Saturday, October 3, 2015

Common Stock Valuation Methods

Courtesy : Investopedia

Valuation methods typically fall into two main categories: absolute and relative.

Two Categories of Valuation Models


Absolute valuation models attempt to find the intrinsic or "true" value of an investment based only on fundamentals. Looking at fundamentals simply means you would only focus on such things as dividends, cash flow and growth rate for a single company, and you wouldn't worry about any other companies. Valuation models that fall into this category include the dividend discount model, discounted cash flow model, residual income models and asset-based models.

In contrast to absolute valuation models, relative valuation models operate by comparing the company in question to other similar companies. These methods generally involve calculating multiples or ratios, such as the price-to-earnings multiple, and comparing them to the multiples of other comparable firms. For instance, if the P/E of the firm you are trying to value is lower than the P/E multiple of a comparable firm, that company may be said to be relatively undervalued. Generally, this type of valuation is a lot easier and quicker to do than the absolute valuation methods, which is why many investors and analysts start their analysis with this method.

Let's take a look at some of the more popular valuation methods available to investors, and see when it is appropriate to use each model.

1. Dividend Discount Model (DDM)
The dividend discount model (DDM) is one of the most basic absolute valuation models. The dividend model calculates the "true" value of a firm based on the dividends the company pays its shareholders. The justification for using dividends to value a company is that dividends represent the actual cash flows going to the shareholder, thus valuing the present value of these cash flows should give you a value for how much the shares should be worth. So, the first thing you should check if you want to use this method is if the company actually pays a dividend.

Secondly, it is not enough for the company to just a pay dividend; the dividend should also be stable and predictable. The companies that pay stable and predictable dividends are typically mature blue-chip companies in mature and well-developed industries. These type of companies are often best suited for this type of valuation method. For instance, take a look at the dividends and earnings of company XYZ below and see if you think the DDM model would be appropriate for this company:


2005 2006 2007 2008 2009 2010
Dividends Per Share $0.50 $0.53 $0.55 $0.58 $0.61 $0.64
Earnings Per Share $4.00 $4.20 $4.41 $4.63 $4.86 $5.11
In this example, the earnings per share are consistently growing at an average rate of 5%, and the dividends are also growing at the same rate. This means the firm's dividend is consistent with its earnings trend which would make it easy to predict for future periods. In addition, you should check the payout ratio to make sure the ratio is consistent. In this case the ratio is 0.125 for all six years, which is good, and makes this company an ideal candidate for the dividend model.
 

A procedure for valuing the price of a stock by using predicted dividends and discounting them back to present value. The idea is that if the value obtained from the DDM is higher than what the shares are currently trading at, then the stock is undervalued.

Dividend Discount Model (DDM)

 This procedure has many variations, and it doesn't work for companies that don't pay out dividends. For example one variation is the supernormal dividend growth model which takes into account a period of high growth followed by a lower, constant growth period. The principal behind the model is the net present value of the cash flows. To get a growth number, one option is to take the return on equity (ROE) and multiply it by the retention ratio (which is 1-the payout ratio).


2. Discounted Cash Flow Model (DCF)
What if the company doesn't pay a dividend or its dividend pattern is irregular? In this case, move on to check if the company fits the criteria to use the discounted cash flow model. Instead of looking at dividends, the DCF model uses a firm's discounted future cash flows to value the business. The big advantage of this approach is that it can be used with a wide variety of firms that don't pay dividends, and even for companies that do pay dividends, such as company XYZ in the previous example.

The DCF model has several variations, but the most commonly used form is the Two-Stage DCF model. In this variation, the free cash flows are generally forecasted for five to ten years, and then a terminal value is calculated to account for all of the cash flows beyond the forecast period. So, the first requirement for using this model is for the company to have predictable free cash flows, and for the free cash flows to be positive. Based on this requirement alone, you will quickly find that many small high-growth firms and non-mature firms will be excluded due to the large capital expenditures these companies generally face.

For example, take a look at the simplified cash flows of the following firm:


2005 2006 2007 2008 2009 2010
Operating Cash Flow 438 789 1462 890 2565 510
Capital Expenditures 785 995 1132 1256 2235 1546
Free Cash Flow -347 -206 330 -366 330 -1036
In this snapshot, the firm has produced increasingly positive operating cash flow, which is good. But you can see by the high level of capital expenditures that the company is still investing a lot of its cash back into the business in order to grow. This results in negative free cash flows for four of the six years, making it extremely difficult (nearly impossible) to predict the cash flows for the next five to ten years. So, in order to use the DCF model most effectively, the target company should generally have stable, positive and predictable free cash flows. Companies that have the ideal cash flows suited for the DCF model are typically the mature firms that are past the growth stages. (To learn more about this method, see Taking Stock of Discounted Cash Flow.)


Discounted cash flow (DCF) is a valuation method used to estimate the attractiveness of an investment opportunity. DCF analysis uses future free cash flow projections and discounts them (most often using the weighted average cost of capital, which we'll discuss in section 13 of this walk through) to arrive at a present value, which is then used to evaluate the potential for investment. If the value arrived at through DCF analysis is higher than the current cost of the investment, the opportunity may be a good one.

The formula for calculating DCF is usually given something like this:

PV = CF1 / (1+k) + CF2 / (1+k)2 + … [TCF / (k - g)] / (1+k)n-1
Where:
PV = present value
CFi = cash flow in year i
k = discount rate
TCF = the terminal year cash flow
g = growth rate assumption in perpetuity beyond terminal year
n = the number of periods in the valuation model including the terminal year

There are many variations when it comes to what you can use for your cash flows and discount rate in a DCF analysis. For example, free cash flows can be calculated as operating profit + depreciation + amortization of goodwill - capital expenditures - cash taxes - change in working capital. Although the calculations are complex, the purpose of DCF analysis is simply to estimate the money you'd receive from an investment and to adjust for the time value of money.

Discounted cash flow models are powerful, but they do have shortcomings. DCF is merely a mechanical valuation tool, which makes it subject to the axiom "garbage in, garbage out." Small changes in inputs can result in large changes in the value of a company. Instead of trying to project the cash flows to infinity, terminal value techniques are often used. A simple annuity is used to estimate the terminal value past 10 years, for example. This is done because it is harder to come to a realistic estimate of the cash flows as time goes on.

At a time when financial statements are under close scrutiny, the choice of what metric to use for making company valuations has become increasingly important. Wall Street analysts are emphasizing cash flow-based analysis for making judgments about company performance.

DCF analysis is a key valuation tool at analysts' disposal. Analysts use DCF to determine a company's current value according to its estimated future cash flows. For investors keen on gaining insights on what drives share value, few tools can rival DCF analysis.

Accounting scandals and inappropriate calculation of revenues and capital expenses give DCF new importance. With heightened concerns over the quality of earnings and reliability of standard valuation metrics like P/E ratios, more investors are turning to free cash flow, which offers a more transparent metric for gauging performance than earnings. It is harder to fool the cash register. Developing a DCF model demands a lot more work than simply dividing the share price by earnings or sales. But in return for the effort, investors get a good picture of the key drivers of share value: expected growth in operating earnings, capital efficiency, balance sheet capital structure, cost of equity and debt, and expected duration of growth. An added bonus is that DCF is less likely to be manipulated by aggressive accounting practices.

DCF analysis shows that changes in long-term growth rates have the greatest impact on share valuation. Interest rate changes also make a big difference. Consider the numbers generated by a DCF model offered by Bloomberg Financial Markets. Sun Microsystems, which in 2012 traded on the market at $3.25, is valued at almost $5.50, which makes its price of $3.25 a steal. The model assumes a long-term growth rate of 13%. If we cut the growth rate assumption by 25%, Sun's share valuation falls to $3.20. If we raise the growth rate variable by 25%, the shares go up to $7.50. Similarly, raising interest rates by one percentage point pushes the share value to $3.55; a 1% fall in interest rates boosts the value to about $7.70.

Investors can also use the DCF model as a reality check. Instead of trying to come up with a target share price, they can plug in the current share price and, working backwards, calculate how fast the company would need to grow to justify the valuation. The lower the implied growth rate, the better - less growth has therefore already been "priced into" the stock.

Best of all, unlike comparative metrics like P/Es and price-to-sales ratios, DCF produces a bona fide stock value. Because it does not weigh all the inputs included in a DCF model, ratio-based valuation acts more like a beauty contest: stocks are compared to each other rather than judged on intrinsic value. If the companies used as comparisons are all over-priced, the investor can end up holding a stock with a share price ready for a fall. A well-designed DCF model should, by contrast, keep investors out of stocks that look cheap only against expensive peers.

DCF models are powerful, but they do have shortcomings. Small changes in inputs can result in large changes in the value of a company. Investors must constantly second-guess valuations; the inputs that produce these valuations are always changing and are susceptible to error.

Meaningful valuations depend on the user's ability to make solid cash flow projections. While forecasting cash flows more than a few years into the future is difficult, crafting results into eternity (which is a necessary input) is near impossible. A single, unexpected event can immediately make a DCF model obsolete. By guessing at what a decade of cash flow is worth today, most analysts limit their outlook to 10 years. Investors should watch out for DCF models that project to ridiculous lengths of time. Also, the DCF model focuses on long-range investing; it isn't suited for short-term investments.

Investors shouldn't base a decision to buy a stock solely on discounted cash flow analysis - it is a moving target, full of challenges. If the company fails to meet financial performance expectations, if one of its big customers jumps to a competitor, or if interest rates take an unexpected turn, the model's numbers have to be re-run. Any time expectations change, the DCF-generated value is going to change.

While many finance courses espouse the gospel of DCF analysis as the preferred valuation methodology for all cash flow generating assets, in practice, DCF can be difficult to apply in the valuation of stocks. Even if one believes the gospel of DCF, other valuation approaches are useful to help generate a complete valuation picture of a stock.

Alternative Methodologies : Even if one believes that DCF is the final word in assessing the value of an equity investment, it is very useful to supplement the approach with multiple-based target price approaches. If you are going to project income and cash flows, it is easy to use the supplementary approaches. It is important to assess which trading multiples (P/E, price/cash flow, etc.) are applicable based on the company's history and its sector. Choosing a target multiple range is where it gets tricky.

While this is analogous to arbitrary discount rate selection, by using a trailing earnings number two years out and an appropriate P/E multiple to calculate a target price, this will entail far fewer assumptions to "value" the stock than under the DCF scenario. This improves the reliability of the conclusion relative to the DCF approach. Because we know what a company's P/E or price/cash flow multiple is after every trade, we have a lot of historical data from which to assess the future multiple possibilities. In contrast, the DCF model discount rate is always theoretical, and we do not really have any historical data to draw from when calculating it.

3. Comparables Method
The last method we'll look at is sort of a catch-all method that can be used if you are unable to value the company using any of the other models, or if you simply don't want to spend the time crunching the numbers. The method doesn't attempt to find an intrinsic value for the stock like the previous two valuation methods do; it simply compares the stock's price multiples to a benchmark to determine if the stock is relatively undervalued or overvalued. The rationale for this is based off of the Law of One Price, which states that two similar assets should sell for similar prices. The intuitive nature of this method is one of the reasons it is so popular.

This method can be used in almost all circumstances because of the vast number of multiples that can be applied, such as the price-to-earnings (P/E), price-to-book (P/B), price-to-sales (P/S), price-to-cash flow (P/CF) and many others. Of these ratios, the P/E ratio is the most commonly used one because it focuses on the earnings of the company, which is one of the primary drivers of an investment's value.

When can you use the P/E multiple for a comparison? You can generally use it if the company is publicly traded because you need the price of the stock, and you need to know the earnings of the company. Secondly, the company should be generating positive earnings because a comparison using a negative P/E multiple would be meaningless. And lastly, the earnings quality should be strong; earnings should not be too volatile and the accounting practices used by management should not drastically distort the reported earnings. (Companies can manipulate their numbers, so you need to learn how to determine the accuracy of EPS. 


These are just some of the main criteria investors should look at when choosing which ratio or multiples to use. If the P/E multiple cannot be used, simply look at using a different ratio such as the price-to-sales multiple.
No one valuation method is perfect for every situation, but by knowing the characteristics of the company, you can select the valuation method that best suits the situation. In addition, investors are not limited to just using one method. Often, investors will perform several valuations to create a range of possible values or average all of the valuations into one.

101 comments :

  1. Negative comments are flooding about MIC. Sir, your view, any change in the company?

    ReplyDelete
    Replies
    1. My personal investment decisions are based on my conviction about any company and not based on comments

      Delete
  2. Dear VP,
    It seems MIC is not paying interest to its lenders as mentioned in AR. It is not paying because the company was considered NPA by lenders. How one should interpret this. Is this something to consider as -ve?..Please enlight…

    ReplyDelete
    Replies
    1. Don't buy MIC with an expectation of a balance sheet like Infosys ' or TCS

      Delete
  3. VP Sir
    Expecting your valuable comments on
    Jubilant life science
    Jubilant industries
    Niit

    ReplyDelete
    Replies
    1. Already expressed my positive view on first two stocks at lower level, not tracking NIIT

      Delete
  4. Valuepick sir, recently I saw TV commercial of Milton flasks . Is it a fundamentally good buy at this level sir?
    Regards
    Senthil

    ReplyDelete
    Replies
    1. The band 'Milton' is used by the promoters private company also . That is the problem of this group .

      Delete
  5. Sir,

    In comparison to Essel propack, how is Huhtamaki PPL.
    In Bhavik Blog it is recommended.

    Just need your view.

    Thanks

    ReplyDelete
    Replies
    1. Huhtamaki Paper already turned as a multi bagger for my readers which earlier suggested here @ Rs.61 and currently trading around Rs.270

      http://value-picks.blogspot.in/2013/09/paper-products-limited-buy.html

      Delete
  6. What is ur view on suven life sciences?

    ReplyDelete
  7. Sir , why REC/PFC tread at such low PE & high DY? Does growth not visible or sustainable?

    ReplyDelete
    Replies
    1. Sorry, generally not tracking government sponsored companies :)

      Delete
  8. Sir,

    Any suggestions on Man infra and Geojit BNP?

    ReplyDelete
  9. Dear VP Sir Pioneer embroideries closed their debt with SBI recently as you rightly mentioned.. It is a positive development.. I have a minor doubt when I checked the data, promoter share holding has been decreased from 48.49% in March 15 to 46.27% in June 15.Could you show some light in to this.... Are you very much positive about the company even now.... This is just to know the actual position of the company. Thank you

    ReplyDelete
    Replies
    1. While looking into such points one should pay some more attention . You just checked the percentage and reached a conclusion that promoters sold some shares.But in reality , promoter share holding in % term reduced due to allotment of fresh shares outside promoter category as part of debt restructuring plan . You can avoid this misunderstanding by checking whether there is any change in total number of shares instated of checking the percentage only.

      Delete
  10. Dear VP,

    Aimco pesticides is not growing at all now. Pls share your views on the same.
    Thanks

    ReplyDelete
    Replies
    1. Not so favorable weather condition and adverse situation in Brazil market may impact agrochemical company's performance in near future . I mentioned it in detail in one of my previous reply few weeks back.

      Delete
  11. VP sir, really thanx for SKM egg....golden egg

    ReplyDelete
  12. Dear Sir Namastey,
    Mic Electronics is the perfect example of Conviction and Patience Test..i have the conviction and so getting the Patience..

    Thanx!!

    ReplyDelete
  13. Congratulations VP Sir,'
    SKM Egg is rocking, Sir you were very optimistic for Arrow Coated Products recommended at the levels of Rs 18, You had predicted it to be a stock for the future ,CMP Rs 489 , any fresh review.

    ReplyDelete
    Replies
    1. Not suggesting fresh buy at this valuation

      Delete
  14. Sir,
    I would like to clarify one qn.
    As per sebi guidlines 2 week / 6 month avg is required to consider for preferntial allotment.

    So the allotment by KREBS at Rs 54/- is legal? ( or is there any change in the guidelines).

    Rgds
    Zain.

    ReplyDelete
    Replies
    1. It is not a new allotment but only an approval for earlier decision , there was some grammatical mistake in announcement.

      Delete
  15. Sir your view on mukand engineering and kilburn chemical.
    Thankyou

    ReplyDelete
    Replies
    1. Both are not compelling buys in current circumstances

      Delete
  16. What is your view on Indraprasth Medical?

    ReplyDelete
  17. Hi Sir,

    What are your views on Alps Industries.. Did a basic search on your blog and comments but could not find any .. Apologies if you have already mentioned about it earlier in your blog.

    ReplyDelete
    Replies
    1. Commented about it in MMB few weeks back

      Delete
  18. Hi Sir,

    Can a fresh entry be made in one of your old recommendation ION EXCHANGE (INDIA) LTD at current level of 255.

    Your opinion is highly valuable to me Sir.

    Thanks
    Yogesh

    ReplyDelete
    Replies
    1. Suggested around Rs.125 , neutral at CMP Rs.255

      Delete
  19. Dear VP, Please share your views on Richa Industries, supreme infra and Banaras beads. Thanks.

    ReplyDelete
    Replies
    1. Banaras Beads not suggesting now due to poor working in recent times .Not tracking other two

      Delete
  20. Dear VP Sir,
    Can you please let me know if you track Jullundur Motor Agency, a spare part delivery company. It looks like a value buy at around Rs. 190. Can you please let me know if you track this one?

    Regards,
    Kinshuk

    ReplyDelete
  21. dear sir,
    I would like to now abt kse it seems an interesting company. I want to know abt the promoters.promoter holding is quite low and it is decreasing q on q .

    ReplyDelete
    Replies
    1. This company's promoters reducing their stake in past many quarters but it is surprise to seen not even a single disclosure of selling ,which is mandatory . Not sure about their corporate governance standards

      Delete
  22. Sir, please suggest one stock from sugar sector which I can hold for long term. Thanks.

    ReplyDelete
    Replies
    1. There is lot of issues prevailing in sugar sector at this point .So if someone buying shares in that sector , long patience needed . Balrampur Chini, EID Parry,Dhampur Sugar ..etc are comparatively fair from this sector

      Delete
  23. VP sir, a lot of thanks for SKM eggs. Any views on Subex, Godavari drugs.

    ReplyDelete
    Replies
    1. My thought on both stocks already shared

      Delete
  24. Hi Sirji,

    Request you to share your views on following script. Not requesting for spoon feeding but it will be great if you can share your experienced views on the same.

    Script : Incap ltd
    Market Cap : 12.52 Cr.
    Current Price: 25
    Face Value: 10.00
    P/E: 4.64

    Promoter stake is increased and paying dividend. As per my understanding they maintain good balance sheet also. ( i have very minimal knowledge, correct me if am wrong)

    As i did the basic research, it seems that it has lot of potential and to be a good bet for long term investor.

    But it would be very helpful if you can share your views on the same.

    Regards,
    SP Bangalore

    ReplyDelete
    Replies
    1. Potential is there in power distribution sector , but to a great extent it depends on government spending

      Delete
  25. Hi VP Sir.

    Do you track any unlisted share which you feel might be good for long term.

    This are some stock available with some brokers:
    RBL
    BSE
    Kurlon
    Catholic Syrian Bank
    Cochin Int. Airport

    Disc: Bought 50 share of RBL just to check the authenticity of the broker.

    ReplyDelete
  26. Dear VP Sir, Thank you for your Valuable suggestion like MIC SKM Satin Samkrg. I am an long term investor. Need your view on KPR mill & Kitex Garments...

    ReplyDelete
  27. Dear sir, please your view on CMI ltd

    ReplyDelete
  28. Hello Sir,

    Do you track Pincon Spirit ? Is it a good company for investment ?

    ReplyDelete
  29. Sir ur view on all cargo logistics

    ReplyDelete
  30. Your views on Nath bio and Cravatex?

    ReplyDelete
    Replies
    1. General view about seed sector explained in detail recently. Check the comment part of last 2-3 postings

      Cravatex is a company highly depends on Import , current rupee valuation is not favorable for such companies.

      Delete
  31. Dear Value pick, First, i should thank Anand24243 on mmb for leading me to this awesome blog.impressed with ur calls.do you new recommendation in recent?

    ReplyDelete
    Replies
    1. Pls don't take my thoughts as recommendation. Just sharing my personal opinion ,study the cos and take own call.

      Delete
  32. Dear Value pick,

    Has your opinion changed on Abbott india, mold teck pckging and patel airtemp? I am in 30 % profit in all and thinking about booking partial profit. Do you think they still have good long term future?

    ReplyDelete
  33. Dear VP Sir,
    I am holding few shares of Alpha Geo @ 51/-per share which is purchased after your recommandation.Sitting on good profit due to you.Thanks a lot.
    I understand that today company order book is around 300 Crore & market capitalization is equal to same so there is good earning visitbility for atleast next two years.I feel do you agree for the same.I would like to hold the same.What is your recommandation.Please suggest.
    Awaiting for your reply
    tks

    ReplyDelete
    Replies
    1. Alphageo India originally recommended @ Rs.38 about two years back .

      http://value-picks.blogspot.in/2013/10/sector-focus-oil-exploration-and-allied.html

      Stock is currently trading around Rs.560 .Recently company bagged the largest order in its history from ONGC for Rs.242 Cr .
      This giving very good visibility and more than that a successful execution of this large contract will place the company in an elite league and an undisputed leader in Indian integrated seismic data analysis business .This is the largest ever on land seismic data acquisition work awarded by ONGC to any company in its history . Experience of this work is expected to bring more opportunities to Alphageo even in overseas countries . Don't sell it now.

      Delete
  34. Dear VP sir,
    Kindly share your views on Oricon enterprises..

    ReplyDelete
  35. Sir, where to check the promoters selling without disclosures?? Also u mentioned in bambino agro that buying interst is seen lately..from where did one can check that..this was from disclosure or drom some where else??

    ReplyDelete
    Replies
    1. Disclosure regarding promoter purchase/sale should be filed in listed exchanges within stipulated time frame.

      Delete
  36. What is your view on kei industry

    ReplyDelete
  37. Hi sir - are u tracking Alembic ? Any view on it

    ReplyDelete
  38. Sir....I m holding still Hindustan tin . did you recommended to sell?

    ReplyDelete
    Replies
    1. Already suggested to shift from it

      http://value-picks.blogspot.in/2015/05/result-updates.html

      Delete
  39. Dear sir, please your view on majesco

    ReplyDelete
  40. what is views on caplin point lab?

    ReplyDelete
  41. Dear Sir,

    Your views on Deccan gold mines ?

    ReplyDelete
    Replies
    1. Lot of announcements and spurt in stock price following each announcements .But in all such occasions promoters are selling their shares and reducing their stake . Frankly speaking I have no idea - what is going on and hence no opinion , neither positive nor negative.

      Delete
  42. Dear vp please share your views on sree rayalaseema alkalies and allied chemicals ltd.... Any future of this for long term. Thanks in advance.

    ReplyDelete
  43. Dear VP Sir What is meant by locked in shares, encumbered shares. 40% of shares of promoters of SKM egg is locked in.

    ReplyDelete
    Replies
    1. Shares in lock in period can't be sold

      Delete
  44. Dear Sir,
    Please tell your opinion on Technvision Ventures Ltd. Is it good to enter at current price.

    ReplyDelete
  45. sir is there any value buy in cement sector that catches your eye? thanking you in advance......

    ReplyDelete
    Replies
    1. Already suggested three cement stocks ,Anjani Portland, NCL and India Cement .No change in that opinion.

      Delete
  46. Dear VP Sir..SKM has reached 205..I have been investing into SKM and my average buy price is around 115..I have invested close to 10 lakhs into SKM and all the credit for the profits that I am sitting on goes to you.. Thank you..May God bless you for your selfless service.. I have learnt a lot from reading your blogs...My learning on Diversification Vs Non Diversification, Risk, Conviction to hold a good business, Learning how to identify good business..All of this has resulted in my buying SKM and holding it during all the fluctuations..Credit goes completely to you..Even if not recommendations, I hope you will share the good knowledge, your experiences of the past that can help naive investors like me to be more wiser. Thanks Again.

    ReplyDelete
    Replies
    1. Credit goes to the management for their efforts and to the share holders who shown patience with conviction .:)

      Delete
  47. Dear VP sir, Please tell your view about MOTHERSON SUMI,
    Thanks

    ReplyDelete
  48. Hi VPg, your views on future consumer enterprise and Suzlon energy please ...

    ReplyDelete
  49. Sir your view on Cafe Coffee Day IPO

    ReplyDelete
    Replies
    1. Purely on fundamental basis ( based on the working till date ) it is not too attractive. But , since this is the first company to be listed from this space and lot of hype created , chance for some gain on listing can't be ruled out . Remaining based on future performance.

      Delete
  50. Sir your view on panyam cement. Thank you for SKM EGG V2 RETAIL MIC SUZLON.

    ReplyDelete
  51. Dear VP Sir Can you give us a few tips on how to evaluate the honesty and integrity of promoters

    ReplyDelete
  52. Sir,

    Please provide your view on :
    Imp power
    V2 retail
    Samkrg piston
    neo corp
    NCL and india cement

    ReplyDelete
  53. Dear Sir,

    Your views on VRL logistics ?

    Thanks,
    Shashiraj NK

    ReplyDelete
  54. Sir your views on Deccan Cements & Chembond

    ReplyDelete
  55. VP Sir, Do you track Enkei Wheels? mkt leader in aluminum alloy 2&4 wheels and had a cash EPS of Rs. 20.68

    ReplyDelete
  56. Are you tracking OM METALS Infraprojects. Please share.

    ReplyDelete
  57. Dear sir

    What your view on Vedanta, I have purchase on 111 recently.

    ReplyDelete

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