Premium Value Investing NewsletterDownload Free Issue

Safal Niveshak Stock Analysis Excel Version 3.0

A few readers have accused me in the past of being a sadist who wants them to do the dirty work of analyzing companies on their own, instead of simply recommending stocks like so many other blogs do.

But I’d rather give you a compass instead of a map, for you can confuse the map with the territory and lose your life’s savings walking that path.

In this pursuit of handing you another compass, here is Version 3.0 of my Stock Analysis Excel Sheet that you can download on your computer, read through the instructions to follow a few simple steps, and then analyze not just the past performance of a company but also arrive at its approximate intrinsic value range.

And unlike the previous versions where you were required to enter most data manually, this latest version feeds in data automatically from Screener.in website, which subsequently feeds into my sheets on financial analyses and intrinsic value calculations. So you must thank Screener’s creators and my friends Ayush and Pratyush before thanking me. 🙂

[Read more…]

The Art of Reading Balance Sheet (Video)

For all my warnings against watching business TV over the years (I don’t want to get started on the reasons again), I was on at ET Now yesterday to speak about long-term investing (yes, long-term investing…on business TV!). I also talked about one of my favourite subjects i.e., reading annual reports and specifically the Balance Sheet.

Here is the video of the chat (click here if you are not able to watch the video below) –


Combine this with my earlier posts on how to master analyzing the Balance Sheet – Part 1 and Part 2.

In the above chat, I talked about the annual reports of Avenue Supermarts, Symphony, and Info Edge – all of which I have analyzed and written about recently (Disclosure – I don’t own any of these stocks).

On being asked in the interview about my all-time favourite ‘annual reports,’ I mentioned Asian Paints and Titan (Disclosure – I own both these stocks, so big bias here).

Hope you find value in what I spoke, but also understand that my views were always on the annual reports and underlying businesses and never on the respective stocks.

Statutory Warning: This is NOT an investment advice to buy or sell shares. Please make your own decision, as blindly acting on anyone else’s research and opinions can be injurious to your wealth. My analysis may be biased, and wrong. I have been wrong many times in the past. I am a registered Research Analyst as per SEBI (Research Analyst) Regulations, 2014 (Registration No. INH000000578).

Annual Report Review: Info Edge

Here is my review of the FY17 annual report of India’s leading online classifieds company, Info Edge.

Click here to download the PDF review (7 MB file), or click the image below.

Info Edge Annual Report FY17 Analysis (SafalNiveshak.com)

Let me know your thoughts and questions on this review in the Comments section of this post, plus any additional thoughts from your own review of Info Edge’s FY17 annual report.

Statutory Warning: This is NOT an investment advice to buy or sell shares. Please make your own decision, as blindly acting on anyone else’s research and opinions can be injurious to your wealth. I do not own the stock, but my analysis may be biased, and wrong. I have been wrong many times in the past. I am a registered Research Analyst as per SEBI (Research Analyst) Regulations, 2014 (Registration No. INH000000578).

Annual Report Review: Symphony

Here is my review of the FY17 annual report of India’s leading air cooler company, Symphony Ltd.

Click here to download the PDF review (5 MB file), or read it in the panel below.


Let me know your thoughts and questions on this review in the Comments section of this post, plus any additional thoughts from your own review of Symphony’s FY17 annual report.

Statutory Warning: This is NOT an investment advice to buy or sell shares. Please make your own decision, as blindly acting on anyone else’s research and opinions can be injurious to your wealth. I do not own the stock, but my analysis may be biased, and wrong. I have been wrong many times in the past. I am a registered Research Analyst as per SEBI (Research Analyst) Regulations, 2014 (Registration No. INH000000578).

Annual Report Review: Avenue Supermarts (D-Mart)

Here is my review of the FY17 annual report of India’s leading value retailer, Avenue Supermarts, which owns and operates the D-Mart brand of stores.

Click here to download the PDF review (4 MB file), or read it in the panel below.


Let me know your thoughts and questions on this review in the Comments section of this post, plus any additional thoughts from your own review of Avenue Supermarts’ FY17 annual report.

Statutory Warning: This is NOT an investment advice to buy or sell shares. Please make your own decision, as blindly acting on anyone else’s research and opinions can be injurious to your wealth. I do not own the stock, but my analysis may be biased, and wrong. I have been wrong many times in the past. I am a registered Research Analyst as per SEBI (Research Analyst) Regulations, 2014 (Registration No. INH000000578).

StockScan: V-Mart Retail Ltd.

“Writing is 1 percent inspiration, and 99 percent elimination.” ~ Louise Brooks

This is an idea about brevity, so let me be brief.

Safal Niveshak StockScanStockScan is Safal Niveshak’s latest initiative where I will write and share to-the-point, one-page reports on listed Indian companies on a regular basis.

If you have been a reader of Safal Niveshak for long, you must remember how my idea of writing stock analyses has bombed quite a few times. So, I launched StockTalk 1.0, then 2.0, and then 3.0…but none could make it beyond a few weeks or days. If you think that’s due to my incompetence in analyzing stocks, you are right, and I am fine with that thought because you won’t expect much from this new initiative too. 😉

One big reason I never carried on far with my earlier such initiatives was that my business analyses were often construed as stock recommendations, and I found a lot of people acting on the same (and, of course, losing money). In fact, some curse me even now for a few old reports, despite my several warnings that what I wrote was purely entertaining business analysis and not serious stock recommendations.

Anyways, as I have also realized in hindsight, another reason I could not continue with these initiatives for long was that I often found the idea of writing long reports as cumbersome, after having done that for a few years in my job.

[Read more…]

2 Bitter Truths of Stock Valuation…and How You Can Avoid Them

We conducted our Value Investing Workshop in Bangalore yesterday, and here are some moments from the session…

Safal Niveshak's Value Investing Workshop in Bangalore

Out upcoming workshops are in Chennai, Mumbai, Delhi, and Hyderabad. If you wish to attend any of these, please click here to register.

Anyways, one of the key topics that I cover during these workshops is valuations i.e., importance of valuations and the process of valuing stocks. But before I start this specific section, I warn members about two bitter truths of valuations and how they can avoid them.

I first learned these truths during my reading of Aswath Damodaran, Professor of Finance at the Stern School of Business at New York University, where he teaches corporate finance and equity valuation. He is widely quoted on the subject of valuation, with “a great reputation as a teacher and authority”. In other words, Damodaran is to business valuations what Peter Drucker was to business strategy.

Couple of years back, I read his The Little Book of Valuation, wherein the first chapter reiterates an important fact about “value” – that it’s more than a number, and that understanding it well is a way to stay ahead of the pack.

[Read more…]

Annual Report Review: Bajaj Auto

Here is my review of the FY16 annual report of India’s leading two-wheeler company, Bajaj Auto.

Click here to download the PDF review (4 MB file), or read it in the panel below.


Let me know your thoughts and questions on this review in the Comments section of this post, plus any additional thoughts from your own review of Bajaj Auto’s FY16 annual report. Also share any suggestion(s) you may have to make future reviews better and easier for your understanding.

Statutory Warning: This is NOT an investment advice to buy or sell shares. Please make your own decision, as blindly acting on anyone else’s research and opinions can be injurious to your wealth. I own the stock, and thus my analysis is biased, and may be wrong. I have been wrong many times in the past. I am a registered Research Analyst as per SEBI (Research Analyst) Regulations, 2014 (Registration No. INH000000578).