HOW TO USE THIS SPREADSHEET

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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
of your chosen company. Scroll down and come to the first financial statement table called "Quarterly Resu
on "View Consolidated". Now, all data you see for this company will be consolidated.
Step 4 - Scroll back to the top of the page, and you will see a button "Export to Excel" on the right side. Cli
and the company's financial data will be exported in an excel file in the exact format as "Safal Niveshak's S
Excel Ver. 5.0". Now onwards, any excel you export for any company on Screener.in will be downloaded in
format.
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 FY11 (Ma
This is because if, for instance, the company has financials starting from, say, FY15, you will see incorrect
to FY14 (which will be of Bajaj Auto on whose financials I have created this Analysis sheet format)
2. All financial data of your chosen company will be automatically updated in the sheet you downlo
"Cash and Bank" (Balance Sheet sheet) and Capex (Cash Flow sheet) figures, which you must upd
from the company's annual reports. Don’t forget to make these changes as these numbers are key
few Intrinsic Value calculations.
3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener
the Step 2 mentioned above. But DON'T touch the sheet titled "Data Sheet" because this will cause erro
future downloads.
4. DON’T touch any cell except the black ones, where you are required to update the numbers manually
Reports (just Cash and Capex numbers) or where you may change the growth assumptions etc.
4. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read thos
before working on the sheet.
5. This sheet is not a replacement of the work required to read annual reports as part of the analysis proce
do that along with working on this sheet. You may sometime find some discrepancy in numbers (though ra
know
6. this not
I could onlyfind
when you read annual
a bug/errors reports.
in this spreadsheet, but if you notice some, please email me at -
vishal@safalniveshak.com
7. I will keep on updating the- and
sheetI will
from trytime
to fixtothe same
time andandwill update the sheet
same on the website. I invite you
feedback and thoughts on the sheet so that we can make it better together.
8.
9. This
You mayexcelsee
won't workexcel
a blank for banking
when you anddownload
financial services companies.
from Screener. Click on "Enable Editing" in the to
of that excel to populate the data.

Note: All data is sourced from Screener.in

Go to Main Sheet
 Navigation

Analysis
Partha Basak

Basic Company Details Balance Sheet

Parameters Details
Company STERLING TOOLS LTD Income Statement
Current Stock Price (Rs) 207
Face Value (Rs) 2.0
No. of Shares (Crore) 3.6 Cash Flow
Market Capitalization (Rs Crore) 745
Key Ratios
Key Financials - Trend
Parameters Details
Sales Growth (9-Year CAGR) 5.9% Charts
Profit Before Tax Growth (9-Year CAGR) 9.7%
Net Profit Growth (9-Year CAGR) 11.8% Common Size
Average Debt/Equity (5-Years, x) 0.3
Average Return on Equity (5-Years) 12.1%
Average P/E (5-Years, x) 22.9 Quarterly
Latest P/E (x) 74.9
Instruct
 Navigation Buttons Warning! Excel can be a wonderful tool to analy
But it can be a deadly weapon if you wish to
predict the future! So be very careful of wha
nalysis Valuation getting into. Here, garbage in will always equa
out. And if you need the excel to tell you what y
with a given stock, you must not use this tool
ance Sheet Dhandho IV

me Statement Ben Graham Remember! Focus on decisions, not outcome

disconfirming evidence. Calculate. Pra
ash Flow DCF
Please! It's your money. Please don't blame me
ey Ratios Expected Returns this excel cause you to lose it all! I've designed
to aid your own thinking, but you alone are resp
Charts your actions. I want to live peacefully ever after
sadist who wants you to do the hard work by
companies on your own. But I'd rather give you
mmon Size instead of a map, for you can confuse map wi
and lose it all. All the best!
Quarterly

Instructions
wonderful tool to analyze the past.
weapon if you wish to use it to
be very careful of what you are
age in will always equal garbage
excel to tell you what you must do
must not use this tool anyways.

ecisions, not outcomes. Look for

vidence. Calculate. Pray!

Please don't blame me if results of

lose it all! I've designed this excel
, but you alone are responsible for
ve peacefully ever after! I am not a
to do the hard work by analyzing
But I'd rather give you a compass
ou can confuse map with territory
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

Go to Main Sheet
Seek out companies that have no or less competition, either due to a patent or brand name or similar intangible that makes the product
Buffett Checklist - Read, Remember, Follow!
unique. Such companies will typically have high gross and operating profit margins because of their unique niche. However, don't just
Try
go onto margins
invest in asindustries wheremay
high margins
Source you possess
simply
- Buffettology some
highlight
by Maryspecialized
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companies within Clark(wherewith
David industries youtraditionally
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margins. Thus,judge
look aforcompany,
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and its competitive environment (simple products you consume). While it is difficult to construct a quantitative you on
high return
should
equity inbethe
able to identify areas of interest. You should "only" consider analyzing those companies that operate in areas that you can
past.
clearly grasp - your circle of competence. Of course you can increase the size of the circle, but only over time by learning about new
Rising
Seeks earnings
out
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to equity or low (along with saferatios.
debt-burden balance sheets).
Also To help indicate
seek companies that havethat
earnings
history of growth is stillgenerating
consistently strong, lookpositive
for companies
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companies with volatilewithin its circle
earnings growth of in
competence.
the past, evenThis if theis "average"
a difficult factor
growthtohasscreen
beenforhigh.
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
Buffett
that haveprefers
beenthat veryfirms reinvestintheir
aggressive earningsinwithin
acquisitions the company, provided that profitable opportunities exist. When companies have
the past.
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
Consider
great wayittoa screen
positivefor sign when
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those that have had (better than competitors)
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strong on equity
return on without
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the past.
much debt. Average return on equity for Indian companies over the last 10 years is approximately 16%. Thus, seek companies that earn
Companies that consistently
at least this much (16%) or more needthancapital
this.toAgain,
grow their sales and
consistency profits
is the keyare like bank savings account, and thus bad for an investor's
here.
long term portfolio. Seek companies that don't need high
That's what is called "pricing power". Companies with moat (as seen from othercapital investments consistently.
screening Retained
metrics asearnings
suggestedmust first go
above toward
(like high ROE,
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sales.
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identify excellent
a lot. businesses,
Seek companies and
that wait for thegenerate
consistently folly of the
market
positivetoand
drive down
rising freethe value
cash of these businesses to attractive levels. You will have little trouble understanding this philosophy.
flows.
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
STERLING TOOLS LTD
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Equity Share Capital 7 7 7 7 7 7 7 7 7 7
Reserves 82 94 110 127 157 241 277 302 327 356
Borrowings 88 65 72 69 40 34 99 75 105 108
Other Liabilities 33 41 46 47 67 72 78 62 77 76
Total 210 207 236 250 271 355 462 445 517 547

Net Block 107 109 130 138 155 149 182 253 245 266
Capital Work in Progress 0 3 0 1 - 10 47 1 - 1
Investments 4 5 6 6 18 72 72 34 46 44
Other Assets 99 90 100 105 98 124 161 158 226 236
Total 210 207 236 250 271 355 462 445 517 547

Working Capital 66 49 53 57 32 52 83 96 149 160

Debtors 37 35 39 36 34 45 41 28 42 42
Inventory 40 36 42 41 46 55 82 59 109 102
Cash & Bank** 934 2,756 3,278 2,791 6,393 2,085 6,351 6,558 2,510 3,096
** Manually enter the Cash & Bank 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

TREND OVER YEARS

Key Ratios Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99 10 YEARS 7 YEARS 5 YEARS 3 YEARS
Debtor Days 48 42 42 36 34 37 29 28 43 32 37.0 34.1 33.9 34.4
Inventory Turnover 7 8 8 9 8 8 6 6 3 5 6.9 6.5 5.7 4.7
Fixed Asset Turnover 2.6 2.8 2.6 2.7 2.4 3.0 2.8 1.4 1.4 1.8 2.4 2.2 2.1 1.5
Debt/Equity 1.0 0.7 0.6 0.5 0.2 0.1 0.3 0.2 0.3 0.3 0.4 0.3 0.3 0.3
Return on Equity 12% 16% 18% 21% 24% 20% 16% 9% 7% 8% 15% 15% 12% 8%
Return on Capital Employed 15% 19% 19% 25% 32% 28% 19% 10% 9% 10% 19% 19% 15% 10%
Return on Invested Capital -1% -1% -1% -1% -1% -3% -1% 0% -1% -1% -1% -1% -1% -1%

Go to Main Sheet
 Profit & Loss Account / Income Statement
STERLING TOOLS LTD TREND OVER YEARS
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Trailing 9 YEARS 7 YEARS 5 YEARS 3 YEARS
Sales 283 301 340 369 371 453 512 364 353 471 470 5.9% 4.8% 4.9% -2.7%
% Growth YOY 7% 13% 9% 0% 22% 13% -29% -3% 34%
Expenses 247 260 293 308 295 362 426 303 290 401 401 5.5% 4.6% 6.3% -2.0%
Material Cost (% of Sales) 44% 42% 44% 39% 37% 38% 44% 34% 39% 41%
Power and Fuel 8% 8% 8% 8% 7% 8% 7% 8% 9% 8%
Other Mfr. Exp 17% 17% 19% 19% 20% 21% 21% 20% 21% 0%
Employee Cost 9% 9% 9% 9% 9% 8% 7% 10% 10% 9%
Selling and Admin Cost 6% 6% 5% 6% 5% 5% 5% 6% 6% 0%
Gross Profit 158 175 190 227 233 279 287 241 216 278 6.5% 5.6% 3.6% -1.0%
Gross Profit Margin 56% 58% 56% 61% 63% 62% 56% 66% 61% 59% 59.8% 61.2% 60.8% 62.2%
Operating Profit 35 42 47 62 76 91 86 61 63 70 69 7.9% 6.0% -1.6% -6.6%
Operating Profit Margin 12% 14% 14% 17% 20% 20% 17% 17% 18% 15% 15% 16.4% 17.7% 17.3% 16.5%
Other Income 2 1 2 1 7 6 6 3 2 3 5
Other Income as % of Sales 0.6% 0.3% 0.5% 0.3% 1.9% 1.2% 1.2% 0.8% 0.5% 0.7% 1.0%
Depreciation 9 10 12 13 17 18 19 24 26 27 27
Depreciation % 8.8% 9.4% 9.2% 9.7% 10.8% 11.8% 10.5% 9.6% 10.7% 10.1% 10.1%
Capital Work in Progress 0.2% 1.3% 0.2% 0.4% 0.0% 2.8% 10.1% 0.1% 0.0% 0.2% 1.5%
Interest 10 8 7 6 6 4 4 6 8 7 7
Interest Coverage(Times) 3 4 5 8 12 21 20 6 5 7 7
Profit before tax (PBT) 17 24 29 43 60 75 70 34 31 40 40 9.7% 4.7% -8.1% -17.1%
% Growth YOY 40% 19% 51% 39% 24% -7% -52% -8% 27%
PBT Margin 6% 8% 8% 12% 16% 17% 14% 9% 9% 8% 8% 10.7% 12.1% 11.3% 8.8%
Tax 6 9 8 15 21 26 25 5 7 10 10
Tax Rate 37.1% 35.4% 26.2% 34.6% 35.1% 35.1% 35.5% 13.8% 21.7% 25.1% 25.1%
Net profit 11 16 21 28 39 49 45 29 24 30 30 11.8% 4.9% -5.4% -12.8%
% Growth YOY 44% 36% 34% 38% 24% -8% -35% -16% 22%
Net Profit Margin 4% 5% 6% 8% 11% 11% 9% 8% 7% 6% 6% 7.4% 8.4% 8.1% 7.1%
EPS 3.2 4.6 6.2 8.3 11.5 13.5 12.5 8.1 6.8 8.3 8.3 11.2% 4.2% -6.4% -12.8%
% Growth YOY 44% 36% 34% 38% 18% -8% -35% -16% 22%
Price to earning 5.9 5.1 8.9 10.8 19.6 26.9 26.1 16.4 28.9 16.4 0.3 16.5 20.7 22.9 20.6
Price 19 23 55 90 224 363 325 132 196 136 207
Dividend Payout 31.5% 21.9% 16.1% 36.1% 17.4% 14.8% 16.0% 24.8% 14.7% 12.1%
Market Cap 64 80 189 308 767 1,308 1,171 477 704 488 25.4% 14.5% -8.6% -25.3%
Retained Earnings 7 12 18 18 32 41 38 22 21 26
Buffett's $1 Test 1.8
Check for long term vs short term trends
Check for wide fluctuations in key expense items. For here. Check if the growth over past 3 or 5
manufacturing firms, check their material costs etc. For years has slowed down / improved
services firms, look at employee costs. compared to long term (7 to 10 years)
growth numbers.

Go to Main Sheet
 Cash Flow Statement
STERLING TOOLS LTD TREND OVER YEARS
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Total 9 YEARS 7 YEARS 5 YEARS 3 YEARS
Cash from Operating Activity (CFO) 38 49 28 56 62 48 42 52 19 60 453 5.2% 11.3% -0.7% 12.0%
% Growth YoY 29% -42% 100% 10% -22% -12% 22% -63% 208% 26% 26% 25% 33%
Cash from Investing Activity -12 -17 -30 -25 -27 -76 -92 -3 -51 -53 -385 -39 -76 -78 -83
Cash from Financing Activity -23 -33 -4 -21 -42 26 52 -42 23 -8 -72 -7 -12 -10 -10
Dividend Amount 3 3 3 10 7 7 7 7 4 4 56
Net Cash Flow 3 -2 -5 9 -8 -1 3 7 -9 -1 -4 -0 -1 -1 -1
CFO/Sales 13% 16% 8% 15% 17% 11% 8% 14% 5% 13% 12% 12% 11% 12%
CFO/Net Profit (PAT) 348% 312% 132% 198% 157% 99% 94% 178% 79% 200% 180% 144% 130% 153%
CFO/EBITDA 103% 115% 58% 89% 74% 50% 46% 81% 30% 81% More Than 65%

Capex** 163 87 488 213 253 259 191 170 87 266 5.6% -8.3% 1.0% 11.7%
FCF -125 -38 -460 -157 -192 -211 -148 -118 -68 -207 -1,723 5.8% -10.8% 1.5% 11.7%
Average FCF (3 Years) -131
FCF Growth YoY -70% 1109% -66% 22% 10% -30% -21% -42% 204% 124% 124% 146% 36%
FCF/Sales -44% -13% -135% -42% -52% -47% -29% -32% -19% -44% Not More -46% -46% -50% -40%
Than 15-
Receivables/Sales 13% 12% 11% 10% 9% 10% 8% 8% 12% 9% 20% 10% 9% 9% 9%
FCF/Net Profit -1147% -244% -2168% -551% -489% -434% -331% -405% -279% -695% -674% -455% -429% -459%

** Manually enter this number; Convert to Rs Crore if not already done in the Annual Reports; Use ") Purchase of Property, Plant and Equipment minus
Sales of ) Purchase of Property, Plant and Equipment" number shown under "Cash Flow from Investing Activities" segment of Consolidated Cash Flow
Statement available in the Annual Reports

Go to Main Sheet
 Mar/13 Mar/14 Mar/15 Mar/16
Sales Growth 6.7% 12.8% 8.6%
Inventory 19.2% 17.3% 17.7% 16.5%
Expenses Growth 6.0% 19.1% 2.4%
Sustainable Growth Rate 8.4% 12.1% 15.2% 13.6%
Gross Profit Growth 11.3% 8.5% 19.2%
PBT Growth 40.0% 18.7% 51.2%
Net Profit Growth 43.8% 35.8% 33.9%
Dividend Growth 0.0% 0.0% 200.0%
Dividend Payout 31.5% 21.9% 16.1% 36.1%

Gross Margin 55.8% 58.2% 55.9% 61.4%

Operating Margin 12.4% 13.8% 13.7% 16.8%
PBT Margin 6.1% 8.0% 8.5% 11.8%
Net Margin 3.8% 5.2% 6.2% 7.7%

Debtor Days 47.7 42.1 41.8 35.6

Inventory Turnover 7.0 8.4 8.2 9.0
Fixed Asset Turnover 2.6 2.8 2.6 2.7
Total Asset Turnover 0.7 0.7 0.7 0.7
Debt/Equity 1.0 0.7 0.6 0.5
Debt/Assets 41.8% 31.6% 30.7% 27.7%
Interest Coverage (Times) 3 4 5 8
Return on Equity 12.2% 15.5% 18.1% 21.3%
Return on Capital Employed 15.5% 19.5% 19.0% 24.6%
Return on Invested Capital -1.4% -0.6% -0.7% -1.1%

Free Cash Flow (Rs Cr) -125 -38 -460 -157

Operating Cash Flow Growth 29.0% -42.5% 100.0%
Free Cash Flow Growth -69.5% 1109.2% -66.0%
FCF/Sales -44% -13% -135% -42%
CFO/Total Assets 18% 24% 12% 22%
CFO/Total Debt 43% 75% 39% 81%
Cash Interest Coverage 5.4 8.1 5.8 12.3
CFO/Capex 0.2 0.6 0.1 0.3

Go to Main Sheet
 Key Ratios
STERLING TOOLS LTD
Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
0.4% 22.1% 13.1% -28.9% -3.1% 33.5%
17.0% 15.4% 17.9% 13.3% 21.2% 18.7%
-1.0% 23.4% 24.2% -40.8% 16.5% 27.4%
19.7% 16.7% 13.3% 7.1% 6.2% 7.2%
2.8% 19.7% 2.7% -15.9% -10.2% 28.5%
38.9% 24.1% -7.1% -51.6% -7.5% 27.2%
38.0% 24.1% -7.8% -35.2% -16.0% 21.8%
-33.3% 5.3% 0.0% 0.0% -50.0% 0.0%
17.4% 14.8% 16.0% 24.8% 14.7% 12.1%

62.9% 61.6% 55.9% 66.1% 61.3% 59.0%

20.4% 20.0% 16.8% 16.9% 17.9% 14.8%
16.3% 16.5% 13.6% 9.3% 8.8% 8.4%
10.6% 10.7% 8.8% 8.0% 6.9% 6.3%

33.7 36.6 29.5 28.1 43.0 32.2

8.1 8.3 6.2 6.1 3.2 4.6
2.4 3.0 2.8 1.4 1.4 1.8
0.7 0.8 0.9 1.2 1.5 1.2
0.2 0.1 0.3 0.2 0.3 0.3
14.8% 9.7% 21.5% 16.8% 20.4% 19.8%
12 21 20 6 5 7
23.9% 19.6% 15.8% 9.4% 7.3% 8.2%
32.3% 27.9% 19.1% 10.4% 8.8% 9.8%
-0.6% -2.7% -0.8% -0.5% -1.2% -1.1%

-192 -211 -148 -118 -68 -207

9.6% -21.9% -11.7% 22.3% -62.7% 207.7%
22.4% 10.3% -29.8% -20.7% -42.2% 203.6%
-52% -47% -29% -32% -19% -44%
23% 14% 9% 12% 4% 11%
153% 140% 43% 69% 18% 55%
15.8 20.7 19.3 10.0 4.4 11.5
0.2 0.2 0.2 0.3 0.2 0.2
os
S LTD
What to look for?
Higher is better, but also look for long term stability and consistency

Lower is better, but compare with sales growth. Growth higher than sales growth suggests weakening pric
Higher is better, as it indicates the effectiveness and efficiency with which the company is managing its op
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 managemen

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

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 number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)

Look for positive and rising number. If the company consistently generates negative FCF over say 10 year
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
The higher the percentage, the better as it shows how profitable the company is. Check for OCF growing in
Higher is better. Show how well the company uses its assets to generate operating cash flow
Higher, and more than 100%, is better. Shows the ability of the company to use its operating cash flows to
Indicates the company's ability to make interest payments on its entire debt. A highly leveraged company w
Measures the capital available for internal reinvestment and for payments on existing debt. When this ratio
e deviations mahy be a sign of weakness and inconsistency
ompany with a strong balance sheet will have a high multiple. Any company with a cash interest multiple less than 1.0
enough funds available to meet its capital investment
t multiple less than 1.0 runs an immediate risk of potential default
 Key Charts - Performance At A Glance
STERLING TOOLS LTD

Capital Allocation Quality RO

Profit Margin Gross Margin Operating Margin
PBT Margin Net Margin 35%
70%
60% 30%
25%
50%
20%
40%
15%
30%
10%
20%
5%
10% 0%
0% Jan/13 Jan/14 Jan/15 Jan/16 Ja
Jan/13
Check for Jan/14
a rising trend Jan/15
and/or Jan/16
consistency. Jan/17
Compare Jan/18
with a close Jan/19
competitor. Jan/20 Jan/21 Jan/22 -5%

60% Revenue G
Annual Growth (YoY)
50%
Revenue (Rs Crore)
40%
600
500 30%

400 20%
300
10%
200
0%
100 Jan/14 Jan/15 Jan/16 Jan/17
- -10%
Jan/13 Jan/15 Jan/17 Jan/19 Jan/21
-20%

-30%
 100 Jan/14 Jan/15 Jan/16 Jan/17
- -10%
Jan/13 Jan/15 Jan/17 Jan/19 Jan/21
-20%

-30%

Sustainable Growth Sales Growth Sustainable Growth Rate Profit Over Time Gross Profit
40%
350
30% 300
250
20%
200
10% 150
0% 100
Jan/14 Jan/15 Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22
50
-10%
-
Jan/13 Jan/15
-20%

Cash Flow Ratios FCF/Sales

Cash Flow (Rs Crore) Operating Cash Flow Free Cash Flow
40.0%
100 20.0%
0.0%
- Jan/13 Jan/15
Jan/13 Jan/15 Jan/17 Jan/19 Jan/21 -20.0%
-100 -40.0%
-60.0%
-200
-80.0%
-300 -100.0%
-120.0%
-400
-140.0%
-500 -160.0%
Check for high and rising/stable numbers.
assets to generate cash flows
 -120.0%
-400
-140.0%
-500 -160.0%
Check for high and rising/stable numbers.
assets to generate cash flows

Assets Distribution Own Vs Owed Funds Equity (

100%4% 3% 1% 1% 0% 1% 3%
100%
5%
90% 18% 17% 15% 18% 13% 90%
19% 17% 16% 19%
80% 6%
21% 80%
13% 13% 9%
17% 17% 14% 13%
8% 70%
70%
18% 6% 7% 8%
6% 60%
7% 6% 13%
60% 6% 7% 8% 9%
7% 2% 2% 2% 20% 16% 50%
8%
50%2% 9%
40%
40%
30%
30% 20%
20% 10%
10% 0%
Jan/13 Jan/15
0%
Jan/13 Jan/14 Jan/15 Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22

Fixed Assets Investments Other Assets Receivables Inventory Cash & Bank

Go to Main Sheet

Data for Charts (Warning! Please don't touch any number below, as that would change the pre-designed charts. You may however
Margins
Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Gross Margin 56% 58% 56% 61% 63% 62% 56% 66% 61% 59%
Operating Margin 12% 14% 14% 17% 20% 20% 17% 17% 18% 15%
PBT Margin 6% 8% 8% 12% 16% 17% 14% 9% 9% 8%
Net Margin 4% 5% 6% 8% 11% 11% 9% 8% 7% 6%

Management Effectiveness
 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
ROE 12% 16% 18% 21% 24% 20% 16% 9% 7% 8%
ROCE 15% 19% 19% 25% 32% 28% 19% 10% 9% 10%
ROIC -1% -1% -1% -1% -1% -3% -1% 0% -1% -1%

Revenue & Profit Growth

Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Revenue Growth 7% 13% 9% 0% 22% 13% -29% -3% 34%
PBT Growth 40% 19% 51% 39% 24% -7% -52% -8% 27%
Net Profit Growth 44% 36% 34% 38% 24% -8% -35% -16% 22%

Revenue & Profit

Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Revenue 283 301 340 369 371 453 512 364 353 471
Gross Profit 158 175 190 227 233 279 287 241 216 278
Profit Before Tax 17 24 29 43 60 75 70 34 31 40
Net Profit 11 16 21 28 39 49 45 29 24 30

Cash Flows
Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Operating Cash Flow 38 49 28 56 62 48 42 52 19 60
Free Cash Flow -125 -38 -460 -157 -192 -211 -148 -118 -68 -207

Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Equity (Own) 42% 49% 50% 53% 61% 70% 62% 69% 65% 66%
Liabilities (Owed) 58% 51% 50% 47% 39% 30% 38% 31% 35% 34%

Asset Distribution
Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Fixed Assets 51% 54% 55% 56% 57% 45% 49% 57% 47% 49%
Investments 2% 2% 2% 2% 7% 20% 16% 8% 9% 8%
Other Assets 7% 6% 7% 6% 6% 6% 7% 13% 9% 13%
Receivables 18% 17% 17% 14% 13% 13% 9% 6% 8% 8%
Inventory 19% 17% 18% 16% 17% 15% 18% 13% 21% 19%
Cash & Bank 4% 3% 1% 5% 1% 0% 1% 2% 5% 3%

Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22

Sales Growth 7% 13% 9% 0% 22% 13% -29% -3% 34%
Sustainable Grow 12% 15% 14% 20% 17% 13% 7% 6% 7%

Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
FCF/Sales -44.2% -12.6% ### -42.4% -51.7% -46.7% -29.0% -32.3% -19.3% -43.8%
CFO/Total Assets 18.0% 23.6% 11.9% 22.5% 22.7% 13.5% 9.2% 11.6% 3.7% 10.9%
 nce At A Glance
LS LTD

tion Quality ROE ROCE ROIC

13 Jan/14 Jan/15 Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22

Revenue Growth PBT Growth Net Profit Growth

Growth (YoY)

14 Jan/15 Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22

14 Jan/15 Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22

Time Gross Profit Profit Before Tax Net Profit

an/13 Jan/15 Jan/17 Jan/19 Jan/21

Ratios FCF/Sales CFO/Total Assets

%
%
%
Jan/13 Jan/15 Jan/17 Jan/19 Jan/21
%
%
%
%
%
%
%
%
r high and rising/stable numbers. Shows how profitable a company is and how well it uses its
generate cash flows
%
%
%
r high and rising/stable numbers. Shows how profitable a company is and how well it uses its
generate cash flows

Owed Funds Equity (Own) Liabilities (Owed)

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Jan/13 Jan/15 Jan/17 Jan/19 Jan/21

charts. You may however change them if you wish to change charts and/or add new ones)
 Common Size P&L
Rs Cr Mar-13 Mar-14 Mar-15 Mar-16
Sales 100% 100% 100% 100%
Raw Material Cost 44% 42% 44% 39%
Change in Inventory -2% -2% 1% 0%
Power and Fuel 8% 8% 8% 8%
Other Mfr. Exp 17% 17% 19% 19%
Employee Cost 9% 9% 9% 9%
Selling and Admin Cost 6% 6% 5% 6%
Other Expenses 3% 3% 2% 2%
Operating Profit 16% 17% 12% 17%
Other Income 1% 0% 0% 0%
Depreciation 3% 3% 4% 4%
Interest 4% 3% 2% 2%
Profit Before Tax 6% 8% 8% 12%
Tax 2% 3% 2% 4%
Net Profit 4% 5% 6% 8%
Dividend Amount 1% 1% 1% 3%

Common Size Balance

Rs Cr Mar-13 Mar-14 Mar-15 Mar-16
Equity Share Capital 3.26% 3.31% 2.90% 2.74%
Reserves 39.11% 45.33% 46.81% 50.66%
Borrowings 41.77% 31.64% 30.69% 27.69%
Other Liabilities 15.86% 19.73% 19.59% 18.91%
Total Liabilities 100% 100% 100% 100%
Net Block 50.87% 52.94% 55.14% 55.38%
Capital Work in Progress 0.23% 1.33% 0.17% 0.42%
Investments 1.79% 2.30% 2.49% 2.35%
Other Assets 47.11% 43.43% 42.19% 41.85%
Total Assets 100% 100% 100% 100%
Receivables 17.58% 16.82% 16.52% 14.44%
Inventory 19.18% 17.31% 17.66% 16.45%
Cash & Bank 3.80% 3.09% 0.55% 4.59%

Go to Main Sheet
mmon Size P&L
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
100% 100% 100% 100% 100% 100%
37% 38% 44% 34% 39% 41%
1% 1% 4% -4% 4% 1%
7% 8% 7% 8% 9% 8%
20% 21% 21% 20% 21% 0%
9% 8% 7% 10% 10% 9%
5% 5% 5% 6% 6% 0%
2% 2% 1% 2% 2% 28%
18% 18% 9% 25% 9% 13%
2% 1% 1% 1% 1% 1%
4% 4% 4% 7% 7% 6%
2% 1% 1% 2% 2% 1%
16% 17% 14% 9% 9% 8%
6% 6% 5% 1% 2% 2%
11% 11% 9% 8% 7% 6%
2% 2% 1% 2% 1% 1%

n Size Balance Sheet

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
2.53% 2.03% 1.56% 1.62% 1.39% 1.32%
58.09% 67.89% 59.99% 67.69% 63.33% 65.04%
14.83% 9.67% 21.50% 16.84% 20.39% 19.76%
24.56% 20.42% 16.94% 13.85% 14.88% 13.88%
100% 100% 100% 100% 100% 100%
57.09% 41.89% 39.36% 56.88% 47.45% 48.65%
0.00% 2.75% 10.14% 0.14% 0.00% 0.19%
6.60% 20.41% 15.67% 7.55% 8.85% 8.03%
36.31% 34.94% 34.84% 35.42% 43.70% 43.13%
100% 100% 100% 100% 100% 100%
12.64% 12.82% 8.96% 6.30% 8.04% 7.59%
16.96% 15.37% 17.87% 13.34% 21.16% 18.71%
1.04% 0.42% 0.84% 2.42% 5.16% 3.37%
 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.
 Valuation - Dhandho C
Read the book - The Dhandho Investor by

STERLING TOOLS LTD

Dhandho IV - Lower Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
0 Excess Cash (Latest) 3,096 Year 1-3 12%
1 FY21 (146) (131) Year 4-6 10%
2 FY22 (164) (131) Year 7-10 5%
3 FY23 (184) (131) Discount Rate 12%
4 FY24 (202) (128)
5 FY25 (222) (126) Last 5-Years' CAGR
6 FY26 (245) (124) Sales 5%
7 FY27 (257) (116) PBT -8%
8 FY28 (270) (109) FCF 2%
9 FY29 (283) (102)
10 FY30 (297) (96)
10 -2,972 (957)
Intrinsic Value 946
Current Mkt. Cap. 745
Premium/(Discount) to IV -21%

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 normali
your assumption of FCF the business will earn in a normal year, without capex. Check the history of this b
judgment wisely without twisting the model to fit your versio

Go to Main Sheet
n - Dhandho Calculation
ok - The Dhandho Investor by Mohnish Pabrai

STERLING TOOLS LTD

Dhandho IV - Higher Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
0 Excess Cash (Latest) 3,096 Year 1-3
1 FY21 (150) (134) Year 4-6
2 FY22 (173) (138) Year 7-10
3 FY23 (199) (142) Discount Rate
4 FY24 (223) (142)
5 FY25 (249) (142)
6 FY26 (279) (142)
7 FY27 (307) (139)
8 FY28 (338) (137)
9 FY29 (372) (134)
10 FY30 (409) (132)
10 (6,136) (1,976)
Intrinsic Value (259)
Current Mkt. Cap. 745
Premium/(Discount) to IV -387%

, you must use a normalized positive FCF as the starting number. This number is
Check the history of this business while arriving at your assumption, and use your
e model to fit your version of reality.
med FCF Growth
15%
12%
10%
12%
 Valuation - Ben Graham Formula
Low Range High Range
Company Name RLING TOOLS LTD Company Name RLING TOOLS LTD
Year Ended Mar/22 Year Ended Mar/22

Avg 5-Yr Net Profit (Rs Crore) 35.3 Avg 5-Yr Net Profit (Rs Crore) 35.3
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth 8.5
Long-Term Growth Rate (2.7) Long-Term Growth Rate (4.0)

Ben Graham Value (Rs Crore) 110 Ben Graham Value (Rs Crore) 15
Current Market Cap (Rs Crore) 745 Current Market Cap (Rs Crore) 745
Value as % of Market Cap 15% Value as % of Market Cap 2%

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 years

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 publicizing his works, the risk free interest rate was 4.4% but to adjust to the present, we divide this
number by today’s AAA corporate bond rate, represented by Y in the formula above.

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

Go to Main Sheet
 Valuation - Dicounted Cash Flow
STERLING TOOLS LTD

Initial Cash Flow (Rs Cr) (131) (2,492)

745
Years 1-5 6-10 -335%
FCF Growth Rate 12% 10%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (2,988)

Year FCF Growth Present Value

1 (146) 12% (131)
2 (164) 12% (131)
3 (184) 12% (131)
4 (206) 12% (131)
5 (230) 12% (131)
6 (253) 10% (128)
7 (279) 10% (126)
8 (307) 10% (124)
9 (337) 10% (122)
10 (371) 10% (119)

Final Calculations
Terminal Year (379)
PV of Year 1-10 Cash Flows (1,273)
Terminal Value (1,219)
Total PV of Cash Flows (2,492)
Current Market Cap (Rs Cr) 745

Note: See explanation of DCF here

Go to Main Sheet
ash Flow

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Valuation - Expected
STERLING TOOL
Particulars Mar/13 Mar/14 Mar/15
Net Profit (Rs Crore) 11 16 21
Net Profit Margin 4% 5% 6%
Return on Equity 12% 16% 18%

Calculations (Enter values only in black cells)

Estimated CAGR in Net Profit over next 10 years 10%
Estimated Net Profit after 10 years (Rs Cr) 77
Current P/E (x) 25.1
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 1,542
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 497
Current Market Cap (Rs Cr) 745

Note: See explanation of this model here

Go to Main Sheet
ation - Expected Returns Model
STERLING TOOLS LTD
Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
28 39 49 45 29 24 30
8% 11% 11% 9% 8% 7% 6%
21% 24% 20% 16% 9% 7% 8%
CAGR (9-Yr) CAGR (5-Yr)
12% -5%
 Intrinsic Value Range
STERLING TOOLS LTD
Lower Higher
Dhandho 946 -259
Ben Graham 110 15 Remember! Give importance
DCF -2,492 fair value only "after" you hav
Expected Return 497 these two questions - (1) Is t
be understood? and (2) C
Current Market Cap. 745
busines

Don't try to quantify everyth

the less non-mathematical yo
sensible, and useful will b
Explanation: Considering the above range, we can say results. Great analysis is ge
that Bajaj Auto's Intrinsic Value range is between Rs envelop
60,000 crore and Rs 130,000 crore. It's a big range, but
that's fine (who is looking for precision?). Now, if the Also, your calculated "fair
current market cap is within this IV range, especially wrong in the future, so don't i
when it's near the lower level of the range, it makes the because you fall in love w
stock reasonably/attractively priced. If the current perfection. It is overrated. Fo
market cap is higher then the higher value of the range, outcomes. Look for disco
it makes it overpriced. But remember, these are just
numbers!

Go to Main Sheet
mber! Give importance to a stock's valuations /
ue only "after" you have answered in "Yes" to
two questions - (1) Is this business simple to
understood? and (2) Can I understand this
business?

try to quantify everything. In stock research,

s non-mathematical you are, the more simple,
nsible, and useful will be your analysis and
lts. Great analysis is generally "back-of-the-
envelope".

o, your calculated "fair value" will be proven

in the future, so don't invest your savings just
cause you fall in love with it. Don't look for
ction. It is overrated. Focus on decisions, not
tcomes. Look for disconfirming evidence.
 Quarterly Performance
STERLING TOOLS LTD
Narration Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Sales 85 86 20 95 111 127 89 127 115 138
% Growth YOY 31% 48% 339% 34% 4% 9%
Expenses 71 72 25 73 88 105 76 106 99 121
Operating Profit 14 14 -5 23 23 22 13 21 17 18
Other Income 1 -2 1 1 1 -2 1 2 1 1
Depreciation 6 7 6 7 7 7 7 7 7 7
Interest 2 2 2 2 2 2 2 2 2 2
Profit before tax 7 4 -11 15 16 11 6 15 9 10
PBT Margin 8% 5% -56% 16% 14% 9% 6% 12% 8% 7%
% Growth YOY 125% 185% -150% -5% -42% -11%
Tax 2 -4 -3 4 4 2 1 4 3 2
Net profit 5 8 -9 12 12 10 4 11 7 8
% Growth YOY 147% 16% -151% -4% -46% -20%
OPM 16% 17% -24% 24% 21% 17% 15% 17% 15% 13%

Go to Main Sheet
COMPANY NAME STERLING TOOLS LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHANG
CURRENT VERSION 2.10

META
Number of shares 3.60
Face Value 2
Current Price 206.75
Market Capitalization 744.8

PROFIT & LOSS

Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Sales 282.5 301.36 340.06 369.38 370.89 452.91
Raw Material Cost 124.89 126.01 149.87 142.62 137.77 173.95
Change in Inventory -5.46 -4.54 2.55 -0.84 3.73 5.69
Power and Fuel 21.89 23.62 27.27 30.81 27.37 34.98
Other Mfr. Exp 46.94 50.91 63.17 71.75 75.54 92.95
Employee Cost 24.39 27.03 28.97 33.5 32.47 35.92
Selling and admin 16.46 18.55 18.46 20.54 18.95 22.31
Other Expenses 7.34 9.08 8.28 7.44 6.84 7.82
Other Income 1.6 1.02 1.55 1.27 6.91 5.62
Depreciation 9.41 10.3 12.03 13.41 16.64 17.59
Interest 10.03 8.13 7.37 6.28 5.58 3.78
Profit before tax 17.29 24.21 28.74 43.46 60.37 74.92
Tax 6.42 8.58 7.52 15.05 21.17 26.26
Net profit 10.88 15.62 21.22 28.42 39.21 48.66
Dividend Amount 3.42 3.42 3.42 10.26 6.84 7.2

Quarters
Report Date Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21
Sales 84.86 85.83 20.27 95.2 111.06 127.27
Expenses 70.92 71.55 25.12 72.62 87.83 105.06
Other Income 1.44 -2.01 1.14 1.39 1.37 -1.98
Depreciation 6.48 6.56 5.94 6.54 6.72 7.11
Interest 1.79 1.79 1.8 1.98 1.87 1.95
Profit before tax 7.11 3.92 -11.45 15.45 16.01 11.17
Tax 2.19 -4.25 -2.68 3.92 3.83 1.67
Net profit 4.92 8.18 -8.77 11.52 12.17 9.51
Operating Profit 13.94 14.28 -4.85 22.58 23.23 22.21

BALANCE SHEET
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 6.84 6.84 6.84 6.84 6.84 7.2
Reserves 82.11 93.73 110.47 126.52 157.35 240.83
Borrowings 87.69 65.42 72.43 69.15 40.16 34.29
Other Liabilities 33.3 40.8 46.24 47.24 66.51 72.44
Total 209.94 206.79 235.98 249.75 270.86 354.76
Net Block 106.79 109.47 130.13 138.3 154.64 148.62
Capital Work in Progress 0.49 2.75 0.41 1.06 9.77
Investments 3.75 4.76 5.88 5.88 17.87 72.4
Other Assets 98.91 89.81 99.56 104.51 98.35 123.97
Total 209.94 206.79 235.98 249.75 270.86 354.76
Receivables 36.91 34.79 38.99 36.06 34.23 45.47
Inventory 40.27 35.8 41.68 41.09 45.94 54.54
Cash & Bank 7.98 6.4 1.3 11.46 2.81 1.49
No. of Equity Shares 6844600 6844600 6844600 6844600 34223000 36024211
New Bonus Shares
Face value 10 10 10 10 2 2

CASH FLOW:
Report Date Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 37.85 48.83 28.08 56.15 61.52 48.02
Cash from Investing Activity -11.92 -16.99 -29.63 -25.49 -27.38 -75.58
Cash from Financing Activity -23.25 -33.42 -3.55 -21.26 -42.27 26.28
Net Cash Flow 2.68 -1.58 -5.1 9.4 -8.13 -1.28

PRICE: 18.6 23.36 55.36 90.12 224.4 363.2

DERIVED:
Adjusted Equity Shares in Cr 3.42 3.42 3.42 3.42 3.42 3.60
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22

512.2 364.24 352.95 471.24
225.66 123.35 136.54 193.17
18.81 -14.03 15.26 3.3
37.93 28.19 30.73 38.67
108.8 71.36 74.72
38.11 36.78 36.83 41.6
27.08 21.95 19.6
7.49 7.2 6.56 131.18
6.36 2.8 1.86 3.38
19.05 24.22 26.32 27.01
3.66 6.26 7.6 6.63
69.59 33.7 31.17 39.66
24.73 4.65 6.76 9.94
44.86 29.05 24.42 29.73
7.2 7.2 3.6 3.6

Jun-21 Sep-21 Dec-21 Mar-22

89.03 127.12 115.47 138.48
76.1 105.8 98.52 120.91
1.41 1.51 0.64 0.97
6.74 6.62 6.69 6.96
1.83 1.59 1.61 1.6
5.77 14.62 9.29 9.98
1.28 3.59 2.69 2.38
4.48 11.04 6.6 7.61
12.93 21.32 16.95 17.57

Mar-19 Mar-20 Mar-21 Mar-22

7.2 7.2 7.2 7.2
 277 301.5 327.43 355.91
99.29 75.02 105.44 108.14
78.22 61.71 76.94 75.95
461.71 445.43 517.01 547.2
181.71 253.37 245.33 266.2
46.81 0.64 1.04
72.34 33.63 45.77 43.96
160.85 157.79 225.91 236
461.71 445.43 517.01 547.2
41.38 28.07 41.56 41.55
82.49 59.44 109.41 102.37
3.88 10.77 26.67 18.46
36024211 36024211 36024211

2 2 2 2

Mar-19 Mar-20 Mar-21 Mar-22

42.38 51.82 19.34 59.5
-91.88 -2.52 -50.81 -53.07
52.08 -42.39 22.94 -7.63
2.58 6.9 -8.53 -1.2

325.3 132.4 195.65 135.65

3.60 3.60 3.60 3.60

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