Summary BUFFET VALUAT

Common Size Quarters

Charts MOAT ASSESM
Key Ratios FRAUD SHEE
Balance Sheet DCF SHEET
Profit & Loss FRAUD CHECK
Cash Flow SOIC SHEET
BUFFET VALUATION
Quarters
MOAT ASSESMENT
FRAUD SHEET
DCF SHEET
FRAUD CHECKLIST
SOIC SHEET
VERTOZ ADVERTISING LTD SCREENER.IN

Narration Mar-13 Mar-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trailing Best Case Worst Case
Sales - - 11.86 20.30 36.84 46.23 40.53 57.00 41.61 82.81 105.70 164.80 101.40
Expenses - - 11.24 15.23 28.79 35.72 33.71 44.58 30.57 65.76 87.43 128.00 83.87
Operating Profit - - 0.62 5.07 8.05 10.51 6.82 12.42 11.04 17.05 18.27 36.80 17.53
Other Income - - 0.09 0.18 0.63 0.65 1.76 2.03 1.00 0.95 2.00 - -
Depreciation - - 0.20 0.86 1.37 1.88 2.10 3.69 3.02 2.62 2.57 2.57 2.57
Interest - - 0.10 0.53 0.58 0.49 1.26 1.42 1.27 1.46 1.74 1.74 1.74
Profit before tax - - 0.41 3.86 6.73 8.79 5.22 9.34 7.75 13.92 15.96 32.49 13.22
Tax - - 0.05 0.81 0.99 1.45 1.17 1.16 1.65 2.88 2.78 17% 17%
Net profit - - 0.36 3.06 5.74 7.34 4.05 8.18 6.10 11.04 13.17 26.83 10.91
EPS - - - - 4.78 6.12 3.38 6.82 5.08 9.20 11.00 22.41 9.12
Price to earning 18.72 15.81 17.19 39.81 17.36 21.71 22.70 25.40 21.90
Price - - - - 89.55 96.73 58.00 271.40 88.25 199.75 249.80 569.27 199.69
NPM #DIV/0!
RATIOS:
Dividend Payout 0.00% 0.00% 0.00% 0.00% 0.00% 0.82% 2.96% 0.00% 0.00% 0.00%
OPM 0.00% 0.00% 5.23% 24.98% 21.85% 22.73% 16.83% 21.79% 26.53% 20.59% 17.28%
Tax payout #DIV/0! #DIV/0! 12.20% 20.98% 14.71% 16.50% 22.41% 12.42% 21.29% 20.69%
Book value per share #DIV/0! #DIV/0! #DIV/0! #DIV/0! 23.63 30.27 41.49 48.11 55.25 85.38
TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST
Sales Growth 32.00% 17.59% 26.89% 99.01% 99.01% 17.59%
OPM 21.23% 21.81% 21.57% 22.33% 17.28% 22.33% 17.28%
Price to Earning 21.90 21.90 22.43 25.40 22.70 25.40 21.90

Common Sizing Expenses

Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw material Expenses #DIV/0! #DIV/0! 56% 0% 0% 0% 0% 0% 0% 0%
Power and fuel cost #DIV/0! #DIV/0! 0% 1% 0% 0% 0% 0% 2% 0%
Other Mfr. Exp #DIV/0! #DIV/0! 0% 34% 44% 46% 59% 64% 52% 0%
Employee Cost #DIV/0! #DIV/0! 26% 30% 26% 23% 20% 12% 15% 10%
Selling and admin #DIV/0! #DIV/0! 0% 10% 8% 7% 4% 2% 4% 0%
Other Expenses #DIV/0! #DIV/0! 13% 0% 0% 1% 0% 1% 0% 69%
OPM 0.00% 0.00% 5.23% 24.98% 21.85% 22.73% 16.83% 21.79% 26.53% 20.59%
VERTOZ ADVERTISING LTD SCREENER.IN

Narration Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
Sales 26.03 9.29 10.06 12.25 10.00 11.03 15.88 21.58 34.32 33.92
Expenses 20.77 7.57 7.16 9.13 7.37 8.33 12.32 17.24 27.87 30.00
Operating Profit 5.26 1.72 2.90 3.12 2.63 2.70 3.56 4.34 6.45 3.92
Other Income 0.08 0.38 0.53 0.08 0.03 0.03 0.58 0.37 -0.03 1.08
Depreciation 1.24 0.45 0.68 0.74 0.76 0.66 0.65 0.66 0.64 0.62
Interest 0.60 0.26 0.47 0.21 0.08 0.21 0.20 0.31 0.73 0.50
Profit before tax 3.50 1.39 2.28 2.25 1.82 1.86 3.29 3.74 5.05 3.88
Tax 0.40 0.22 0.95 0.48 - 0.45 0.96 0.54 0.95 0.33
Net profit 3.11 1.17 1.34 1.76 1.83 1.41 2.33 3.20 4.10 3.54

OPM 20% 19% 29% 25% 26% 24% 22% 20% 19% 12%
VERTOZ ADVERTISING LTD SCREENER.IN

Narration Mar-13 Mar-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Cash from Operating Activity - - 2.32 4.89 -4.61 -7.85 49.19 -2.70 2.31 -15.39
Cash from Investing Activity - - -0.63 -5.60 -4.81 -0.36 -48.62 3.44 -0.37 0.74
Cash from Financing Activity - - 0.02 1.20 18.92 -0.72 -1.29 -0.75 -1.94 18.09
Net Cash Flow - - 1.71 0.49 9.50 -8.93 -0.72 -0.01 - 3.44
Enter Fixed Assets + 265 335 240 (135) 108 (149) 313 47 113 166
Free Cash Flow (265.00) (335.00) (237.68) 139.89 (112.61) 141.15 (263.81) (49.70) (110.69) (181.39)
Cash EPS #DIV/0! #DIV/0! #DIV/0! #DIV/0! -3.84 -6.54 40.99 -2.25 1.93 -12.83
Reinvestment(capex/cfo) #DIV/0! #DIV/0! 10345% -2761% -2343% 1898% 636% -1741% 4892% -1079%
Cumulative of 10 years
CFO 28.16
CFI -56.21
CFF 33.53

SCREENER DATA
Fixed Asset Purchased (294.00) (407.00) (285.00) - (118.00) - (319.00) (53.00) (133.00) (181.00)
Fixed Asset Sold 29.00 72.00 45.00 135.00 10.00 149.00 6.00 6.00 20.00 15.00
NET 265 335 240 (135) 108 (149) 313 47 113 166
VERTOZ ADVERTISING LTD SCREENER.IN

Narration Mar-13 Mar-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Equity Share Capital - - 0.02 0.02 5.99 5.99 11.97 11.97 11.97 11.97
Reserves - - 0.67 3.74 22.37 30.33 37.82 45.76 54.33 90.49
Borrowings - - 0.35 4.49 3.46 5.53 11.76 14.23 10.00 8.45
Other Liabilities - - 3.91 7.95 9.53 10.26 10.17 11.89 9.93 19.29
Total - - 4.95 16.20 41.35 52.11 71.72 83.85 86.23 130.20

Net Block - - 0.64 5.62 9.69 8.76 58.64 56.46 55.05 56.86
Capital Work in Progress - - - - - - - - - -
Investments - - - - - - - - - -
Other Assets - - 4.31 10.58 31.66 43.35 13.08 27.39 31.18 73.34
Total - - 4.95 16.20 41.35 52.11 71.72 83.85 86.23 130.20

Working Capital - - 0.40 2.63 22.13 33.09 2.91 15.50 21.25 54.05
Debtors - - 1.20 7.13 17.77 13.37 9.27 23.21 26.21 37.70
Inventory - - - - - - - - - -
Debtor Days - - 36.93 128.20 176.06 105.56 83.48 148.63 229.91 166.17
Return on Equity 52% 81% 20% 20% 8% 14% 9% 11%
Return on Capital Emp 98% 95% 36% 25% 13% 16% 12% 16%
 Report Date Mar-13 Mar-14 Mar-16 Mar-17
VERTOZ ADVERTISING LTD
Balance Sheet
Equity Share Capital #DIV/0! #DIV/0! 0.40% 0.12%
Reserves #DIV/0! #DIV/0! 13.54% 23.09%
Borrowings #DIV/0! #DIV/0! 7.07% 27.72%
Other Liabilities #DIV/0! #DIV/0! 78.99% 49.07%

Total Liabilities #DIV/0! #DIV/0! 100.00% 100.00%

Net Block #DIV/0! #DIV/0! 12.93% 34.69%

Capital Work in Progress #DIV/0! #DIV/0! 0.00% 0.00%
Investments #DIV/0! #DIV/0! 0.00% 0.00%
Other Assets #DIV/0! #DIV/0! 87.07% 65.31%
As a % of total assets
Receivables #DIV/0! #DIV/0! 24.24% 44.01%
Inventory #DIV/0! #DIV/0! 0.00% 0.00%
Cash & Bank #DIV/0! #DIV/0! 53.33% 19.32%

Total Assets #DIV/0! #DIV/0! 100.00% 100.00%

 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
VERTOZ ADVERTISING LTD
Balance Sheet
14.49% 11.49% 16.69% 14.28% 13.88% 9.19%
54.10% 58.20% 52.73% 54.57% 63.01% 69.50%
8.37% 10.61% 16.40% 16.97% 11.60% 6.49%
23.05% 19.69% 14.18% 14.18% 11.52% 14.82%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

23.43% 16.81% 81.76% 67.33% 63.84% 43.67%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
76.57% 83.19% 18.24% 32.67% 36.16% 56.33%

42.97% 25.66% 12.93% 27.68% 30.40% 28.96%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
30.54% 7.10% 4.14% 3.53% 3.44% 4.92%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Report Date Mar-13 Mar-14 Mar-16 Mar-17 Mar-18
Leverage Ratios

D/E #DIV/0! #DIV/0! 0.51 1.19 0.12

Debt/Assets #DIV/0! #DIV/0! 0.07 0.28 0.08
Debt/Ebitda #DIV/0! #DIV/0! 0.56 0.89 0.43
Debt/Capital Ratio #DIV/0! #DIV/0! 34% 54% 11%
Cash flow/Debt #DIV/0! #DIV/0! 6.63 1.09 -1.33
Interest coverage ratio #DIV/0! #DIV/0! 5.1 8.3 12.6
Sales Change #DIV/0! #DIV/0! 71% 81%
Ebit Change #DIV/0! #DIV/0! 761% 67%
Operating Leverage #DIV/0! #DIV/0! 10.7 0.8
Financial Leverage #DIV/0! #DIV/0! 7.2 4.3 1.5
Debt Burden Ratio #DIV/0! #DIV/0! (679.09) 31.16 (32.55)
Efficiency ratios
Report Date Mar-13 Mar-14 Mar-16 Mar-17 Mar-18
Receivable days 0.00 0.00 36.93 128.20 176.06
Receivable turnover #DIV/0! #DIV/0! 9.9 2.8 2.1
Inventory days #DIV/0! #DIV/0! 0.0 0.0 0.0
Inventory turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Fixed assets turnove #DIV/0! #DIV/0! 18.5 3.6 3.8
Sales/capital employed #DIV/0! #DIV/0! 11.40 2.46 1.16
Total Asset Turnover #DIV/0! #DIV/0! 2.40 1.25 0.89

Profitability ratios
Report Date Mar-13 Mar-14 Mar-16 Mar-17 Mar-18
Ebitda 0 0 0.62 5.07 8.05
Ebitda margin #DIV/0! #DIV/0! 5% 25% 22%
Gross Profit 0.00 0.00 5.23 20.30 36.84
Gross Profit Margin #DIV/0! #DIV/0! 44% 100% 100%
EBIT 0 0 0.51 4.39 7.31
EBIT Margin #DIV/0! #DIV/0! 4% 22% 20%
ROE 52% 81% 20%
Net profit margin #DIV/0! #DIV/0! 3% 15% 16%
EPS 0.00 0.00 0.00 0.00 4.78
DU Pont ROE #DIV/0! #DIV/0! 52% 81% 20%
Net Profit Margin #DIV/0! #DIV/0! 3% 15% 16%
Sales/Total assets #DIV/0! #DIV/0! 2.40 1.25 0.89
Financial Leverage #DIV/0! #DIV/0! 7.17 4.31 1.46

DU PONT ROA #DIV/0! #DIV/0! 7.3% 18.9% 13.9%

Net Profit Margin #DIV/0! #DIV/0! 3% 15% 16%
Sales/Total assets #DIV/0! #DIV/0! 2.40 1.25 0.89
Capital Allocation Ratios Mar-13 Mar-14 Mar-16 Mar-17 Mar-18
ROCE 0% 98% 95% 36%
EBIT Margin #DIV/0! #DIV/0! 4% 22% 20%
Sales/cap employed #DIV/0! #DIV/0! 11.40 2.46 1.16
NOPAT #DIV/0! #DIV/0! 0.4 3.5 6.2
Capital employed 0 0 1.04 8.25 31.82
ROIC #DIV/0! #DIV/0! 43% 42% 20%

10 year profit change #DIV/0!

5 year profit change 12%
10 year mcap change #VALUE!
5 year mcap change 21%

Capex Ratios
Capex/Net Profits 10yr 2841%
Capex/Net Profits 5 yr 1335%
Capex/Net Profits 3 yr 1076%
Capex/Depreciation 10yr 8278%

Valuation Ratios Mar-13 Mar-14 Mar-16 Mar-17 Mar-18

Price/Earnings 18.7
Price/Book #DIV/0! #DIV/0! #DIV/0! #DIV/0! 3.79
Price/CashFlow #VALUE! #VALUE! #VALUE! #VALUE! -23
Price/Sales #VALUE! #VALUE! #VALUE! #VALUE! 2.92
Enterprise Value #VALUE! #VALUE! #VALUE! #VALUE! 98.29
EV/EBITDA #VALUE! #VALUE! #VALUE! #VALUE! 12.2
MAX Pe in Last 10 years 39.8
Max Ev/Ebitda in Last 10 ye #VALUE!
Max P/B #DIV/0!
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

0.15 0.24 0.25 0.15 0.08

0.11 0.16 0.17 0.12 0.06
0.53 1.72 1.15 0.91 0.50
13% 19% 20% 13% 8%
-1.42 4.18 -0.19 0.23 -1.82
18.9 5.1 7.6 7.1 10.5
25% -12% 41% -27% 99%
27% -30% 66% -16% 71%
1.1 2.4 1.6 0.6 0.7
1.4 1.4 1.5 1.3 1.3
25.52 (22.43) (3.49) (11.07) (21.47)

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

105.56 83.48 148.63 229.91 166.17
3.5 4.4 2.5 1.6 2.2
0.0 0.0 0.0 0.0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
5.3 0.7 1.0 0.8 1.5
1.10 0.66 0.79 0.55 0.75
0.89 0.57 0.68 0.48 0.64

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

10.51 6.82 12.42 11.04 17.05
23% 17% 22% 27% 21%
46.23 40.53 57.00 41.61 82.81
100% 100% 100% 100% 100%
9.28 6.48 10.76 9.02 15.38
20% 16% 19% 22% 19%
20% 8% 14% 9% 11%
16% 10% 14% 15% 13%
6.12 3.38 6.82 5.08 9.20
20% 8% 14% 9% 11%
16% 10% 14% 15% 13%
0.89 0.57 0.68 0.48 0.64
1.43 1.44 1.45 1.30 1.27

14.1% 5.6% 9.8% 7.1% 8.5%

16% 10% 14% 15% 13%
0.89 0.57 0.68 0.48 0.64
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
25% 13% 16% 12% 16%
20% 16% 19% 22% 19%
1.10 0.66 0.79 0.55 0.75
7.7 5.0 9.4 7.1 12.2
41.85 61.55 71.96 76.3 110.91
19% 8% 13% 9% 11%

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trailing

15.8 17.2 39.8 17.4 21.7 22.7
3.20 1.40 5.64 1.60 2.34
-15 1 -121 46 -16 #DIV/0!
2.51 1.72 5.71 2.55 2.89
117.91 78.39 336.95 112.93 241.75
11.2 11.5 27.1 10.2 14.2
 Capital allocation is the number one thing we look f
Report Date Mar-13 Mar-14 Mar-16 Mar-17 Mar-18
Net profit 0 0 0.36 3.06 5.74
Dividend Payout 0 0 0 0 0
Retained Earnings 0 0 0.36 3.06 5.74
MCAP #VALUE! #VALUE! #VALUE! #VALUE! 107.46

Earnings Retention TestTotal Earnings retain Change in MCA PER Rs Mcap

10 years 45.69 #VALUE! #VALUE!

5 years 36.53 182.944 5.0

ROIC #DIV/0! #DIV/0! 43% 42% 20%

Cost of capital 10% 10% 10% 10% 10%
Cost of capital in cr 0.00 0.00 0.10 0.83 3.18
Economic value added #DIV/0! #DIV/0! 0.34 2.64 3.05
(NOPAT-Cost of capital)

Rolling ROIIC #DIV/0! 290% 38%

ROIIC 3 year Rolling
ROIIC 5 Year Rolling

Intrinsic Compounding Table

Report Date Mar-13 Mar-14 Mar-16 Mar-17 Mar-18
NOPAT #DIV/0! #DIV/0! 0.4 3.5 6.2
Capital Employed 0 0 1.04 8.25 31.82

Cumulative NOPAT #DIV/0!

Incremental Capital
Employed 110.91
Reinvestment Rate #DIV/0!

Return on incremental
capital
employed/Intrinsic Stock Cagr 10
compunding rate #DIV/0! year #VALUE!
Stock Cagr 5
year 21%
e thing we look for in managements
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM
7.34 4.05 8.18 6.1 11.04
0.06 0.12 0 0 0
7.28 3.93 8.18 6.1 11.04
116.076 69.6 325.68 105.9 239.7 299.02
Compound Change in mcap/change
Multiple in profit

10yr #VALUE!

5yr 1.7

19% 8% 13% 9% 11%

10% 10% 10% 10% 10%
4.19 6.16 7.20 7.63 11.09
3.56 -1.13 2.23 -0.53 1.11

6% -27% 22% -22% 117%

23% 4% 6% -2% 21%
#DIV/0! 15% 5% 9%

nding Table
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
7.7 5.0 9.4 7.1 12.2
41.85 61.55 71.96 76.3 110.91
Year Mar-13 Mar-14 Mar-16 Mar-17 Mar-18

GP Margin #DIV/0! #DIV/0! 44% 100% 100%

Ebitda Margin #DIV/0! #DIV/0! 5% 25% 22%

Net Profit Margin #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
ROIC #DIV/0! #DIV/0! 43% 42% 20%
ROCE 0% 98% 95% 36%
ROE 52% 81% 20%

120%

100%

80%

GP Margin
60%
Ebitda Margi
Net Profit Ma
40%

20%

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

Average GP #DIV/0!
Average Ebitda margin #DIV/0!
Average Net Profit margin #VALUE!
Average ROE 27%
Average ROIC #DIV/0!
Average ROCE 35%
 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

100% 100% 100% 100% 100% Things To Look For

23% 17% 22% 27% 21% Stable/Expanding Margins
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! ROIC above 15% over the years
19% 8% 13% 9% 11% ROE Above 15% over the years
25% 13% 16% 12% 16% ROCE Above 15% over the years
20% 8% 14% 9% 11%

Return Ratios
ROIC ROCE ROE

81%
52%
GP Margin
Ebitda Margin
Net Profit Margin 98% 95%

20%
20%
36%
43% 42% 25% 14%
8% 16%
20% 19% 13%
8% 13%
0% 0%
9 10 1 2 3 4 5 6 7 8
To Look For
ding Margins PRICING POWER
5% over the years
5% over the years Business abilitiy to protect its profitability
15% over the years

tios
ROE

20%
25% 14% 11%
8% 16% 9% 16%
19% 13% 12%
8% 13% 9% 11%
7 8 9 10
Checklist for finding frauds

1) CUM PAT VS CUM CFO of last 10 years and in block of 3 years+ CFO/Ebitda > 0.7
2) Volatility in Depreciation Rate as a percentage of sales

3) Cash Yield
4) Increasing Receivables>Increasing sales
5) Miscellaneous Expenses
6) Sales being done to subsidiary
7) Always check for segmental break up of revenue
8) Company paying dividend in slow down or not

1) Check for contingent liabilites

2) Check for goodwill/intangibles as a % of networth

3) Check for provisions in trade receivables

4) Check for Auditors CARO REPORT (Annexure A OR B)

5) Check for unusual write offs in the past

6) Check for write offs from equity

1) Very high CFI without purchase of fixed assets

2) Lack of FCFE generation

3) CFF very high and excessive share issues

1) Past claims of the management and track with current performance

2) Channel checks

3) Google Fraud checks

4) Industry checks
5) Glassdoor and linkedin checks

6) Stock Pledge
Auditor
checks

1) Look for KEY AUDIT OBSERVATIONS

2) Look for Auditors opinion on internal control
3) Always read CARO report
What this does,it tells us whether Acrrual Profits are being
converted into real profits or not
Company chaging depreciation assets life constantly?
Company earning more than Risk free rate or not on the
cash>5%
Incremental sales of poor quality
If high, then doubt if expenses are real?
Kitex and Bharat RASAYAN Related Party Transactions
Kwality Ltd- sales being done in Trading (low margin)
EG- Compare Balaji Amines and Alkyl Amines DPO

Off the balance sheet items, which can wipe off equity if
too high, shouldn't be more than 5%
eg- What happened with 8k miles and Tanla solutions. If
greater than 10%, Avoid unless know goodwill acccounting.
Eg- Kwality Dairy, Parag Milk foods, if provisions are more
than 5-10% of trade receivables, Avoid
Auditor usually rectifies the assets of the company. Eg-
Denis Chem Lab, Radico Khaitan (2012-2015)
Previously written off Trade receivables or goodwill or
advances
Usually can be found in Auditors report or use Change in
reserves (excluding share premium) to net income
excluding divdends- A ratio less than 1 would show knock
off from equity. Eg- Godrej Properties, UPL

Check if Cash is being accumulated on balance sheet and

where it is being used eg- GM Breweries
Check if Free cash flow is lumpy, if lumpy then what is the
reason?
If dilutions are frequent, Avoid

Check kitex management interviews- All talk and no show

fictitious market presence like Manapasand and vakrangee
type in managements name with "legal","SEBI" OR "Fraud",
Moneylife
Check with competitors, Just ask any jeweller about PC
Jewellers
Check for 8k miles review on Glassdoor
Why would you pledge family jewels?- Seya industries, Zee
etc

Key differences on accounting between auditor and the

management
A lack of internal control is a big red flag
Fictitious assets or real assets?
Fraud untill proven innocent sheet Mar-13 Mar-14 Mar-16 Mar-17
Percentage Increase in Sales #DIV/0! #DIV/0! 71.16%
Percentage increase in receivables #DIV/0! #DIV/0! 494.17%
Percentage Increase in Inventory #DIV/0! #DIV/0! #DIV/0!
Inventory/sales #DIV/0! #DIV/0! 0.00% 0.00%
Recievable/Sales #DIV/0! #DIV/0! 10% 35%
Cash yield #DIV/0! #DIV/0! 3% 6%
Depreciation rate #DIV/0! #DIV/0! 2% 4%

Contingent Liability as a % of networth #DIV/0! #DIV/0! - -

CFO/PAT #DIV/0! #DIV/0! 644% 160%
CFO/EBITDA #DIV/0! #DIV/0! 374% 96%
Self Sustainable growth rate #VALUE! #VALUE! 52% 81%
Dividend given (intention to share wealth) 0 0 0 0
Dividend Payout Ratio/Also check for buyback 0% 0% 0% 0%
Check for Miscellaneous expenses as a total
revenues #DIV/0! #DIV/0! - -
Check sales being done to subsidiary as a % of
sales #DIV/0! #DIV/0! 0 0

Check for intangibles as a% of networth #DIV/0! #DIV/0! - -

Check for Write offs as a % ofTrade receivables #DIV/0! #DIV/0! 0 0

CWIP/Net block #DIV/0! #DIV/0! 0% 0%
Employee cost as a % of sales #DIV/0! #DIV/0! 26% 30%
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
81.48% 25.49% -12.33% 40.64% -27.00% 99.01%
149.23% -24.76% -30.67% 150.38% 12.93% 43.84%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
48% 29% 23% 41% 63% 46%
5% 18% 59% 69% 34% 15%
4% 4% 5% 6% 7% 3%

- - - - - - Enter Using annual rep

-80% -107% 1215% -33% 38% -139% #DIV/0!
-57% -75% 721% -22% 21% -90% #DIV/0!
20% 20% 8% 14% 9% 11%
0 0.06 0.12 0 0 0
0% 1% 3% 0% 0% 0%

- - - - - - Enter Using annual rep

0 0 0 0 0 0 Enter Using annual rep

- - - - - - Enter Using annual rep

0 0 0 0 0 0 Enter Using annual rep

0% 0% 0% 0% 0% 0%
26% 23% 20% 12% 15% 10%
ng annual report

ng annual report
ng annual report
ng annual report
ng annual report
Consensus Forecasts Input
FCF Growth(1-5 years) 20.00%
Fcf growth (5-10 years) 20.00%
Discount Rate/Cost of capital 7%
Terminal growth rate 2.00%
Cash & Bank Balance 6.40
Investments 0
Debt 8.45
Shares outstanding 1.20
Non-Operative Assets 6.40
Current Market Price 249.8
Free Cash flow of last 3 years -113.9

YEAR FCF Growth Present Value

1 -136.7 20.00% -127.8
2 -164.1 20.00% -143.291466503625
3 -196.9 20.00% -160.7
4 -236.2 20.00% -180.2
5 -283.5 20.00% -202.121602358663
6 -289.2 20.00% -192.676667669006
7 -347.0 20.00% -216.08598243253
8 -416.4 20.00% -242.339419550501
9 -499.7 20.00% -271.782526598692
10 -599.6 20.00% -304.802833568627
 Valuation ranges Mcap Per stock
Future Valu
Warren Buffet Way -8259.8 -6,900.18
Benjamin Graham Way 157.71 131.7538244
Bharat Shah Way -8,102.06 -6,768.42
Margin of safety at 50% -4,051.03 -3384.211926
Current Price 249.80

DO NOT FORGET TO INSERT FIXED ASSETS PURCHASE FROM SCREENER in CFO S

Terminal Year Cash Flow -611.585174
Present value of 1-10 year -2041.8
Terminal value -6217.9778
Total PV of shares -8259.8
 Future Value vs Cigar butt
2
2%

1
98%

ROM SCREENER in CFO SHEET!

 (adapted from the methodology described in the book "Buffetology" by
Current Data 10 yr Projected Company data using hist
Price 249.8 Year EPS DPS
EPS: 11.00 Current 11.00 0.00
DPS: 0.00 Year 1 13.20 0.10
BVPS: 85.38 Year 2 15.84 0.12
P/E: 22.70 Year 3 19.01 0.14
Earnings Yield: 4.40% Year 4 22.81 0.17
Dividend Yield: 0.00% Year 5 27.38 0.21
P/BV: 2.93 Year 6 32.85 0.25
Year 7 39.42 0.30
Input Visibility data below Year 8 47.31 0.36
Sales Year 9 56.77 0.43
Med Term Visibility 15% Year 10 68.12 0.52
Sales 10 Yr CAGR #DIV/0!
Sales 5yr CAGR 17.99% 10 yr Projected Company data using susta
Sales 3yr CAGR 22.86% Year BVPS EPS
Sales Y-o-Y growth 27.64% Current 85.38 11.00
Sales TTM Growth Year 1 96.39 12.37
EPS Year 2 108.66 13.90
Med Term Visibility 20% Year 3 122.45 15.62
EPS 10 Yr CAGR #DIV/0! Year 4 137.96 17.56
EPS 5yr CAGR 12.40% Year 5 155.39 19.74
EPS 3yr CAGR 17.30% Year 6 174.98 22.19
EPS Y-o-Y growth 19.59% Year 7 197.00 24.94
EPS TTM Growth Year 8 221.76 28.04
5Yr Averages Year 9 249.58 31.51
Return on Equity: 12.50% Year 10 280.86 35.42
Payout Ratio: 0.76% *Assuming current capital structure is maintained - business's inherent a
P/E Ratio-High: 39.8
P/E Ratio-Low: 17.2 5Year Avg Roe 12%
Avg. P/E Ratio: 23.8
Avg Sustainable P/E 20
RoE/Payout Visibility 5 Yr Avg
RoE Visibility 12% 12.50%
Payout Visbility 1% 0.76%
Sustainable Growth 12.40% 12.40%
ibed in the book "Buffetology" by Mary Buffet - using current Visibility aided by Historicals)
rojected Company data using historical earnings growth rate/current visibility

68.12 Earnings after 10 years

2.59 Dividends paid over 10 years

1362.45 Projected price [Avg Sustainable P/E*EPS]

1365.04 Total Gain [Projected Price+Dividends]

20.77% Projected annual return using current EPS growth visibility

[(Total Gain/Current Price)^1/9)-1]

ojected Company data using sustainable growth rate based on current visibility
DPS
0.00 35.42 Earnings after 10 years
0.09 1.67 Dividends paid over 10 years
0.11
0.12 708.43 Projected price [Avg Sustainable P/E*EPS]
0.13 710.10 Total Gain [Projected Price+Dividends]
0.15
0.17 12.31% Projected annual return using sustainable growth visbility*
0.19 [(Total Gain/Current Price)^1/9)-1]
0.21
0.24
0.27
maintained - business's inherent ability to grow with internal accruals from here
10yr Sales Projection
Year Sales
Current #VALUE!
Year 1 #VALUE!
Year 2 #VALUE!
Year 3 #VALUE!
Year 4 #VALUE!
Year 5 #VALUE!
Year 6 #VALUE!
Year 7 #VALUE!
Year 8 #VALUE!
Year 9 #VALUE!
Year 10 #VALUE!
COMPANY NAME VERTOZ ADVERTISING LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 1.20
Face Value 10.00
Current Price 249.80
Market Capitalization 299.02

PROFIT & LOSS

Report Date Mar-13 Mar-14 Mar-16 Mar-17
Sales 11.86 20.30
Raw Material Cost 6.63
Change in Inventory
Power and Fuel 0.11
Other Mfr. Exp 7.00
Employee Cost 3.07 6.11
Selling and admin 1.96
Other Expenses 1.54 0.05
Other Income 0.09 0.18
Depreciation 0.20 0.86
Interest 0.10 0.53
Profit before tax 0.41 3.86
Tax 0.05 0.81
Net profit 0.36 3.06
Dividend Amount

Quarters
Report Date Mar-21 Jun-21 Sep-21 Dec-21
Sales 26.03 9.29 10.06 12.25
Expenses 20.77 7.57 7.16 9.13
Other Income 0.08 0.38 0.53 0.08
Depreciation 1.24 0.45 0.68 0.74
Interest 0.60 0.26 0.47 0.21
Profit before tax 3.50 1.39 2.28 2.25
Tax 0.40 0.22 0.95 0.48
Net profit 3.11 1.17 1.34 1.76
Operating Profit 5.26 1.72 2.90 3.12

BALANCE SHEET
Report Date Mar-13 Mar-14 Mar-16 Mar-17
Equity Share Capital 0.02 0.02
Reserves 0.67 3.74
Borrowings 0.35 4.49
Other Liabilities 3.91 7.95
Total 4.95 16.20
Net Block 0.64 5.62
Capital Work in Progress
Investments
Other Assets 4.31 10.58
Total 4.95 16.20
Receivables 1.20 7.13
Inventory
Cash & Bank 2.64 3.13
No. of Equity Shares 20,000.00 20,000.00
New Bonus Shares
Face value 10.00 10.00

CASH FLOW:
Report Date Mar-13 Mar-14 Mar-16 Mar-17
Cash from Operating Activity 2.32 4.89
Cash from Investing Activity -0.63 -5.60
Cash from Financing Activity 0.02 1.20
Net Cash Flow 1.71 0.49

PRICE:

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

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

36.84 46.23 40.53 57.00 41.61 82.81

0.11 0.10 0.10 0.07 0.87

16.06 21.44 23.84 36.25 21.63
9.74 10.51 8.07 6.66 6.37 8.54
2.84 3.43 1.64 1.31 1.68
0.04 0.24 0.06 0.29 0.02 57.22
0.63 0.65 1.76 2.03 1.00 0.95
1.37 1.88 2.10 3.69 3.02 2.62
0.58 0.49 1.26 1.42 1.27 1.46
6.73 8.79 5.22 9.34 7.75 13.92
0.99 1.45 1.17 1.16 1.65 2.88
5.74 7.34 4.05 8.18 6.10 11.04
0.06 0.12

Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23

10.00 11.03 15.88 21.58 34.32 33.92
7.37 8.33 12.32 17.24 27.87 30.00
0.03 0.03 0.58 0.37 -0.03 1.08
0.76 0.66 0.65 0.66 0.64 0.62
0.08 0.21 0.20 0.31 0.73 0.50
1.82 1.86 3.29 3.74 5.05 3.88
0.45 0.96 0.54 0.95 0.33
 1.83 1.41 2.33 3.20 4.10 3.54
2.63 2.70 3.56 4.34 6.45 3.92

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

5.99 5.99 11.97 11.97 11.97 11.97
22.37 30.33 37.82 45.76 54.33 90.49
3.46 5.53 11.76 14.23 10.00 8.45
9.53 10.26 10.17 11.89 9.93 19.29
41.35 52.11 71.72 83.85 86.23 130.20
9.69 8.76 58.64 56.46 55.05 56.86

31.66 43.35 13.08 27.39 31.18 73.34

41.35 52.11 71.72 83.85 86.23 130.20
17.77 13.37 9.27 23.21 26.21 37.70

12.63 3.70 2.97 2.96 2.97 6.40

5,985,000.00 5,985,000.00 11,970,000.00 11,970,000.00 11,970,000.00

10.00 10.00 10.00 10.00 10.00 10.00

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

-4.61 -7.85 49.19 -2.70 2.31 -15.39
-4.81 -0.36 -48.62 3.44 -0.37 0.74
18.92 -0.72 -1.29 -0.75 -1.94 18.09
9.50 -8.93 -0.72 -0.01 3.44

89.55 96.73 58.00 271.40 88.25 199.75

1.20 1.20 1.20 1.20 1.20 1.20