Gas Persistent Sys VST Inds.
Akzo Nobel DFM Foods Jyothy Lab. Poly Medicure Whirlpool India
Amara Raja Batt. Divi's Lab. Kansai Nerolac Sanofi India Zydus Wellness
Amrutanjan Healt Dr Lal Pathlabs Kewal Kir.Cloth. Sheela Foam Galaxy Surfactant
Astral Poly eClerx Services L & T Infotech Solar Inds. Asian Paints
Atul Auto Elantas Beck La Opala RG Sonata Software Avenue Super.
Avanti Feeds Endurance Tech. Marico Sun TV Network Bajaj Auto
Berger Paints FDC Mayur Uniquote Supreme Inds. Britannia Inds.
Bombay Burmah Foseco India Mindtree Swaraj Engines Dabur India
Cadila Health. G M Breweries MRF Symphony Eicher Motors
CARE Ratings Gabriel India Navneet Educat. Syngene Intl. Godrej Consumer
Castrol India Gillette India NESCO Tata Elxsi HCL Technologies
Century Ply. GlaxoSmith C H L Oracle Fin.Serv. Thyrocare Tech. Hero Motocorp
mber we have almost 6000 stocks to select from.

orry if you have to kick out a lot of stocks in the process.

ng this excel sheet.

ed Market Capitalization > 500 (in crores), you can feed in, higher or lower figure.

In India

pidilite industries
Hind. Unilever
Hind.Zinc
Infosys
ITC
Maruti Suzuki
Nestle India
TCS
Tech Mahindra
Titan Company
Wipro
Assoc.Alcohols
Control Print
Zensar Tech.
Jenburkt Pharma
Aurabindo Pharma
Balkrishna Ind
CCL Products
 Investor Diary Stock Analysis Excel

Basic Company Details

Parameters Details
Company ICICI SECURITIES LTD
Current Stock Price (Rs) 728
Face Value (Rs) 5
No. of Shares (Crore) 32
Market Capitalization (Rs Crore) 23529

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 17.33%
Profit Before Tax Growth (9-Year CAGR) 30.19%
Net Profit Growth (8-Year CAGR) 32.43%
Average Debt/Equity (5-Years, x) 2.06
Average Return on Equity (5-Years) 49.27%
Average P/E (5-Years, x) 14.15
Latest P/E (x) 16.54
 ICICI SECURITIES LTD
2-MINUTE TEST BUY

1 Does the firm pass minimum quality hurdle? YES Market Capitalizati

Mar-14
2 Has the firm ever made any Net Profit? YES 89

3 Does the company generate consistent cash flow from operations? NO 0

4 Are returns on equity consistently above 15% with reasonable leverage? YES 36%

5 Is earnings growth consistent or erratic? CONSISTENT

NET PROFITS CAGR

6 How clean is the balance sheet? LOW-DEBT FINANCIAL LEVERA

c Do you understand the debt? YES

7 Does the firm generate free cash flow? NO

8 Price To Earnings Ratio UNFAVORABLE

CURRENT P/E RAT

9 Share Price 0
8 How much other is there?(One-time charges, etc) NONE
NSI
9 Has the number of shares outstanding increased markedly over the past several years? NO No. of Equity Shares
Assuming no big acquisitions, if shares outstanding are consistently increasing around New Bonus Shares
by more than 2% per year, think long and hard before investing the firm Face value
 click here for the explanation

Market Capitalization (Rs Crore) 23529

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

294 239 339 553 491 542 1,068 1,383 1,118

0 0 165 71 2289 -1878 -1610 -2597 -674

83% 60% 69% 65% 47% 45% 59% 57% 39%

229% -19% 42% 63% -11% 10% 97% 29% -19%

NET PROFITS CAGR 3-YR 27% 5-YR 15% 7-YR 25% 10-YR 32%

FINANCIAL LEVERAGE= 5.46 DEBT TO EQUITY RATIO= 3.30 ICR 3.29

FREE CASH FLOW TO SALES -31.23%

-18 -15 150 51 2,269 -2,098 -1,626 -2,689 -840

15.88 16.43 11.55 14.50 12.37

CURRENT P/E RATIO 16.54 3-YR 12.81 5-YR 14.15 10-YR #DIV/0! Current
0 0 0 0 242 276 383 621 428 728
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
-482674779 %change 0.00% 0.00% 0.00% -60.00% 0.00% 0.00% 0.03% 0.14% 0.06%
No. of Equity Shares 80.54 80.54 80.54 80.54 32.21 32.21 32.21 32.22 32.27 32.29
New Bonus Shares - - - - - - - - - -
Face value 2 2 2 2 5 5 5 5 5 5
2.39
 BUY
SELL
HOLD
AVOID

NONE
FEW

CONSISTENT
CYCLICAL

ERRATIC
 DEBT-FREE
LOW-DEBT
MODERATELY-LOW DEBT
MODERATE DEBT
MODERATELY-HIGH DEBT
HIGH-DEBT

YES
NO
 BALANCE SHEET ANALYSIS WITH FLOW-CHART
SHAREHOLDERS EQUITY AND LIABILITIES
http://www.investordiary.in/
STEP-1 STEP-2 STEP-3 STEP-4
Borrowings BS
Borrowings CFA
Financial Leverage
Debt to Equity ratio
Equity Share Capital Reserves BS Int. Coverage ratio OTH Liabilities BS
ESC. CFA Reserves CFA T.Assets/T.Liabilities OTH Liabilities CFA
2 minute test T.Debt/T.Assets
T.Debt/T.Equity
Int. coverage ratio
T.Debt/Cash Flow
T.Debt/F.Cash Flow

IT’S AMOST A
NO DILUTION GOOD INCREASED
DEBTFREE COMPANY

AVANTI FEEDS IS A DEBTFREE COMPANY AND IS NOT SELLING ANY ADDITIONAL SHARES. ITS RESERVES ARE INCREASING
OF TOTAL ASSETS IS 51%, WHERE AS ITS NET TANGIBLE ASSETS + CWIP (CAPITAL WORK IN PROGRESS) IS ONLY 19%. ITS
THE YEARS.

STRONG FINANCIAL HEALTH

 BALANCE SHEET ANALYSIS WITH FLOW-CHART
ASSETS

STEP-5 STEP-6 STEP-7 STEP-8 STEP-9

Net Block BS
CWIP BS INV BS
Net Block CFA Invt BS OTH Assets BS A/R BS INV CFA
CWIP CFA Invt CFA OTH Assets CFA A/R CFA INV Turnover
F.Asset Turnover Cash&Bank CFA A/R DAYS Days in INV

IT’S A LOW CASH AS % OF

A/R IS 5 INV DAYS IS
CAPITAL INTENSIVE TOTAL ASSETS IS DECREASED
DAYS 40
BUSINESS AROUND 51%

RESERVES ARE INCREASING CONSISTENTLY. IT'S RUNNING A LOW CAPITAL INTENSIVE BUSINESS, i.e., CASH AS A %
ROGRESS) IS ONLY 19%. ITS ACCOUNTS RECEIVABLE DAYS AND INTENTORY DAYS IMPROVED SIGNIFICANTLY OVER
THE YEARS.

RONG FINANCIAL HEALTH

STRONG FINANCIAL HEALTH
AVERAGE FINANCIAL HEALTH
WEAK FINANCIAL HEALTH
 Balance Sheet
ICICI SECURITIES LTD GOOD
Rs Cr Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 BAD
Equity Share Capital 161 161 161 161 161 161 161 161 161 161
Reserves 88 191 237 329 687 886 1,048 1,661 2,269 2,691
Borrowings 317 227 173 395 677 452 1,657 3,630 7,846 9,408
Other Liabilities 1,006 784 826 1,162 1,349 3,165 1,576 2,729 3,370 3,308
Total 1,573 1,363 1,397 2,047 2,874 4,665 4,443 8,181 13,646 15,569
click here for the explanation
Net Block 35 35 35 35 38 44 198 161 184 258
Capital Work in Progress 2 4 2 3 4 4 8 8 14 31
Investments 100 1 1 2 4 3 2 3 11 8
Other Assets 1,436 1,323 1,358 2,008 2,828 4,614 4,234 8,009 13,438 15,272
Total 1,573 1,363 1,397 2,047 2,874 4,665 4,443 8,181 13,646 15,569

Working Capital 430 539 532 845 1,479 1,449 2,658 5,280 10,068 11,964
Receivables 539 173 293 710 310 477 89 459 385 773
Inventory 28 34 141 31 - - - - - -
USE COMMON FORM ANALYSIS AND FINANCIAL HEALTH WORKSHEET TO ANALYSE THE BALANCE SHEET
 Common Form Balance Sheet AVG MIN MAX
Rs Cr Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Equity Share Capital 10% 12% 12% 8% 6% 3% 4% 2% 1% 1% 6% 1% 12%
Reserves 6% 14% 17% 16% 24% 19% 24% 20% 17% 17% 17% 6% 24%
Borrowings 20% 17% 12% 19% 24% 10% 37% 44% 57% 60% 30% 10% 60%
Other Liabilities 64% 58% 59% 57% 47% 68% 35% 33% 25% 21% 47% 21% 68%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 2% 3% 3% 2% 1% 1% 4% 2% 1% 2% 2% 1% 4%
Capital Work in Progress 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Investments 6% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1% 0% 6%
Other Assets 91% 97% 97% 98% 98% 99% 95% 98% 98% 98% 97% 91% 99%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 34% 13% 21% 35% 11% 10% 2% 6% 3% 5% 14% 2% 35%
Inventory 2% 2% 10% 2% 0% 0% 0% 0% 0% 0% 2% 0% 10%
Cash & Bank 38% 63% 46% 43% 54% 68% 54% 47% 41% 44% 50% 38% 68%
 ICICI SECURITIES LTD GOOD
FINANCIAL HEALTH BAD
FINANCIAL LEVERAGE= 5.46 MORE THAN 4 IS RISKY
DEBT TO EQUITY RATIO= 3.30 LESS THAN 1 IS GOOD
INTEREST COVERAGE RATIO= 3.29 HIGHER IS BETTER (atleast greater than 10)

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

INVENTORY TURNOVER 29.32 35.77 7.96 45.14 0.00 0.00 0.00 0.00
DAYS IN INVENTORY 12.45 10.20 45.85 8.09 0.00 0.00 0.00 0.00
DAYS IN RECEIVABLES 242.00 52.25 95.20 184.69 60.82 100.91 18.83 64.73
FIXED ASSET TURNOVER 23.33 34.72 31.76 40.52 48.67 39.59 8.69 16.07
Total assets/Total liabilities= 1.19 1.35 1.40 1.31 1.42 1.29 1.37 1.29
Total debt/Total assets= 0.20 0.17 0.12 0.19 0.24 0.10 0.37 0.44
Total debt/Total equity= 1.27 0.64 0.43 0.81 0.80 0.43 1.37 1.99
Interest coverage ratio= 6.67 15.46 15.48 19.04 18.22 18.88 9.72 14.34
CFFO/capital expenditures= 0.0 0.0 10.9 3.6 112.3 -8.5 -95.3
Depreciation/CFFO= #DIV/0! #DIV/0! #DIV/0! 9.4% 21.5% 0.7% -3.3% -3.4%
Capital expenditures/Depreciation= 1.13 0.95 0.98 1.30 1.36 3.58 0.31
TOTAL DEBT / CASH FLOW = #DIV/0! #DIV/0! #DIV/0! 2.39 9.52 0.20 -0.88 -2.26
TOTAL DEBT / FREE CASH FLOW = -12.26 -11.34 2.63 13.23 0.20 -0.79 -2.23

click here for the explanation

Mar-22 Mar-23 AVG MIN MAX
0.00 0.00 11.82 0.00 45.14
0.00 0.00 7.66 0.00 45.85
40.89 82.51 94.28 18.83 242.00
18.71 13.28 27.53 8.69 48.67
1.22 1.22 1.31 1.19 1.42
0.57 0.60 0.30 0.10 0.60
3.23 3.30 1.43 0.43 3.30
7.77 3.80 13 4 19
-28.4 -4.1 -1.1 -95.3 112.3
-2.4% -11.1% #DIV/0! #DIV/0! #DIV/0!
1.46 2.21 1.48 0.31 3.58
-3.02 -13.96 #DIV/0! #DIV/0! #DIV/0!
-2.92 -11.20 -2.74 -12.26 13.23
LESS THAN 3 IS BEST
 INCOME STATEMENT
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trailing
SALES 812 1210 1125 1403 1861 1725 1721 2586 3435 3422 4391
% of Growth YoY 49% -7% 25% 33% -7% 0% 50% 33% 0%
COST OF GOODS SOLD 139 149 143 177 143 174 157 243 344 383
GROSS PROFIT 673 1,061 981 1,227 1,718 1,552 1,564 2,343 3,091 3,039
SELLING,GENERAL&ADMINISTRATIVE EXP 495 562 564 661 799 738 666 750 905 930
OPERATING INCOME BEFORE DEPRECIATION 178 497 416 566 917 815 901 1592 2189 2112
DEPRECIATION,DEPLETION&AMORTIZATION 13 16 16 15 15 15 61 54 63 75
OPERATING PROFIT 164 481 400 551 902 800 839 1,538 2,126 2,037 2,746
OTHER INCOME 0 -2 -1 1 -2 1 3 -1 4 4 1
INTEREST EXPENSE 25 31 26 29 50 42 86 107 274 536 835
PRETAX INCOME 140 450 374 522 852 757 753 1,431 1,853 1,501 1,911
% of Growth YoY 222% -17% 40% 63% -11% -1% 90% 29% -19%
TOTAL TAXES 51 156 135 183 299 267 211 363 470 383
NET PROFIT 89 294 239 339 553 491 542 1,068 1,383 1,118 1,423
% of Growth YoY 229% -19% 42% 63% -11% 10% 97% 29% -19%
EPS 1.1 4 3 4 17 15 17 33 43 35 44
% of Growth YoY 229% -19% 42% 309% -11% 10% 97% 29% -19%
PRICE TO EARNINGS 15.9 16.4 11.6 14.5 12.4 16.5
PRICE 0 0 0 0 0 242 276 383 621 428 728
DIVIDEND PAYOUT RATIO 44.9% 54.8% 67.5% 60.6% 32.0% 61.7% 65.4% 64.9% 56.0% 54.9%
MARKET CAP 0 0 0 0 0 7,795 8,904 12,334 20,048 13,822
RETAINED EARNINGS 49 133 78 134 376 188 188 375 608 504
BUFFETT'S $1 TEST 5.3

EXPENSES
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

COST OF MATERIALS CONSUMED 0 0 0 0 0 0 0 0 0 0

POWER AND FUEL 9 8 9 10 6 8 8 6 6 8
OTHER MANUFACTURING EXPENSES 130 140 135 167 137 166 149 237 338 375
SELLING AND ADMIN 159 169 162 169 231 168 106 140 224 198
CHANGES IN INVENTORY 0 0 0 0 0 0 0 0 0 0
EMPLOYEE BENEFIT EXPENSES 335 392 401 485 551 555 535 589 665 699
FINANCE COSTS 25 31 26 29 50 42 86 107 274 536
DEPRECIATION 13 16 16 15 15 15 61 54 63 75
OTHER EXPENSES 1 1 1 7 17 15 26 22 15 34
 GOOD INCOME STATEMENT
BAD Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
% % % % % % % % %
SALES 100% 100% 100% 100% 100% 100% 100% 100% 100%
COST OF GOODS SOLD 17.15% 12.29% 12.73% 12.59% 7.70% 10.07% 9.12% 9.40% 10.03%
GROSS MARGINS 82.85% 87.71% 87.27% 87.41% 92.30% 89.93% 90.88% 90.60% 89.97%
SELLING,GENERAL&ADMINISTRATIVE EXP 60.89% 46.48% 50.18% 47.09% 42.93% 42.79% 38.72% 29.01% 26.35%
EBITDA MARGINS 21.90% 41.10% 36.98% 40.37% 49.28% 47.21% 52.34% 61.57% 63.73%
DEPRECIATION,DEPLETION&AMORTIZATION 1.66% 1.35% 1.42% 1.10% 0.82% 0.87% 3.57% 2.09% 1.82%
OPERATING MARGINS 20.30% 39.88% 35.68% 39.21% 48.55% 46.27% 48.59% 59.50% 61.80%
OTHER INCOME/EXPENSE -0.06% -0.13% -0.11% 0.05% -0.09% 0.07% 0.18% -0.03% 0.10%
INTEREST EXPENSE 3.04% 2.57% 2.30% 2.06% 2.66% 2.45% 5.02% 4.15% 7.97%
PBT MARGINS 17.20% 37.18% 33.27% 37.20% 45.80% 43.89% 43.75% 55.32% 53.94%
TOTAL TAXES 6.22% 12.88% 12.04% 13.07% 16.06% 15.45% 12.26% 14.04% 13.69%
NET MARGINS 10.98% 24.30% 21.23% 24.13% 29.74% 28.44% 31.49% 41.29% 40.25%
1249.2393EFFECTIVE TAX RATE 36.17% 34.65% 36.19% 35.14% 35.07% 35.19% 28.01% 25.37% 25.38%

38.63390277

19
click here for the explanation
Mar-23
%
100% AVG MIN MAX
11.18% 11.23% 7.70% 17.15%
88.82% 88.77% 82.85% 92.30%
27.19% 41.16% 26.35% 60.89%
61.74% 47.62% 21.90% 63.73%
2.19% 1.69% 0.82% 3.57%
59.43% 45.92% 20.30% 61.80%
0.12% 0.01% -0.13% 0.18%
15.67% 4.79% 2.06% 15.67%
43.87% 41.14% 17.20% 55.32%
11.21% 12.69% 6.22% 16.06%
32.66% 28.45% 10.98% 41.29%
25.55% 31.67% 25.37% 36.19%
 Common Form P&L GOOD
Rs Cr Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 BAD AVG MIN MAX
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Change in Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 1% 1% 1% 1% 0% 0% 0% 0% 0% 0% 1% 0% 1%
Other Mfr. Exp 16% 12% 12% 12% 7% 10% 9% 9% 10% 11% 11% 7% 16%
Employee Cost 41% 32% 36% 35% 30% 32% 31% 23% 19% 20% 30% 19% 41%
Selling and Admin Cost 20% 14% 14% 12% 12% 10% 6% 5% 7% 6% 11% 5% 20%
Other Expenses 0% 0% 0% 0% 1% 1% 2% 1% 0% 1% 1% 0% 2%
Operating Profit 22% 41% 37% 40% 49% 47% 52% 62% 64% 62% 48% 22% 64%
Other Income 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Depreciation 2% 1% 1% 1% 1% 1% 4% 2% 2% 2% 2% 1% 4%
Interest 3% 3% 2% 2% 3% 2% 5% 4% 8% 16% 5% 2% 16%
Profit Before Tax 17% 37% 33% 37% 46% 44% 44% 55% 54% 44% 41% 17% 55%
Tax 6% 13% 12% 13% 16% 15% 12% 14% 14% 11% 13% 6% 16%
Net Profit 11% 24% 21% 24% 30% 28% 31% 41% 40% 33% 28% 11% 41%
Dividend Amount 5% 13% 14% 15% 10% 18% 21% 27% 23% 18% 16% 5% 27%
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.
 ICICI SECURITIES LTD
Rs Cr Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Net Fixed Asset Turnover 34.7 32.0 40.1 51.1 42.2 14.2 14.4 19.9 15.5 NFAT
NET MARGINS 11% 24% 21% 24% 30% 28% 31% 41% 40% 33% NPM
DIVIDEND PAYOUT RATIO 45% 55% 67% 61% 32% 62% 65% 65% 56% 55% DPR
Depreciation as % of NFA 39% 47% 45% 45% 40% 34% 31% 34% 34% 29% DEP

SELF-SUSTAINABLE GROWTH RATE (SSGR) 277.34% 436.19% 552.63% 467.98% 253.89% 198.48% 229.67%

SALES GROWTH RATE (CAGR)

TRENDS: 3 YEARS
25.7%
5 YEARS
13.0%
7 YEARS
17.2%
10 YEARS
17.3%
click h
PBT Growth (CAGR) 25.9% 12.0% 22.0% 30.2%
Net Profit Growth (CAGR) 27.3% 15.1% 24.7% 32.4%

Price to Earning 12.8 14.1 #DIV/0! #DIV/0!

Receivables (CAGR) 105.8% 20.1% 14.9% 4.1%
Inventory (CAGR) #DIV/0! #DIV/0! -100.0% -100.0%
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.
FORMALA FOR SSGR = NFAT*NPM*(1-DPR)-DEP

click here for the explanation

 ICICI SECURITIES LTD
Rs Cr Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
SALES 812 1210 1125 1403 1861 1725 1721 2586
NET PROFIT 89 294 239 339 553 491 542 1068
NET MARGINS 11% 24% 21% 24% 30% 28% 31% 41%
DEPRECIATION,DEPLETION 13 16 16 15 15 15 61 54
NFA 35 35 35 35 38 44 198 161
Depreciation as % of NFA 39% 47% 45% 45% 40% 34% 31% 34%
Net Fixed Asset Turnover 34.7 32.0 40.1 51.1 42.2 14.2 14.4
DIVIDEND PAYOUT RATIO 45% 55% 67% 61% 32% 62% 65% 65%
(1-DPR) 0.55 0.45 0.33 0.39 0.68 0.38 0.35 0.35
Mar-22 Mar-23
3435 3422
1383 1118
40% 33%
63 75
184 258
34% 29%
19.9 15.5
56% 55%
0.44 0.45
 Cash Flow Statement 1
ICICI SECURITIES LTD
0.9
Rs Cr Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Total
Cash from Operating Activity (CFO) - - - 165 71 2,289 -1,878 -1,610 -2,597 -674 -4,234 0.8
% Growth YoY #DIV/0! #DIV/0! #DIV/0! -57% 3118% -182% -14% 61% -74% 0.7
Cash from Investing Activity - - - -17 -21 -21 -23 -40 -69 -125 -315 0.6
Cash from Financing Activity - - - -54 6 -561 559 1,417 3,130 266 4,763 0.5 CFFO
Net Cash Flow - - - 94 56 1,707 -1,342 -233 464 -533 214 0.4 Cf-invest
CFO/Sales 0% 0% 0% 12% 4% 133% -109% -62% -76% -20% Cf-finance
0.3
CFO/Net Profit 0% 0% 0% 49% 13% 467% -347% -151% -188% -60% -21.73%
Capex 18 15 15 20 20 220 17 92 166 0.2
FCF -18 -15 150 51 2,269 -2,098 -1,626 -2,689 -840 -4,817 0.1
Average FCF (3 Years) -1,718 0 CFFO (Good, i.e., business is generating cash)
FCF Growth YoY -17% -1085% -66% 4334% -192% -22% 65% -69% Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- CFI (Bad, i.e, instead of reinvesting in business, they are liquidating it)
23 22 21 20 19 18 17 16 15 14
FCF/Sales -2% -1% 11% 3% 132% -122% -63% -78% -25%
FCF/Net Profit -6% -6% 44% 9% 462% -387% -152% -194% -75% 1
Cf-finance Cf-invest CFFO Net Profit CFFO 0.9 Cash Flow From Operating Activities
Some Important Questions to Ask while Analysing Mar-23 266 -125 -674 Mar-23 1,118 -674 0.8 Cash Flow From Investing Activities
the Cash Flow Statement of the Company Mar-22 3,130 -69 -2,597 Mar-22 1,383 -2,597 0.7 Cash Flow From Financing Activities
What are the major sources of cash? Mar-21 1,417 -40 -1,610 Mar-21 1,068 -1,610 0.6 Multiple Sources
Cash Flow From Operating Activities Mar-20 559 -23 -1,878 Mar-20 542 -1,878 0.5 Net Profit
0.4
Is cffo sufficient to cover cap ex? Mar-19 -561 -21 2,289 Mar-19 491 2,289 CFFO Cash Flow From Operating Activities
0.3
YES Mar-18 6 -21 71 Mar-18 553 71 0.2 Cash Flow From Investing Activities
Relationship between Net Profit & CFFO for past 10yrs? Mar-17 -54 -17 165 Mar-17 339 165 0.1 Cash Flow From Financing Activities
Consistent Mar-16 - - - Mar-16 239 - 0 Multiple Sources
Mar-15 - - - Mar-15 294 - Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar-
click here for the explanation 23 22 21 20 19 18 17 16 15 14
Mar-14 - - - Mar-14 89 - Consistent
In-Consistent
 ICICI SECURITIES LTD
PROFITABILITY
YEAR Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
RETURN ON CAPITAL EMPLOYED% 29.0% 83.1% 70.0% 62.3% 59.1% 53.3% 29.3% 28.2% 20.7% 16.6%

DUPONT-ANALYSIS
YEAR Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

NET MARGIN% 11.0% 24.3% 21.2% 24.1% 29.7% 28.4% 31.5% 41.3% 40.3% 32.7%

ASSET TURNOVER 0.5 0.9 0.8 0.7 0.6 0.4 0.4 0.3 0.3 0.2

RETURN ON ASSETS% 5.67% 21.56% 17.08% 16.54% 19.26% 10.52% 12.20% 13.05% 10.13% 7.18%

FINANCIAL LEVERAGE 6.31 3.87 3.51 4.18 3.39 4.45 3.67 4.49 5.61 5.46

RETURN ON EQUITY% 35.8% 83.4% 60.0% 69.2% 65.3% 46.9% 44.8% 58.6% 56.9% 39.2%

FREE CASH FLOW TO SALES ANALYSIS

FREE CASH FLOW = CASHFLOW FROM OPERATIONS-CAPITAL SPENDING

YEAR Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

CFFO (CASH FLOW STATEMENT) - - 165 71 2,289 -1,878 -1,610 -2,597 -674

CAPITAL EXPENDITURE 18 15 15 20 20 220 17 92 166

OWNER'S EARNINGS(FCFE) -18 -15.2 150.2 51.2 2268.9 -2098.3 -1626.4 -2689.0 -840.0

FREE CASH FLOW/SALES(%) -1.53% -1.36% 10.70% 2.75% 131.51% -121.92% -62.89% -78.28% -24.55%
MINIMUM 5% IS GOOD
 PROFITABILITY MATRIX
FREE CASH FLOW TO SALES -31.23% HIGH LESS RISKY COMPANY

ROE<15% AND FREE CASH FLOW>5% ROE>15% AND FREE CASH FLOW>5%
RETURN ON EQUITY % 49.3%
GOOD FREE CASH FLOW BUT BAD ROE GREAT COMPANY
FREE CASH FLOW 5%

HIGH RISK COMPANY

ROE<15% AND FREE CASH FLOW<5% ROE>15% AND FREE CASH FLOW<5%

WORST COMPANY GOOD ROE BUT BAD FREE CASH FLOW

LOW
15%
RETURN ON EQUITY

PROTABILITY MATRIX GREAT COMPANY

PRICING POWER MOAT NONE STRENGTH

COST ADVANTAGE MOAT NONE NO MOAT

COMPETETIVE ADVANTAGE PERIOD

FAVORABLE
LONG CAP LONGEST CAP
FAVORABLE COMPANY STRATEGY FAVORABLE COMPANY STRATEGY
BUT AND
UNFAVORABLE INDUSTRY STRUCTURE FAVORABLE INDUSTRY STRUCTURE
 COMPANY STRATEGY

SHORTEST CAP SHORT CAP

1. PRICING POWER
2. LOW-COST
3. BOTH UNFAVORABLE COMPANY STRATEGY FAVORABLE INDUSTRY STRUCTURE
4. NONE AND BUT
UNFAVORABLE INDUSTRY STRUCTURE UNFAVORABLE COMPANY STRATEGY

UNFAVORABLE
UNFAVORABLE INDUSTRY STRUCTURE FAVORABLE

COMPETETIVE ADVANTAGE MATRIX SHORTEST CAP

GROWTH ADVANTAGE PERIOD
HIGH
HIGH PAT GROWTH HIGHEST PAT GROWTH
HIGH COMPANY GROWTH MINDSET HIGH COMPANY GROWTH MINDSET
BUT AND
LOW INDUSTRY GROWTH HIGH INDUSTRY GROWTH

COMPANY GROWTH
MINDSET
LOWEST PAT GROWTH LOWER PAT GROWTH
1. AGGRESSIVE CAPACITY EXPANSION
2. INORGANIC GROWTH STRATEGY
3. OPERATING/FINANCIAL LEVERAGE LOW COMPANY GROWTH MINDSET LOW COMPANY GROWTH MINDSET
AND BUT
LOW INDUSTRY GROWTH HIGH INDUSTRY GROWTH

LOW
 LOW INDUSTRY GROWTH HIGH

GROWTH ADVANTAGE MATRIX HIGHEST PAT GROWTH

MOAT GROWTH ADVANTAGE PERIOD
HIGH
GROWTH TRAP TRUE WEALTH CREATOR
HIGH GROWTH HIGH GROWTH
BUT AND
WEAK MOAT HIGH MOAT

TRANSITORY MULTIBAGGER ENDURING MULTIBAGGER

GROWTH
WEALTH DESTROYER QUALITY TRAP
LOW GROWTH HIGH MOAT
AND BUT
WEAK MOAT LOW GROWTH

PERMANENT LOSS OF CAPITAL UNDERPERFORMER

WEAK
WEAK MOAT HIGH

MOAT GROWTH MATRIX TRUE WEALTH CREATOR

GOOD click here for the explanation
BAD

AVG MIN MAX

45.17% 16.62% 83.06%

AVG MIN MAX %ROE

28.5% 11.0% 41.3% 50.81%

0.5 0.2 0.9 -27.03%

13.3% 5.7% 21.6%

4.5 3.4 6.3 76.2%

56.0% 35.8% 83.4% 100%

`
GREAT COMPANY
GOOD FREE CASH FLOW BUT BAD
GOOD ROE BUT BAD FREE CASH F
WORST COMPANY
CASH FLOW BUT BAD ROE
UT BAD FREE CASH FLOW
 ICICI SECURITIES LTD
RELATIVE VALUATION
CHEAP

1. EARNINGS YIELD
EXPENSIVE

☹
EARNINGS YIELD 6.05%

10 YEAR GOVT BOND YIELD 6.68% click here to know govt bond yield
click here for th
YIELD SPREAD -0.63%

2. CASH RETURN

☹
CASH RETURN -6.57%

10 YEAR GOVT BOND YIELD 6.68%

YIELD SPREAD -13.25%

3. HISTORICAL PRICE TO EARNINGS RATIO

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
P/E RATIO 15.9 16.4 11.6 14.5 12.4

☹
3 YR AVG P/E RATIO 12.8
5 YR AVG P/E RATIO 14.1
10 YR AVG P/E RATIO #DIV/0!

TRAILING P/E RATIO 16.54

4. HISTORICAL PRICE TO SALES RATIO

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
P/S RATIO 0.0 0.0 0.0 0.0 0.0 4.5 5.2 4.8 5.8 4.0

☹
 ☹
3 YR AVG P/S RATIO 4.9
5 YR AVG P/S RATIO 4.9
10 YR AVG P/S RATIO 2.4

TRAILING P/S RATIO 5.36

5. HISTORICAL PRICE TO BOOK RATIO

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
P/B RATIO 0.0 0.0 0.0 0.0 0.0 7.4 7.4 6.8 8.2 4.8

☹
3 YR AVG P/B RATIO 6.6
5 YR AVG P/B RATIO 6.9
10 YR AVG P/B RATIO 3.5

TRAILING P/B RATIO 8.25

 CHEAP WOW, IT'S CHEAP! ☺
EXPENSIVE IT'S EXPENSIVE ☹
click here for the explanation
 Dicounted Cash Flow Valuation
ICICI SECURITIES LTD

Initial Cash Flow (Rs Cr) (1,718) (45,188)

Want to use my fundamental growth YES 23,529
Years 1-10 -192%
FCF Growth Rate 15.00%
Discount Rate 12.00%
Terminal Growth Rate 3.75%
click here for the explana
Net Debt Level (Rs Cr) 2,610

Year FCF Growth Present Value

1 (2,022) 17.68% (1,806)
2 (2,380) 17.68% (1,897)
3 (2,800) 17.68% (1,993)
4 (3,295) 17.68% (2,094)
5 (3,878) 17.68% (2,200)
6 (4,455) 14.89% (2,257)
7 (4,994) 12.11% (2,259)
8 (5,460) 9.32% (2,205)
9 (5,817) 6.54% (2,098)
10 (6,035) 3.75% (1,943)

If you don't like using past growth rates, then you can use fundamental growth rates which are more dynamic and forwarding lo
reinvestment ( i.e., how much money you retain in the business ) and return of equity (i.e., the return you generate on

GROWTH RATE= (1- Payout Ratio) x Return on equity

ROE X (1- PAYOUT RATIO) = GROWTH

YEAR ROE DPR GROWTH
CURRENT 39.18% 45.11% 17.68%
1 39.18% 45.11% 17.68%
2 39.18% 45.11% 17.68%
3 39.18% 45.11% 17.68%
4 39.18% 45.11% 17.68%
5 39.18% 45.11% 17.68%
6 34.34% 41.09% 14.89%
7 29.51% 37.07% 12.11%
8 24.67% 33.05% 9.32%
9 19.84% 29.02% 6.54%
10 15.00% 25.00% 3.75%
TERMINAL (STABLE) 15.00% 25.00% 3.75%

What IF, Initial FCF Is Negative, Then Make Your Best Case Assumptions,
 YEAR CFFO CAP EX FCF
CURRENT -674 50% -337
1 -793 50% -397
2 -934 50% -467
3 -1099 50% -549
4 -1293 50% -646
5 -1521 50% -761
6 -1748 50% -874
7 -1959 50% -980
8 -2142 50% -1071
9 -2282 50% -1141
10 -2368 50% -1184

1. SIZE 23529
2. FINANCIAL HEALTH STRONG FINANCIAL HEALTH
3. EARNINGS GROWTH CONSISTENT
4. ECONOMIC MOAT NO MOAT
5. MANAGEMENT HIGH QUALITY MANAGEMENT
6. COMPLEXITY LOW

ESTIMATING THE RISKINESS IN CASH FLOWS (DISCOUNT RATE)

 Valuation
TD
GOOD
BAD
WOW, IT'S CHEAP! ☺
DCF Value (As calculated in cell B29)
Current Market Cap
DCF as % of Current Mkt Cap
IT'S EXPENSIVE
☹
click here for the explanation
Final Calculations

☹
Terminal Year (6,261)
PV of Year 1-10 Cash Flows (20,752)
Terminal Value (24,436)
Total PV of Cash Flows (45,188)
Current Market Cap (Rs Cr) 23,529
Share Price 728
Value Per Share -1397

growth rates which are more dynamic and forwarding looking. Growth in net profit is the function of
ss ) and return of equity (i.e., the return you generate on incremental retained earnings).

H RATE= (1- Payout Ratio) x Return on equity

EXPECTED DIVIDEND INCOME ANALYSIS (FUNDAMENTAL GROWTH)

YEAR EPS DPR Dividends Pr. Value
CURRENT 44.0 54.89% 24.15
1 51.8 54.89% 28.42 25.38
2 60.9 54.89% 33.44 26.66
3 71.7 54.89% 39.36 28.01
4 84.4 54.89% 46.31 29.43
5 99.3 54.89% 54.50 30.92
6 114.1 58.91% 67.20 34.05
7 127.9 62.93% 80.48 36.41
8 139.8 66.95% 93.61 37.81
9 148.9 70.98% 105.72 38.12
10 154.5 75.00% 115.90 37.32
Expected Dividend Income From This Stock In Next The 10 Years 665 324.10

Current Share Price 728

Estimated 10th Year Share Price 3091
Estimated 10th Year Share Price + Dividends 3755
Total Return 17.84%

Investment Return = % EPS Growth + Dividend Income

 Investment return = 13.38% 2.27%

Investment return = 15.66%

DIVIDENDS IN CRORES = 21501

Capital Gains + Dividends 446232

Estimated 10th Year Market Cap 99934

Discounted Estimated 10th Year Market Cap 32176

Discounted Dividends 324

Discounted Value 32500

Disounted Earnings Valuation 1005

 GROWTH RATE (MANUALLY INPUTTED)
ROE X (1- PAYOUT RATIO) = GROWTH EXPECTED DIVIDEND INCOME ANALYSIS (
YEAR ROE DPR GROWTH YEAR
CURRENT 39.18% 38.28% 15.00% CURRENT
1 39.18% 38.28% 15.00% 1
2 39.18% 38.28% 15.00% 2
3 39.18% 38.28% 15.00% 3
4 39.18% 38.28% 15.00% 4
5 39.18% 38.28% 15.00% 5
6 39.18% 38.28% 15.00% 6
7 39.18% 38.28% 15.00% 7
8 39.18% 38.28% 15.00% 8
9 39.18% 38.28% 15.00% 9
10 39.18% 38.28% 15.00% 10
Expected Dividend Income From This Stock In Next Th

Estimated 10th Year S

Estimated 10th Year Share Price +
 Estimated 10th Year M

Discounted Estimated 10th Year

Disounted Earning
 IDEND INCOME ANALYSIS (MANUAL GROWTH)
EPS DPR Dividends Pr. Value
44.0 61.72% 27.16
50.6 61.72% 31.23 27.88
58.2 61.72% 35.91 28.63
66.9 61.72% 41.30 29.40
77.0 61.72% 47.50 30.19
88.5 61.72% 54.62 30.99
101.8 61.72% 62.81 31.82
117.0 61.72% 72.24 32.68
134.6 61.72% 83.07 33.55
154.8 61.72% 95.53 34.45
178.0 61.72% 109.86 35.37
ome From This Stock In Next The 10 Years 634 314.97

Current Share Price 728

Estimated 10th Year Share Price 3091
mated 10th Year Share Price + Dividends 3725
Total Return 17.74%

Investment Return = % EPS Growth + Dividend Income

 Investment return = 15.00% 2.18%

Investment return = 17.18%

DIVIDENDS IN CRORES = 20503

Capital Gains + Dividends 445234

Estimated 10th Year Market Cap 99934

ounted Estimated 10th Year Market Cap 32176

Discounted Dividends 315

Discounted Value 32491

Disounted Earnings Valuation 1005

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

ICICI SECURITIES LTD ICICI SECURITIE

Dhandho - Worst Case Dhandho - Best
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth Year
0 Excess Cash (Latest) 6,798 Year 1-3 15% 0 Excess Cash (Latest)
1 FY18 (1,976) (1,764) Year 4-6 10% 1 FY18
2 FY19 (2,273) (1,812) Year 7-10 5% 2 FY19
3 FY20 (2,614) (1,860) Discount Rate 12% 3 FY20
4 FY21 (2,875) (1,827) 4 FY21
5 FY22 (3,162) (1,794) Last 5-Years' CAGR 5 FY22
6 FY23 (3,479) (1,762) Sales 13% 6 FY23
7 FY24 (3,653) (1,652) PBT 12% 7 FY24
8 FY25 (3,835) (1,549) FCF -275% 8 FY25

☺
9 FY26 (4,027) (1,452) 9 FY26
10 FY27 (4,228) (1,361) 10 FY27
10 -42,283 (13,614) 10
Intrinsic Value (23,651) Intrinsic Value
Current Mkt. Cap. 23,529 Current Mkt. Cap.
Premium/(Discount) -199% Premium/(Discount)
Value Per Share (731) Value Per Share

You have to adjust the initial free cash flows in case if they are negative.
alculation CHEAP EXPENSIVE
Mohnish Pabrai
WOW, IT'S CHEAP! ☺
ICICI SECURITIES LTD
Dhandho - Best Case
FCF (Rs Cr) PV of FCF (Rs Cr)
IT'S EXPENSIVE
Assumed FCF Growth
☹
Excess Cash (Latest) 6,798 Year 1-3 20%
(2,062) (1,841) Year 4-6 15%
(2,475) (1,973) Year 7-10 10%
(2,970) (2,114) Discount Rate 12%
(3,415) (2,170)
(3,927) (2,228)
click here for the explanation
(4,516) (2,288)
(4,968) (2,247)
(5,465) (2,207)

☺
(6,011) (2,168)
(6,612) (2,129)
(99,184) (31,935)
Intrinsic Value (46,501)
Current Mkt. Cap. 23,529
Premium/(Discount) -151%
Value Per Share (1,438)

e negative.
 Total Returns Model
ICICI SECURITIES LTD
Particulars Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Net Profit (Rs Crore) 89 294 239 339 553 491 542 1,068 1,383 1,118
Net Profit Margin 11% 24% 21% 24% 30% 28% 31% 41% 40% 33%
Return on Equity 36% 83% 60% 69% 65% 47% 45% 59% 57% 39%
Calculations (Enter values only in black cells)
Estimated CAGR in Net Profit over next 10 years 13.38%
GOOD WOW, IT'S CHEAP! ☺
Estimated Net Profit after 10 years (Rs Cr)
Current P/E (x)
Exit P/E in the 10th year from now (x, Estimated)
4,997
16.5
20.0
BAD IT'S EXPENSIVE ☹
Esti. Market Cap (10th year from now; Rs Cr) 99,934
Cost of Capital/Discount Rate 12%

☺
Discounted Value (Rs Cr) 32,500
Current Market Cap (Rs Cr) 23,529

If you invest 1 lakh today, in 10 yrs it will grow into 446232

Investment Return from this stock in the next 10 years 15.66%
Speculative Return from this stock in the next 10 years 2.18%
Capital Gains 15.56%
Dividend Return 2.27% Investment Speculative Total
+ =
Total Return = Investment Return + Speculative Return 17.84% Return Return Return
PEG RATIO 1.24 13.38% 2.27% + 2.18% = 17.84%
13.4%
DANGER! DANGER! You have Inputted The Most Unrealistic And Irrational Growth Rate
ATTENTION PLEASE! Make Sure That Capital Gains Are Atleast 15%
CAGR (9-Yr) CAGR (5-Yr)
32% 15%

ATTENTION PLEASE! Make

Sure That Capital Gains Are Atleast 15%

Multi-Bagger Gains %

207%
 Intrinsic Value Range UNDER-VALUED
ICICI SECURITIES LTD OVER-VALUED
Market Cap Value Per Share
Lower Higher Lower Higher
Dhandho -23,651 -46,501 (731.43) (1,438.10)
DCF -45,188 (1,397.48)
Total Return 32,500 1,005.10
PE < G Price 19,044 588.94
Current Market Cap. 23,529 share price 727.65 W.Avg Intrinsic Value 797

ENTRY PRICE Implied PE ASSUMPTIONS

PHASE-1 717 16.30 No.Of Shares Bought in Phase-1
PHASE-2 638 14.49 No.Of Shares Bought in Phase-2
PHASE-3 598 13.58 No.Of Shares Bought in Phase-3
Total No.Of Shares Bought
EXIT PRICE Implied PE
PHASE-1 1256 28.55 Capital Gains by selling in Phase-1
PHASE-2 1357 30.84 Capital Gains by selling in Phase-2
PHASE-3 1508 34.26 Capital Gains by selling in Phase-3
Total Capital Gains (PROFITS)
 LET'S CALCULATE THE RETURN YOU CAN GENERATE

YOUR INVESTMENT = 30,000

Phase-1 Phase-2 Phase-3

10000 10000 10000

14
16
17
46

9,412
10,965
13,295 Before 30,000
33,672 112.24% After 63672
 10,000

111%

651
19412 1374
20965.28492
23295
63672

Total Return
ICICI SECURITIES LTD
SCREENER.IN
Narration Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Sales 856 942 892 794 858 879 885 934 1,249 1,323
% Growth YOY 0% -7% -1% 18% 45% 50%
Expenses 313 333 329 311 335 330 337 363 439 412
Operating Profit 544 608 563 483 523 549 548 571 810 911
Other Income 0 0 1 1 7 1 0 0 -0 1
Depreciation 15 16 17 16 19 19 21 22 26 27
Interest 58 83 91 100 108 153 175 185 215 261
Profit before tax 471 510 455 367 404 377 353 364 569 624
PBT Margin 55% 54% 51% 46% 47% 43% 40% 39% 46% 47%
% Growth YOY -14% -26% -22% -1% 41% 65%
Tax 120 129 115 93 103 96 91 94 146 158
Net profit 351 380 340 274 300 281 263 271 424 466
% Growth YOY -14% -26% -23% -1% 41% 66%
OPM 63% 65% 63% 61% 61% 62% 62% 61% 65% 69%
 NEVER PLACE YOUR BUY ORDER WITHOUT GOING THROUGH THIS CHECKLIST

STUDY ITS PRODUCTS/SERVICES CAREFULLY,CHECK WHETHER THEY EXIST IN REAL WORLD AND
WHAT THEY CLAIM ABOUT THEIR PRODUCT/SERVICE IS TRUE OR MAKES SENSE.

READ ATLEAST 10 YEARS OF ANNUAL REPORTS SLOWLY AND SKEPTICALLY.

ARE YOU EXITED BY STORYLINE AND IGNORING WARNING SIGNS?

IS IT JUST LOW P/E OR LOW VALUATION THAT IS TEMPTING YOU TO INVEST? BUY CHEAP STOCKS,
BUT NOT CHEAP QUALITY STOCKS.

STAY AWAY FROM ACQUISITION HUNGRY COMPANIES.

IF YOU FIND ANY RED FLAGS IN YOUR ANALYSIS, NEVER IGNORE, DIG DEEPER.

IF RESULTS ARE GETTING DELAYED.STAY AWAY.

STAY AWAY FROM COMPANIES WHERE INSIDERS ARE SELLING LARGE STAKES.

PROMOTER SHARES ARE PLEDGED,THAT IS ALMOST EQUAL TO SELLING SHARES, SO BE WARY.

IF COMPANY IS FACING TROUBLES COLLECTING CASH (INCREASING RECEIVABLE DAYS).STAY AWAY.

ANALYSE RELATED PARTY TRANSACTIONS CAREFULLY, ESPECIALLY LOANS.

READ 10-YEARS OF REVENUE RECOGNITION POLICIES AND WATCH OUT FOR ANY POLICY CHANGES.

READ 10-YEARS OF AUDITOR REPORTS.

BE WARY WITH COMPANIES NOT CONDUCTING CONFERENCE CALLS AND NO CHAIRMANS LETTER IN
THE ANNUAL REPORT.

NO FINANCIAL DATA ABOUT ACQUIRED COMPANIES, WATCH OUT.

NEVER INVEST IN COMPANIES WITH HIGH POLITICAL CONNECTION.
COMPANY NAME ICICI SECURITIES LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHANG
CURRENT VERSION 2.10

META
Number of shares 32.34
Face Value 5
Current Price 727.65
Market Capitalization 23528.79

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Sales 812.26 1209.51 1124.58 1403.29 1861.01 1725.28
Raw Material Cost
Change in Inventory
Power and Fuel 9.33 8.41 8.54 9.86 6.32 7.75
Other Mfr. Exp 130 140.27 134.57 166.84 136.94 165.98
Employee Cost 334.57 392.07 401.37 485.06 550.86 555.14
Selling and admin 158.78 168.9 162.31 168.77 231.05 167.79
Other Expenses 1.23 1.26 0.63 6.99 16.97 15.38
Other Income -0.47 -1.52 -1.26 0.69 -1.68 1.28
Depreciation 13.48 16.3 15.96 15.48 15.3 14.95
Interest 24.66 31.1 25.84 28.94 49.5 42.34
Profit before tax 139.74 449.68 374.1 522.04 852.39 757.23
Tax 50.55 155.81 135.38 183.45 298.92 266.5
Net profit 89.19 293.87 238.72 338.59 553.47 490.73
Dividend Amount 40.03 161.07 161.07 205.03 177.18 302.81

Quarters
Report Date Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22
Sales 856.37 941.64 891.67 793.55 858.46 878.96
Expenses 312.79 333.4 328.52 310.93 335.1 330.17
Other Income 0.19 0.28 0.63 1.21 7.17 0.92
Depreciation 14.76 15.97 17.38 16.43 18.74 19.35
Interest 58.09 82.72 91.08 100.37 108.22 153.03
Profit before tax 470.92 509.83 455.32 367.03 403.57 377.33
Tax 119.68 129.48 115.03 93.44 103.16 96.38
Net profit 351.24 380.35 340.29 273.59 300.41 280.95
Operating Profit 543.58 608.24 563.15 482.62 523.36 548.79

BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Equity Share Capital 161.07 161.07 161.07 161.07 161.07 161.07
Reserves 88.29 191.24 237.09 328.51 686.64 886.2
Borrowings 317.13 226.53 172.86 395.41 677.12 451.83
Other Liabilities 1006.36 784.02 826.47 1162.45 1349.07 3165.49
Total 1572.85 1362.86 1397.49 2047.44 2873.9 4664.59
Net Block 34.81 34.84 35.41 34.63 38.24 43.58
Capital Work in Progress 1.56 3.7 2.41 2.84 3.89 3.98
Investments 100.28 1.22 1.22 2.12 3.92 2.85
Other Assets 1436.2 1323.1 1358.45 2007.85 2827.85 4614.18
Total 1572.85 1362.86 1397.49 2047.44 2873.9 4664.59
Receivables 538.55 173.13 293.33 710.05 310.1 476.98
Inventory 27.7 33.81 141.27 31.09
Cash & Bank 596.66 853.06 639.42 882.36 1545.97 3148.63
No. of Equity Shares 805353500 805353500 805353500 805353500 322141400 322141400
New Bonus Shares
Face value 2 2 2 2 5 5

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Cash from Operating Activity 165.32 71.13 2289.29
Cash from Investing Activity -16.96 -21.04 -20.77
Cash from Financing Activity -54.14 6.35 -561.48
Net Cash Flow 94.22 56.44 1707.04

PRICE: 242

DERIVED:
Adjusted Equity Shares in Cr 80.54 80.54 80.54 80.54 32.21 32.21
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-20 Mar-21 Mar-22 Mar-23

1720.97 2586.17 3434.98 3421.52

8.39 5.94 6.17 7.62

148.62 237.17 338.3 375.02
534.71 589.02 665.39 698.98
105.65 139.5 224.2 197.74
26.04 21.61 15.45 33.64
3.16 -0.69 3.5 3.96
61.4 54.18 62.53 75.07
86.39 107.28 273.68 536.29
752.93 1430.78 1852.76 1501.12
210.93 363.06 470.16 383.49
542 1067.72 1382.6 1117.63
354.35 692.77 774.43 613.43

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

884.78 934.31 1249 1322.73
336.8 363.15 438.8 411.55
0.43 0.13 -0.04 0.53
20.55 22.31 25.76 27.16
174.67 184.61 215.05 260.65
353.19 364.37 569.35 623.9
90.51 93.53 145.72 158.21
262.68 270.84 423.63 465.69
547.98 571.16 810.2 911.18

Mar-20 Mar-21 Mar-22 Mar-23

161.07 161.11 161.34 161.43
 1048.47 1661 2269.19 2691.07
1657.2 3629.91 7845.53 9408.27
1576.08 2728.89 3370.16 3308.03
4442.82 8180.91 13646.22 15568.8
197.97 160.94 183.57 257.73
8.13 7.87 14.22 30.87
2.47 2.88 10.71 7.71
4234.25 8009.22 13437.72 15272.49
4442.82 8180.91 13646.22 15568.8
88.79 458.61 384.83 773.44

2411.4 3879.27 5616.61 6790.77

322141400 322222370 322678721 322867726

5 5 5 5

Mar-20 Mar-21 Mar-22 Mar-23

-1878.34 -1609.5 -2597.46 -674.16
-22.59 -40.17 -68.76 -124.78
558.82 1417.02 3130.46 265.99
-1342.11 -232.65 464.24 -532.95

276.45 382.8 621.25 428.05

32.21 32.22 32.27 32.29

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