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 Warning! Excel can be a wonde
deadly weapon if you wish t
Analysis 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 INDUSIND BANK LTD
Current Stock Price (Rs) 440 Remember! Focus on decisio
Face Value (Rs) 10.0 evidenc
No. of Shares (Crore) 69.4
Market Capitalization (Rs Crore) 30,540

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 26.4% Please! It's your money. Plea
cause you to lose it all! I've de
Profit Before Tax Growth (9-Year CAGR) 28.2% but you alone are responsible
Net Profit Growth (8-Year CAGR) 28.3% ever after! I am not a sadist
Average Debt/Equity (5-Years, x) 8.0 analyzing companies on you
instead of a map, for you can c
Average Return on Equity (5-Years) 14.2%
Average P/E (5-Years, x) 28.7
Latest P/E (x) 6.8
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
INDUSIND BANK LTD
Rs Cr Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Equity Share Capital 411 466 468 523 526 529 595 598 600 603
Reserves 1,984 3,576 4,263 7,097 8,506 10,101 17,087 20,033 23,227 26,072
Borrowings 31,644 39,891 51,044 63,576 75,264 94,752 ### ### ### ###
Other Liabilities 1,391 1,758 1,898 2,229 2,893 6,606 7,390 9,203 8,140 9,317
Total 35,430 45,691 57,672 73,425 87,190 ### ### ### ### ###

Net Block 627 572 614 741 991 1,120 1,218 1,307 1,313 1,688
Capital Work in Progress 18 24 43 16 25 38 37 28 25 22
Investments 10,402 13,551 14,572 19,654 21,563 22,878 34,054 36,702 50,077 59,266
Other Assets 24,383 31,543 42,444 53,014 64,610 87,953 ### ### ### ###
Total 35,430 45,691 57,672 73,425 87,190 ### ### ### ### ###

Working Capital 22,993 29,786 40,546 50,786 61,717 81,347 ### ### ### ###
Debtors - - - - - - - - - -
Inventory - - - - - - - - - -
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 - - - - - - - - - -
Inventory Turnover - - - - - - - - - -
Fixed Asset Turnover 4.3 6.3 8.7 9.4 8.3 8.7 9.7 11.0 13.2 13.2
Debt/Equity 13.2 9.9 10.8 8.3 8.3 8.9 6.7 7.2 8.0 9.1
Return on Equity 15% 14% 17% 14% 16% 17% 13% 14% 15% 12%
Return on Capital Employed 7% 7% 9% 9% 9% 9% 8% 7% 7% 7%
 Profit & Loss Account / Income Statement
INDUSIND BANK LTD
Rs Cr Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Trailing
Sales 2,707 3,589 5,359 6,983 8,254 9,692 11,872 14,406 17,281 22,261 27,388
% Growth YOY 33% 49% 30% 18% 17% 22% 21% 20% 29%
Expenses 828 1,147 1,449 1,947 2,555 3,131 4,188 5,684 6,555 9,282 11,566
Material Cost (% of Sales) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check for wide fluctuations in key
Power and Fuel 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% expense items. For manufacturing firms,
Other Mfr. Exp 2% 1% 1% 1% 2% 2% 2% 2% 2% 2% check their material costs etc. For
Employee Cost 11% 11% 9% 9% 10% 10% 10% 11% 10% 8% services firms, look at employee costs.
Selling and Admin Cost 9% 8% 7% 7% 7% 8% 5% 8% 5% 4%
Operating Profit 1,879 2,442 3,910 5,037 5,698 6,561 7,684 8,722 10,726 12,979 15,821
Operating Profit Margin 69% 68% 73% 72% 69% 68% 65% 61% 62% 58% 58%
Other Income 519 711 1,012 1,363 1,891 2,546 3,297 4,171 4,750 5,646 6,738
Other Income as % of Sales 19.2% 19.8% 18.9% 19.5% 22.9% 26.3% 27.8% 29.0% 27.5% 25.4% 24.6%
Depreciation 45 61 75 73 98 127 157 191 212 229 -
Interest 1,821 2,213 3,655 4,750 5,363 6,272 7,355 8,343 9,783 13,415 16,328
Interest Coverage(Times) 1 1 1 1 1 1 1 2 2 1 1
Profit before tax (PBT) 533 879 1,192 1,576 2,128 2,709 3,469 4,360 5,481 4,981 6,232
% Growth YOY 65% 36% 32% 35% 27% 28% 26% 26% -9%
PBT Margin 20% 24% 22% 23% 26% 28% 29% 30% 32% 22% 23%
Tax 182 302 390 515 720 915 1,183 1,492 1,875 1,679 1,756
Net profit 350 577 803 1,061 1,408 1,794 2,286 2,868 3,606 3,301 4,476
% Growth YOY 65% 39% 32% 33% 27% 27% 25% 26% -8%
Net Profit Margin 13% 16% 15% 15% 17% 19% 19% 20% 21% 15% 16%
EPS 8.5 12.4 17.2 20.3 26.8 33.9 38.4 47.9 60.1 54.8 64.5
% Growth YOY 45% 39% 18% 32% 26% 13% 25% 25% -9%
Price to earning 19.9 21.3 18.7 19.9 18.7 26.2 25.2 29.7 29.9 32.5 6.8
Price 170 264 322 405 502 886 968 1,425 1,797 1,780 440
Dividend Payout 21.1% 16.1% 12.8% 14.8% 13.1% 11.8% 11.7% 12.5% 12.5% 13.7%
Market Cap 6,982 12,278 15,037 21,168 26,370 46,909 57,571 85,245 ### ###
Retained Earnings 276 484 700 904 1,224 1,582 2,019 2,509 3,156 2,849
Buffett's $1 Test 6.4

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth 26.4% 22.6% 21.9% 23.3%
PBT Growth 28.2% 22.7% 18.5% 12.8%
PBT Margin 25.6% 27.1% 28.3% 28.1%
Price to Earning 24.2 26.0 28.7 30.7

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
INDUSIND BANK LTD
Rs Cr Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Total
Cash from Operating Activity (CFO) 86 609 -840 -486 -4,106 -1,421 -2,927 11,569 ### -6,389 -24,605
% Growth YoY 612% -238% -42% 745% -65% 106% -495% -279% -69%
Cash from Investing Activity -75 -21 -141 -174 -174 -276 -258 -285 -217 -633 -2,253
Cash from Financing Activity 669 834 2,496 1,969 4,200 5,707 2,517 -2,768 15,505 8,590 39,718
Net Cash Flow 679 1,421 1,515 1,309 -79 4,010 -667 8,516 -5,412 1,568 12,860
CFO/Sales 3% 17% -16% -7% -50% -15% -25% 80% -120% -29%
CFO/Net Profit 24% 106% -105% -46% -292% -79% -128% 403% -574% -194%
Capex** 315 212 364 565 607 937 1,156 1,638 1,238 824
FCF -230 398 -1,205 -1,051 -4,713 -2,358 -4,083 9,931 ### -7,213 -32,461
Average FCF (3 Years) -6,407
FCF Growth YoY -273% -403% -13% 349% -50% 73% -343% -321% -67%
FCF/Sales -8% 11% -22% -15% -57% -24% -34% 69% -127% -32%
FCF/Net Profit -66% 69% -150% -99% -335% -131% -179% 346% -608% -219%

** 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
INDUSIND BANK LTD
Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Sales Growth 32.6% 49.3% 30.3% 18.2% 17.4% 22.5% 21.3% 20.0%
PBT Growth 65.1% 35.6% 32.2% 35.0% 27.3% 28.1% 25.7% 25.7%
Net Profit Growth 64.8% 39.0% 32.2% 32.7% 27.4% 27.5% 25.4% 25.7%
Dividend Growth 26.1% 10.4% 52.5% 17.3% 15.1% 26.4% 34.0% 25.4%
Operating Cash Flow Growth 611.9% ### -42.2% 745.2% -65.4% 106.0% ### ###
Free Cash Flow Growth -273.2% ### -12.8% 348.5% -50.0% 73.1% ### ###

Operating Margin 69.4% 68.0% 73.0% 72.1% 69.0% 67.7% 64.7% 60.5% 62.1%
PBT Margin 19.7% 24.5% 22.2% 22.6% 25.8% 27.9% 29.2% 30.3% 31.7%
Net Margin 12.9% 16.1% 15.0% 15.2% 17.1% 18.5% 19.3% 19.9% 20.9%

Debtor Days - - - - - - - - -
Inventory Turnover - - - - - - - - -
Fixed Asset Turnover 4.3 6.3 8.7 9.4 8.3 8.7 9.7 11.0 13.2
Debt/Equity 13.2 9.9 10.8 8.3 8.3 8.9 6.7 7.2 8.0
Debt/Assets 89.3% 87.3% 88.5% 86.6% 86.3% 84.6% 82.5% 83.3% 85.6%
Interest Coverage (Times) 1.3 1.4 1.3 1.3 1.4 1.4 1.5 1.5 1.6
Return on Equity 14.6% 14.3% 17.0% 13.9% 15.6% 16.9% 12.9% 13.9% 15.1%
Return on Capital Employed 6.9% 7.0% 8.7% 8.9% 8.9% 8.5% 8.0% 7.5% 7.1%
Free Cash Flow (Rs Cr) -230 398 -1,205 -1,051 -4,713 -2,358 -4,083 9,931 ###
Mar/19
28.8%
-9.1%
-8.5%
0.4%
-69.1%
-67.1%

58.3%
22.4%
14.8%

-
-
13.2
9.1
87.1%
1.4
12.4%
6.8%
-7,213
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.
80% Profit Margin 20%
Capital Allo
Check for a rising trend a
70%
Numbers > 20% long term
60% 15% has zero/marginal debt. C
50%
40% 10%
30%
20% 5%
Check for a rising trend and/or consistency.
10% Compare with a close competitor
0% 0%
Jan/10 Jan/12 Jan/14 Jan/16 Jan/18 Jan/10 Jan/12

Operating Margin PBT Margin

Net Margin RO

25,000
Revenue 70% Revenue and P
Check for a rising trend. Check for a r
60% Compare gro
20,000 50%
40%
15,000
30%
10,000 20%
10%
5,000 0%
-10% Jan/11 Jan/13
- -20%
Jan/10 Jan/12 Jan/14 Jan/16 Jan/18
Revenue Gro
Net Profit Gr

6,000 Profit Over Time Operating an

15,000 Check
Check for a rising trend. for positive numb
5,000 10,000 which are rising over ti
5,000
4,000 -
3,000 -5,000 Jan/10 Jan/12
2,000 -10,000
-15,000
1,000 -20,000
- -25,000
Jan/10 Jan/12 Jan/14 Jan/16 Jan/18

PBT Net Profit Operating Cash

Data for Charts (Please don't touch any number below)
Margins
Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Operating Margin 69% 68% 73% 72% 69% 68% 65% 61% 62%
PBT Margin 20% 24% 22% 23% 26% 28% 29% 30% 32%
Net Margin 13% 16% 15% 15% 17% 19% 19% 20% 21%

Management Effectiveness
Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
ROE 15% 14% 17% 14% 16% 17% 13% 14% 15%
ROCE 7% 7% 9% 9% 9% 9% 8% 7% 7%

Revenue & Profit Growth

Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19
Revenue Growth 33% 49% 30% 18% 17% 22% 21% 20% 29%
PBT Growth 65% 36% 32% 35% 27% 28% 26% 26% -9%
Net Profit Growth 65% 39% 32% 33% 27% 27% 25% 26% -8%

Revenue & Profit

Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Revenue 2,707 3,589 5,359 6,983 8,254 9,692 11,872 14,406 17,281
PBT 533 879 1,192 1,576 2,128 2,709 3,469 4,360 5,481
Net Profit 350 577 803 1,061 1,408 1,794 2,286 2,868 3,606

Cash Flows
Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Operating Cash Flow 86 609 -840 -486 -4,106 -1,421 -2,927 11,569 -20,700
Free Cash Flow -230 398 -1,205 -1,051 -4,713 -2,358 -4,083 9,931 -21,938
 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 competitor Note: Please ignore the dates
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

Jan/10 Jan/12 Jan/14 Jan/16 Jan/18

ROE ROCE

Revenue and Profit Growth (YoY)

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

Jan/11 Jan/13 Jan/15 Jan/17 Jan/19

Revenue Growth PBT Growth

Net Profit Growth

Operating and Free Cash Flow

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

0 Jan/10 Jan/12 Jan/14 Jan/16 Jan/18

0
0
0
0

Operating Cash Flow Free Cash Flow

Mar/19
58%
22%
15%

Mar/19
12%
7%

Mar/19
22,261
4,981
3,301

Mar/19
-6,389
-7,213
 Common Size P&L
Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Change in Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Mfr. Exp 2% 1% 1% 1% 2% 2% 2% 2% 2% 2%
Employee Cost 11% 11% 9% 9% 10% 10% 10% 11% 10% 8%
Selling and Admin Cost 9% 8% 7% 7% 7% 8% 5% 8% 5% 4%
Other Expenses 10% 12% 10% 10% 12% 13% 18% 19% 21% 28%
Operating Profit 69% 68% 73% 72% 69% 68% 65% 61% 62% 58%
Other Income 19% 20% 19% 20% 23% 26% 28% 29% 27% 25%
Depreciation 2% 2% 1% 1% 1% 1% 1% 1% 1% 1%
Interest 67% 62% 68% 68% 65% 65% 62% 58% 57% 60%
Profit Before Tax 20% 24% 22% 23% 26% 28% 29% 30% 32% 22%
Tax 7% 8% 7% 7% 9% 9% 10% 10% 11% 8%
Net Profit 13% 16% 15% 15% 17% 19% 19% 20% 21% 15%
Dividend Amount 3% 3% 2% 2% 2% 2% 2% 2% 3% 2%

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 1% 1% 1% 1% 1% 0% 0% 0% 0% 0%
Reserves 6% 8% 7% 10% 10% 9% 12% 11% 10% 9%
Borrowings 89% 87% 89% 87% 86% 85% 82% 83% 86% 87%
Other Liabilities 4% 4% 3% 3% 3% 6% 5% 5% 4% 3%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 2% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Capital Work in Progress 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Investments 29% 30% 25% 27% 25% 20% 24% 21% 23% 21%
Other Assets 69% 69% 74% 72% 74% 79% 75% 79% 77% 78%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Cash & Bank 7% 9% 10% 9% 8% 10% 7% 10% 6% 5%
 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

INDUSIND BANK LTD INDUSIND BANK 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 (7,368) (6,578) Year 4-6 10% 1 FY18
2 FY19 (8,473) (6,755) Year 7-10 5% 2 FY19
3 FY20 (9,744) (6,935) Discount Rate 12% 3 FY20
4 FY21 (10,718) (6,812) 4 FY21
5 FY22 (11,790) (6,690) Last 5-Years' CAGR 5 FY22
6 FY23 (12,969) (6,571) Sales 22% 6 FY23
7 FY24 (13,618) (6,160) PBT 19% 7 FY24
8 FY25 (14,298) (5,775) FCF 9% 8 FY25
9 FY26 (15,013) (5,414) 9 FY26
10 FY27 (15,764) (5,076) 10 FY27
10 -157,640 (50,756) 10
Intrinsic Value (107,692) Intrinsic Value
Current Mkt. Cap. 30,540 Current Mkt. Cap.
Premium/(Discount) to IV -128% 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

INDUSIND BANK 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%
(7,688) (6,864) Year 4-6 15%
(9,226) (7,355) Year 7-10 10%
(11,071) (7,880) Discount Rate 12%
(12,731) (8,091)
(14,641) (8,308)
(16,837) (8,530)
(18,521) (8,378)
(20,373) (8,228)
(22,411) (8,081)
(24,652) (7,937)
(369,775) (119,058)
Intrinsic Value (192,882)
Current Mkt. Cap. 30,540
Premium/(Discount) to IV -116%

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 INDUSIND BANK LTD Company Name
Year Ended Mar/19 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 2,771.0 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 9.3 Long-Term Growth Rate

Ben Graham Value (Rs Crore) 75,038 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 30,540 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)
INDUSIND BANK LTD
Mar/19

2,771.0
8.5
18.6

126,523
30,540

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
INDUSIND BANK LTD

Initial Cash Flow (Rs Cr) (6,407) ###

30,540
Years 1-5 6-10 -478%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) ###

Year FCF Growth Present Value

1 (7,368) 15% (6,578)
2 (8,473) 15% (6,755)
3 (9,744) 15% (6,935)
4 (11,205) 15% (7,121)
5 (12,886) 15% (7,312)
6 (14,433) 12% (7,312)
7 (16,165) 12% (7,312)
8 (18,104) 12% (7,312)
9 (20,277) 12% (7,312)
10 (22,710) 12% (7,312)

Final Calculations
Terminal Year (23,164)
PV of Year 1-10 Cash Flows (71,262)
Terminal Value (74,583)
Total PV of Cash Flows ###
Current Market Cap (Rs Cr) 30,540

Note: See explanation of DCF here

Valuation
D

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Expected Returns Model
INDUSIND BANK LTD
Particulars Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16
Net Profit (Rs Crore) 350 577 803 1,061 1,408 1,794 2,286
Net Profit Margin 13% 16% 15% 15% 17% 19% 19%
Return on Equity 15% 14% 17% 14% 16% 17% 13%

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) 10,253
Current P/E (x) 9.3
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 205,054
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 66,022
Current Market Cap (Rs Cr) 30,540

Note: See explanation of this model here

el
Mar/17 Mar/18 Mar/19 CAGR (9-Yr) CAGR (5-Yr)
2,868 3,606 3,301 28% 19%
20% 21% 15%
14% 15% 12%
 Intrinsic Value Range
INDUSIND BANK LTD
Lower Higher Remember! Give importance to a stock's valuations / fai
Dhandho ### ### only "after" you have answered in "Yes" to these two que
Ben Graham 75,038 ### (1) Is this business simple to be understood? and (2) C
DCF ### understand this business?
Expected Return 66,022
Don't try to quantify everything. In stock research, the les
Current Market Cap. 30,540 mathematical you are, the more simple, sensible, and use
be your analysis and results. Great analysis is generally "
the-envelope".
Explanation: Considering the above
range, we can say that Hero Moto's IV Also, your calculated "fair value" will be proven wrong
range is between Rs 55,000 crore to Rs future, so don't invest your savings just because you fall
95,000 crore. It's a big range, but that's with it. Don't look for perfection. It is overrated. Focus
fine (who is looking for precision?). Now, decisions, not outcomes. Look for disconfirming evide
if the current market cap is within this IV
range, it makes the stock
reasonably/attractively priced. If the
current market cap is higher then the
higher value of the range, it makes it
overpriced. But remember, these are just
numbers!
 importance to a stock's valuations / fair value
ave answered in "Yes" to these two questions -
ess simple to be understood? and (2) Can I
understand this business?

fy everything. In stock research, the less non-

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

lated "fair value" will be proven wrong in the

vest your savings just because you fall in love
ook for perfection. It is overrated. Focus on
outcomes. Look for disconfirming evidence.
INDUSIND BANK LTD
SCREENER.IN
Narration Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19
Sales 4,208 4,287 4,650 5,068 5,438 5,763 5,991 6,961 7,150 7,285
% Growth YOY 29% 34% 29% 37% 31% 26%
Expenses 1,669 1,653 1,782 1,863 2,118 2,247 3,284 2,347 2,774 3,161
Operating Profit 2,540 2,634 2,868 3,205 3,320 3,517 2,707 4,614 4,376 4,123
Other Income 1,188 1,187 1,209 1,302 1,317 1,469 1,559 1,663 1,727 1,789
Depreciation - - - - - - - - - -
Interest 2,387 2,392 2,643 2,946 3,235 3,475 3,759 4,117 4,241 4,211
Profit before tax 1,340 1,429 1,434 1,561 1,402 1,510 507 2,160 1,862 1,702
PBT Margin 32% 33% 31% 31% 26% 26% 8% 31% 26% 23%
% Growth YOY 5% 6% -65% 38% 33% 13%
Tax 460 492 481 525 482 525 147 728 479 402
Net profit 880 936 953 1,036 920 985 360 1,433 1,383 1,300
% Growth YOY 5% 5% -62% 38% 50% 32%
OPM 60% 61% 62% 63% 61% 61% 45% 66% 61% 57%
COMPANY NAME INDUSIND BANK LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 69.35
Face Value 10
Current Price 440.35
Market Capitalization 30539.65

PROFIT & LOSS

Report Date Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Sales 2706.99 3589.36 5359.19 6983.23 8253.53 9691.96
Raw Material Cost
Change in Inventory
Power and Fuel
Other Mfr. Exp 47.8 52.36 74.84 96.45 125.83 164.77
Employee Cost 291.17 383.36 486.17 662.19 810.15 981.6
Selling and admin 230.92 296.66 377.56 519.88 604.63 756.62
Other Expenses 258.06 414.98 510.19 668 1014.65 1227.81
Other Income 519.48 710.8 1011.78 1362.96 1890.53 2546.09
Depreciation 45.29 60.55 74.96 73.43 98.15 126.85
Interest 1820.58 2212.86 3654.95 4750.37 5362.82 6271.69
Profit before tax 532.65 879.39 1192.3 1575.87 2127.83 2708.71
Tax 182.34 302.06 389.69 514.68 719.81 915
Net profit 350.31 577.33 802.61 1061.18 1408.02 1793.72
Dividend Amount 73.92 93.19 102.89 156.86 183.97 211.78

Quarters
Report Date Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18
Sales 4208.35 4286.78 4650.11 5068.15 5438.09 5763.47
Expenses 1668.81 1653.04 1782.26 1862.91 2118.39 2246.66
Other Income 1187.57 1186.76 1208.51 1301.6 1317.28 1468.85
Depreciation
Interest 2,387.36 2,391.97 2,642.52 2,945.72 3,234.81 3,475.38
Profit before tax 1339.75 1428.53 1433.84 1561.12 1402.17 1510.28
Tax 459.65 492.28 480.75 525.4 481.92 525.25
Net profit 880.1 936.25 953.09 1035.72 920.25 985.03
Operating Profit 2539.54 2633.74 2867.85 3205.24 3319.7 3516.81

BALANCE SHEET
Report Date Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Equity Share Capital 410.65 465.97 467.7 522.87 525.64 529.45
Reserves 1984.39 3576.27 4263.06 7096.67 8506.3 10101.03
Borrowings 31,644.46 39,890.79 51,043.56 63,576.28 75,264.25 94,752.42
Other Liabilities 1390.55 1757.54 1898.16 2228.68 2893.47 6605.6
Total 35430.05 45690.57 57672.48 73424.5 87189.66 111988.5
Net Block 627 572.05 614.1 740.61 991.26 1119.56
Capital Work in Progress 17.83 24.41 42.7 15.53 25.19 38.02
Investments 10401.84 13,550.81 14571.95 19654.17 21562.95 22878.34
Other Assets 24383.38 31543.3 42443.73 53014.19 64610.26 87952.58
Total 35430.05 45690.57 57672.48 73424.5 87189.66 111988.5
Receivables
Inventory
Cash & Bank 2603.18 4024.6 5539.62 6848.73 6769.44 10779.14
No. of Equity Shares 410454640 465773835 467510001 523061906 525446484 529450209
New Bonus Shares
Face value 10 10 10 10 10 10

CASH FLOW:
Report Date Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Cash from Operating Activity 85.56 609.1 -840.38 -485.76 -4105.76 -1421.06
Cash from Investing Activity -74.57 -21.32 -140.72 -173.98 -173.7 -276.16
Cash from Financing Activity 668.5 833.64 2496.12 1968.85 4200.17 5706.92
Net Cash Flow 679.49 1421.42 1515.02 1309.11 -79.29 4009.7

PRICE: 170.1 263.6 321.65 404.7 501.85 886

DERIVED:
Adjusted Equity Shares in Cr 41.05 46.58 46.75 52.31 52.54 52.95
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-16 Mar-17 Mar-18 Mar-19

11871.74 14405.67 17280.75 22261.15

201.67 255.15 341.83 335.63

1237.4 1523.74 1783.48 1857.19
602.35 1138.09 843.25 927.35
2146.32 2766.73 3586.67 6162.13
3296.95 4171.49 4750.1 5645.54
156.52 190.7 211.64 228.85
7355.17 8343.07 9,783.30 13,414.97
3469.26 4359.68 5480.68 4980.57
1182.81 1491.79 1874.69 1679.47
2286.45 2867.89 3605.99 3301.1
267.75 358.89 450.17 452.02

Mar-19 Jun-19 Sep-19 Dec-19

5991.44 6961.37 7150.36 7284.53
3284.37 2346.9 2773.97 3161.23
1558.99 1663.25 1726.66 1789.4

3,759.06 4,117.38 4,240.82 4,210.51

507 2160.34 1862.23 1702.19
146.9 727.84 478.86 401.99
360.1 1432.5 1383.37 1300.2
2707.07 4614.47 4376.39 4123.3

Mar-16 Mar-17 Mar-18 Mar-19

594.99 598.15 600.22 602.69
 17087.22 20032.77 23226.85 26072.1
### 149,025.91 189,928.25 242,189.03
7389.54 9202.87 8140.37 9316.83
143067.96 178859.7 221895.69 278180.65
1217.85 1306.8 1313.31 1688.06
37.48 28.44 25.44 21.95
34054.31 36702.14 50076.72 59266.16
107758.32 140822.32 170480.22 217204.48
143067.96 178859.7 221895.69 278180.65

10111.87 18628.25 13215.88 14783.4

594986335 598148705 600223187 602686868

10 10 10 10

Mar-16 Mar-17 Mar-18 Mar-19

-2926.93 11569.3 -20700.44 -6388.95
-257.51 -284.67 -217.04 -633.18
2517.17 -2768.25 15505.11 8589.65
-667.27 8516.38 -5412.38 1567.52

967.6 1425.15 1796.75 1780

59.50 59.81 60.02 60.27

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