Safal Niveshak Stock Analysis Excel (Ver.

4
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/r
Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page - https://www.screener.in/e
Step 3 - Visit the home page of Screener.in and choose a company of your choice. Once you do that, you will see details of you
financial statement table called "Quarterly Results" and click on "View Consolidated". Now, all data you see for this company w
Step 4 - Scroll back to the top of the page, and you will see a button "Export to Excel" on the right side. Click the button and the
the exact format as "Safal Niveshak's Stock Analysis Excel Ver. 4.0". 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"
which you must update manually from the company's annual reports. Don’t forget to make these changes as these numbers are
3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener.in site using the Ste
Sheet" because this will cause errors in your future downloads.
4. DON’T touch any cell except the black ones, where you are required to update the numbers manually from Annual Reports (
growth assumptions etc.
4. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read those carefully before wo
5. This sheet is not a replacement of the work required to read annual reports as part of the analysis process. So please do tha
some discrepancy in numbers (though rare), but you will know this only when you read annual reports.
6. I could not find a bug/errors in this spreadsheet, but if you notice some, please email me at - 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 Warning! Excel can be a wonde
deadly weapon if you wish t
Excel (Ver. 4.0) careful of what you are gettin
garbage out. And if you need th
given stock, you m
www.safalniveshak.com
Basic Company Details
Parameters Details
Company DABUR INDIA LTD
Current Stock Price (Rs) 509 Remember! Focus on decision
Face Value (Rs) 1.0 evidenc
No. of Shares (Crore) 177.2
Market Capitalization (Rs Crore) 90,193

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 5.3% Please! It's your money. Plea
cause you to lose it all! I've des
Profit Before Tax Growth (9-Year CAGR) 6.7% but you alone are responsible
Net Profit Growth (8-Year CAGR) 6.3% ever after! I am not a sadist
Average Debt/Equity (5-Years, x) 0.1 analyzing companies on you
instead of a map, for you can co
Average Return on Equity (5-Years) 20.4%
Average P/E (5-Years, x) 54.7
Latest P/E (x) 51.3
Warning! Excel can be a wonderful tool to analyze the past. But it can be a
deadly weapon if you wish to use it to predict the future! So be very
careful of what you are getting into. Here, garbage in will always equal
garbage out. And if you need the excel to tell you what you must do with a
given stock, you must not use this tool anyways.

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

evidence. Calculate. Pray!

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

Consumer monopoly or commodity?

Understand how business works

Is the company conservatively financed?

Are earnings strong and do they show an

upward trend?

Does the company stick with what it

knows?

Has the company been buying back its

shares?

Have retained earnings been invested

well?

Is the company’s return on equity above

average?

Is the company free to adjust prices to

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

Conclusion

Never Forget
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Explanation
Seek out companies that have no or less competition, either due to a patent or brand name or similar intangible that
makes the product unique. Such companies will typically have high gross and operating profit margins because of their
unique niche. However, don't just go on margins as high margins may simply highlight companies within industries with
traditionally high margins. Thus, look for companies with gross, operating and net profit margins above industry norms.
Also look for strong growth in earnings and high return on equity in the past.

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

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

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

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

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

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

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

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

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

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

 Balance Sheet
DABUR INDIA LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 176 176 176 176 177 177 177 177 177 177
Reserves 3,178 3,995 4,671 5,530 5,455 6,429 7,487 8,205 8,796 9,689
Borrowings 734 805 975 938 699 522 509 1,030 1,174 1,365
Other Liabilities 2,019 1,956 1,910 2,058 2,106 2,209 2,661 2,872 3,505 3,885
Total 6,106 6,932 7,732 8,702 8,437 9,337 10,833 12,284 13,652 15,116

Net Block 1,877 1,667 1,958 2,028 1,969 2,253 2,243 2,308 3,579 3,815
Capital Work in Progress 50 45 42 42 64 147 147 168 175 232
Investments 1,813 2,691 3,240 3,805 3,359 2,800 4,160 6,220 6,265 6,933
Other Assets 2,365 2,529 2,492 2,827 3,045 4,137 4,283 3,589 3,633 4,136
Total 6,106 6,932 7,732 8,702 8,437 9,337 10,833 12,284 13,652 15,116

Working Capital 347 573 582 769 939 1,928 1,623 716 128 251
Debtors 711 809 650 706 834 814 562 646 849 899
Inventory 973 1,097 1,107 1,256 1,301 1,380 1,734 1,911 2,024 1,947
Cash & Bank** 4,735 3,367 3,190 3,393 2,605 3,546 4,739 5,829
** 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 33 38 31 33 36 34 21 22 27 26
Inventory Turnover 8 7 7 6 7 6 6 6 6 6
Fixed Asset Turnover 4.2 4.7 3.9 3.8 4.3 3.9 4.3 4.7 3.2 3.3
Debt/Equity 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1
Return on Equity 32% 30% 26% 24% 26% 22% 22% 21% 19% 18%
Return on Capital Employed 33% 32% 29% 26% 28% 25% 26% 25% 23% 22%
 Profit & Loss Account / Income Statement
DABUR INDIA LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trailing
Sales 7,795 7,780 7,614 7,722 8,515 8,685 9,562 10,889 11,530 12,404 12,447
% Growth YOY 0% -2% 1% 10% 2% 10% 14% 6% 8%
Expenses 6,475 6,261 6,102 6,104 6,775 6,892 7,560 8,637 9,367 10,004 10,106
Material Cost (% of Sales) 34% 35% 35% 36% 36% 36% 39% 38% 41% 38% Check for wide fluctuations in key
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% expense items. For manufacturing firms,
Other Mfr. Exp 16% 15% 16% 16% 16% 16% 14% 15% 15% 15% check their material costs etc. For
Employee Cost 9% 10% 10% 10% 11% 11% 11% 10% 10% 10% services firms, look at employee costs.
Selling and Admin Cost 21% 16% 15% 15% 14% 14% 15% 14% 12% 14%
Operating Profit 1,320 1,518 1,512 1,617 1,740 1,792 2,002 2,252 2,162 2,400 2,341
Operating Profit Margin 17% 20% 20% 21% 20% 21% 21% 21% 19% 19% 19%
Other Income 154 217 296 291 222 205 325 308 445 482 537
Other Income as % of Sales 2.0% 2.8% 3.9% 3.8% 2.6% 2.4% 3.4% 2.8% 3.9% 3.9% 4.3%
Depreciation 115 133 143 162 177 220 240 253 311 399 424
Interest 40 48 54 53 60 50 31 39 78 124 152
Interest Coverage(Times) 34 33 31 33 30 36 68 60 29 20 16
Profit before tax (PBT) 1,319 1,554 1,611 1,693 1,725 1,728 2,056 2,269 2,219 2,359 2,302
% Growth YOY 18% 4% 5% 2% 0% 19% 10% -2% 6%
PBT Margin 17% 20% 21% 22% 20% 20% 22% 21% 19% 19% 18%
Tax 251 300 330 335 279 280 361 526 517 547 543
Net profit 1,068 1,254 1,280 1,358 1,446 1,448 1,695 1,742 1,701 1,811 1,760
% Growth YOY 17% 2% 6% 7% 0% 17% 3% -2% 6%
Net Profit Margin 14% 16% 17% 18% 17% 17% 18% 16% 15% 15% 14%
EPS 6.1 7.1 7.3 7.7 8.2 8.2 9.6 9.9 9.6 10.2 9.9
% Growth YOY 17% 2% 6% 6% 0% 17% 3% -3% 6%
Price to earning 43.7 35.1 38.2 42.6 49.9 54.9 56.4 54.4 56.7 51.2 51.3
Price 266 250 277 328 409 450 541 536 545 523 509
Dividend Payout 33.0% 31.6% 31.0% 81.3% 33.7% 36.7% 49.6% 52.9% 54.0% 52.9%
Market Cap 46,644 43,960 48,855 57,848 72,206 79,528 95,528 94,795 96,545 92,702
Retained Earnings 716 857 883 254 959 917 855 821 783 853
Buffett's $1 Test 5.8

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth 5.3% 7.2% 7.8% 9.1%
PBT Growth 6.7% 5.6% 6.5% 4.7%
PBT Margin 20.1% 20.4% 20.1% 19.7%
Price to Earning 48.3 52.3 54.7 54.1
Check for long term vs short term trends here. Check if the growth over
past 3 or 5 years has slowed down / improved compared to long term (7 to
10 years) growth numbers.
 Cash Flow Statement
DABUR INDIA LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Total
Cash from Operating Activity (CFO) 1,047 1,187 1,227 1,092 1,499 1,614 2,115 1,802 1,488 2,013 15,084
% Growth YoY 13% 3% -11% 37% 8% 31% -15% -17% 35%
Cash from Investing Activity -876 -730 -807 -541 338 -517 -1,404 -1,273 -583 -971 -7,365
Cash from Financing Activity -417 -374 -339 -577 -1,888 -1,043 -613 -490 -1,035 -1,161 -7,939
Net Cash Flow -245 82 81 -27 -51 54 97 38 -130 -119 -219
CFO/Sales 13% 15% 16% 14% 18% 19% 22% 17% 13% 16%
CFO/Net Profit 98% 95% 96% 80% 104% 111% 125% 103% 87% 111%
Capex** 315 212 364 565 607 937 1,156 1,638 1,238 824
FCF 732 975 863 527 892 677 959 164 250 1,189 7,228
Average FCF (3 Years) 535
FCF Growth YoY 33% -12% -39% 69% -24% 42% -83% 52% 375%
FCF/Sales 9% 13% 11% 7% 10% 8% 10% 2% 2% 10%
FCF/Net Profit 69% 78% 68% 39% 62% 47% 57% 9% 15% 65%

** 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
 Key Ratios
DABUR INDIA LTD
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Sales Growth -0.2% -2.1% 1.4% 10.3% 2.0% 10.1% 13.9% 5.9%
PBT Growth 17.8% 3.7% 5.1% 1.9% 0.2% 19.0% 10.3% -2.2%
Net Profit Growth 17.4% 2.1% 6.0% 6.5% 0.1% 17.1% 2.8% -2.4%
Dividend Growth 12.7% 0.1% 177.8% -55.9% 9.1% 58.4% 9.5% 0.2%
Operating Cash Flow Growth 13.3% 3.4% -11.0% 37.3% 7.6% 31.1% -14.8% -17.4%
Free Cash Flow Growth 33.2% -11.5% -39.0% 69.4% -24.2% 41.7% -82.9% 52.4%

Operating Margin 16.9% 19.5% 19.9% 20.9% 20.4% 20.6% 20.9% 20.7% 18.8%
PBT Margin 16.9% 20.0% 21.2% 21.9% 20.3% 19.9% 21.5% 20.8% 19.2%
Net Margin 13.7% 16.1% 16.8% 17.6% 17.0% 16.7% 17.7% 16.0% 14.8%

Debtor Days 33.3 38.0 31.2 33.4 35.7 34.2 21.4 21.7 26.9
Inventory Turnover 8.0 7.1 6.9 6.1 6.5 6.3 5.5 5.7 5.7
Fixed Asset Turnover 4.2 4.7 3.9 3.8 4.3 3.9 4.3 4.7 3.2
Debt/Equity 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1
Debt/Assets 12.0% 11.6% 12.6% 10.8% 8.3% 5.6% 4.7% 8.4% 8.6%
Interest Coverage (Times) 33.9 33.1 30.8 32.9 30.0 35.9 67.7 59.8 29.4
Return on Equity 31.9% 30.1% 26.4% 23.8% 25.7% 21.9% 22.1% 20.8% 19.0%
Return on Capital Employed 33.3% 32.2% 28.6% 26.3% 28.2% 24.9% 25.5% 24.5% 22.6%
Free Cash Flow (Rs Cr) 732 975 863 527 892 677 959 164 250
Mar/24
7.6%
6.3%
6.5%
5.8%
35.3%
374.9%

19.3%
19.0%
14.6%

26.4
6.4
3.3
0.1
9.0%
20.0
18.4%
22.1%
1,189
What to look for?
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher isn't always better, esp. when the company is generating high ROE, which means the management is allocating capital
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency

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

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

Higher/rising is better. Compare with industry peer(s)
Higher/rising is better. Compare with industry peer(s)
Nil / lower than 0.5 / reducing is better
Lower is better
Look for number > 5
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for positive and rising numbers. If the company consistently generates negative FCF over say 10 years, avoid it.
25% Profit Margin 35% Capital Allo
Check for a rising trend
20% 30% Numbers > 20% long te
25% company has zero/marg
15% competitor
20%
10% 15%
10%
5% Check for a rising trend and/or
5%
consistency. Compare with a close
0% competitor 0%
5 6 7 8 9 0 1 2 3 4 5 6 7 8
n-1 n-1 n-1 n-1 n-1 n-2 n-2 n-2 n-2 n-2 n-1 n-1 n-1 n-1
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja
Operating Margin PBT Margin
Net Margin ROE

14,000 Revenue 25% Revenue and P

Check for a rising trend. Check for a
12,000 20% Compare gr
tor.
10,000
15%
8,000
10%
6,000
4,000 5%
2,000 0%
- 6 7 8 9
-5% n-1 n-1 n-1 n-1
15 16 17 18 19 20 21 22 23 24 Ja Ja Revenue
Ja a
JGrow
n- n- n- n- n- n- n- n- n- n-
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Net Profit Gro

2,500 Profit Over Time Operating an

2,500 Check
Check for a rising trend. for positive nu
and which are rising o
2,000 2,000 time.
1,500 1,500
1,000 1,000
500 500
- -
5 6 7 8 9 0 1 2 3 4 5 6 7 8
n-1 n-1 n-1 n-1 n-1 n-2 n-2 n-2 n-2 n-2 n-1 n-1 n-1 n-1
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja J

PBT Net Profit Operating Cash F

Data for Charts (Please don't touch any number below)
Margins
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Operating Margin 17% 20% 20% 21% 20% 21% 21% 21% 19%
PBT Margin 17% 20% 21% 22% 20% 20% 22% 21% 19%
Net Margin 14% 16% 17% 18% 17% 17% 18% 16% 15%

Management Effectiveness
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
ROE 32% 30% 26% 24% 26% 22% 22% 21% 19%
ROCE 33% 32% 29% 26% 28% 25% 26% 25% 23%

Revenue & Profit Growth

Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Revenue Growth 0% -2% 1% 10% 2% 10% 14% 6% 8%
PBT Growth 18% 4% 5% 2% 0% 19% 10% -2% 6%
Net Profit Growth 17% 2% 6% 7% 0% 17% 3% -2% 6%

Revenue & Profit

Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Revenue 7,795 7,780 7,614 7,722 8,515 8,685 9,562 10,889 11,530
PBT 1,319 1,554 1,611 1,693 1,725 1,728 2,056 2,269 2,219
Net Profit 1,068 1,254 1,280 1,358 1,446 1,448 1,695 1,742 1,701

Cash Flows
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Operating Cash Flow 1,047 1,187 1,227 1,092 1,499 1,614 2,115 1,802 1,488
Free Cash Flow 732 975 863 527 892 677 959 164 250
 Capital Allocation Quality
Check for a rising trend and/or consistency.
Numbers > 20% long term are good. Also check if the
company has zero/marginal debt. Compare with a close Note: Please ignore the dates
competitor on the X-axis. The figures are
for/as on the year ending date,
which for most Indian
companies would be 31st
March of that year

5 6 7 8 9 0 1 2 3 4
n-1 n-1 n-1 n-1 n-1 n-2 n-2 n-2 n-2 n-2
a Ja Ja Ja Ja Ja Ja Ja Ja Ja

ROE ROCE

Revenue and Profit Growth (YoY)

Check for a rising trend and/or low volatility.
Compare growth rates with a close competi-
tor.

6 7 8 9 0 1 2 3 4
n-1 n-1 n-1 n-1 n-2 n-2 n-2 n-2 n-2
a Ja Revenue
Ja a
JGrowth Ja Ja PBT Ja Growth
Ja Ja
Net Profit Growth

Operating and Free

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

5 6 7 8 9 0 1 2 3 4
n-1 n-1 n-1 n-1 n-1 n-2 n-2 n-2 n-2 n-2
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja

Operating Cash Flow Free Cash Flow

Mar/24
19%
19%
15%

Mar/24
18%
22%

Mar/24
12,404
2,359
1,811

Mar/24
2,013
1,189
 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 34% 35% 35% 36% 36% 36% 39% 38% 41% 38%
Change in Inventory 0% 1% 0% 1% 0% 1% 2% 0% 1% 0%
Power and Fuel 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Other Mfr. Exp 16% 15% 16% 16% 16% 16% 14% 15% 15% 15%
Employee Cost 9% 10% 10% 10% 11% 11% 11% 10% 10% 10%
Selling and Admin Cost 21% 16% 15% 15% 14% 14% 15% 14% 12% 14%
Other Expenses 3% 4% 2% 2% 2% 2% 1% 1% 2% 2%
Operating Profit 16% 18% 19% 19% 21% 19% 17% 21% 17% 20%
Other Income 2% 3% 4% 4% 3% 2% 3% 3% 4% 4%
Depreciation 1% 2% 2% 2% 2% 3% 3% 2% 3% 3%
Interest 1% 1% 1% 1% 1% 1% 0% 0% 1% 1%
Profit Before Tax 17% 20% 21% 22% 20% 20% 22% 21% 19% 19%
Tax 3% 4% 4% 4% 3% 3% 4% 5% 4% 4%
Net Profit 14% 16% 17% 18% 17% 17% 18% 16% 15% 15%
Dividend Amount 5% 5% 5% 14% 6% 6% 9% 8% 8% 8%

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 3% 3% 2% 2% 2% 2% 2% 1% 1% 1%
Reserves 52% 58% 60% 64% 65% 69% 69% 67% 64% 64%
Borrowings 12% 12% 13% 11% 8% 6% 5% 8% 9% 9%
Other Liabilities 33% 28% 25% 24% 25% 24% 25% 23% 26% 26%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 31% 24% 25% 23% 23% 24% 21% 19% 26% 25%
Capital Work in Progress 1% 1% 1% 0% 1% 2% 1% 1% 1% 2%
Investments 30% 39% 42% 44% 40% 30% 38% 51% 46% 46%
Other Assets 39% 36% 32% 32% 36% 44% 40% 29% 27% 27%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 12% 12% 8% 8% 10% 9% 5% 5% 6% 6%
Inventory 16% 16% 14% 14% 15% 15% 16% 16% 15% 13%
Cash & Bank 5% 3% 4% 4% 4% 9% 12% 5% 2% 4%
 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.
 Dhandho Intrinsic Value Calculation
Read the book - The Dhandho Investor by Mohnish Pabrai

DABUR INDIA LTD DABUR INDIA 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) 5,829 Year 1-3 15% 0 Excess Cash (Latest)
1 FY18 615 549 Year 4-6 10% 1 FY18
2 FY19 707 564 Year 7-10 5% 2 FY19
3 FY20 813 579 Discount Rate 12% 3 FY20
4 FY21 895 568 4 FY21
5 FY22 984 558 Last 5-Years' CAGR 5 FY22
6 FY23 1,082 548 Sales 8% 6 FY23
7 FY24 1,136 514 PBT 6% 7 FY24
8 FY25 1,193 482 FCF 6% 8 FY25
9 FY26 1,253 452 9 FY26
10 FY27 1,316 424 10 FY27
10 13,156 4,236 10
Intrinsic Value 15,303 Intrinsic Value
Current Mkt. Cap. 90,193 Current Mkt. Cap.
Premium/(Discount) to IV 489% 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 th
number. This number is your assumption of FCF the business will earn in a normal year, without capex. Check the history
business while arriving at your assumption, and use your judgment wisely without twisting the model to fit your version of r
Calculation
by Mohnish Pabrai

DABUR INDIA LTD

Dhandho IV - Higher Range
FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
Excess Cash (Latest) 5,829 Year 1-3 20%
642 573 Year 4-6 15%
770 614 Year 7-10 10%
924 658 Discount Rate 12%
1,063 675
1,222 693
1,405 712
1,546 699
1,700 687
1,870 674
2,057 662
30,860 9,936
Intrinsic Value 22,413
Current Mkt. Cap. 90,193
Premium/(Discount) to IV 302%

use a normalized positive FCF as the starting

, without capex. Check the history of this
ng the model to fit your version of reality.
 Ben Graham Formula (Low Range) Ben Graham Formula (High Range
Company Name DABUR INDIA LTD Company Name
Year Ended Mar/24 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 1,679.6 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 2.3 Long-Term Growth Rate

Ben Graham Value (Rs Crore) 22,010 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 90,193 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)
DABUR INDIA LTD
Mar/24

1,679.6
8.5
4.6

29,743
90,193

is the growth rate for the next 7-10 years

of around 1962 when Graham was publicizing his works, the risk free interest rate was 4.4% but to adjust to the present, we divide this num
resent, we divide this number by today’s AAA corporate bond rate, represented by Y in the formula above.
 Dicounted Cash Flow Valuation
DABUR INDIA LTD

Initial Cash Flow (Rs Cr) 535 12,172

90,193
Years 1-5 6-10 13%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (4,464)

Year FCF Growth Present Value

1 615 15% 549
2 707 15% 564
3 813 15% 579
4 935 15% 594
5 1,075 15% 610
6 1,205 12% 610
7 1,349 12% 610
8 1,511 12% 610
9 1,692 12% 610
10 1,895 12% 610

Final Calculations
Terminal Year 1,933
PV of Year 1-10 Cash Flows 5,947
Terminal Value 6,224
Total PV of Cash Flows 12,172
Current Market Cap (Rs Cr) 90,193

Note: See explanation of DCF here

Valuation

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Expected Returns Model
DABUR INDIA LTD
Particulars Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21
Net Profit (Rs Crore) 1,066 1,251 1,277 1,354 1,442 1,445 1,693
Net Profit Margin 14% 16% 17% 18% 17% 17% 18%
Return on Equity 32% 30% 26% 24% 26% 22% 22%

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) 5,723
Current P/E (x) 48.9
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 114,462
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 36,854
Current Market Cap (Rs Cr) 90,193

Note: See explanation of this model here

el
Mar/22 Mar/23 Mar/24 CAGR (9-Yr) CAGR (5-Yr)
1,739 1,707 1,843 6% 5%
16% 15% 15%
21% 19% 18%
 Intrinsic Value Range
DABUR INDIA LTD
Lower Higher Remember! Give importance to a stock's valuations / fai
Dhandho 15,303 22,413 only "after" you have answered in "Yes" to these two que
Ben Graham 22,010 29,743 (1) Is this business simple to be understood? and (2) C
understand this business?
DCF 12,172
Expected Return 36,854 Don't try to quantify everything. In stock research, the les
Current Market Cap. 90,193 mathematical you are, the more simple, sensible, and use
be your analysis and results. Great analysis is generally "
Explanation: Considering the above the-envelope".
range, we can say that Hero Moto's IV
range is between Rs 55,000 crore to Rs Also, your calculated "fair value" will be proven wrong
95,000 crore. It's a big range, but that's future, so don't invest your savings just because you fall
fine (who is looking for precision?). Now, with it. Don't look for perfection. It is overrated. Focus
if the current market cap is within this IV decisions, not outcomes. Look for disconfirming evide
range, it makes the stock
reasonably/attractively priced. If the
current market cap is higher then the
higher value of the range, it makes it
overpriced. But remember, these are just
numbers!
importance to a stock's valuations / fair value
ve answered in "Yes" to these two questions -
ess simple to be understood? and (2) Can I
understand this business?

fy everything. In stock research, the less non-

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

lated "fair value" will be proven wrong in the

vest your savings just because you fall in love
ook for perfection. It is overrated. Focus on
outcomes. Look for disconfirming evidence.
DABUR INDIA LTD
SCREENER.IN
Narration Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Sales 2,822 2,986 3,043 2,678 3,130 3,204 3,255 2,815 3,349 3,029
% Growth YOY 11% 7% 7% 5% 7% -5%
Expenses 2,279 2,386 2,434 2,268 2,526 2,543 2,588 2,348 2,694 2,476
Operating Profit 543 600 609 410 605 661 667 466 655 553
Other Income 101 123 101 121 110 117 127 129 129 152
Depreciation 68 70 71 102 97 98 97 107 109 111
Interest 12 15 19 32 24 28 36 35 33 47
Profit before tax 564 638 620 396 593 651 661 453 642 546
PBT Margin 20% 21% 20% 15% 19% 20% 20% 16% 19% 18%
% Growth YOY 5% 2% 7% 14% 8% -16%
Tax 123 147 144 103 137 144 155 111 148 128
Net profit 440 490 476 301 464 515 514 350 500 425
% Growth YOY 5% 5% 8% 16% 8% -17%
OPM 19% 20% 20% 15% 19% 21% 21% 17% 20% 18%
COMPANY NAME DABUR INDIA LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 177.20
Face Value 1
Current Price 509
Market Capitalization 90193.05

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 7795.49 7779.66 7613.59 7721.85 8514.99 8684.64
Raw Material Cost 2,633.97 2,739.77 2,659.55 2,775.35 3,067.95 3,138.49
Change in Inventory 25.91 70.53 23.02 65.93 -12.64 65.04
Power and Fuel 90.35 84 87.48 93.91 105.26 107.12
Other Mfr. Exp 1208.32 1180.31 1247.42 1219 1327.63 1387.98
Employee Cost 690.17 794.1 790.3 793.36 938.55 949.16
Selling and admin 1640.96 1217.44 1161.4 1135.38 1183.56 1224.59
Other Expenses 237.41 316.29 178.85 153.34 139.84 150
Other Income 154.24 217.19 295.93 290.88 221.79 205.29
Depreciation 114.98 133.19 142.86 162.18 176.9 220.45
Interest 40.12 48.48 54.03 53.05 59.58 49.54
Profit before tax 1319.36 1553.8 1610.65 1693.09 1724.87 1727.64
Tax 250.89 299.9 330.34 335.35 278.62 279.72
Net profit 1065.83 1251.15 1276.94 1354.39 1442.33 1444.96
Dividend Amount 351.3 395.8 396.34 1100.94 485.73 530.13

Quarters
Report Date Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
Sales 2822.43 2986.49 3043.17 2677.8 3130.47 3203.84
Expenses 2279.11 2386.09 2434.05 2268.15 2525.94 2542.97
Other Income 100.55 123.28 100.84 120.72 109.78 116.9
Depreciation 67.6 70.47 70.89 102 96.64 98.32
Interest 12.15 15.06 18.91 32.12 24.31 28.14
Profit before tax 564.12 638.15 620.16 396.25 593.36 651.31
Tax 123.06 147.29 143.51 103.49 136.75 144.27
Net profit 440.32 490.06 475.94 300.83 463.88 515.05
Operating Profit 543.32 600.4 609.12 409.65 604.53 660.87

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Equity Share Capital 175.65 175.91 176.15 176.15 176.63 176.71
Reserves 3178.49 3994.7 4671.24 5530.37 5455.05 6429.04
Borrowings 733.56 805.22 975.00 937.59 699.37 521.99
Other Liabilities 2018.58 1956.47 1909.85 2057.52 2105.59 2208.84
Total 6106.28 6932.3 7732.24 8701.63 8436.64 9336.58
Net Block 1877.13 1667.4 1958.4 2028.11 1969.06 2252.68
Capital Work in Progress 50.3 44.8 42.1 41.51 63.76 146.57
Investments 1813.37 2,690.74 3240.16 3805.17 3358.76 2800.26
Other Assets 2365.48 2529.36 2491.58 2826.84 3045.06 4137.07
Total 6106.28 6932.3 7732.24 8701.63 8436.64 9336.58
Receivables 710.84 809.2 650.42 706.08 833.56 813.89
Inventory 973.27 1,096.50 1,106.71 1,256.18 1,300.53 1,379.57
Cash & Bank 276.04 219.82 304.81 306.06 328.16 811.37
No. of Equity Shares 1756511990 1.759E+09 1.762E+09 1.762E+09 1.766E+09 1.767E+09
New Bonus Shares
Face value 1 1 1 1 1 1

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 1047.21 1186.99 1226.94 1091.5 1499.13 1613.62
Cash from Investing Activity -875.9 -730.33 -807.07 -540.93 337.58 -516.63
Cash from Financing Activity -416.77 -374.31 -338.97 -577.11 -1888.2 -1042.97
Net Cash Flow -245.46 82.35 80.9 -26.54 -51.49 54.02

PRICE: 265.55 249.9 277.35 328.4 408.8 450.05

DERIVED:
Adjusted Equity Shares in Cr 175.65 175.91 176.15 176.15 176.63 176.71
DO NOT MAKE ANY CHANGES TO THIS SHEET

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

9561.65 10888.68 11529.89 12404.01
3,764.30 4,136.70 4,762.03 4,714.88
207.20 8.55 90.79 -48.95
104.01 128.66 150.59 153.44
1347.34 1656.53 1779.91 1856.5
1034.9 1081.39 1138.43 1241.06
1388.27 1480.71 1426.95 1779.99
128.36 161.23 200.28 209.47
325.29 308.16 445.39 482.41
240.13 252.89 310.96 399.21
30.81 38.6 78.24 124.18
2056.02 2268.68 2218.68 2358.74
361.07 526.38 517.35 547.43
1693.3 1739.22 1707.15 1842.68
839.52 919.31 921.34 974.6

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

3255.06 2814.64 3349.11 3028.59
2587.64 2348.23 2694.28 2476.04
127.37 128.85 129.4 151.76
96.89 107.36 109.12 110.97
36.49 35.24 32.66 47.39
661.41 452.66 642.45 545.95
154.97 111.44 148.1 128.43
514.22 349.53 500.12 425
667.42 466.41 654.83 552.55

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

176.74 176.79 177.18 177.2
7486.79 8204.51 8796.08 9689.1
509.06 1,030.10 1,173.79 1,365.09
 2660.63 2872.46 3505.23 3884.97
10833.22 12283.86 13652.28 15116.36
2242.92 2307.9 3578.65 3815
147.3 167.5 175.13 232.23
4159.63 6219.62 6265.26 6932.69
4283.37 3588.84 3633.24 4136.44
10833.22 12283.86 13652.28 15116.36
561.58 646.15 848.75 898.72
1,734.28 1,911.37 2,024.20 1,946.97
1329.03 570.14 325.92 666.36
1.767E+09 1767856483 1767856483 1772039162

1 1 1 1

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

2114.67 1802.33 1488.43 2013.47
-1404.22 -1273.45 -582.79 -971.04
-613.41 -490.49 -1035.24 -1161.18
97.04 38.39 -129.6 -118.75

540.5 536.2 544.9 523.15

176.74 176.79 177.18 177.20

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