MANPASAND BEVERAGES LTD

SCREENER.IN
Narration Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Trailing
Sales 86 240 294 360 521 701 767
% Growth YOY 180% 23% 22% 45% 35%
Expenses 72 202 249 296 411 562 616
Material Cost (% of Sales) 71% 62% 63% 58% 65% 61% Check for wide fluctuations in key
Power and Fuel 3% 2% 2% 2% 2% 2% expense items. For manufacturing
Other Mfr. Exp 3% 3% 3% 2% 2% 1% firms, check their material costs etc. For
Employee Cost 6% 3% 3% 3% 3% 3% services firms, look at employee costs.
Selling and Admin Cost 11% 12% 17% 17% 8% 10%
Operating Profit 14 39 46 64 110 140 151
Operating Profit Margin 16% 16% 16% 18% 21% 20% 20%
Other Income 0 0 0 0 9 18 26
Depreciation 5 10 15 21 57 74 83
Interest 3 4 8 11 6 1 2
Interest Coverage(Times) 3 7 4 4 11 71 62
Profit before tax (PBT) 7 25 23 33 57 83 93
% Growth YOY #DIV/0! 261% -6% 44% 70% 46%
PBT Margin 8% 10% 8% 9% 11% 12% 12%
Tax 1 2 3 3 6 10 13
Net profit 6 22 21 30 51 73 80
% Growth YOY #DIV/0! 267% -8% 46% 69% 44%
Net Profit Margin 7% 9% 7% 8% 10% 10% 10%
EPS 2.3 8.5 7.8 8.0 10.1 12.7 7.0
% Growth YOY #DIV/0! 267% -8% 2% 27% 26%
Price to earning 25.1 28.1 66.9
Price - - - - 253 357 467
Dividend Payout 0.0% 1.5% 1.7% 16.7% 9.9% 0.0%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 52.3% 33.6% 34.6% 34.6% 33.6%
PBIT Margin 10.3% 10.3% 10.4% 10.9% 12.1% 12.1% 10.3%
Price to Earning 40.1 40.1 40.1 40.1 66.9 66.9 40.1

Check for long term vs short term trends

here. Important numbers to look out for
MANPASAND BEVERAGES LTD
SCREENER.IN
Narration Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 3 3 3 38 50 57
Reserves 50 72 92 153 552 1,096
Borrowings 32 55 74 117 - 0
Other Liabilities 14 34 27 43 59 81
Total 99 164 196 351 661 1,235

Net Block 40 93 92 85 266 437

Capital Work in Progress - - - 132 134 18
Investments 6 0 0 0 1 205
Other Assets 53 71 104 134 260 575
Total 99 164 196 351 661 1,235

Working Capital 39 37 77 91 201 494

Debtors 20 33 48 59 68 75
Inventory 16 21 42 42 70 62
Cash & Bank

Debtor Days - - - - 87 49 59 60 47 39
Inventory Turnover - - - - 5 12 7 8 7 11
Fixed Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2.1 2.6 3.2 4.2 2.0 1.6
Debt/Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.6 0.7 0.8 0.6 - 0.0
Return on Equity 12% 30% 22% 16% 8% 6%
Return on Capital Employed 11% 20% 17% 23% 10% 6%
MANPASAND BEVERAGES LTD
SCREENER.IN
Narration Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity (CFO) -14 32 2 53 82 146
Cash from Investing Activity -58 -48 -15 -158 -312 -623
Cash from Financing Activity 73 19 11 105 232 477
Net Cash Flow 2 3 -1 -0 1 -0
CFO/Sales -16% 13% 1% 15% 16% 21%
CFO/Net Profit -229% 143% 11% 176% 162% 200%
Capex 14 158 232 279
FCF - - - - -12 -105 -150 -133
Average FCF (3 Years) -130
 Earnings Power Value (Bruce Greenwald)
Company Name MANPASAND BEVERAGES LTD
Latest Year Ended Mar-17

(Rs Crore) Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 EPV with Different Cost
Sales 240 294 360 521 701 Cost of Capital
EBIT 29 31 44 62 84 10%
Less - Adjustment 0 0 0 0 0 12%
EBIT Adjusted 29 31 44 62 84 15%
EBIT Margin 12% 10% 12% 12% 12% Current Market Cap (Rs Crore)
Tax Rate 9% 11% 10% 11% 12% EPV as % of Market Cap
EBIT After Tax 26 27 39 55 73
Depreciation 10 15 21 57 74
Maintenance Capex -64 -8 131 165 204
Profit After Tax Adjusted (A) 100 50 -71 -53 -57
Reported Net Profit (B) 22 21 30 51 73
Difference (A - B) 78 30 -101 -103 -130

Calculation of Maintenance Capex

(Rs Crore) Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Fixed Assets 93 92 85 266 437
Net Sales 240 294 360 521 701
FA/Sales 0.39 0.31 0.24 0.51 0.62
Total Capex 14 158 232 279
Growth Capex 64 22 27 67 75
Maintenance Capex -64 -8 131 165 204
enwald)

EPV with Different Cost of Capital

EPV Net Cash Total EPV Per Share
-574 - -574 -50
-478 - -478 -42
-383 - -383 -33
Current Market Cap (Rs Crore) 5,346
EPV as % of Market Cap -9%
 MANPASAND BEVERAGES LTD MANPASAND BEVERAGES LT
Dhandho IV - Lower Range (Pessimistic) Dhandho IV - Higher Range (Optim
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth Year
0 Excess Cash (Latest) - Year 1-3 15% 0 Excess Cash (Latest)
1 FY18 (149) (133) Year 4-6 10% 1 FY18
2 FY19 (172) (137) Year 7-10 5% 2 FY19
3 FY20 (197) (140) Discount Rate 12% 3 FY20
4 FY21 (217) (138) 4 FY21
5 FY22 (239) (135) 5-Year CAGR 5 FY22
6 FY23 (263) (133) Sales 52% 6 FY23
7 FY24 (276) (125) PBT 65% 7 FY24
8 FY25 (290) (117) FCF ### 8 FY25
9 FY26 (304) (110) 9 FY26
10 FY27 (319) (103) 10 FY27
10 -3,192 (1,028) 10
Intrinsic Value (2,299) Intrinsic Value
Current Mkt. Cap. 5,346 Current Mkt. Cap.
Premium/(Discount) to IV -333% Premium/(Discount) to IV
 MANPASAND BEVERAGES LTD
Dhandho IV - Higher Range (Optimistic)
FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
Excess Cash (Latest) - Year 1-3 20%
(156) (139) Year 4-6 15%
(187) (149) Year 7-10 10%
(224) (160) Discount Rate 12%
(258) (164)
(296) (168)
(341) (173)
(375) (170)
(413) (167)
(454) (164)
(499) (161)
(7,487) (2,411)
Intrinsic Value (4,023)
Current Mkt. Cap. 5,346
Premium/(Discount) to IV -233%
 Ben Graham Formula (Low) Ben Graham Formula (High)
Company Name SAND BEVERAGES LTD Company Name
Year Ended Mar/17 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 39.2 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 32.1 Long-Term Growth Rate
Min Required Rate of Return 12.0 Min Required Rate of Return
AAA Bond Yield 8.0 AAA Bond Yield

Ben Graham Value (Rs Crore) 2,385 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 5,346 Current Market Cap (Rs Crore)
ham Formula (High)
SAND BEVERAGES LTD
Mar/17

39.2
8.5
32.1
12.0
8.0

4,269
5,346
 Dicounted Cash Flow Valuation
MANPASAND BEVERAGES LTD

Initial Cash Flow (Rs Cr) (130) (2,953)

5,346
Years 1-5 6-10 -55%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) 0

Year FCF Growth Present Value

1 (149) 15% (133)
2 (172) 15% (137)
3 (197) 15% (140)
4 (227) 15% (144)
5 (261) 15% (148)
6 (292) 12% (148)
7 (327) 12% (148)
8 (367) 12% (148)
9 (411) 12% (148)
10 (460) 12% (148)

Final Calculations
Terminal Year (469)
PV of Year 1-10 Cash Flows (1,443)
Terminal Value (1,510)
Total PV of Cash Flows (2,953)
Current Market Cap (Rs Cr) 5,346

Note: See the explanation of DCF here

Valuation
GES LTD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Price

Remember! Give importance to a stock's valu

value only "after" you have answered in "Yes
two questions - (1) Is this business simpl
understood? and (2) Can I understand this b

Don't try to quantify everything. In stock resear

non-mathematical you are, the more simple, se
useful will be your analysis and results. Great
generally "back-of-the-envelope".

Also, your calculated "fair value" will be prove

the future, so don't invest your savings just be
fall in love with it. Don't look for perfection. It i
Focus on decisions, not outcomes. Look for di
evidence.
importance to a stock's valuations / fair
" you have answered in "Yes" to these
s - (1) Is this business simple to be
d (2) Can I understand this business?

y everything. In stock research, the less

you are, the more simple, sensible, and
r analysis and results. Great analysis is
ally "back-of-the-envelope".

ated "fair value" will be proven wrong in

't invest your savings just because you
Don't look for perfection. It is overrated.
s, not outcomes. Look for disconfirming
evidence.
 MANPASAND BEVERAGES LTD
Expected Returns Model
Particulars Mar/08 Mar/09 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14
Net Profit (Rs Crore) 968 1,282 2,232 1,928 6 22 21
Net Profit Margin 9% 10% 14% 10% 7% 9% 7%
Return on Equity 12% 30% 22%

Calculations (Enter values only in black cells)

Estimated CAGR in Net Profit over next 10 years 10%
Estimated Net Profit after 10 years (Rs Cr) 188
Current P/E (x) 73.6
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 3,768
Cost of Capital 12%
Discounted Value (Rs Cr) 1,213
Current Market Cap (Rs Cr) 5,346

Note: See the explanation of this model here

TD

Mar/15 Mar/16 Mar/17 CAGR (9-Yr) CAGR (5-Yr)

30 51 73 -25% 64%
8% 10% 10%
16% 8% 6%
 Intrinsic Value
MANPASAND BEVERAGES LTD
EPV -478
Dhandho -2,299 -4,023
Ben Graham 2,385 4,269
DCF -2,953
Expected Return 1,213
Market Cap. 5,346
MANPASAND BEVERAGES LTD SCREENER.IN

Narration Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17
Sales 121 145 76 92 201 229 103 102 267 295
% Growth YOY 67% 58% 35% 12% 33% 29%
Expenses 93 111 60 74 158 184 80 82 215 238
Operating Profit 28 34 16 18 43 45 22 21 52 56
Other Income 0 0 3 3 2 2 2 6 9 10
Depreciation 6 12 13 15 16 15 17 18 24 24
Interest 3 4 1 0 0 0 1 0 0 0
Profit before tax 19 18 5 6 29 32 6 9 36 42
PBT Margin 16% 12% 6% 6% 14% 14% 6% 8% 14% 14%
% Growth YOY 49% 83% 23% 54% 26% 32%
Tax 2 2 1 1 3 3 1 1 5 6
Net profit 17 16 4 5 26 29 5 7 31 36
% Growth YOY 48% 82% 24% 49% 22% 25%
OPM 23% 23% 21% 19% 21% 20% 22% 20% 19% 19%
COMPANY NAME MANPASAND BEVERAGES LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHA
CURRENT VERSION 2.10

META
Number of shares 11.44
Face Value 10
Current Price 467.2
Market Capitalization 5346.28

PROFIT & LOSS

Report Date Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sales 10331.8 12319.12 15758.18 19397.93 85.73 240.24
Raw Material Cost 7391.84 8760.22 10730.41 14135.17 60.65 149.13
Change in Inventory -14.14 18.21 -5.95 24.06 10.12 1.15
Power and Fuel 56.55 73.7 81.05 100.47 2.49 5.49
Other Mfr. Exp 95.65 113.33 143.49 164.83 2.65 7.29
Employee Cost 321.16 370.71 437.83 618.95 4.84 7.32
Selling and admin 903.74 1047.27 1401.46 1396.59 9.27 29.9
Other Expenses 218.89 287.75 296.02 473.29 1.97 3.55
Other Income 242.77 280.3 363.33 289.62 0.41 0.32
Depreciation 160.32 180.66 191.47 402.38 4.55 10.16
Interest 2 2.53 2.1 15.17 3.01 4.28
Profit before tax 1410.28 1781.46 2831.73 2404.76 6.82 24.59
Tax 442.4 499.7 599.9 476.86 0.73 2.23
Net profit 967.88 1281.76 2231.83 1927.9 6.1 22.37
Dividend Amount 379.41 399.38 2196.56 2096.72 0.34

Quarters
Report Date Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16
Sales 120.65 145.27 76.16 91.83 200.99 229.33
Expenses 92.91 111.39 60.23 74.12 158.21 184.07
Other Income 0.04 0.06 3.47 3.48 2.12 1.72
Depreciation 5.62 12.34 13.48 15.3 15.92 14.91
Interest 2.89 4.1 1.01 0.32 0.29 0.09
Profit before tax 19.27 17.51 4.92 5.57 28.7 31.98
Tax 1.96 1.81 0.56 0.71 3.1 3.33
Net profit 17.3 15.7 4.35 4.85 25.59 28.65
Operating Profit 27.74 33.88 15.93 17.71 42.78 45.26

BALANCE SHEET
Report Date Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Equity Share Capital 39.94 39.94 39.94 39.94 2.5 2.5
Reserves 2946.3 3760.81 3425.08 2916.12 50.17 72.19
Borrowings 132 78.49 66.03 693.35 31.77 54.79
Other Liabilities 1955.33 2205.9 4992.04 7082.8 14.32 34.3
Total 5073.57 6085.14 8523.09 10732.21 98.76 163.78
Net Block 1156.26 1573.71 1658.78 4080.28 39.9 92.65
Capital Work in Progress 408.49 120.54 48.14 49.96
Investments 2566.82 3368.75 3925.71 5128.75 6 0.21
Other Assets 942 1022.14 2890.46 1473.22 52.86 70.92
Total 5073.57 6085.14 8523.09 10732.21 98.76 163.78
Receivables 297.44 149.94 108.39 130.59 20.41 32.57
Inventory 317.1 326.83 436.4 524.93 15.99 20.74
Cash & Bank 131.09 219.57 1907.21 71.52 4.11 5.59
No. of Equity Shares 199687500 199687500 199687500 199687500 2500000 2500000
New Bonus Shares
Face value 2 2 2 2 10 10

CASH FLOW:
Report Date Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Cash from Operating Activity 1211.87 1359.03 2686.64 2254.16 -13.95 31.91
Cash from Investing Activity -781.01 -861.19 -528.17 -1322.31 -57.67 -47.52
Cash from Financing Activity -432.33 -499.93 -2109.31 -955.23 73.39 18.73
Net Cash Flow -1.47 -2.09 49.16 -23.38 1.77 3.12

PRICE: 762.09 1093.99 1941.4 1720.87

DERIVED:
Adjusted Equity Shares in Cr 6.37 6.37 6.37 6.37 2.62 2.62
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-14 Mar-15 Mar-16 Mar-17

294.31 359.75 521.08 701.46
185.24 209.17 341.05 424.67
13.08 -0.2 15.51 -18.88
6.65 5.77 10.43 14.23
7.43 6.97 10.3 10.44
8.1 9.09 15.93 20.96
50.62 61.64 43.1 68.71
3.66 2.8 5.48 3.79
0.05 0.41 9.14 17.91
14.89 20.53 57.05 73.76
7.71 10.65 5.72 1.18
23.15 33.34 56.69 82.74
2.65 3.4 6.18 10.1
20.5 29.95 50.5 72.64
0.34 5.01 5.01

Sep-16 Dec-16 Mar-17 Jun-17

102.5 102.45 267.19 294.78
80.25 81.93 215.44 238.44
1.68 5.99 8.52 9.84
17.1 17.69 24.06 23.66
0.75 0.24 0.1 0.43
6.07 8.58 36.11 42.09
0.66 1.34 4.77 6.19
5.41 7.24 31.34 35.91
22.25 20.52 51.75 56.34

Mar-14 Mar-15 Mar-16 Mar-17

 2.5 37.55 50.05 57.22
92.28 153.36 551.53 1096.3
74.32 116.63 0.35
26.7 42.96 59.36 81.16
195.8 350.5 660.94 1235.03
91.94 84.66 266.05 436.57
131.63 133.94 18.34
0.21 0.03 0.65 205.42
103.65 134.18 260.3 574.7
195.8 350.5 660.94 1235.03
47.74 59.34 67.75 75.19
41.6 42.38 70.42 61.6
4.69 4.31 39.85 35.76
2501000 37554000 50054000 57216198
23740200
10 10 10 10

Mar-14 Mar-15 Mar-16 Mar-17

2.3 52.68 81.56 145.59
-14.7 -158.24 -312.47 -623.26
11.44 105.12 231.77 477.47
-0.96 -0.44 0.86 -0.19

253.41 357.02

2.62 3.76 5.01 5.72

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.

dalal-street.in