Safal Niveshak Stock Analysis Excel

(Ver. 4.0)
www.safalniveshak.com
Basic Company Details
Parameters Details
Company WAAREE RENEWABLES TECHNOLOGIES LTD
Current Stock Price (Rs) 1,466
Face Value (Rs) 2.0
No. of Shares (Crore) 10.4
Market Capitalization (Rs Crore) 15,280

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 140.7%
Profit Before Tax Growth (9-Year CAGR) 128.1%
Net Profit Growth (8-Year CAGR) 130.8%
Average Debt/Equity (5-Years, x) 0.5
Average Return on Equity (5-Years) 31.3%
Average P/E (5-Years, x) 15.8
Latest P/E (x) 76.8
 Warning! Excel can be a wonderful tool to analyze the past. But it can be
a deadly weapon if you wish to use it to predict the future! So be very
careful of what you are getting into. Here, garbage in will always equal
garbage out. And if you need the excel to tell you what you must do with a
given stock, you must not use this tool anyways.

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

evidence. Calculate. Pray!

Please! It's your money. Please don't blame me if results of this excel
cause you to lose it all! I've designed this excel to aid your own thinking,
but you alone are responsible for your actions. I want to live peacefully
ever after! I am not a sadist who wants you to do the hard work by
analyzing companies on your own. But I'd rather give you a compass
instead of a map, for you can confuse map with territory and lose it all. All
the best!
 Key Ratios
WAAREE RENEWABLES TECHNOLOGIES LTD
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21
Sales Growth 50.0% -45.8% 400.0% 286.9% -60.6% 283.8%
PBT Growth 8.3% -130.8% ### 124.4% -143.5% -765.0%
Net Profit Growth 0.0% -144.4% -375.0% 190.9% -159.4% -1331.6%
Dividend Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating Cash Flow Growth 8.3% 1384.6% -123.3% 902.2% -26.8% -0.9%
Free Cash Flow Growth -32.8% 72.9% 54.2% 6.7% 55.0% 23.5%

Operating Margin 37.5% 27.1% -15.4% -16.2% 49.5% 1.5% 36.2%

PBT Margin 37.5% 27.1% -15.4% 31.5% 18.3% -20.2% 35.0%
Net Margin 28.1% 18.8% -15.4% 8.5% 6.4% -9.6% 30.8%

Debtor Days 45.6 - - 115.1 209.0 3.7 118.1

Inventory Turnover 0.1 0.1 0.0 - - - 16.5
Fixed Asset Turnover #DIV/0! #DIV/0! #DIV/0! 0.4 1.4 0.6 2.4
Debt/Equity - - - - 3.4 1.2 1.1
Debt/Assets 0.0% 0.0% 0.0% 0.0% 75.2% 53.6% 44.5%
Interest Coverage (Times) #DIV/0! #DIV/0! #DIV/0! 6.1 1.4 0.9 1.7
Return on Equity 0.9% 0.9% -0.4% 1.1% 3.0% -0.6% 7.1%
Return on Capital Employed 1.2% 1.3% -0.4% 4.8% 6.7% 4.4% 9.0%
Free Cash Flow (Rs Cr) -315 -212 -366 -565 -602 -934 -1,153
D
Mar/22 Mar/23 Mar/24
1920.5% 122.5% 153.8%
875.6% 207.6% 151.0%
771.8% 191.2% 150.7%
#DIV/0! 100.0% 401.0%
925.1% 73.5% 102.1%
39.2% -26.5% -40.1%

8.6% 22.2% 22.9%

16.9% 23.4% 23.1%
13.3% 17.4% 17.2%

107.2 65.5 156.4

90.9 9.4 29.7
48.7 36.9 9.3
0.0 - 0.0
0.1% 0.0% 1.4%
18.7 68.6 52.9
39.1% 53.3% 57.4%
52.4% 72.7% 75.8%
-1,604 -1,180 -707
What to look for?
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher isn't always better, esp. when the company is generating high ROE, which means the management is allocating capital
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency

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

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

Higher/rising is better. Compare with industry peer(s)
Higher/rising is better. Compare with industry peer(s)
Nil / lower than 0.5 / reducing is better
Lower is better
Look for number > 5
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for positive and rising numbers. If the company consistently generates negative FCF over say 10 years, avoid it.
 Profit & Loss Account / Income Statement
WAAREE RENEWABLES TECHNOLOGIES LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trailing
Sales 0 0 0 1 5 2 8 154 342 867 1,356
% Growth YOY 50% -46% 400% 287% -61% 284% 1921% 123% 154%
Expenses 0 0 0 2 3 2 5 140 266 668 1,082
Material Cost (% of Sales) 0% 0% 0% 0% 0% 0% 51% 87% 74% 74% Check for wide fluctuations in key
Power and Fuel 0% 0% 0% 0% 1% 2% 0% 0% 0% 0% expense items. For manufacturing firms,
Other Mfr. Exp 0% 0% 0% 1% 0% 0% 0% 0% 0% 0% check their material costs etc. For
Employee Cost 38% 33% 62% 84% 32% 54% 9% 4% 3% 2% services firms, look at employee costs.
Selling and Admin Cost 28% 33% 46% 28% 17% 40% 4% 1% 1% 1%
Operating Profit 0 0 -0 -0 2 0 3 13 76 199 274
Operating Profit Margin 38% 27% -15% -16% 50% 2% 36% 9% 22% 23% 20%
Other Income - - - 1 1 3 4 14 5 8 10
Other Income as % of Sales 0.0% 0.0% 0.0% 56.9% 15.7% 157.1% 48.6% 9.3% 1.5% 0.9% 0.7%
Depreciation - - - 0 0 0 0 0 0 3 6
Interest - - - 0 2 3 4 1 1 4 10
Interest Coverage(Times) #DIV/0! #DIV/0! #DIV/0! 6 1 1 2 19 69 53 28
Profit before tax (PBT) 0 0 -0 0 1 -0 3 26 80 200 269
% Growth YOY 8% -131% -1125% 124% -143% -765% 876% 208% 151%
PBT Margin 38% 27% -15% 32% 18% -20% 35% 17% 23% 23% 20%
Tax 0 0 - 0 1 -0 0 6 20 51 70
Net profit 0 0 -0 0 0 -0 2 20 59 149 199
% Growth YOY 0% -144% -375% 191% -159% -1332% 772% 191% 151%
Net Profit Margin 28% 19% -15% 8% 6% -10% 31% 13% 17% 17% 15%
EPS 0.0 0.0 -0.0 0.0 0.1 -0.0 0.2 2.0 5.7 14.3 19.1
% Growth YOY 0% -144% -375% 191% -129% -1332% 772% 191% 151%
Price to earning 113.6 120.8 -918.1 264.6 62.5 -119.4 44.1 29.0 27.1 98.2 76.8
Price 2 2 7 6 4 2 10 57 155 1,405 1,466
Dividend Payout 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.1% 3.5% 7.0%
Market Cap 10 11 37 29 20 23 103 591 1,612 14,631
Retained Earnings 0 0 -0 0 0 -0 2 19 57 139
Buffett's $1 Test 67.1

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth 140.7% 218.7% 180.1% 385.1%
PBT Growth 128.1% -437.7% 193.5% 322.3%
PBT Margin 17.7% 18.3% 15.6% 21.1%
Price to Earning -27.8 58.0 15.8 51.5

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.
WAAREE RENEWABLES TECHNOLOGIES LTD
SCREENER.IN
Narration Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Sales 92 118 72 60 129 150 322 273 236 524
% Growth YOY 40% 27% 348% 358% 83% 250%
Expenses 82 108 38 39 116 119 236 198 195 453
Operating Profit 10 10 34 21 13 31 86 75 41 72
Other Income 1 1 1 1 1 1 2 2 3 3
Depreciation 0 0 0 0 1 2 1 2 2 2
Interest 0 0 0 1 1 2 -1 4 3 4
Profit before tax 12 11 36 21 12 28 88 72 40 69
PBT Margin 13% 10% 49% 36% 10% 18% 27% 26% 17% 13%
% Growth YOY 7% 144% 146% 239% 217% 151%
Tax 3 3 9 6 3 7 22 21 11 16
Net profit 9 8 27 16 9 21 66 51 28 54
% Growth YOY 5% 145% 147% 229% 210% 160%
OPM 11% 9% 48% 35% 10% 20% 27% 28% 17% 14%
 Balance Sheet
WAAREE RENEWABLES TECHNOLOGIES LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 10 10 10 10 10 21 21 21 21 21
Reserves 0 0 0 0 1 10 12 31 91 239
Borrowings - - - - 36 37 37 0 - 10
Other Liabilities 0 0 0 2 1 1 13 80 143 427
Total 10 10 10 12 48 68 83 132 254 696

Net Block - - - 4 4 3 3 3 9 94
Capital Work in Progress - - - - - - - - 80 3
Investments 1 1 - - 32 32 32 1 0 9
Other Assets 10 10 10 9 13 33 48 128 165 590
Total 10 10 10 12 48 68 83 132 254 696

Working Capital 10 10 10 7 11 32 34 48 22 164

Debtors 0 - - 0 3 0 2 45 61 372
Inventory 2 5 6 - - - 0 2 37 29
Cash & Bank** 4,735 3,367 3,190 3,393 2,605 3,546 4,739 5,829
one in the Annual Reports; Use Cash+Bank+Current Investments from Consolidated Balance Sheet in Annual Reports

Debtor Days 46 - - 115 209 4 118 107 65 156

Inventory Turnover 0 0 0 - - - 17 91 9 30
Fixed Asset Turnover #DIV/0! #DIV/0! #DIV/0! 0.4 1.4 0.6 2.4 48.7 36.9 9.3
Debt/Equity - - - - 3.4 1.2 1.1 0.0 - 0.0
Return on Equity 1% 1% 0% 1% 3% -1% 7% 39% 53% 57%
Return on Capital Employed 1% 1% 0% 5% 7% 4% 9% 52% 73% 76%
 Cash Flow Statement
WAAREE RENEWABLES TECHNOLOGIES LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Total
Cash from Operating Activity (CFO) -0 -0 -2 0 5 3 3 34 58 118 219
% Growth YoY 8% 1385% -123% 902% -27% -1% 925% 73% 102%
Cash from Investing Activity 0 - 1 -3 -31 3 -8 19 -66 -115 -201
Cash from Financing Activity - - 1 2 27 -6 5 -39 -2 4 -8
Net Cash Flow 0 -0 0 -0 0 0 0 13 -10 6 9
CFO/Sales -38% -27% -742% 35% 90% 167% 43% 22% 17% 14%
CFO/Net Profit -133% -144% 4825% 409% 1409% -1737% 140% 164% 98% 79%
Capex** 315 212 364 565 607 937 1,156 1,638 1,238 824
FCF -315 -212 -366 -565 -602 -934 -1,153 -1,604 -1,180 -707 -7,637
Average FCF (3 Years) -1,164
FCF Growth YoY -33% 73% 54% 7% 55% 23% 39% -26% -40%
FCF/Sales -98500% -44104% ### -43427% -11978% -47157% -15168% -1045% -345% -81%
FCF/Net Profit ### ### ### ### ### 491421% -49262% -7865% -1986% -474%

** Manually enter this number;

Convert to Rs Crore if not already
done in the Annual Reports; Use
"Capital expenditure" number
shown under "Cash Flow from
Investing Activities" segment of
Consolidated Cash Flow Statement
available in the Annual Reports
60% Profit Margin
40%
20%
0%
Jan/15 Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22 Jan/23 Jan/24
-20%
Check for a rising trend and/or
consistency. Compare with a close
-40%
competitor

Operating Margin PBT Margin Net Margin

1,000 Revenue
Check for a rising trend.
800

600

400

200

-
Jan/15 Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22 Jan/23 Jan/24

250 Profit Over Time

Check for a rising trend.
200
150
100
50
-
-50 Jan/15 Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22 Jan/23 Jan/24

PBT Net Profit

Data for Charts (Please don't touch any number below)
Margins
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21
Operating Margin 38% 27% -15% -16% 50% 2% 36%
PBT Margin 38% 27% -15% 32% 18% -20% 35%
Net Margin 28% 19% -15% 8% 6% -10% 31%

Management Effectiveness
Year Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21
ROE 1% 1% 0% 1% 3% -1% 7%
ROCE 1% 1% 0% 5% 7% 4% 9%

Revenue & Profit Growth

Year Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Revenue Growth 50% -46% 400% 287% -61% 284% 1921%
PBT Growth 8% -131% -1125% 124% -143% -765% 876%
Net Profit Growth 0% -144% -375% 191% -159% -1332% 772%
Year
Revenue & Profit
Year Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21
Revenue 0 0 0 1 5 2 8
PBT 0 0 -0 0 1 -0 3
Net Profit 0 0 -0 0 0 -0 2

Cash Flows
Year Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21
Operating Cash Flow -0 -0 -2 0 5 3 3
Free Cash Flow -315 -212 -366 -565 -602 -934 -1,153
 100% Capital Allocation Quality
Check for a rising trend and/or consistency.
80% Numbers > 20% long term are good. Also check if the company has
zero/marginal debt. Compare with a close competitor
60%
40%
20%
2 Jan/23 Jan/24
0%
-20% Jan/15Jan/16Jan/17Jan/18Jan/19Jan/20Jan/21Jan/22Jan/23Jan/24

rgin ROE ROCE

2500% Revenue and Profit Growth (YoY)

Check for a rising trend and/or low volatility. Compare
2000% growth rates with a close competitor.
1500%
1000%
500%
0%
-500% Jan/16 Jan/17 Jan/18 Jan/19 Jan/20 Jan/21 Jan/22 Jan/23 Jan/24
-1000%
-1500%
22 Jan/23 Jan/24

Revenue Growth PBT Growth Net Profit Growth

Operating and Free Cash Flow

500 Check for positive numbers and which
are rising over time.
-
Jan/15Jan/16Jan/17Jan/18Jan/19Jan/20Jan/21Jan/22Jan/23Jan/24
-500

-1,000

-1,500
22 Jan/23 Jan/24 -2,000

Operating Cash Flow Free Cash Flow

Mar/22 Mar/23 Mar/24
9% 22% 23%
17% 23% 23%
13% 17% 17%

Mar/22 Mar/23 Mar/24

39% 53% 57%
52% 73% 76%

Mar/23 Mar/24
123% 154%
208% 151%
191% 151%

Mar/22 Mar/23 Mar/24

154 342 867
26 80 200
20 59 149

Mar/22 Mar/23 Mar/24

34 58 118
-1,604 -1,180 -707
cation Quality
r consistency.
good. Also check if the company has
with a close competitor Note: Please ignore the dates
on the X-axis. The figures are
for/as on the year ending date,
which for most Indian
companies would be 31st
March of that year
an/19Jan/20Jan/21Jan/22Jan/23Jan/24

ROCE

ofit Growth (YoY)

ng trend and/or low volatility. Compare
h a close competitor.

9 Jan/20 Jan/21 Jan/22 Jan/23 Jan/24

T Growth Net Profit Growth

d Free Cash Flow

and which

Jan/19Jan/20Jan/21Jan/22Jan/23Jan/24

low Free Cash Flow

 Expected Returns Model
WAAREE RENEWABLES TECHNOLOGIES LTD
Particulars Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21
Net Profit (Rs Crore) 0 0 -0 0 0 -0 2
Net Profit Margin 25% 19% -12% 9% 6% -10% 31%
Return on Equity 1% 1% 0% 1% 3% -1% 7%

Calculations (Enter values only in black cells)

Estimated CAGR in Net Profit over next 10 years 12%
Estimated Net Profit after 10 years (Rs Cr) 463
Current P/E (x) 102.6
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 9,252
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 2,979
Current Market Cap (Rs Cr) 15,280

Note: See explanation of this model here

el
ES LTD
Mar/22 Mar/23 Mar/24 CAGR (9-Yr) CAGR (5-Yr)
20 59 149 131% 244%
13% 17% 17%
39% 53% 57%
 Ben Graham Formula (Low Range)
Company Name E RENEWABLES TECHNOLOGIES LTD
Year Ended Mar/24

Avg 5-Yr Net Profit (Rs Crore) 46.2

PE Ratio at 0% Growth 8.5
Long-Term Growth Rate 120.8

Ben Graham Value (Rs Crore) 11,551

Current Market Cap (Rs Crore) 15,280

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 ne

Ben Graham's Revised Formula: Value = [EPS x (8.5 + 2G) x 4.4] / Y

Here, 4.4 is what Graham determined to be his minimum required rate of return. At the time of around 1962 when Graham was

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

 Ben Graham Formula (High Range)
Company Name E RENEWABLES TECHNOLOGIES LTD
Year Ended Mar/24

Avg 5-Yr Net Profit (Rs Crore) 46.2

PE Ratio at 0% Growth 8.5
Long-Term Growth Rate 241.6

Ben Graham Value (Rs Crore) 22,710

Current Market Cap (Rs Crore) 15,280

with 0% growth and g is the growth rate for the next 7-10 years

eturn. 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, w
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.
nted by Y in the formula above.
 Dhandho Intrinsic Value C
Read the book - The Dhandho Investor b

WAAREE RENEWABLES TECHNOLOGIES LTD

Dhandho IV - Lower Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
0 Excess Cash (Latest) 5,829 Year 1-3 15%
1 FY18 (1,338) (1,195) Year 4-6 10%
2 FY19 (1,539) (1,227) Year 7-10 5%
3 FY20 (1,770) (1,260) Discount Rate 12%
4 FY21 (1,947) (1,237)
5 FY22 (2,141) (1,215) Last 5-Years' CAGR
6 FY23 (2,356) (1,193) Sales 180%
7 FY24 (2,473) (1,119) PBT 193%
8 FY25 (2,597) (1,049) FCF 3%
9 FY26 (2,727) (983)
10 FY27 (2,863) (922)
10 -28,632 (9,219)
Intrinsic Value (14,790)
Current Mkt. Cap. 15,280
Premium/(Discount) to IV -203%

Note: See explanation of this model here

P.S. In case of companies earning negative FCF, where this model will not work, you must use a normalized positive FCF a
business will earn in a normal year, without capex. Check the history of this business while arriving at your assumption, and us
reality.
dho Intrinsic Value Calculation
book - The Dhandho Investor by Mohnish Pabrai

WAAREE RENEWABLES TECHNOLOGIES LTD

Dhandho IV - Higher Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
0 Excess Cash (Latest) 5,829 Year 1-3
1 FY18 (1,396) (1,247) Year 4-6
2 FY19 (1,676) (1,336) Year 7-10
3 FY20 (2,011) (1,431) Discount Rate
4 FY21 (2,312) (1,470)
5 FY22 (2,659) (1,509)
6 FY23 (3,058) (1,549)
7 FY24 (3,364) (1,522)
8 FY25 (3,700) (1,495)
9 FY26 (4,070) (1,468)
10 FY27 (4,477) (1,442)
10 (67,162) (21,624)
Intrinsic Value (30,263)
Current Mkt. Cap. 15,280
Premium/(Discount) to IV -150%

use a normalized positive FCF as the starting number. This number is your assumption of FCF the
ving at your assumption, and use your judgment wisely without twisting the model to fit your version of
reality.
Assumed FCF Growth
20%
15%
10%
12%
 Intrinsic Value Range
WAAREE RENEWABLES TECHNOLOGIES LTD
Lower Higher Remember! Give importance to a stock's valuations
Dhandho -14,790 -30,263 only "after" you have answered in "Yes" to these two
Ben Graham 11,551 22,710 (1) Is this business simple to be understood? and
DCF -26,490 understand this business?
Expected Return 2,979
Don't try to quantify everything. In stock research, th
Current Market Cap. 15,280 mathematical you are, the more simple, sensible, and
be your analysis and results. Great analysis is genera
the-envelope".
Explanation: Considering the above range, Also, your calculated "fair value" will be proven wro
we can say that Hero Moto's IV range is future, so don't invest your savings just because you
between Rs 55,000 crore to Rs 95,000 crore. with it. Don't look for perfection. It is overrated. F
It's a big range, but that's fine (who is looking decisions, not outcomes. Look for disconfirming e
for precision?). Now, if the current market cap
is within this IV range, it makes the stock
reasonably/attractively priced. If the current
market cap is higher then the higher value of
the range, it makes it overpriced. But
remember, these are just numbers!
 importance to a stock's valuations / fair value
ave answered in "Yes" to these two questions -
ess simple to be understood? and (2) Can I
understand this business?

fy everything. In stock research, the less non-

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

lated "fair value" will be proven wrong in the

vest your savings just because you fall in love
ook for perfection. It is overrated. Focus on
outcomes. Look for disconfirming evidence.
COMPANY NAME WAAREE RENEWABLES TECHNOLOGI
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 10.42
Face Value 2
Current Price 1465.8
Market Capitalization 15280.46

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 0.32 0.48 0.26 1.3 5.03 1.98
Raw Material Cost
Change in Inventory
Power and Fuel 0.03 0.04
Other Mfr. Exp 0.01
Employee Cost 0.12 0.16 0.16 1.09 1.59 1.06
Selling and admin 0.09 0.16 0.12 0.36 0.86 0.79
Other Expenses -0.01 0.03 0.02 0.05 0.06 0.06
Other Income 0.74 0.79 3.11
Depreciation 0.04 0.16 0.16
Interest 0.08 2.2 3.38
Profit before tax 0.12 0.13 -0.04 0.41 0.92 -0.4
Tax 0.03 0.04 0.3 0.6 -0.21
Net profit 0.08 0.09 -0.03 0.12 0.31 -0.19
Dividend Amount

Quarters
Report Date Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
Sales 92.2 117.94 71.99 59.6 128.84 149.99
Expenses 81.85 107.8 37.58 38.51 115.53 119.37
Other Income 1.41 1.35 1.3 1.12 0.83 0.96
Depreciation 0.04 0.04 0.05 0.05 0.96 1.54
Interest 0.04 0.15 0.08 0.91 0.72 2.43
Profit before tax 11.68 11.3 35.58 21.25 12.46 27.61
Tax 2.94 2.85 8.98 5.62 3.28 6.98
Net profit 8.73 8.43 26.61 15.64 9.18 20.62
Operating Profit 10.35 10.14 34.41 21.09 13.31 30.62

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Equity Share Capital 10.01 10.01 10.01 10.01 10.01 20.81
Reserves 0.08 0.17 0.14 0.24 0.62 9.61
Borrowings 36.23 36.67
Other Liabilities 0.04 0.06 0.01 2.07 1.29 1.29
Total 10.13 10.24 10.16 12.32 48.15 68.38
Net Block 3.71 3.55 3.4
Capital Work in Progress
Investments 0.52 0.52 31.9 32.1
Other Assets 9.61 9.72 10.16 8.61 12.7 32.88
Total 10.13 10.24 10.16 12.32 48.15 68.38
Receivables 0.04 0.41 2.88 0.02
Inventory 2.32 5.00 6.33
Cash & Bank 0.4 0.28 0.45 7.03 0.66 0.28
No. of Equity Shares 10014834 10014834 10014834 10014834 10014834 20814834
New Bonus Shares 3,635,959.00 ###
Face value 10 10 10 10 10 10

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Cash from Operating Activity -0.12 -0.13 -1.93 0.45 4.51 3.3
Cash from Investing Activity 0.26 0.97 -3.02 -31.1 2.89
Cash from Financing Activity 1.13 2.43 26.6 -6.13
Net Cash Flow 0.14 -0.13 0.17 -0.14 0.01 0.06

PRICE: 2.04 2.17 7.33 5.81 3.99 2.18

DERIVED:
Adjusted Equity Shares in Cr 5.01 5.01 5.01 5.01 5.01 10.41
DO NOT MAKE ANY CHANGES TO THIS SHEET

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

7.6 153.56 341.73 867.36
3.85 133.35 252.96 644.90

0.01 0.19
0.12 0.74
0.68 5.68 9.87 17.38
0.28 1.26 2.29 4.38
0.03 0.04 0.5 0.87
3.69 14.35 5.18 7.83
0.16 0.16 0.18 2.58
3.62 1.47 1.18 3.86
2.66 25.95 79.81 200.29
0.32 5.55 20.41 51.35
2.34 20.4 59.41 148.94
1.04 2.08 10.42

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

322.31 273.24 236.27 524.42
236.19 198 195.01 452.88
1.64 2.11 2.84 3.49
0.9 1.69 1.51 1.56
-0.69 3.54 3.03 4.09
87.55 72.12 39.56 69.38
21.93 20.74 11.1 15.81
65.61 51.38 28.47 53.58
86.12 75.24 41.26 71.54

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

 20.81 20.81 20.81 20.83
11.97 31.4 90.62 238.53
36.94 0.09 10.00
13.2 79.76 143.02 426.66
82.92 132.06 254.45 696.02
3.23 3.15 9.27 93.53
80.05 3.03
32.1 0.78 0.22 9.22
47.59 128.13 164.91 590.24
82.92 132.06 254.45 696.02
2.46 45.11 61.28 371.65
0.46 1.69 36.52 29.17
0.53 38.57 12.74 116.82
20814834 20814834 20814834 104149265

10 10 10 2

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

3.27 33.52 58.15 117.53
-8.01 18.59 -66 -115.28
4.99 -39.36 -2.31 4.23
0.25 12.75 -10.16 6.48

9.92 56.79 154.87 1405.45

10.41 10.41 10.41 10.41

 Dicounted Cash Flow Valuation
WAAREE RENEWABLES TECHNOLOGIES LTD

Initial Cash Flow (Rs Cr) (1,164) (26,490)

15,280
Years 1-5 6-10 -173%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (5,819)

Year FCF Growth Present Value

1 (1,338) 15% (1,195)
2 (1,539) 15% (1,227)
3 (1,770) 15% (1,260)
4 (2,035) 15% (1,293)
5 (2,341) 15% (1,328)
6 (2,621) 12% (1,328)
7 (2,936) 12% (1,328)
8 (3,288) 12% (1,328)
9 (3,683) 12% (1,328)
10 (4,125) 12% (1,328)

Final Calculations
Terminal Year (4,207)
PV of Year 1-10 Cash Flows (12,943)
Terminal Value (13,546)
Total PV of Cash Flows (26,490)
Current Market Cap (Rs Cr) 15,280

Note: See explanation of DCF here

Valuation
LOGIES LTD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Safal Niveshak Stock Analysis Excel (Ver. 4
www.safalniveshak.com

HOW TO USE THIS SPREADSHEET

Step 1 - This spreadsheet works only on Screener.in. The first step is to create a free account here - https://www.screener.in/r
Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page - https://www.screener.in/e
Step 3 - Visit the home page of Screener.in and choose a company of your choice. Once you do that, you will see details of you
financial statement table called "Quarterly Results" and click on "View Consolidated". Now, all data you see for this company w

Step 4 - Scroll back to the top of the page, and you will see a button "Export to Excel" on the right side. Click the button and the
the exact format as "Safal Niveshak's Stock Analysis Excel Ver. 4.0". Now onwards, any excel you export for any company on S
Step 5 - Email me your love and testimonial for helping you with this excel. :-)

IMPORTANT INSTRUCTIONS
1. Ensure that the company whose data you are downloading has numbers at least starting from FY08 (March 2008). This is be
from, say, FY10, you will see incorrect data for FY08 and FY09 (which will be of Hero Motocorp on whose financials I have crea

2. All financial data of your chosen company will be automatically updated in the sheet you download, except "Cash and Bank"
which you must update manually from the company's annual reports. Don’t forget to make these changes as these numbers are
3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener.in site using the Ste
Sheet" because this will cause errors in your future downloads.
4. DON’T touch any cell except the black ones, where you are required to update the numbers manually from Annual Reports (
growth assumptions etc.
4. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read those carefully before wo
5. This sheet is not a replacement of the work required to read annual reports as part of the analysis process. So please do tha
some discrepancy in numbers (though rare), but you will know this only when you read annual reports.
6. I could not find a bug/errors in this spreadsheet, but if you notice some, please email me at - vishal@safalniveshak.com - and
7. I will keep on updating the sheet from time to time and will update the same on the website. I invite you to share your feedba
together.
8. This excel won't work for banking and financial services companies.

Note: All data is sourced from Screener.in

 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Parameter

Consumer monopoly or commodity?

Understand how business works

Is the company conservatively financed?

Are earnings strong and do they show an

upward trend?

Does the company stick with what it

knows?

Has the company been buying back its

shares?

Have retained earnings been invested

well?

Is the company’s return on equity above

average?

Is the company free to adjust prices to

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

Conclusion

Never Forget
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Explanation

Seek out companies that have no or less competition, either due to a patent or brand name or similar intangible that
makes the product unique. Such companies will typically have high gross and operating profit margins because of their
unique niche. However, don't just go on margins as high margins may simply highlight companies within industries with
traditionally high margins. Thus, look for companies with gross, operating and net profit margins above industry norms.
Also look for strong growth in earnings and high return on equity in the past.

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

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

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

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

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

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

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

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

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

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

 Common Size P&L
Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Sales 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 0% 0% 0% 0% 0% 0% 51% 87%
Change in Inventory 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 0% 0% 0% 0% 1% 2% 0% 0%
Other Mfr. Exp 0% 0% 0% 1% 0% 0% 0% 0%
Employee Cost 38% 33% 62% 84% 32% 54% 9% 4%
Selling and Admin Cost 28% 33% 46% 28% 17% 40% 4% 1%
Other Expenses -3% 6% 8% 4% 1% 3% 0% 0%
Operating Profit 38% 27% -15% -16% 50% 2% 36% 9%
Other Income 0% 0% 0% 57% 16% 157% 49% 9%
Depreciation 0% 0% 0% 3% 3% 8% 2% 0%
Interest 0% 0% 0% 6% 44% 171% 48% 1%
Profit Before Tax 38% 27% -15% 32% 18% -20% 35% 17%
Tax 9% 8% 0% 23% 12% -11% 4% 4%
Net Profit 25% 19% -12% 9% 6% -10% 31% 13%
Dividend Amount 0% 0% 0% 0% 0% 0% 0% 1%

Common Size Balance Sheet

Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Equity Share Capital 99% 98% 99% 81% 21% 30% 25% 16%
Reserves 1% 2% 1% 2% 1% 14% 14% 24%
Borrowings 0% 0% 0% 0% 75% 54% 45% 0%
Other Liabilities 0% 1% 0% 17% 3% 2% 16% 60%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 0% 0% 0% 30% 7% 5% 4% 2%
Capital Work in Progress 0% 0% 0% 0% 0% 0% 0% 0%
Investments 5% 5% 0% 0% 66% 47% 39% 1%
Other Assets 95% 95% 100% 70% 26% 48% 57% 97%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 0% 0% 0% 3% 6% 0% 3% 34%
Inventory 23% 49% 62% 0% 0% 0% 1% 1%
Cash & Bank 4% 3% 4% 57% 1% 0% 1% 29%
Mar-16 Mar-17
100% 100% A common-size financial statement is displays line
74% 74% items as a percentage of one selected or common
0% 0% figure. Creating common-size financial statements
0% 0% makes it easier to analyze a company over time and
0% 0% compare it with its peers. Using common-size
3% 2% financial statements helps investors spot trends that a
1% 1% raw financial statement may not uncover.
0% 0%
22% 23%
2% 1%
0% 0%
0% 0%
23% 23%
6% 6%
17% 17%
1% 1%

Mar-16 Mar-17
8% 3%
36% 34%
0% 1%
56% 61%
100% 100%
4% 13%
31% 0%
0% 1%
65% 85%
100% 100%
24% 53%
14% 4%
5% 17%
How to use it?
You can customize this workbook as you want.
You can add custom formating, add conditional formating, add your own formulas… do ANYTHING.
Please don't edit the "Data Sheet" only.

After customization, you can upload this back on Screener.

Upload on: https://www.screener.in/excel/

Download your customized workbooks now onwards.

Now whenever you will "Export to excel" from Screener, it will export your customized file.

TESTING:
This is a testing feature currently.
You can report any formula errors on the worksheet at: screener.feedback@dalal-street.in
… do ANYTHING.

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