Thoughtful Investors Excel Screener Exce

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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 "Thoughtful Investors Excel Screener". Now onwards, any excel you export for any company on Screener.in
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).
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 - connect@catapan.in - and I will
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

 Thoughtful Investors Excel Warning! Excel can be a wonde
deadly weapon if you wish t
Screener careful of what you are gettin
garbage out. And if you need th
given stock, you m
www.catapan.in
Basic Company Details
Parameters Details
Company BAJAJ AUTO LTD
Current Stock Price (Rs) 3,136 Remember! Focus on decision
Face Value (Rs) 10.0 evidenc
No. of Shares (Crore) 29.0
Market Capitalization (Rs Crore) 90,811

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 3.9% Please! It's your money. Plea
cause you to lose it all! I've des
Profit Before Tax Growth (9-Year CAGR) 5.0% but you alone are responsible
Net Profit Growth (8-Year CAGR) 5.3% ever after! I am not a sadist
Average Debt/Equity (5-Years, x) 0.0 analyzing companies on you
instead of a map, for you can co
Average Return on Equity (5-Years) 22.7%
Average P/E (5-Years, x) 17.1
Latest P/E (x) 18.7
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!
 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.

COMPANY NAME BAJAJ AUTO LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 29
Face Value 10
Current Price 3,136
Market Capitalization 90,811

PROFIT & LOSS

Report Date Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 19582.1 20025.24 20136.94 21595.44 22573.69 21754.72
Raw Material Cost 14,211.67 14,401.19 13,895.80 14,907.89 14,993.41 14,667.83
Change in Inventory 85.65 -32.35 12.57 56.46 -63.45 43.68
Power and Fuel 102.09 121.57 106.37 114.8 120.66 96.46
Other Mfr. Exp 226.04 261.26 530.42 655.78 644.19 547.54
Employee Cost 551.35 651.29 733.18 901.3 920.01 999.83
Selling and admin 710.52 742.47 534.95 707.58 795.66 699.73
Other Expenses 185.33 159.59 186.03 236.15 243.36 358.38
Other Income 501.83 790.09 674.25 228.5 1194.15 1467.61
Depreciation 146.73 167.81 181.32 267.46 307.16 307.29
Interest 22.79 1.19 0.82 6.49 1.05 1.4
Profit before tax 4013.06 4276.61 4654.87 4082.95 5678.89 5587.55
Tax 1019.66 1228.52 1420.47 1271.05 1617.65 1508.07
Net profit 3048.62 3132.69 3380.28 3025.63 4061.24 4079.49
Dividend Amount 1302.16 1302.16 1446.85 1446.85 1591.54 1591.54

Quarters
Report Date Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20
Sales 7755.82 7707.32 7639.66 6815.85 3079.24 7155.86
Expenses 6567.32 6428.49 6272.55 5563.27 2803.24 5890.14
Other Income 337.45 513.56 427.16 576.53 337.88 342.08
Depreciation 60.14 61.34 61.68 63.27 63.79 64.32
Interest 0.54 1.24 0.47 0.91 0.95 2.65
Profit before tax 1465.27 1729.81 1732.12 1764.93 549.14 1540.83
Tax 453.11 206.49 409.68 410.94 153.63 346.86
Net profit 1012.17 1523.31 1322.44 1353.99 395.51 1193.97
Operating Profit 1188.5 1278.83 1367.11 1252.58 276 1265.72

BALANCE SHEET
Report Date Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 289.37 289.37 289.37 289.37 289.37 289.37
Reserves 5792.35 7775.93 9877.89 10805.95 13730.94 17567.2
Borrowings 150.47 115.58 59.19 112.35 117.86 119.90
Other Liabilities 4894.2 4461.44 5081.31 4757.93 3102.2 3661.15
Total 11126.39 12642.32 15307.76 15965.6 17240.37 21637.62
Net Block 1920.03 2355.41 2659.62 2448.03 2025.67 2001.79
Capital Work in Progress 41.65 293.55 144.06 254.94 52.24 42.17
Investments 4472.78 6,058.92 8447.77 8985.25 11067.23 15477.04
Other Assets 4691.93 3934.44 4056.31 4277.38 4095.23 4116.62
Total 11126.39 12642.32 15307.76 15965.6 17240.37 21637.62
Receivables 401.93 734.33 796.21 716.96 717.93 953.29
Inventory 703.61 643.96 641.21 814.15 719.07 728.38
Cash & Bank 1659.84 566.51 500.9 592.74 867.03 301.36
No. of Equity Shares 289367020 289367020 289367000 289367020 289367020 289367020
New Bonus Shares
Face value 10 10 10 10 10 10

CASH FLOW:
Report Date Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 3246.27 2218.3 3501.71 2113.8 3689.85 3267.36
Cash from Investing Activity -849.78 -1394.43 -2072.26 -379.66 -67.52 -3609.68
Cash from Financing Activity -1462.36 -1444.69 -1495.69 -1644.18 -3384.08 -190.09
Net Cash Flow 934.13 -620.82 -66.24 89.96 238.25 -532.41

PRICE: 1678.8 1799.55 2083.6 2016.6 2405.95 2805.45

DERIVED:
Adjusted Equity Shares in Cr 28.94 28.94 28.94 28.94 28.94 28.94
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-18 Mar-19 Mar-20 Mar-21

25209.93 30357.63 29918.65 27741.08
17,400.41 21,854.10 21,071.29 19,829.13
-9.68 56.42 63.01 219.48
100.26 115.01 116.57 91.34
550.16 633.99 698.83 597.11
1072.59 1260.32 1395 1296.07
852.82 940.92 1020.98 654.86
378.21 411.79 569.65 554.27
1403.72 2027.83 1832.38 1569.68
314.8 265.69 246.43 259.37
1.31 4.48 3.16 6.66
5933.41 6955.58 6692.13 6241.43
1714.47 2027.98 1480.22 1384.41
4218.95 4927.61 5211.91 4857.02
1736.22 1736.22 3472.44 4051.18

Dec-20 Mar-21 Jun-21 Sep-21

8909.88 8596.1 7386.04 8762.18
7181.22 7074.22 6268.08 7362.1
530.14 505.1 440.26 1084.81
65.02 66.24 64.22 65.74
1.02 2.04 2.29 1.70
2192.76 1958.7 1491.71 2417.45
476.5 407.42 321.54 377.59
1716.26 1551.28 1170.17 2039.86
1728.66 1521.88 1117.96 1400.08

Mar-18 Mar-19 Mar-20 Mar-21

289.37 289.37 289.37 289.37
20135.87 22944.44 21372.71 26984.06
120.77 124.52 125.59 121.46
 4594.99 5476.08 4722.35 6206.82
25141 28834.41 26510.02 33601.71
1878.33 1763.94 1699.02 1667.55
56.47 48.02 60.19 15.98
18894.57 20602.85 19913.58 24686.65
4311.63 6419.6 4837.23 7231.53
25141 28834.41 26510.02 33601.71
1491.87 2559.69 1725.1 2716.85
742.58 961.51 1,063.50 1,493.89
792.66 933.07 316.34 538.84
289367020 289367020 289367020 289367020

10 10 10 10

Mar-18 Mar-19 Mar-20 Mar-21

4327.84 2486.86 3850.44 3119.88
-1954.48 -272.77 1765.83 -2869.15
-1885.26 -2074.05 -6246.51 -19.52
488.1 140.04 -630.24 231.21

2744.7 2911.1 2022.35 3670.6

28.94 28.94 28.94 28.94

 Balance Sheet
BAJAJ AUTO LTD
Rs Cr Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Equity Share Capital 289 289 289 289 289 289 289 289 289 289
Reserves 5,792 7,776 9,878 10,806 13,731 17,567 20,136 22,944 21,373 26,984
Borrowings 150 116 59 112 118 120 121 125 126 121
Other Liabilities 4,894 4,461 5,081 4,758 3,102 3,661 4,595 5,476 4,722 6,207
Total 11,126 12,642 15,308 15,966 17,240 21,638 25,141 28,834 26,510 33,602
Fixed Assets (Net Block) 1,920 2,355 2,660 2,448 2,026 2,002 1,878 1,764 1,699 1,668
Capital Work in Progress (CWIP) 42 294 144 255 52 42 56 48 60 16
Investments 4,473 6,059 8,448 8,985 11,067 15,477 18,895 20,603 19,914 24,687
Other Assets 4,692 3,934 4,056 4,277 4,095 4,117 4,312 6,420 4,837 7,232
Total 11,126 12,642 15,308 15,966 17,240 21,638 25,141 28,834 26,510 33,602
Working Capital -202 -527 -1,025 -481 993 455 -283 944 115 1,025
Debtors 402 734 796 717 718 953 1,492 2,560 1,725 2,717
Inventory 704 644 641 814 719 728 743 962 1,064 1,494
Cash & Bank 1,660 567 501 593 867 301 793 933 316 539
Capital Employed 6,232 8,181 10,226 11,208 14,138 17,976 20,546 23,358 21,788 27,395
Total Equity 6,082 8,065 10,167 11,095 14,020 17,857 20,425 23,234 21,662 27,273

Analysis
Inventory Turnover 27.8x 29.7x 31.3x 29.7x 29.4x 30.1x 34.3x 35.6x 29.5x 21.7x Higher the trend it is better, it shows how many times avg. Inventory turned
Debtor Days 7.5x 10.4x 13.9x 12.8x 11.6x 14.0x 17.7x 24.4x 26.1x 29.2x Lower the trend is better; It means the collection is going on fast
Fixed Asset Turnover 10.2x 9.4x 8.0x 8.5x 10.1x 10.8x 13.0x 16.7x 17.3x 16.5x Higher the trend it is better, it shows less fund tied up in Inventory compared to Sales
Debt/Equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x The lower the trend it is better, It means the company has not aggressively leveraged
Debt/Assets 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x The lower the trend it is better, It means the company has not aggressively leveraged
Return on Capital Employed 64.8% 59.4% 50.6% 38.2% 44.8% 34.8% 30.8% 31.7% 29.7% 25.4% Higher the trend it is better, it shows higher Profit generated on Total Capital. Above 20% is good
Return on Equity 49.2% 43.1% 35.5% 26.4% 32.3% 25.6% 22.0% 22.6% 23.2% 19.9% Higher the trend it is better, it shows generating more cash Internally & less dependence on Debt. Above 20% is good.
Return on Equity (DuPont Analysis) 50.1% 44.3% 37.1% 28.5% 32.3% 25.6% 22.0% 22.6% 23.2% 19.9% Higher the trend it is better, it is as per DuPont analysis. Above 20% is good.
Book Value Per Share 210 279 351 383 484 617 705 802 748 942 Higher the trend it is better, as it shows company’s value if all its assets were to be liquidated and all liabilities settled
P/BV 3.3x Lower the trend it is better
Financial Leverage Ratio 1.7x 1.5x 1.5x 1.3x 1.2x 1.2x 1.2x 1.2x 1.2x
Debt-to-Capital Ratio 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x 0.1x
 Profit & Loss Account / Income Statement
BAJAJ AUTO LTD
Rs Cr Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Sales 19,582 20,025 20,137 21,595 22,574 21,755 25,210 30,358 29,919 27,741
Expenses 15,901 16,370 15,974 17,467 17,781 17,326 20,364 25,160 24,809 22,803
Material Cost (% of Sales) 73% 72% 69% 69% 66% 67% 69% 72% 70% 71%
Power and Fuel 1% 1% 1% 1% 1% 0% 0% 0% 0% 0%
Other Mfr. Exp 1% 1% 3% 3% 3% 3% 2% 2% 2% 2%
Employee Cost 3% 3% 4% 4% 4% 5% 4% 4% 5% 5%
Selling and Admin Cost 4% 4% 3% 3% 4% 3% 3% 3% 3% 2%
Operating Profit 3,681 3,656 4,163 4,128 4,793 4,429 4,846 5,198 5,109 4,938
Other Income 502 790 674 229 1,194 1,468 1,404 2,028 1,832 1,570
Depreciation 147 168 181 267 307 307 315 266 246 259
Interest 23 1 1 6 1 1 1 4 3 7
Profit before tax (PBT) 4,013 4,277 4,655 4,083 5,679 5,588 5,933 6,956 6,692 6,241 6,248
Tax 1,020 1,229 1,420 1,271 1,618 1,508 1,714 2,028 1,480 1,384 938.151651651652
Net profit (Profit after Tax) 2,993 3,048 3,234 2,812 4,061 4,079 4,219 4,928 5,212 4,857
EPS (Earning Per Share) 103 105 112 97 140 141 146 170 180 168
Price 1,679 1,800 2,084 2,017 2,406 2,805 2,745 2,911 2,022 3,671
Analysis
Dividend Payout 42.7% 41.6% 42.8% 47.8% 39.2% 39.0% 41.2% 35.2% 66.6% 83.4% The Higher Trend it is better, but if company is getting higher ROE then lower is better
Market Cap 48,584 52,079 60,299 58,360 69,628 81,190 79,432 84,247 58,527 106,227 The Higher Trend it is better, it shows Total Market Capitalization
Retained Earnings 1,715 1,781 1,850 1,467 2,470 2,488 2,483 3,191 1,739 806 The Higher Trend it is better, it shows Total retained earnings after dividend payout
Operating Profit Margin 18.8% 18.3% 20.7% 19.1% 21.2% 20.4% 19.2% 17.1% 17.1% 17.8% The Higher Trend it is better, it shows Profit after all operation costs
Other Income as % of Sales 2.6% 3.9% 3.3% 1.1% 5.3% 6.7% 5.6% 6.7% 6.1% 5.7% The Lower Trend it is better, as shows other incoe & not other Income
Interest Coverage(Times) 177.1x 3,594.8x 5,677.7x 630.1x 5,409.5x 3,992.1x 4,530.3x 1,553.6x 2,118.8x 938.2x The Higher Trend it is better, it shows whether Profit is enough to cover Interest
PBT Margin 20.5% 21.4% 23.1% 18.9% 25.2% 25.7% 23.5% 22.9% 22.4% 22.5% The Higher Trend it is better, it shows Profit before Tax
Net Profit Margin (PAT) 15.3% 15.2% 16.1% 13.0% 18.0% 18.8% 16.7% 16.2% 17.4% 17.5% The Higher Trend it is better, it shows Profit after Tax
Price to earning (P/E) 16.2x 17.1x 18.6x 20.8x 17.1x 19.9x 18.8x 17.1x 11.2x 18.7x The Higher Trend it is better, it shows Profit after Tax
Price to Sales (P/S) 3.3x The Lower Trend it is better, it shows compares the stock’s prices to the sales per share

Growth (%) YOY

Sales Growth 2.3% 0.6% 7.2% 4.5% (3.6%) 15.9% 20.4% (1.4%) (7.3%) The Higher Trend it is better, it shows Revenue growth over the Years
PBT Growth 6.6% 8.8% (12.3%) 39.1% (1.6%) 6.2% 17.2% (3.8%) (6.7%) The Higher Trend it is better, it shows PBT growth over the Years
PAT Growth 1.8% 6.1% (13.1%) 44.4% 0.4% 3.4% 16.8% 5.8% (6.8%) The Higher Trend it is better, it shows PAT growth over the Years
EPS Growth 1.8% 6.1% (13.1%) 44.4% 0.4% 3.4% 16.8% 5.8% (6.8%) The Higher Trend it is better, it shows EPS growth over the Years

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth 3.9% 4.7% 4.2% 3.2%
PBT Growth 5.0% 4.3% 1.9% 1.7% 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
PBT Margin 22.6% 23.0% 23.4% 22.6% term (7 to 10 years) growth numbers.
Price to Earning (P/E) 17.6x 17.7x 17.1x 15.7x
 DuPont Analysis
BAJAJ AUTO LTD
Rs Cr Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Sales 19,582 20,025 20,137 21,595 22,574 21,755 25,210 30,358 29,919 27,741
Net profit (Profit after Tax) 3,049 3,133 3,380 3,026 4,061 4,079 4,219 4,928 5,212 4,857
Average Total Assets 11,126 11,884 13,975 15,637 16,603 19,439 23,389 26,988 27,672 30,056
Average Total Equity 6,082 7,074 9,116 10,631 12,558 15,938 19,141 21,830 22,448 24,468

Net Profit Margin (Net Income ÷ Sales) 15.6% 15.6% 16.8% 14.0% 18.0% 18.8% 16.7% 16.2% 17.4% 17.5%
Asset Turnover (Sales ÷ Total Assets) 1.8 1.7 1.4 1.4 1.4 1.1 1.1 1.1 1.1 0.9
Equity Multiplier (Total Assets ÷ Shareholders Equity) 1.8 1.7 1.5 1.5 1.3 1.2 1.2 1.2 1.2 1.2
DuPont ROE 50.1% 44.3% 37.1% 28.5% 32.3% 25.6% 22.0% 22.6% 23.2% 19.9%
 Key Ratios
BAJAJ AUTO LTD
Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18
Inventory Turnover 27.8x 29.7x 31.3x 29.7x 29.4x 30.1x 34.3x
Debtor Days 7.5x 10.4x 13.9x 12.8x 11.6x 14.0x 17.7x
Fixed Asset Turnover 10.2x 9.4x 8.0x 8.5x 10.1x 10.8x 13.0x
Debt/Equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Debt/Assets 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Return on Equity 49.2% 43.1% 35.5% 26.4% 32.3% 25.6% 22.0%
Return on Capital Employed 64.8% 59.4% 50.6% 38.2% 44.8% 34.8% 30.8%
Book Value Per Share 210 279 351 383 484 617 705
P/BV - - - - - - -

Dividend Payout 42.7% 41.6% 42.8% 47.8% 39.2% 39.0% 41.2%

Market Cap 48,584 52,079 60,299 58,360 69,628 81,190 79,432
Retained Earnings 1,715 1,781 1,850 1,467 2,470 2,488 2,483
Operating Profit Margin 18.8% 18.3% 20.7% 19.1% 21.2% 20.4% 19.2%
Other Income as % of Sales 2.6% 3.9% 3.3% 1.1% 5.3% 6.7% 5.6%
Interest Coverage(Times) 177.1x 3,594.8x 5,677.7x 630.1x 5,409.5x 3,992.1x 4,530.3x
PBT Margin 20.5% 21.4% 23.1% 18.9% 25.2% 25.7% 23.5%
Net Profit Margin (PAT) 15.3% 15.2% 16.1% 13.0% 18.0% 18.8% 16.7%
Price to earning (P/E) 16.2x 17.1x 18.6x 20.8x 17.1x 19.9x 18.8x
Price to Sales (P/S)

Growth (%) YOY

Sales Growth 0.0% 2.3% 0.6% 7.2% 4.5% (3.6%) 15.9%
PBT Growth 0.0% 6.6% 8.8% (12.3%) 39.1% (1.6%) 6.2%
PAT Growth 0.0% 1.8% 6.1% (13.1%) 44.4% 0.4% 3.4%
EPS Growth 0.0% 1.8% 6.1% (13.1%) 44.4% 0.4% 3.4%

FCF 3,246 1,363 3,166 1,947 4,008 2,994 4,122

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth 3.9% 4.7% 4.2% 3.2%
PBT Growth 5.0% 4.3% 1.9% 1.7% Check for long term vs short term trends here. Ch
over past 3 or 5 years has slowed down / improve
PBT Margin 22.6% 23.0% 23.4% 22.6% long term (7 to 10 years) growth numbers.
Price to Earning (P/E) 17.6x 17.7x 17.1x 15.7x
 Mar/19 Mar/20 Mar/21
35.6x 29.5x 21.7x
24.4x 26.1x 29.2x
16.7x 17.3x 16.5x
0.0x 0.0x 0.0x
0.0x 0.0x 0.0x
22.6% 23.2% 19.9%
31.7% 29.7% 25.4%
802 748 942
- - 3.3x

35.2% 66.6% 83.4%

84,247 58,527 106,227
3,191 1,739 806
17.1% 17.1% 17.8%
6.7% 6.1% 5.7%
1,553.6x 2,118.8x 938.2x
22.9% 22.4% 22.5%
16.2% 17.4% 17.5%
17.1x 11.2x 18.7x
3.3x

20.4% (1.4%) (7.3%)

17.2% (3.8%) (6.7%)
16.8% 5.8% (6.8%)
16.8% 5.8% (6.8%)

2,344 3,657 2,936

short term trends here. Check if the growth

has slowed down / improved compared to
s) growth numbers.
Analysis
Higher the trend it is better, it shows how many times avg. Inventory turned
Lower the trend is better; It means the collection is going on fast
Higher the trend it is better, it shows less fund tied up in Inventory compared to Sales
The lower the trend it is better, It means the company has not aggressively leveraged
The lower the trend it is better, It means the company has not aggressively leveraged
Higher the trend it is better, it shows generating more cash Internally & less dependence on Debt. Above 20% is good.
Higher the trend it is better, it shows higher Profit generated on Total Capital. Above 20% is good
Higher the trend it is better, as it shows company’s value if all its assets were to be liquidated and all liabilities settled
Lower the trend it is better

The Higher Trend it is better, but if company is getting higher ROE then lower is better
The Higher Trend it is better, it shows Total Market Capitalization
The Higher Trend it is better, it shows Total retained earnings after dividend payout
The Higher Trend it is better, it shows Profit after all operation costs
The Lower Trend it is better, as shows other incoe & not other Income
The Higher Trend it is better, it shows whether Profit is enough to cover Interest
The Higher Trend it is better, it shows Profit before Tax
The Higher Trend it is better, it shows Profit after Tax
The Higher Trend it is better, it shows Profit after Tax

The Higher Trend it is better, it shows Revenue growth over the Years
The Higher Trend it is better, it shows PBT growth over the Years
The Higher Trend it is better, it shows PAT growth over the Years
The Higher Trend it is better, it shows EPS growth over the Years

Positive and rising numbers is good. If the company consistently generates negative FCF over say 10 years, avoid it.
 Cash Flow Statement
BAJAJ AUTO LTD
Rs Cr Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Cash from Operating Activity (CFO) 3,246 2,218 3,502 2,114 3,690 3,267 4,328 2,487 3,850 3,120
% Growth YoY (31.7%) 57.9% (39.6%) 74.6% (11.5%) 32.5% (42.5%) 54.8% (19.0%)
Cash from Investing Activity (850) (1,394) (2,072) (380) (68) (3,610) (1,954) (273) 1,766 (2,869)
Cash from Financing Activity (1,462) (1,445) (1,496) (1,644) (3,384) (190) (1,885) (2,074) (6,247) (20)
Net Cash Flow 934 -621 -66 90 238 -532 488 140 -630 231

CFO/Sales 16.6% 11.1% 17.4% 9.8% 16.3% 15.0% 17.2% 8.2% 12.9% 11.2%
CFO/Net Profit 108.4% 72.8% 108.3% 75.2% 90.9% 80.1% 102.6% 50.5% 73.9% 64.2%

Capex 855 336 167 (318) 273 206 143 194 184
FCF 3,246 1,363 3,166 1,947 4,008 2,994 4,122 2,344 3,657 2,936 Positive and rising numbers is good. If the company consistently generates negative FCF over say 10 years, avoid it.
Average FCF (3 Years) 2,979

FCF Growth YoY (58.0%) 132.2% (38.5%) 105.8% (25.3%) 37.7% (43.1%) 56.0% (19.7%)
FCF/Sales 16.6% 6.8% 15.7% 9.0% 17.8% 13.8% 16.4% 7.7% 12.2% 10.6%
FCF/Net Profit 106.5% 43.5% 93.7% 64.4% 98.7% 73.4% 97.7% 47.6% 70.2% 60.5%
 Dicounted Cash Flow Valuation
BAJAJ AUTO LTD

Initial Cash Flow (Rs Cr) 2,979 Last 3 Years average FCF

Years 1-5 6-10 2 Stage DCF

FCF Growth Rate 15% 12% Conservative Growth Rate
Discount Rate 10% Higher Risk = Higher Discount Rate
Terminal Growth Rate 2% Between 0% to 2%

Present
Year FCF Growth Value Final Calculations
1 3,426 15% 3,114 Terminal Year 10,771
2 3,940 15% 3,256 PV of Year 1-10 Cash Flows 36,695
3 4,531 15% 3,404 Terminal Value 51,908
4 5,210 15% 3,559 Total PV of Cash Flows 88,603
5 5,992 15% 3,720 Current Market Cap (Rs Cr) 90,811
6 6,711 12% 3,788 DCF as % of Current Mkt Cap 98%
7 7,516 12% 3,857
8 8,418 12% 3,927
9 9,428 12% 3,998
10 10,560 12% 4,071
 Common Size P&L
Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 73% 72% 69% 69% 66% 67% 69% 72% 70% 71%
Change in Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 1%
Power and Fuel 1% 1% 1% 1% 1% 0% 0% 0% 0% 0%
Other Mfr. Exp 1% 1% 3% 3% 3% 3% 2% 2% 2% 2%
Employee Cost 3% 3% 4% 4% 4% 5% 4% 4% 5% 5%
Selling and Admin Cost 4% 4% 3% 3% 4% 3% 3% 3% 3% 2%
Other Expenses 1% 1% 1% 1% 1% 2% 2% 1% 2% 2%
Operating Profit 18% 19% 21% 19% 22% 20% 19% 17% 17% 16%
Other Income 3% 4% 3% 1% 5% 7% 6% 7% 6% 6%
Depreciation 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Interest 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Profit Before Tax 20% 21% 23% 19% 25% 26% 24% 23% 22% 22%
Tax 5% 6% 7% 6% 7% 7% 7% 7% 5% 5%
Net Profit 16% 16% 17% 14% 18% 19% 17% 16% 17% 18%
Dividend Amount 7% 7% 7% 7% 7% 7% 7% 6% 12% 15%

Common Size Balance Sheet

Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 3% 2% 2% 2% 2% 1% 1% 1% 1% 1%
Reserves 52% 62% 65% 68% 80% 81% 80% 80% 81% 80%
Borrowings 1% 1% 0% 1% 1% 1% 0% 0% 0% 0%
Other Liabilities 44% 35% 33% 30% 18% 17% 18% 19% 18% 18%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 17% 19% 17% 15% 12% 9% 7% 6% 6% 5%
Capital Work in Progress 0% 2% 1% 2% 0% 0% 0% 0% 0% 0%
Investments 40% 48% 55% 56% 64% 72% 75% 71% 75% 73%
Other Assets 42% 31% 26% 27% 24% 19% 17% 22% 18% 22%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 4% 6% 5% 4% 4% 4% 6% 9% 7% 8%
Inventory 6% 5% 4% 5% 4% 3% 3% 3% 4% 4%
Cash & Bank 15% 4% 3% 4% 5% 1% 3% 3% 1% 2%
BAJAJ AUTO LTD
SCREENER.IN
Narration Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
Sales 7,756 7,707 7,640 6,816 3,079 7,156 8,910 8,596 7,386 8,762
% Growth YOY -60% -7% 17% 26% 140% 22%
Expenses 6,567 6,428 6,273 5,563 2,803 5,890 7,181 7,074 6,268 7,362
Operating Profit 1,189 1,279 1,367 1,253 276 1,266 1,729 1,522 1,118 1,400
Other Income 337 514 427 577 338 342 530 505 440 1,085
Depreciation 60 61 62 63 64 64 65 66 64 66
Interest 1 1 0 1 1 3 1 2 2 2
Profit before tax 1,465 1,730 1,732 1,765 549 1,541 2,193 1,959 1,492 2,417
PBT Margin 19% 22% 23% 26% 18% 22% 25% 23% 20% 28%
% Growth YOY -63% -11% 27% 11% 172% 57%
Tax 453 206 410 411 154 347 477 407 322 378
Net profit 1,012 1,523 1,322 1,354 396 1,194 1,716 1,551 1,170 2,040
% Growth YOY -61% -22% 30% 15% 196% 71%
OPM 15% 17% 18% 18% 9% 18% 19% 18% 15% 16%