Investor Diary Expert Stock Analysis Excel (V-3)

http://www.investordiary.in/

HOW TO USE THIS SPREADSHEET?

Step 1 - This spreadsheet works only on Screener.in. The first step is to create a free account here - https://www.screener.in/register/

Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page - https://www.screener.in/excel/ -
and upload this excel file.
Step 3 - Visit the home page of Screener.in and choose a company of your choice. Once you do that, you will see details of your
chosen company. Scroll down and come to the first financial statement table called "Quarterly Results" and click on "View
Step 4 - Scroll back to theNow,
Consolidated". top of
allthe page,
data you and youthis
see for willcompany
see a button "Export
will be to Excel" on the right side. Click the button and the
consolidated.
company's financial data will be exported in an excel file in the exact format as "Investor Diary Stock Analysis Excel".
Now onwards, any excel you export for any company on Screener.in will be downloaded in this very format.

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

Note: All data is sourced from Screener.in

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

Let's make this process simple for you:

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

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

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

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

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

Click Here: IPO Historic Table

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

Alembic Pharma Dhanuka Agritech Cupid Kajaria Ceramics Relaxo Footwear

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

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

ng this excel sheet.

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

In India

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

Basic Company Details

Parameters Details
Company T.V. TODAY NETWORK LTD
Current Stock Price (Rs) 216
Face Value (Rs) 5
No. of Shares (Crore) 6
Market Capitalization (Rs Crore) 1286

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 7.99%
Profit Before Tax Growth (9-Year CAGR) -5.05%
Net Profit Growth (8-Year CAGR) -3.95%
Average Debt/Equity (5-Years, x) 0.03
Average Return on Equity (5-Years) 12.42%
Average P/E (5-Years, x) 13.21
Latest P/E (x) 22.82
 T.V. TODAY NETWORK LTD
2-MINUTE TEST BUY

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

Mar-15
2 Has the firm ever made any Net Profit? YES 81

3 Does the company generate consistent cash flow from operations? YES 78

4 Are returns on equity consistently above 15% with reasonable leverage? NO 18%

5 Is earnings growth consistent or erratic? CONSISTENT

NET PROFITS CAGR

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

c Do you understand the debt? YES

7 Does the firm generate free cash flow? YES

8 Price To Earnings Ratio UNFAVORABLE 15.95

CURRENT P/E RAT

9 Share Price 217

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

Market Capitalization (Rs Crore) 1286

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

63 102 119 131 139 132 182 88 56

-36 120 152 125 201 166 235 41 15

13% 18% 18% 15% 16% 13% 16% 11% 6%

-22% 61% 16% 10% 6% -6% 38% -51% -36%

NET PROFITS CAGR 3-YR -25% 5-YR -16% 7-YR -8% 10-YR -4%

FINANCIAL LEVERAGE= 1.30 DEBT TO EQUITY RATIO= 0.04 ICR 23.53

FREE CASH FLOW TO SALES 11.86%

-47 100 70 102 169 143 192 13 -7

29.20 15.06 24.52 14.47 7.13 12.05 12.22 12.25 22.41

CURRENT P/E RATIO 22.82 3-YR 15.63 5-YR 13.21 10-YR 16.53 Current
310 258 489 318 166 265 372 181 212 216
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
20000 %change 0.01% 0.00% 0.00% 0.00% 0.03% 0.00% 0.00% 0.00% -100.00%
No. of Equity Shares 5.96 5.97 5.97 5.97 5.97 5.97 5.97 5.97 5.97 0.00
New Bonus Shares - - - - - - - - - -
Face value 5 5 5 5 5 5 5 5 5 5
9.61
 BUY
SELL
HOLD
AVOID

NONE
FEW

CONSISTENT
CYCLICAL

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

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

IT’S AMOST A
NO DILUTION GOOD INCREASED
DEBTFREE COMPANY

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

STRONG FINANCIAL HEALTH

 BALANCE SHEET ANALYSIS WITH FLOW-CHART
ASSETS

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

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

IT’S A LOW CASH AS % OF

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

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

RONG FINANCIAL HEALTH

STRONG FINANCIAL HEALTH
AVERAGE FINANCIAL HEALTH
WEAK FINANCIAL HEALTH
 Balance Sheet
T.V. TODAY NETWORK LTD GOOD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 BAD
Equity Share Capital 30 30 30 30 30 30 30 30 30 30
Reserves 420 442 551 632 866 842 961 1,128 799 838
Borrowings 7 46 35 - 3 21 17 32 34 34
Other Liabilities 120 130 152 173 172 199 201 222 210 225
Total 577 647 768 834 1,071 1,092 1,208 1,411 1,073 1,127
click here for the explanation
Net Block 235 214 206 258 247 245 226 227 214 194
Capital Work in Progress 3 5 4 2 4 0 1 1 1 2
Investments 46 7 - - 0 0 0 0 0 0
Other Assets 293 421 558 574 820 847 981 1,183 857 930
Total 577 647 768 834 1,071 1,092 1,208 1,411 1,073 1,127

Working Capital 173 292 406 401 647 648 780 961 647 705
Receivables 137 151 179 185 185 220 199 192 212 276
Inventory - 1 2 2 3 1 - - - -
USE COMMON FORM ANALYSIS AND FINANCIAL HEALTH WORKSHEET TO ANALYSE THE BALANCE SHEET
 Common Form Balance Sheet AVG MIN MAX
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 5% 5% 4% 4% 3% 3% 2% 2% 3% 3% 3% 2% 5%
Reserves 73% 68% 72% 76% 81% 77% 80% 80% 74% 74% 75% 68% 81%
Borrowings 1% 7% 5% 0% 0% 2% 1% 2% 3% 3% 2% 0% 7%
Other Liabilities 21% 20% 20% 21% 16% 18% 17% 16% 20% 20% 19% 16% 21%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 41% 33% 27% 31% 23% 22% 19% 16% 20% 17% 25% 16% 41%
Capital Work in Progress 1% 1% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1%
Investments 8% 1% 0% 0% 0% 0% 0% 0% 0% 0% 1% 0% 8%
Other Assets 51% 65% 73% 69% 77% 78% 81% 84% 80% 83% 74% 51% 84%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 24% 23% 23% 22% 17% 20% 16% 14% 20% 25% 20% 14% 25%
Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Cash & Bank 16% 26% 34% 24% 27% 13% 22% 13% 6% 22% 20% 6% 34%
 T.V. TODAY NETWORK LTD GOOD
FINANCIAL HEALTH BAD
FINANCIAL LEVERAGE= 1.30 MORE THAN 4 IS RISKY
DEBT TO EQUITY RATIO= 0.04 LESS THAN 1 IS GOOD
INTEREST COVERAGE RATIO= 23.53 HIGHER IS BETTER (atleast greater than 10)

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

INVENTORY TURNOVER 0.00 406.71 412.84 429.12 296.90 793.72 0.00 0.00
DAYS IN INVENTORY 0.00 0.90 0.88 0.85 1.23 0.46 0.00 0.00
DAYS IN RECEIVABLES 104.69 94.61 100.42 93.62 90.79 93.73 92.94 75.33
FIXED ASSET TURNOVER 2.03 2.71 3.17 2.79 3.00 3.51 3.47 4.09
Total assets/Total liabilities= 4.54 3.70 4.11 4.84 6.10 4.96 5.55 5.57
Total debt/Total assets= 0.01 0.07 0.05 0.00 0.00 0.02 0.01 0.02
Total debt/Total equity= 0.01 0.10 0.06 0.00 0.00 0.02 0.02 0.03
Interest coverage ratio= 84.03 18.92 19.38 50.03 249.68 78.01 80.36 93.17
CFFO/capital expenditures= -3.1 5.9 1.9 5.5 6.3 7.4 5.4
Depreciation/CFFO= 38.5% -86.7% 24.4% 20.7% 25.2% 19.2% 24.2% 18.0%
Capital expenditures/Depreciation= 0.38 0.69 2.61 0.72 0.83 0.56 1.03
TOTAL DEBT / CASH FLOW = 0.09 -1.28 0.29 0.00 0.03 0.10 0.10 0.14
TOTAL DEBT / FREE CASH FLOW = -0.96 0.35 0.00 0.03 0.12 0.12 0.17

click here for the explanation

Mar-23 Mar-24 AVG MIN MAX
0.00 0.00 233.93 0.00 793.72
0.00 0.00 0.43 0.00 1.23
88.20 105.97 94.03 75.33 105.97
4.10 4.90 3.38 2.03 4.90
4.39 4.34 4.81 3.70 6.10
0.03 0.03 0.02 0.00 0.07
0.04 0.04 0.03 0.00 0.10
37.04 23.53 73 19 250
1.5 0.7 3.5 -3.1 7.4
101.3% 273.9% 45.9% -86.7% 273.9%
0.68 0.54 0.89 0.38 2.61
0.84 2.25 0.26 -1.28 2.25
2.71 -4.65 -0.24 -4.65 2.71
LESS THAN 3 IS BEST
 INCOME STATEMENT
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trailing
SALES 477 582 652 721 742 857 783 930 878 952 952
% of Growth YoY 22% 12% 11% 3% 15% -9% 19% -6% 8%
COST OF GOODS SOLD 69 92 110 104 108 120 102 121 136 0
GROSS PROFIT 407 489 542 617 634 737 681 809 742 952
SELLING,GENERAL&ADMINISTRATIVE EXP 276 328 379 409 433 521 482 565 611 863
OPERATING INCOME BEFORE DEPRECIATION 154 152 192 219 236 259 236 288 165 122
DEPRECIATION,DEPLETION&AMORTIZATION 30 31 29 31 32 39 40 42 41 41
OPERATING PROFIT 124 121 163 187 205 221 196 246 124 80 80
OTHER INCOME 23 -10 29 11 36 43 37 44 34 33 33
INTEREST EXPENSE 1 6 8 4 1 3 2 3 3 3 3
PRETAX INCOME 123 115 155 183 204 218 194 243 120 77 77
% of Growth YoY -7% 35% 19% 11% 7% -11% 26% -51% -36%
TOTAL TAXES 42 53 54 64 73 79 62 62 32 21
NET PROFIT 81 63 102 119 131 139 132 182 88 56 56
% of Growth YoY -22% 61% 16% 10% 6% -6% 38% -51% -36%
EPS 13.6 11 17 20 22 23 22 30 15 9 9
% of Growth YoY -22% 61% 16% 10% 6% -6% 38% -51% -36%
PRICE TO EARNINGS 16.0 29.2 15.1 24.5 14.5 7.1 12.0 12.2 12.2 22.4 22.8
PRICE 217 310 258 489 318 166 265 372 181 212 216
DIVIDEND PAYOUT RATIO 11.0% 16.5% 11.7% 11.3% 10.2% 95.2% 11.3% 9.9% 473.3% 89.9%
MARKET CAP 1293 1,850 1,540 2,917 1,897 993 1,584 2,218 1,081 1,264
RETAINED EARNINGS 72 53 90 106 118 7 117 164 -329 6
BUFFETT'S $1 TEST -0.1

EXPENSES
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

COST OF MATERIALS CONSUMED 0 4 3 3 3 2 0 0 0 0

POWER AND FUEL 8 8 8 8 9 9 8 9 10 0
OTHER MANUFACTURING EXPENSES 61 80 99 93 96 109 93 112 127 0
SELLING AND ADMIN 149 169 187 191 197 252 222 273 270 0
CHANGES IN INVENTORY 0 0 0 0 0 0 0 0 0 0
EMPLOYEE BENEFIT EXPENSES 117 153 181 202 223 251 242 278 327 372
FINANCE COSTS 1 6 8 4 1 3 2 3 3 3
DEPRECIATION 30 31 29 31 32 39 40 42 41 41
OTHER EXPENSES 10 5 12 15 14 18 17 14 14 491
 GOOD INCOME STATEMENT
BAD Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
% % % % % % % % %
SALES 100% 100% 100% 100% 100% 100% 100% 100% 100%
COST OF GOODS SOLD 14.50% 15.88% 16.83% 14.43% 14.61% 14.02% 13.02% 12.97% 15.53%
GROSS MARGINS 85.50% 84.12% 83.17% 85.57% 85.39% 85.98% 86.98% 87.03% 84.47%
SELLING,GENERAL&ADMINISTRATIVE EXP 57.86% 56.32% 58.14% 56.75% 58.39% 60.79% 61.55% 60.75% 69.52%
EBITDA MARGINS 32.40% 26.13% 29.49% 30.32% 31.83% 30.24% 30.17% 31.00% 18.79%
DEPRECIATION,DEPLETION&AMORTIZATION 6.30% 5.32% 4.50% 4.36% 4.25% 4.49% 5.13% 4.55% 4.70%
OPERATING MARGINS 21.33% 22.49% 20.52% 24.46% 22.75% 20.70% 20.31% 21.73% 10.25%
OTHER INCOME/EXPENSE 4.76% -1.67% 4.47% 1.50% 4.83% 5.05% 4.74% 4.72% 3.84%
INTEREST EXPENSE 0.31% 1.10% 1.29% 0.52% 0.11% 0.33% 0.31% 0.28% 0.38%
PBT MARGINS 25.79% 19.72% 23.70% 25.44% 27.47% 25.42% 24.73% 26.16% 13.70%
TOTAL TAXES 8.78% 9.10% 8.30% 8.94% 9.81% 9.17% 7.94% 6.65% 3.66%
NET MARGINS 17.00% 10.89% 15.67% 16.50% 17.66% 16.26% 16.79% 19.52% 10.05%
139.25820EFFECTIVE TAX RATE 34.05% 46.15% 35.02% 35.14% 35.71% 36.05% 32.09% 25.41% 26.69%

23.3383358

9
click here for the explanation
Mar-24
%
100% AVG MIN MAX
0.00% 13.18% 0.00% 16.83%
100.00% 86.82% 83.17% 100.00%
90.65% 63.07% 56.32% 90.65%
12.80% 27.32% 12.80% 32.40%
4.35% 4.79% 4.25% 6.30%
5.00% 18.95% 5.00% 24.46%
3.45% 3.57% -1.67% 5.05%
0.36% 0.50% 0.11% 1.29%
8.09% 22.02% 8.09% 27.47%
2.17% 7.45% 2.17% 9.81%
5.92% 14.63% 5.92% 19.52%
26.83% 33.31% 25.41% 46.15%
 Common Form P&L GOOD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 BAD AVG MIN MAX
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 0% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1%
Change in Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 2% 1% 1% 1% 1% 1% 1% 1% 1% 0% 1% 0% 2%
Other Mfr. Exp 13% 14% 15% 13% 13% 13% 12% 12% 14% 0% 12% 0% 15%
Employee Cost 25% 26% 28% 28% 30% 29% 31% 30% 37% 39% 30% 25% 39%
Selling and Admin Cost 31% 29% 29% 27% 27% 29% 28% 29% 31% 0% 26% 0% 31%
Other Expenses 2% 1% 2% 2% 2% 2% 2% 1% 2% 52% 7% 1% 52%
Operating Profit 28% 28% 25% 29% 27% 25% 25% 26% 15% 9% 24% 9% 29%
Other Income 5% -2% 4% 1% 5% 5% 5% 5% 4% 3% 4% -2% 5%
Depreciation 6% 5% 5% 4% 4% 4% 5% 5% 5% 4% 5% 4% 6%
Interest 0% 1% 1% 1% 0% 0% 0% 0% 0% 0% 0% 0% 1%
Profit Before Tax 26% 20% 24% 25% 27% 25% 25% 26% 14% 8% 22% 8% 27%
Tax 9% 9% 8% 9% 10% 9% 8% 7% 4% 2% 7% 2% 10%
Net Profit 17% 11% 16% 16% 18% 16% 17% 20% 10% 6% 15% 6% 20%
Dividend Amount 2% 2% 2% 2% 2% 15% 2% 2% 48% 5% 8% 2% 48%
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.
 T.V. TODAY NETWORK LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Fixed Asset Turnover 2.6 3.1 3.1 2.9 3.5 3.3 4.1 4.0 4.7 NFAT
NET MARGINS 17% 11% 16% 16% 18% 16% 17% 20% 10% 6% NPM
DIVIDEND PAYOUT RATIO 11% 16% 12% 11% 10% 95% 11% 10% 473% 90% DPR
Depreciation as % of NFA 13% 14% 14% 12% 13% 16% 18% 19% 19% 21% DEP

SELF-SUSTAINABLE GROWTH RATE (SSGR) 22.95% 31.99% 19.05% 18.13% 21.64% -56.64% -65.43%

SALES GROWTH RATE (CAGR)

TRENDS: 3 YEARS
6.7%
5 YEARS
5.1%
7 YEARS
5.6%
10 YEARS
8.0%
click h
PBT Growth (CAGR) -26.4% -17.7% -9.5% -5.1%
Net Profit Growth (CAGR) -24.6% -15.5% -8.1% -3.9%

Price to Earning 15.6 13.2 15.0 16.5

Receivables (CAGR) 11.5% 8.4% 6.4% 8.1%
Inventory (CAGR) #DIV/0! -100.0% -100.0% #DIV/0!
Check for long term vs short term trends here. Check if the growth over past 3
or 5 years has slowed down / improved compared to long term (7 to 10 years)
growth numbers.
FORMALA FOR SSGR = NFAT*NPM*(1-DPR)-DEP

click here for the explanation

 T.V. TODAY NETWORK LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
SALES 477 582 652 721 742 857 783 930
NET PROFIT 81 63 102 119 131 139 132 182
NET MARGINS 17% 11% 16% 16% 18% 16% 17% 20%
DEPRECIATION,DEPLETION 30 31 29 31 32 39 40 42
NFA 235 214 206 258 247 245 226 227
Depreciation as % of NFA 13% 14% 14% 12% 13% 16% 18% 19%
Net Fixed Asset Turnover 2.6 3.1 3.1 2.9 3.5 3.3 4.1
DIVIDEND PAYOUT RATIO 11% 16% 12% 11% 10% 95% 11% 10%
(1-DPR) 0.89 0.84 0.88 0.89 0.90 0.05 0.89 0.90
Mar-23 Mar-24
878 952
88 56
10% 6%
41 41
214 194
19% 21%
4.0 4.7
473% 90%
-3.73 0.10
 Cash Flow Statement 1
T.V. TODAY NETWORK LTD
0.9
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Total
Cash from Operating Activity (CFO) 78 -36 120 152 125 201 166 235 41 15 1,097 0.8
% Growth YoY -146% -437% 27% -18% 61% -17% 42% -83% -63% 0.7
Cash from Investing Activity -49 0 -103 -94 -104 -15 -166 -211 371 35 -336 0.6
Cash from Financing Activity -18 -13 -16 -59 -14 -168 -17 -22 -427 -28 -782 0.5 CFFO
Net Cash Flow 11 -48 1 -0 7 17 -17 2 -15 22 -21 0.4 Cf-invest
CFO/Sales 16% -6% 18% 21% 17% 23% 21% 25% 5% 2% Cf-finance
0.3
CFO/Net Profit 96% -56% 117% 128% 95% 144% 126% 130% 46% 27% 85.32%
Capex 12 20 82 23 32 22 44 28 22 0.2
FCF -47 100 70 102 169 143 192 13 -7 734 0.1
Average FCF (3 Years) 168 0 CFFO (Good, i.e., business is generating cash)
FCF Growth YoY -311% -30% 46% 65% -15% 34% -93% -158% Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- CFI (Bad, i.e, instead of reinvesting in business, they are liquidating it)
24 23 22 21 20 19 18 17 16 15
FCF/Sales -8% 15% 10% 14% 20% 18% 21% 1% -1%
FCF/Net Profit -75% 98% 59% 78% 121% 109% 106% 14% -13% 1
Cf-finance Cf-invest CFFO Net Profit CFFO 0.9 Cash Flow From Operating Activities
Some Important Questions to Ask while Analysing Mar-24 -28 35 15 Mar-24 56 15 0.8 Cash Flow From Investing Activities
the Cash Flow Statement of the Company Mar-23 -427 371 41 Mar-23 88 41 0.7 Cash Flow From Financing Activities
What are the major sources of cash? Mar-22 -22 -211 235 Mar-22 182 235 0.6 Multiple Sources
Cash Flow From Operating Activities Mar-21 -17 -166 166 Mar-21 132 166 0.5 Net Profit
0.4
Is cffo sufficient to cover cap ex? Mar-20 -168 -15 201 Mar-20 139 201 CFFO Cash Flow From Operating Activities
0.3
YES Mar-19 -14 -104 125 Mar-19 131 125 0.2 Cash Flow From Investing Activities
Relationship between Net Profit & CFFO for past 10yrs? Mar-18 -59 -94 152 Mar-18 119 152 0.1 Cash Flow From Financing Activities
Consistent Mar-17 -16 -103 120 Mar-17 102 120 0 Multiple Sources
Mar-16 -13 0 -36 Mar-16 63 -36 Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar-
click here for the explanation 24 23 22 21 20 19 18 17 16 15
Mar-15 -18 -49 78 Mar-15 81 78 Consistent
In-Consistent
 T.V. TODAY NETWORK LTD
PROFITABILITY
YEAR Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
RETURN ON CAPITAL EMPLOYED% 27.2% 23.4% 26.5% 28.3% 22.8% 24.7% 19.5% 20.7% 14.3% 8.9%

DUPONT-ANALYSIS
YEAR Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

NET MARGIN% 17.0% 10.9% 15.7% 16.5% 17.7% 16.3% 16.8% 19.5% 10.0% 5.9%

ASSET TURNOVER 0.8 0.9 0.8 0.9 0.7 0.8 0.6 0.7 0.8 0.8

RETURN ON ASSETS% 14.04% 9.79% 13.31% 14.26% 12.24% 12.76% 10.88% 12.86% 8.23% 5.00%

FINANCIAL LEVERAGE 1.28 1.37 1.32 1.26 1.20 1.25 1.22 1.22 1.29 1.30

RETURN ON EQUITY% 18.0% 13.4% 17.6% 18.0% 14.6% 16.0% 13.3% 15.7% 10.7% 6.5%

FREE CASH FLOW TO SALES ANALYSIS

FREE CASH FLOW = CASHFLOW FROM OPERATIONS-CAPITAL SPENDING

YEAR Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

CFFO (CASH FLOW STATEMENT) -36 120 152 125 201 166 235 41 15

CAPITAL EXPENDITURE 12 20 82 23 32 22 44 28 22

OWNER'S EARNINGS(FCFE) -47 99.8 70.1 102.3 168.7 143.4 191.8 12.7 -7.3

FREE CASH FLOW/SALES(%) -8.14% 15.29% 9.73% 13.79% 19.67% 18.32% 20.62% 1.44% -0.77%
MINIMUM 5% IS GOOD
 PROFITABILITY MATRIX
FREE CASH FLOW TO SALES 11.86% HIGH LESS RISKY COMPANY

ROE<15% AND FREE CASH FLOW>5% ROE>15% AND FREE CASH FLOW>5%
RETURN ON EQUITY % 12.4%
GOOD FREE CASH FLOW BUT BAD ROE GREAT COMPANY
FREE CASH FLOW 5%

HIGH RISK COMPANY

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

WORST COMPANY GOOD ROE BUT BAD FREE CASH FLOW

LOW
15%
RETURN ON EQUITY

PROTABILITY MATRIX GREAT COMPANY

PRICING POWER MOAT NONE STRENGTH

COST ADVANTAGE MOAT NONE NO MOAT

COMPETETIVE ADVANTAGE PERIOD

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

SHORTEST CAP SHORT CAP

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

UNFAVORABLE
UNFAVORABLE INDUSTRY STRUCTURE FAVORABLE

COMPETETIVE ADVANTAGE MATRIX SHORTEST CAP

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

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

LOW
 LOW INDUSTRY GROWTH HIGH

GROWTH ADVANTAGE MATRIX HIGHEST PAT GROWTH

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

TRANSITORY MULTIBAGGER ENDURING MULTIBAGGER

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

PERMANENT LOSS OF CAPITAL UNDERPERFORMER

WEAK
WEAK MOAT HIGH

MOAT GROWTH MATRIX TRUE WEALTH CREATOR

GOOD click here for the explanation
BAD

AVG MIN MAX

21.63% 8.93% 28.28%

AVG MIN MAX %ROE

14.6% 5.9% 19.5% 101.78%

0.8 0.6 0.9 -22.89%

11.3% 5.0% 14.3%

1.3 1.2 1.4 21.1%

14.4% 6.5% 18.0% 100%

`
GREAT COMPANY
GOOD FREE CASH FLOW BUT BAD
GOOD ROE BUT BAD FREE CASH F
WORST COMPANY
CASH FLOW BUT BAD ROE
UT BAD FREE CASH FLOW
 T.V. TODAY NETWORK LTD
RELATIVE VALUATION
CHEAP

1. EARNINGS YIELD
EXPENSIVE

☹
EARNINGS YIELD 4.38%

10 YEAR GOVT BOND YIELD 6.68% click here to know govt bond yield
click here for th
YIELD SPREAD -2.30%

2. CASH RETURN

☺
CASH RETURN 15.69%

10 YEAR GOVT BOND YIELD 6.68%

YIELD SPREAD 9.01%

3. HISTORICAL PRICE TO EARNINGS RATIO

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
P/E RATIO 16.0 29.2 15.1 24.5 14.5 7.1 12.0 12.2 12.2 22.4

☹
3 YR AVG P/E RATIO 15.6
5 YR AVG P/E RATIO 13.2
10 YR AVG P/E RATIO 16.5

TRAILING P/E RATIO 22.82

4. HISTORICAL PRICE TO SALES RATIO

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
P/S RATIO 2.7 3.2 2.4 4.0 2.6 1.2 2.0 2.4 1.2 1.3

☺
 ☺
3 YR AVG P/S RATIO 1.6
5 YR AVG P/S RATIO 1.6
10 YR AVG P/S RATIO 2.3

TRAILING P/S RATIO 1.35

5. HISTORICAL PRICE TO BOOK RATIO

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
P/B RATIO 2.9 3.9 2.6 4.4 2.1 1.1 1.6 1.9 1.3 1.5

☹
3 YR AVG P/B RATIO 1.6
5 YR AVG P/B RATIO 1.5
10 YR AVG P/B RATIO 2.3

TRAILING P/B RATIO 1.48

 CHEAP WOW, IT'S CHEAP! ☺
EXPENSIVE IT'S EXPENSIVE ☹
click here for the explanation
 Dicounted Cash Flow Valuation
T.V. TODAY NETWORK LTD

Initial Cash Flow (Rs Cr) 168 1,788

Want to use my fundamental growth YES 1,286
Years 1-10 139%
FCF Growth Rate 15.00%
Discount Rate 12.00%
Terminal Growth Rate 3.75%
click here for the explana
Net Debt Level (Rs Cr) (216)

Year FCF Growth Present Value

1 169 0.65% 151
2 170 0.65% 136
3 171 0.65% 122
4 172 0.65% 110
5 174 0.65% 98
6 176 1.27% 89
7 179 1.89% 81
8 184 2.51% 74
9 189 3.13% 68
10 196 3.75% 63

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

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

ROE X (1- PAYOUT RATIO) = GROWTH

YEAR ROE DPR GROWTH
CURRENT 6.50% 10.06% 0.65%
1 6.50% 10.06% 0.65%
2 6.50% 10.06% 0.65%
3 6.50% 10.06% 0.65%
4 6.50% 10.06% 0.65%
5 6.50% 10.06% 0.65%
6 8.20% 13.05% 1.27%
7 9.90% 16.03% 1.89%
8 11.60% 19.02% 2.51%
9 13.30% 22.01% 3.13%
10 15.00% 25.00% 3.75%
TERMINAL (STABLE) 15.00% 25.00% 3.75%

What IF, Initial FCF Is Negative, Then Make Your Best Case Assumptions,
 YEAR CFFO CAP EX FCF
CURRENT 15 50% 8
1 15 50% 8
2 15 50% 8
3 15 50% 8
4 16 50% 8
5 16 50% 8
6 16 50% 8
7 16 50% 8
8 17 50% 8
9 17 50% 9
10 18 50% 9

1. SIZE 1286
2. FINANCIAL HEALTH STRONG FINANCIAL HEALTH
3. EARNINGS GROWTH CONSISTENT
4. ECONOMIC MOAT NO MOAT
5. MANAGEMENT HIGH QUALITY MANAGEMENT
6. COMPLEXITY LOW

ESTIMATING THE RISKINESS IN CASH FLOWS (DISCOUNT RATE)

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

☺
Terminal Year 204
PV of Year 1-10 Cash Flows 992
Terminal Value 795
Total PV of Cash Flows 1,788
Current Market Cap (Rs Cr) 1,286
Share Price 216
Value Per Share 300

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

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

EXPECTED DIVIDEND INCOME ANALYSIS (FUNDAMENTAL GROWTH)

YEAR EPS DPR Dividends Pr. Value
CURRENT 9.4 89.94% 8.50
1 9.5 89.94% 8.55 7.64
2 9.6 89.94% 8.61 6.86
3 9.6 89.94% 8.67 6.17
4 9.7 89.94% 8.72 5.54
5 9.8 89.94% 8.78 4.98
6 9.9 86.95% 8.60 4.36
7 10.1 83.97% 8.46 3.83
8 10.3 80.98% 8.36 3.38
9 10.6 77.99% 8.31 2.99
10 11.0 75.00% 8.29 2.67
Expected Dividend Income From This Stock In Next The 10 Years 85 48.42

Current Share Price 216

Estimated 10th Year Share Price 221
Estimated 10th Year Share Price + Dividends 306
Total Return 3.57%

Investment Return = % EPS Growth + Dividend Income

 Investment return = 1.58% 3.33%

Investment return = 4.90%

DIVIDENDS IN CRORES = 509

Capital Gains + Dividends 103001

Estimated 10th Year Market Cap 1319

Discounted Estimated 10th Year Market Cap 425

Discounted Dividends 48

Discounted Value 473

Disounted Earnings Valuation 79

 GROWTH RATE (MANUALLY INPUTTED)
ROE X (1- PAYOUT RATIO) = GROWTH EXPECTED DIVIDEND INCOME ANALYSIS (
YEAR ROE DPR GROWTH YEAR
CURRENT 6.50% 230.77% 15.00% CURRENT
1 6.50% 230.77% 15.00% 1
2 6.50% 230.77% 15.00% 2
3 6.50% 230.77% 15.00% 3
4 6.50% 230.77% 15.00% 4
5 6.50% 230.77% 15.00% 5
6 6.50% 230.77% 15.00% 6
7 6.50% 230.77% 15.00% 7
8 6.50% 230.77% 15.00% 8
9 6.50% 230.77% 15.00% 9
10 6.50% 230.77% 15.00% 10
Expected Dividend Income From This Stock In Next Th

Estimated 10th Year S

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

Discounted Estimated 10th Year

Disounted Earning
 IDEND INCOME ANALYSIS (MANUAL GROWTH)
EPS DPR Dividends Pr. Value
9.4 -130.77% -12.36
10.9 -130.77% -14.21 -12.69
12.5 -130.77% -16.34 -13.03
14.4 -130.77% -18.79 -13.38
16.5 -130.77% -21.61 -13.73
19.0 -130.77% -24.85 -14.10
21.9 -130.77% -28.58 -14.48
25.1 -130.77% -32.87 -14.87
28.9 -130.77% -37.80 -15.27
33.2 -130.77% -43.47 -15.67
38.2 -130.77% -49.99 -16.09
ome From This Stock In Next The 10 Years -289 -143.31

Current Share Price 216

Estimated 10th Year Share Price 221
mated 10th Year Share Price + Dividends -68
Total Return #NUM!

Investment Return = % EPS Growth + Dividend Income

 Investment return = 15.00% #NUM!

Investment return = #NUM!

DIVIDENDS IN CRORES = -1722

Capital Gains + Dividends 100770

Estimated 10th Year Market Cap 1319

ounted Estimated 10th Year Market Cap 425

Discounted Dividends -143

Discounted Value 281

Disounted Earnings Valuation 47

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

T.V. TODAY NETWORK LTD T.V. TODAY NETW

Dhandho - Worst Case Dhandho - Best
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth Year
0 Excess Cash (Latest) 250 Year 1-3 15% 0 Excess Cash (Latest)
1 FY18 193 173 Year 4-6 10% 1 FY18
2 FY19 222 177 Year 7-10 5% 2 FY19
3 FY20 256 182 Discount Rate 12% 3 FY20
4 FY21 281 179 4 FY21
5 FY22 309 175 Last 5-Years' CAGR 5 FY22
6 FY23 340 172 Sales 5% 6 FY23
7 FY24 357 162 PBT -18% 7 FY24
8 FY25 375 151 FCF -159% 8 FY25

☺
9 FY26 394 142 9 FY26
10 FY27 413 133 10 FY27
10 4,134 1,331 10
Intrinsic Value 3,227 Intrinsic Value
Current Mkt. Cap. 1,286 Current Mkt. Cap.
Premium/(Discount) -60% Premium/(Discount)
Value Per Share 541 Value Per Share

You have to adjust the initial free cash flows in case if they are negative.
alculation CHEAP EXPENSIVE
Mohnish Pabrai
WOW, IT'S CHEAP! ☺
T.V. TODAY NETWORK LTD
Dhandho - Best Case
FCF (Rs Cr) PV of FCF (Rs Cr)
IT'S EXPENSIVE
Assumed FCF Growth
☹
Excess Cash (Latest) 250 Year 1-3 20%
202 180 Year 4-6 15%
242 193 Year 7-10 10%
290 207 Discount Rate 12%
334 212
384 218
click here for the explanation
442 224
486 220
534 216

☺
588 212
646 208
9,696 3,122
Intrinsic Value 5,460
Current Mkt. Cap. 1,286
Premium/(Discount) -76%
Value Per Share 915

e negative.
 Total Returns Model
T.V. TODAY NETWORK LTD
Particulars Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Net Profit (Rs Crore) 81 63 102 119 131 139 132 182 88 56
Net Profit Margin 17% 11% 16% 16% 18% 16% 17% 20% 10% 6%
Return on Equity 18% 13% 18% 18% 15% 16% 13% 16% 11% 6%
Calculations (Enter values only in black cells)
Estimated CAGR in Net Profit over next 10 years 1.58%
GOOD WOW, IT'S CHEAP! ☺
Estimated Net Profit after 10 years (Rs Cr)
Current P/E (x)
Exit P/E in the 10th year from now (x, Estimated)
66
22.8
20.0
BAD IT'S EXPENSIVE ☹
Esti. Market Cap (10th year from now; Rs Cr) 1,319
Cost of Capital/Discount Rate 12%

☹
Discounted Value (Rs Cr) 473
Current Market Cap (Rs Cr) 1,286

If you invest 1 lakh today, in 10 yrs it will grow into 103001

Investment Return from this stock in the next 10 years 4.90%
Speculative Return from this stock in the next 10 years -1.33%
Capital Gains 0.25%
Dividend Return 3.33% Investment Speculative Total
+ =
Total Return = Investment Return + Speculative Return 3.57% Return Return Return
PEG RATIO 14.47 1.58% 3.33% + -1.33% = 3.57%
1.6%
DANGER! DANGER! You have Inputted The Most Unrealistic And Irrational Growth Rate
ATTENTION PLEASE! Make Sure That Capital Gains Are Atleast 15%
CAGR (9-Yr) CAGR (5-Yr)
-4% -16%

ATTENTION PLEASE! Make

Sure That Capital Gains Are Atleast 15%

Multi-Bagger Gains %

637%
 Intrinsic Value Range UNDER-VALUED
T.V. TODAY NETWORK LTD OVER-VALUED
Market Cap Value Per Share
Lower Higher Lower Higher
Dhandho 3,227 5,460 540.74 915.12
DCF 1,788 299.62
Total Return 473 79.26
PE < G Price 89 14.90
Current Market Cap. 1,286 share price 215.60 W.Avg Intrinsic Value 370

ENTRY PRICE Implied PE ASSUMPTIONS

PHASE-1 333 35.24 No.Of Shares Bought in Phase-1
PHASE-2 296 31.32 No.Of Shares Bought in Phase-2
PHASE-3 277 29.36 No.Of Shares Bought in Phase-3
Total No.Of Shares Bought
EXIT PRICE Implied PE
PHASE-1 1144 121.06 Capital Gains by selling in Phase-1
PHASE-2 1235 130.75 Capital Gains by selling in Phase-2
PHASE-3 1373 145.28 Capital Gains by selling in Phase-3
Total Capital Gains (PROFITS)
 LET'S CALCULATE THE RETURN YOU CAN GENERATE

YOUR INVESTMENT = 30,000

Phase-1 Phase-2 Phase-3

10000 10000 10000

30
34
36
100

28,080
31,126
35,696 Before 30,000
94,903 316.34% After 124903
 10,000

314%

302
38080 1251
41126.48392
45696
124903

Total Return
T.V. TODAY NETWORK LTD
SCREENER.IN
Narration Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 258 242 218 212 231 217 223 214 263 253
% Growth YOY -10% -10% 2% 1% 14% 16%
Expenses 172 194 171 185 195 196 209 202 222 230
Operating Profit 86 49 47 27 36 21 13 12 41 23
Other Income 9 10 11 12 13 -2 10 9 10 4
Depreciation 11 11 10 10 10 10 10 10 11 10
Interest 1 1 1 1 1 1 1 1 1 1
Profit before tax 83 47 47 27 38 8 12 10 39 16
PBT Margin 32% 20% 22% 13% 16% 4% 5% 5% 15% 6%
% Growth YOY -54% -83% -75% -63% 3% 91%
Tax 21 12 12 7 10 2 3 3 10 4
Net profit 62 36 35 20 28 6 9 7 29 11
% Growth YOY -55% -84% -75% -64% 5% 96%
OPM 33% 20% 22% 13% 16% 10% 6% 6% 16% 9%
 NEVER PLACE YOUR BUY ORDER WITHOUT GOING THROUGH THIS CHECKLIST

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

READ ATLEAST 10 YEARS OF ANNUAL REPORTS SLOWLY AND SKEPTICALLY.

ARE YOU EXITED BY STORYLINE AND IGNORING WARNING SIGNS?

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

STAY AWAY FROM ACQUISITION HUNGRY COMPANIES.

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

IF RESULTS ARE GETTING DELAYED.STAY AWAY.

STAY AWAY FROM COMPANIES WHERE INSIDERS ARE SELLING LARGE STAKES.

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

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

ANALYSE RELATED PARTY TRANSACTIONS CAREFULLY, ESPECIALLY LOANS.

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

READ 10-YEARS OF AUDITOR REPORTS.

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

NO FINANCIAL DATA ABOUT ACQUIRED COMPANIES, WATCH OUT.

NEVER INVEST IN COMPANIES WITH HIGH POLITICAL CONNECTION.
COMPANY NAME T.V. TODAY NETWORK LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHANG
CURRENT VERSION 2.10

META
Number of shares 5.97
Face Value 5
Current Price 215.6
Market Capitalization 1286.47

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 476.56 581.6 652.28 720.92 742.24 857.22
Raw Material Cost 3.81 3.07 2.79 3.25 2.48
Change in Inventory
Power and Fuel 7.9 8.1 8.03 7.97 9.04 9.2
Other Mfr. Exp 61.22 80.44 98.69 93.26 96.13 108.51
Employee Cost 116.81 153.49 180.5 202.46 222.69 251.07
Selling and admin 148.91 168.72 187.1 191.37 197.16 251.86
Other Expenses 10.03 5.33 11.65 15.29 13.57 18.15
Other Income 22.7 -9.71 29.13 10.78 35.85 43.31
Depreciation 30.02 30.92 29.36 31.43 31.51 38.5
Interest 1.48 6.4 8.41 3.74 0.82 2.83
Profit before tax 122.89 114.68 154.6 183.39 203.92 217.93
Tax 41.85 52.92 54.14 64.45 72.82 78.57
Net profit 81.03 63.36 102.22 118.94 131.1 139.36
Dividend Amount 8.95 10.44 11.93 13.42 13.42 132.74

Quarters
Report Date Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Sales 257.97 242.26 218.15 211.63 231.31 217.14
Expenses 172.3 193.7 170.89 185.09 195.27 195.72
Other Income 8.86 10.46 10.9 11.8 13 -1.98
Depreciation 10.97 11.03 10.18 10.46 10.31 10.33
Interest 0.98 0.64 0.81 0.97 0.72 0.84
Profit before tax 82.58 47.35 47.17 26.91 38.01 8.27
Tax 21.08 11.66 12.12 7.19 10.39 2.42
Net profit 61.5 35.69 35.05 19.72 27.62 5.85
Operating Profit 85.67 48.56 47.26 26.54 36.04 21.42

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Equity Share Capital 29.82 29.83 29.83 29.83 29.83 29.83
Reserves 420.18 442.34 551.2 631.86 866.11 842.2
Borrowings 6.73 45.59 34.82 3.15 20.77
Other Liabilities 120.34 129.58 152.1 172.52 172.38 199.37
Total 577.07 647.34 767.95 834.21 1071.47 1092.17
Net Block 235.22 214.32 205.94 258.21 247.39 244.53
Capital Work in Progress 3.08 4.71 4.08 2.27 4.13 0.42
Investments 45.52 7.17 0.1 0.1
Other Assets 293.25 421.14 557.93 573.73 819.85 847.12
Total 577.07 647.34 767.95 834.21 1071.47 1092.17
Receivables 136.69 150.76 179.45 184.92 184.62 220.13
Inventory 1.43 1.58 1.68 2.5 1.08
Cash & Bank 94.72 170.2 263.11 199.45 290.83 140.2
No. of Equity Shares 59648615 59653615 59653615 59653615 59653615 59668615
New Bonus Shares
Face value 5 5 5 5 5 5

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity 77.91 -35.67 120.1 152 124.89 200.58
Cash from Investing Activity -49.33 0.19 -103.06 -93.76 -103.76 -15.4
Cash from Financing Activity -17.9 -12.91 -16.1 -58.68 -13.8 -168.33
Net Cash Flow 10.68 -48.38 0.95 -0.43 7.33 16.85

PRICE: 216.9 309.9 257.9 488.6 317.75 166.35

DERIVED:
Adjusted Equity Shares in Cr 5.96 5.97 5.97 5.97 5.97 5.97
DO NOT MAKE ANY CHANGES TO THIS SHEET

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

782.98 930.1 878.23 952.09
0.24

8.39 8.9 9.67

93.34 111.78 126.73
242.2 278.28 326.75 372.05
222.21 272.87 270.05
17.48 13.86 13.77 491.03
37.09 43.89 33.72 32.85
40.13 42.33 41.28 41.39
2.44 2.64 3.34 3.42
193.64 243.33 120.36 77.05
62.14 61.82 32.12 20.67
131.5 181.51 88.24 56.38
14.92 17.9 417.62 50.71

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

222.75 213.86 262.69 252.79
209.32 202.03 221.57 230.16
9.65 9.27 9.64 4.29
10.19 10.33 10.57 10.3
0.87 0.82 0.89 0.84
12.02 9.95 39.3 15.78
3.24 2.93 10.18 4.32
8.78 7.02 29.12 11.46
13.43 11.83 41.12 22.63

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

29.83 29.83 29.83 29.83
 960.68 1127.95 798.61 837.56
17.33 31.8 34.24 33.95
200.51 221.79 210.06 225.37
1208.35 1411.37 1072.74 1126.71
225.95 227.46 214.25 194.49
1.33 1.21 1.23 2.01
0.1 0.1 0.1 0.1
980.97 1182.6 857.16 930.11
1208.35 1411.37 1072.74 1126.71
199.36 191.96 212.23 276.41

260.46 180.76 63.83 249.7

59668615 59668615 59668615

5 5 5 5

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

165.88 235.49 40.74 15.11
-166.08 -211.06 371.31 35
-17.19 -22.48 -426.73 -28.05
-17.39 1.95 -14.68 22.06

265.4 371.55 181 211.65

5.97 5.97 5.97 5.97

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