MACPOWER CNC MACHINES LTD SCREENER.

IN

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trailing Best Case Worst Case
Sales 63.73 63.87 67.69 105.06 140.23 81.98 112.87 190.12 201.89 241.04 241.04 310.40 268.62
Expenses 62.13 61.72 66.08 93.55 123.62 77.17 103.69 169.62 181.22 205.71 205.73 264.93 242.37
Operating Profit 1.60 2.15 1.61 11.51 16.61 4.81 9.18 20.50 20.67 35.33 35.31 45.47 26.25
Other Income 0.53 0.29 0.42 0.53 2.92 0.55 0.35 0.83 0.25 1.50 1.50 - -
Depreciation 1.27 0.87 0.66 1.02 1.18 1.08 2.60 2.79 3.36 4.13 4.13 4.13 4.13
Interest 0.63 0.83 0.40 0.27 0.27 0.37 0.17 0.15 0.23 0.26 0.26 0.26 0.26
Profit before tax 0.23 0.74 0.97 10.75 18.08 3.91 6.76 18.39 17.33 32.44 32.42 41.08 21.86
Tax -0.06 0.26 0.19 3.71 5.44 1.18 0.72 5.55 4.44 8.19 8.19 25% 25%
Net profit 0.29 0.49 0.78 7.04 12.64 2.73 6.03 12.84 12.89 24.25 24.23 30.70 16.34
EPS 5.80 8.17 13.00 7.04 12.64 2.73 6.03 12.84 12.89 24.25 24.22 30.69 16.33
Price to earning 20.89 11.87 12.57 15.17 17.70 21.40 45.64 57.94 57.94 25.40
Price - - - 147.06 150.00 34.31 91.50 227.30 275.80 1,106.70 1,403.40 1,778.32 414.81

EBIT 0.86 1.57 1.37 11.02 18.35 4.28 6.93 18.54 17.56 32.70 32.68
EBITDA 2.13 2.44 2.03 12.04 19.53 5.36 9.53 21.33 20.92 36.83 36.81
Operating Profit (excl Other Income 1.60 2.15 1.61 11.51 16.61 4.81 9.18 20.50 20.67 35.33 35.31

RATIOS:
DPS - - - 0.98 0.98 - - 1.50 1.50 1.50
Dividend Payout 0.00% 0.00% 0.00% 13.92% 7.75% 0.00% 0.00% 11.68% 11.64% 6.19%
OPM 2.51% 3.37% 2.38% 10.96% 11.84% 5.87% 8.13% 10.78% 10.24% 14.66% 14.65%

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

Sales Growth 15.93% 19.89% 11.44% 28.78% 19.39% 28.78% 11.44%
OPM 9.77% 11.05% 10.93% 12.08% 14.65% 14.65% 9.77%
Price to Earning 25.40 25.40 28.40 35.67 57.94 57.94 25.40
MACPOWER CNC MACHINES LTD SCREENER.IN

Narration Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 48.05 55.16 41.08 53.48 53.01 54.32 40.46 63.10 66.14 71.34
Expenses 42.67 49.57 37.02 47.54 47.42 49.26 37.09 54.06 56.05 58.53
Operating Profit 5.38 5.59 4.06 5.94 5.59 5.06 3.37 9.04 10.09 12.81
Other Income 0.07 0.09 0.12 0.15 0.02 -0.03 0.26 0.20 0.50 0.54
Depreciation 0.72 0.72 0.75 0.84 0.86 0.90 0.91 0.95 1.07 1.20
Interest 0.05 0.03 0.03 0.10 0.06 0.04 0.04 0.04 0.12 0.06
Profit before tax 4.68 4.93 3.40 5.15 4.69 4.09 2.68 8.25 9.40 12.09
Tax 1.19 1.29 0.85 1.30 1.19 1.09 0.65 2.09 2.37 3.08
Net profit 3.48 3.64 2.55 3.85 3.50 3.00 2.03 6.16 7.03 9.01

OPM 11% 10% 10% 11% 11% 9% 8% 14% 15% 18%

EBIT 4.73 4.96 3.43 5.25 4.75 4.13 2.72 8.29 9.52 12.15
EBITDA 5.45 5.68 4.18 6.09 5.61 5.03 3.63 9.24 10.59 13.35
MACPOWER CNC MACHINES LTD SCREENER.IN

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 2HFY20 Input data from 2QFY BS
Equity Share Capital 0.50 0.60 0.60 9.81 9.81 9.81 10.00 10.00 10.00 10.00
Reserves 1.37 2.26 3.02 43.47 55.76 56.64 62.46 74.70 86.61 109.11
Borrowings 7.84 4.21 4.01 0.46 0.25 0.84 0.22 0.14 0.41 0.48 0.00
Other Liabilities 17.01 17.93 24.90 40.95 43.36 30.53 61.69 58.31 46.16 66.71 def tax liab+oth long term liab+other current liab
Total 26.72 25.00 32.53 94.69 109.18 97.82 134.37 143.15 143.18 186.30

Net Block / PPE 3.48 2.82 2.95 4.53 5.93 35.91 37.48 39.92 43.57 47.16
Capital Work in Progress - - - 0.06 5.52 0.76 1.27 0.16 0.09 2.71
Investments 1.09 0.01 - 7.51 1.00 1.25 19.66 4.70 5.00 3.05
Other Assets 22.15 22.17 29.58 82.59 96.73 59.90 75.96 98.37 94.52 133.38 total current assets+long term loans and advances+other non current assets
Total 26.72 25.00 32.53 94.69 109.18 97.82 134.37 143.15 143.18 186.30 0.00 0.00 check TA matching

Working Capital 5.14 4.24 4.68 41.64 53.37 29.37 14.27 40.06 48.36 66.67 0.00
Debtors (Trade receivables) 2.35 3.29 10.38 4.16 8.66 3.26 3.82 5.97 12.75 21.80
Inventory 16.23 10.09 17.31 27.68 47.37 46.22 60.93 75.58 71.01 90.45
Trade Payables (Creditors) 9.74 7.17 7.96 19.21 37.43 37.86 25.62 18.77 35.37 44.57 input Creditors (Payables) data from Screener/Annual Reports

Inventory Turnover 3.93 6.33 3.91 3.80 2.96 1.77 1.85 2.52 2.84 2.66 -
Inventory Days 92.95 57.66 93.34 96.17 123.30 205.79 197.04 145.10 128.38 136.97 0.00
Debtor Days 13 19 56 14 23 15 12 11 23 33 0.00
Creditor Days 56 41 43 67 97 169 83 36 64 67 -
Cash Conversion Cycle 51 35 106 44 48 52 127 121 87 102 -
Working Capital/Sales 8.07% 6.64% 6.91% 39.63% 38.06% 35.83% 12.64% 21.07% 23.95% 27.66%

Return on Equity 16% 17% 22% 13% 19% 4% 8% 15% 13% 20%
Return on Capital Emp 5% 14% 10% 15% 17% 4% 11% 15% 14% 20%

Book Value 1.87 2.86 3.62 53.28 65.57 66.45 72.46 84.70 96.61 119.11 -
BVPS 37.40 47.67 60.33 53.28 65.57 66.45 72.46 84.70 96.61 119.11 -

Cash & Bank Balances 0.56 6.23 0.06 39.16 27.88 5.87 5.05 8.56 5.17 12.86
Cash/Sales 0.88% 9.75% 0.09% 37.27% 19.88% 7.16% 4.47% 4.50% 2.56% 5.34%

Common Size Balance Shee Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Check back how Assets are being put to use
Net Block/Total Assets 13.02% 11.28% 9.07% 4.78% 5.43% 36.71% 27.89% 27.89% 30.43% 25.31% high historical Fixed Assets/Total Assets - strong correlation high Op Leverage
Working Capital/Total Asset 19.24% 16.96% 14.39% 43.98% 48.88% 30.02% 10.62% 27.98% 33.78% 35.79%
Debtors/Total Assets 8.79% 13.16% 31.91% 4.39% 7.93% 3.33% 2.84% 4.17% 8.90% 11.70%
Inventory/Total Assets 60.74% 40.36% 53.21% 29.23% 43.39% 47.25% 45.34% 52.80% 49.59% 48.55%
Cash/Total Assets 2.10% 24.92% 0.18% 41.36% 25.54% 6.00% 3.76% 5.98% 3.61% 6.90% check for excluding excess cash (over and above historical normalised levels)

Borrowings/Total Assets 29.34% 16.84% 12.33% 0.49% 0.23% 0.86% 0.16% 0.10% 0.29% 0.26%
MACPOWER CNC MACHINES LTD SCREENER.IN

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Cash from Operating Activity -0.32 6.48 -1.79 10.42 -10.62 1.81 22.89 -6.81 4.79 16.62
Cash from Investing Activity 1.14 1.16 -0.73 -10.09 -2.59 -1.35 -19.84 10.10 -7.00 -7.32
Cash from Financing Activity -1.70 -1.97 -3.65 38.77 1.92 -0.66 -0.79 -0.74 -0.96 -1.69
Net Cash Flow -0.88 5.67 -6.17 39.10 -11.28 -0.20 2.26 2.55 -3.17 7.61

FCF -1.59 5.61 -2.45 9.40 -11.80 0.73 20.29 -9.60 1.43 12.49

3-yr avg 1.44

5-yr avg 5.07
 Common Size P&L
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 73% 70% 79% 63% 71% 68% 67% 71% 71% 72%
Change in Inventory -1% -4% 6% -4% 4% 1% -2% 1% 1% 5%
Power and Fuel 0% 0% 1% 1% 0% 1% 1% 1% 1% 0%
Other Mfr. Exp 0% 0% 5% 6% 7% 7% 7% 6% 6% 0%
Employee Cost 10% 11% 13% 11% 9% 14% 10% 9% 10% 10%
Selling and Admin Cost 0% 0% 8% 5% 5% 5% 3% 2% 2% 0%
Other Expenses 13% 12% -2% -1% 0% 1% 2% 1% 2% 8%
Operating Profit 5% 11% -10% 20% 4% 4% 13% 10% 7% 6%
Other Income 1% 0% 1% 1% 2% 1% 0% 0% 0% 1%
Depreciation 2% 1% 1% 1% 1% 1% 2% 1% 2% 2%
Interest 1% 1% 1% 0% 0% 0% 0% 0% 0% 0%
Profit Before Tax 0% 1% 1% 10% 13% 5% 6% 10% 9% 13%
Tax 0% 0% 0% 4% 4% 1% 1% 3% 2% 3%
Net Profit 0% 1% 1% 7% 9% 3% 5% 7% 6% 10%
Dividend Amount 0% 0% 0% 1% 1% 0% 0% 1% 1% 1%
Common Size Balance Sheet
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 2% 2% 2% 10% 9% 10% 7% 7% 7% 5%
Reserves 5% 9% 9% 46% 51% 58% 46% 52% 60% 59%
Borrowings 29% 17% 12% 0% 0% 1% 0% 0% 0% 0%
Other Liabilities 64% 72% 77% 43% 40% 31% 46% 41% 32% 36%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 13% 11% 9% 5% 5% 37% 28% 28% 30% 25%
Capital Work in Progress 0% 0% 0% 0% 5% 1% 1% 0% 0% 1%
Investments 4% 0% 0% 8% 1% 1% 15% 3% 3% 2%
Other Assets 83% 89% 91% 87% 89% 61% 57% 69% 66% 72%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 9% 13% 32% 4% 8% 3% 3% 4% 9% 12%
Inventory 61% 40% 53% 29% 43% 47% 45% 53% 50% 49%
Cash & Bank 2% 25% 0% 41% 26% 6% 4% 6% 4% 7%
 A common-size financial statement is
displays line items as a percentage of one
selected or common figure. Creating
common-size financial statements makes it
easier to analyze a company over time and
compare it with its peers. Using common-
size financial statements helps investors
spot trends that a raw financial statement
may not uncover.
 MACPOWER CNC MACHINES LTD

HISTORICA
L
DELTA DELTA VALUATIO
NETWORTH MKTCAP IMPACT* NS
10 YR 117 1107 9.44
7 YR 66 960 14.58 MIN
5 YR 53 1072 20.36 MAX
3 YR 34 879 25.56 TRAILING
1 YR 23 831 36.93
* IMPACT – Every Rupee retained added xx.yy in incremental market value

MACPOWER CNC MACHINES LTD SALES GROSS PROFIT EBIT PAT DIVIDEND
10 YR CAGR 15.93% 16.35% 49.82% 63.53% #DIV/0!
5 YR CAGR 30.95% 26.69% 66.26% 72.64% #DIV/0!
3 YR CAGR 12.60% 9.39% 32.81% 37.43% 0.00%
1 YR GROWTH 19.39% 15.31% 86.22% 88.13% 0.00%
**modify (if, then) for negative values
MACPOWER CNC MACHINES LTD Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
al Assets/Networth= Financial Leverage 14.29 8.74 8.99 1.78 1.67
Long term debt/Earning 27.03 8.59 5.14 0.07 0.02
Current liablility/Earning 58.66 36.59 31.92 5.82 3.43
Total liability/Earning 85.69 45.18 37.06 5.88 3.45
Debt/Equity 4.19 1.47 1.11 0.01 0.00
Interest Coverage 1.37 1.89 3.43 40.81 67.96
Working Capital/Sales 8.07% 6.64% 6.91% 39.63% 38.06%
Inventory Turns 3.93 6.33 3.91 3.80 2.96
Inventory Days 93 58 93 96 123
Debtor Days 13 19 56 14 23
Creditor Days 56 41 43 67 97
Cash Conversion Cycle 51 35 106 44 48
Cash In/Cash Out Ratio 0.17 0.53 0.42 1.06 0.84
Current Ratio 1.30 1.24 1.19 2.02 2.23
CFO/PAT -1.10 13.22 -2.29 1.48 -0.84

Gross Margin =Gross Profit/Sales 26.94% 29.81% 20.68% 36.52% 28.58%

EBIT/Sales 1.35% 2.46% 2.02% 10.49% 13.09%
EBITDA/Sales 3.34% 3.82% 3.00% 11.46% 13.93%
Op Profit (Ex Other Income)/Sales 2.51% 3.37% 2.38% 10.96% 11.84%
Net Margin =PAT/Sales 0.46% 0.77% 1.15% 6.70% 9.01%
Op Cash Flow/Sales -0.50% 10.15% -2.64% 9.92% -7.57%
Free Cash Flow/Sales 0.00% 9.82% -3.81% 7.39% -13.31%
EPA/Sales 0.08% 0.27% 0.27% 1.59% 3.60%
EPA/Sales Increase - last 5 Years 3.52%
EPA/Sales Increase - last 3 Years 0.20% 1.32% 3.33%
MktCap Cagr - last 5 years #DIV/0!
MktCap Cagr - last 3 years #DIV/0! #DIV/0! #DIV/0!

Sales/Invested Capital =Capital Turns 7.39 9.05 8.87 2.27 2.16

Sales/Fixed Assets= Fixed Asset Turns 18.31 22.65 22.95 23.19 23.65
Sales/Total Assets= Asset Turns 2.39 2.55 2.08 1.11 1.28
Net Margin*Asset Turns= RoA 1.09% 1.96% 2.40% 7.43% 11.58%
 Margin*Asset Turn*Fin Leverage= RoE 15.51% 17.13% 21.55% 13.21% 19.28%
RoCE 8.86% 22.21% 17.96% 20.51% 27.88%
T Margin*Cap Turns*(1-Tax rate)= RoIC 12.58% 14.42% 14.44% 15.61% 19.79%
urn on Incremental Invested Cap= RoIIC -5.34% 1072.84% 14.54%
3Yr Rolling RoIIC
5Yr Rolling RoIIC

Altman Z-Score 2.74 2.99 2.43 3.04 3.40

Dividend Payout 0.00% 0.00% 0.00% 13.92% 7.75%
Cash/Assets 2.10% 24.92% 0.18% 41.36% 25.54%
EBIT/Invested Capital 9.98% 22.24% 17.96% 23.84% 28.31%
EPA 0.05 0.17 0.19 1.67 5.05
MktCap 0 0 0 147 150
MktCap Change 0 0 147 3
MktCap Change - EPA -0.17 -0.19 145.39 -2.11

Capex/Net Profits 10 yr 80%

Capex/Net Profits 7 yr 80%
Capex/Net Profits 5 yr 89%
Capex/Net Profits 3 yr 43%
Capex/Depreciation 10 yr 338%
 P/E P/B EV/EBITDA P/SALES YIELD P/CFO
0.00 0.00 -0.83 0.00 #DIV/0! -33.38
45.64 9.29 29.71 4.59 #DIV/0! 66.59
57.94 11.79 29.71 5.82 0.11% 84.48

EPA** MKTCAP CFO** FCF** NETWORTHTOTAL RETURNS

81.09% #DIV/0! -255.10% 0.02% 58.66% #DIV/0!
#NUM! 138.32% 74.08% #NUM! 15.71% 138.40%
77.28% 120.66% #NUM! #NUM! 18.59% 120.08%
418.14% 301.27% 246.97% -392.09% 23.29% 299.64%

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM input TTM BS data in Balance Sheet fro
1.47 1.85 1.69 1.48 1.56 #DIV/0!
0.31 0.04 0.01 0.03 0.02
11.18 10.23 4.54 3.58 2.75
11.49 10.27 4.55 3.61 2.77
0.01 0.00 0.00 0.00 0.00
11.57 40.76 123.60 76.35 125.77
35.83% 12.64% 21.07% 23.95% 27.66% Check for improving or deteriorating pi
1.77 1.85 2.52 2.84 2.66
206 197 145 128 137
15 12 11 23 33
169 83 36 64 67 Check back to see if Creditor policy cha
52 127 121 87 102
0.30 0.14 0.25 0.39 0.52
1.96 1.23 1.69 2.05 2.00
0.66 3.80 -0.53 0.37 0.69

31.76% 33.14% 29.49% 28.82% 27.83%

5.22% 6.14% 9.75% 8.70% 13.57% 13.56%
6.54% 8.44% 11.22% 10.36% 15.28%
5.87% 8.13% 10.78% 10.24% 14.66%
3.33% 5.34% 6.75% 6.38% 10.06% 10.05%
2.21% 20.28% -3.58% 2.37% 6.90%
-29.87% 16.13% -5.75% -1.06% 2.61%
-6.02% -0.15% 1.75% 1.00% 4.34%
-6.29% -0.43% 0.16% -2.60% 10.36%
-7.61% -3.75% 7.77% 1.15% 2.59%
#DIV/0! #DIV/0! 11.50% 16.45% 138.32%
-51.70% -21.90% 157.39% 73.61% 120.66%

1.24 2.13 2.37 2.19 2.07

2.28 3.01 4.76 4.63 5.11
0.84 0.84 1.33 1.41 1.29 #DIV/0!
2.79% 4.49% 8.97% 9.00% 13.02% #DIV/0! Check back what is really driving RoA (N
 4.11% 8.32% 15.16% 13.34% 20.36% #DIV/0! Check back what is really driving RoE (N
6.36% 9.53% 21.85% 18.10% 27.34%
4.53% 11.68% 16.15% 14.19% 20.98% #DIV/0! Check back what is really driving RoIC (
-52.93% 262.59% -51.87% 0.43% 95.82%
3.27% -1.75% 1.71% 65.75% 70.26% better to check when NOPLAT and/or Inves
0.00% 9.01% 25.77% 8.06% 25.37% better to check when NOPLAT and/or Inves

1.59 1.61 3.15 3.49 6.04

0.00% 0.00% 11.68% 11.64% 6.19%
6.00% 3.76% 5.98% 3.61% 6.90%
6.48% 13.07% 23.13% 19.08% 28.06% Check back the significant role of EBIT/
-4.94 -0.17 3.33 2.02 10.46 Check back what is really driving EPA (I
34 92 227 276 1107
-116 57 136 49 831
-110.75 57.36 132.47 46.48 820.44
 PRE-TAX
BOND
LongTerm Bo 9%
LTB Quote 13.48
Equity Quoti 2.51%

TTM BS data in Balance Sheet from Half yearly results

k for improving or deteriorating picture

k back to see if Creditor policy change is impacting Working Cap cycle

k back what is really driving RoA (Net Margins or Asset Turns, or both)
k back what is really driving RoE (Net Margins, Asset Turns, or Financial Leverage)

k back what is really driving RoIC (Op Margins or Capital Turns, or both)

to check when NOPLAT and/or Investments are Lumpy

to check when NOPLAT and/or Investments are Lumpy

k back the significant role of EBIT/Invested Capital

k back what is really driving EPA (Invested Capital or RoIC, or both)
COMPANY NAME MACPOWER CNC MACHINES LTD
LATEST VERSION 2.10 PLEASE
CURRENT VERSION 2.10

META
Number of shares 1.00
Face Value 10
Current Price 1403.4
Market Capitalization 1403.98

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 63.73 63.87 67.69 105.06
Raw Material Cost 46.56 44.83 53.69 66.69
Change in Inventory -0.88 -2.3 4.03 -4.68
Power and Fuel 0.44 0.61
Other Mfr. Exp 3.34 6.28
Employee Cost 6.59 7.19 8.61 11.44
Selling and admin 5.12 4.87
Other Expenses 8.1 7.4 -1.09 -1.02
Other Income 0.53 0.29 0.42 0.53
Depreciation 1.27 0.87 0.66 1.02
Interest 0.63 0.83 0.4 0.27
Profit before tax 0.23 0.74 0.97 10.75
Tax -0.06 0.26 0.19 3.71
Net profit 0.29 0.49 0.78 7.04
Dividend Amount 0.98

Quarters
Report Date Dec-21 Mar-22 Jun-22 Sep-22
Sales 48.05 55.16 41.08 53.48
Expenses 42.67 49.57 37.02 47.54
Other Income 0.07 0.09 0.12 0.15
Depreciation 0.72 0.72 0.75 0.84
Interest 0.05 0.03 0.03 0.1
Profit before tax 4.68 4.93 3.4 5.15
Tax 1.19 1.29 0.85 1.3
Net profit 3.48 3.64 2.55 3.85
Operating Profit 5.38 5.59 4.06 5.94
BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 0.5 0.6 0.6 9.81
Reserves 1.37 2.26 3.02 43.47
Borrowings 7.84 4.21 4.01 0.46
Other Liabilities 17.01 17.93 24.9 40.95
Total 26.72 25 32.53 94.69
Net Block 3.48 2.82 2.95 4.53
Capital Work in Progress 0.06
Investments 1.09 0.01 7.51
Other Assets 22.15 22.17 29.58 82.59
Total 26.72 25 32.53 94.69
Receivables 2.35 3.29 10.38 4.16
Inventory 16.23 10.09 17.31 27.68
Cash & Bank 0.56 6.23 0.06 39.16
No. of Equity Shares 500000 600000 600000 9808000
New Bonus Shares
Face value 10 10 10 10

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity -0.32 6.48 -1.79 10.42
Cash from Investing Activity 1.14 1.16 -0.73 -10.09
Cash from Financing Activity -1.7 -1.97 -3.65 38.77
Net Cash Flow -0.88 5.67 -6.17 39.1

PRICE: 147.06

DERIVED:
Adjusted Equity Shares in Cr 0.05 0.06 0.06 1.00
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

140.23 81.98 112.87 190.12 201.89 241.04
100.15 55.94 75.47 134.05 143.71 173.95
5.74 0.79 -2.47 1.11 3 11.01
0.61 0.51 0.89 1.09 1.41
9.29 5.47 8.28 12 11.8
12.4 11.39 11.71 17.56 20.61 22.99
6.49 3.95 3.13 3.41 3.24
0.42 0.7 1.74 2.62 3.45 19.78
2.92 0.55 0.35 0.83 0.25 1.5
1.18 1.08 2.6 2.79 3.36 4.13
0.27 0.37 0.17 0.15 0.23 0.26
18.08 3.91 6.76 18.39 17.33 32.44
5.44 1.18 0.72 5.55 4.44 8.19
12.64 2.73 6.03 12.84 12.89 24.25
0.98 1.5 1.5 1.5

Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24

53.01 54.32 40.46 63.1 66.14 71.34
47.42 49.26 37.09 54.06 56.05 58.53
0.02 -0.03 0.26 0.2 0.5 0.54
0.86 0.9 0.91 0.95 1.07 1.2
0.06 0.04 0.04 0.04 0.12 0.06
4.69 4.09 2.68 8.25 9.4 12.09
1.19 1.09 0.65 2.09 2.37 3.08
3.5 3 2.03 6.16 7.03 9.01
5.59 5.06 3.37 9.04 10.09 12.81
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
9.81 9.81 10 10 10 10
55.76 56.64 62.46 74.7 86.61 109.11
0.25 0.84 0.22 0.14 0.41 0.48
43.36 30.53 61.69 58.31 46.16 66.71
109.18 97.82 134.37 143.15 143.18 186.3
5.93 35.91 37.48 39.92 43.57 47.16
5.52 0.76 1.27 0.16 0.09 2.71
1 1.25 19.66 4.7 5 3.05
96.73 59.9 75.96 98.37 94.52 133.38
109.18 97.82 134.37 143.15 143.18 186.3
8.66 3.26 3.82 5.97 12.75 21.8
47.37 46.22 60.93 75.58 71.01 90.45
27.88 5.87 5.05 8.56 5.17 12.86
9808000 9808000 10004160 10000000 10000000

10 10 10 10 10 10

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

-10.62 1.81 22.89 -6.81 4.79 16.62
-2.59 -1.35 -19.84 10.1 -7 -7.32
1.92 -0.66 -0.79 -0.74 -0.96 -1.69
-11.28 -0.2 2.26 2.55 -3.17 7.61

150 34.31 91.5 227.3 275.8 1106.7

1.00 1.00 1.00 1.00 1.00 1.00

MACPOWER CNC MACHINES LTD
MACPOWER CNC MACHINES LTD Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Gross Profit 17.17 19.04 14 38.37 40.08 26.04
EBIT 0.86 1.57 1.37 11.02 18.35 4.28
EBITDA 2.13 2.44 2.03 12.04 19.53 5.36
Operating Profit (excl Other Income) 1.6 2.15 1.61 11.51 16.61 4.81
PAT 0.29 0.49 0.78 7.04 12.64 2.73
Dividend 0 0 0 0.98 0.98 0
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Networth 1.87 2.86 3.62 53.28 65.57 66.45
Working Capital 5.14 4.24 4.68 41.64 53.37 29.37
Exclude one-off excess Cash (if any)
Invested Capital 8.62 7.06 7.63 46.23 64.82 66.04
Capital Employed 9.71 7.07 7.63 53.74 65.82 67.29
Total Assets 26.72 25 32.53 94.69 109.18 97.82
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Operating Cash Flow -0.32 6.48 -1.79 10.42 -10.62 1.81
Capex 0.21 0.79 2.66 8.04 26.3
Free Cash Flow 6.27 -2.58 7.76 -18.66 -24.49
RoE 16% 17% 22% 13% 19% 4%
Dividend Payout 0% 0% 0% 14% 8% 0%
Tax Rate -26% 35% 20% 35% 30% 30%
NOPLAT 1.08 1.02 1.10 7.22 12.83 2.99
RoIC 13% 14% 14% 16% 20% 5%
WACC 12% 12% 12% 12% 12% 12%
EPA (Economic Profit Added) 0.05 0.17 0.19 1.67 5.05 -4.94
RoIIC -5% 1073% 15% -53%
3Yr Rolling RoIIC 3%
5Yr Rolling RoIIC
Operating Leverage 375.82 12.76 1.99
Sustainable Growth Rate 16% 17% 22% 11% 18% 4%
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
MktCap 0.00 0.00 0.00 147.06 150.00 34.31
MktCap+Dividend 0.00 0.00 0.00 148.04 150.98 34.31
Retained Profit 0.29 0.49 0.78 6.06 11.66 2.73
EV 7.28 -2.02 3.95 108.36 122.37 29.28
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Price/Earnings 0.00 0.00 0.00 20.89 11.87 12.57
Price/Book 0.00 0.00 0.00 2.76 2.29 0.52
Price/CashFlow 0.00 0.00 0.00 14.11 -14.12 18.96
Price/Sales 0.00 0.00 0.00 1.40 1.07 0.42
EV/EBITDA 3.42 -0.83 1.95 9.00 6.27 5.46
Dividend Yield #DIV/0! #DIV/0! #DIV/0! 0.67% 0.65% 0.00%
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Working Capital/Total Assets 0.19 0.17 0.14 0.44 0.49 0.30
Retained Profits/Total Assets 0.01 0.02 0.02 0.06 0.11 0.03
EBIT/Total Assets 0.03 0.06 0.04 0.12 0.17 0.04
Market Cap/Total Liabilities 0.00 0.00 0.00 1.55 1.37 0.35
Sales/Total Assets 2.39 2.55 2.08 1.11 1.28 0.84
Altman Z-Score 2.74 2.99 2.43 3.04 3.40 1.59
Z > 2.99 -“Safe” Zones
1.81 < Z < 2.99 -“Grey” Zones
Z < 1.81 -“Distress” Zones

1 2 3 4 5 6
DCF 2020 2021 2022 2023 2024 2025
FCF 6.28 0 3.14 6.28 7.222 8.3053
10.00% 1.1 1.21 1.331 1.4641 1.61051 1.771561
12.00% 1.12 1.2544 1.404928 1.5735194 1.7623417 1.9738227
15.00% 1.15 1.3225 1.520875 1.7490062 2.0113572 2.3130608
Discount Rate
Discounted FCF at R=10 5.70909091 0 2.3591285 4.2893245 4.4842938 4.6881253
Sum of Discounted FCF
Discounted FCF at R=12 5.60714286 0 2.23499 3.9910535 4.0979568 4.2077235

Discounted FCF at R=15 5.46086957 0 2.064601 3.5906104 3.5906104 3.5906104

Sum at R=15
Perpetuity Value at R=10 384.939573
Perpetuity Value at R=12 256.626382
Perpetuity Value at R=15 171.084254
Per Share Price
Total Equity value at R=10 427.452087 264.67621
Total Equity value at R=12 294.753807 182.5101
Total Equity Value at R=15 203.743998 126.15727

FCF/SHARE 3.88854489
Price 100
Ratio 25.7165605
Mar-21 Mar-22 Mar-23 Mar-24 TTM
37.4 56.07 58.18 67.09
6.93 18.54 17.56 32.7 32.68
9.53 21.33 20.92 36.83 36.81
9.18 20.5 20.67 35.33 35.31
6.03 12.84 12.89 24.25 24.23
0 1.5 1.5 1.5
Mar-21 Mar-22 Mar-23 Mar-24 1HFY17
72.46 84.7 96.61 119.11 0.00
14.27 40.06 48.36 66.67 0.00
check historical normalised levels of cash/total assets for excluding one-off
53.02 80.14 92.02 116.54 0.00
72.68 84.84 97.02 119.59
134.37 143.15 143.18 186.3 0.00
Mar-21 Mar-22 Mar-23 Mar-24
22.89 -6.81 4.79 16.62
4.68 4.12 6.94 10.34 CHECK? derived from BS
18.21 -10.93 -2.15 6.28
8% 15% 13% 20%
0% 12% 12% 6%
11% 30% 26% 25%
6.19 12.94 13.06 24.44
12% 16% 14% 21%
12% 12% 12% 12%
-0.17 3.33 2.02 10.46
263% -52% 0% 96%
-2% 2% 66% 70%
9% 26% 8% 25%
1.64 2.45 4.45
8% 13% 12% 19% coy can grow at this rate safely with internal accruals
Mar-21 Mar-22 Mar-23 Mar-24 CURRENT
91.50 227.30 275.80 1106.70 1403.98
91.50 228.80 277.30 1108.20
6.03 11.34 11.39 22.75
86.67 218.88 271.04 1094.32
Mar-21 Mar-22 Mar-23 Mar-24
15.17 17.70 21.40 45.64
1.26 2.68 2.85 9.29
4.00 -33.38 57.58 66.59
0.81 1.20 1.37 4.59
9.09 10.26 12.96 29.71
0.00% 0.66% 0.54% 0.14%
Mar-21 Mar-22 Mar-23 Mar-24 Z-Weights
0.11 0.28 0.34 0.36 1.2
0.04 0.08 0.08 0.12 1.4
0.05 0.13 0.12 0.18 3.3
0.68 1.59 1.93 5.94 0.6
0.84 1.33 1.41 1.29 1
1.61 3.15 3.49 6.04
 Growth Rate Perpetu 6.00%

7 8 9 10
2026 2027 2028 2029
9.551095 10.983759 12.631323 14.526022
1.9487171 2.1435888 2.3579477 2.5937425
2.2106814 2.4759632 2.7730788 3.1058482
2.6600199 3.0590229 3.5178763 4.0455577

4.9012219 5.1240048 5.3569141 5.6004102

42.512514
4.3204303 4.4361561 4.5549818 4.6769902
38.127425
3.5906104 3.5906104 3.5906104 3.5906104
32.659743
/total assets for excluding one-off excess cash for RoIC calculations
MACPOWER CNC MACHINES LTD Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Sales 63.73 63.87 67.69 105.06 140.23
Other Income 0.53 0.29 0.42 0.53 2.92
Sales Increase 0.22% 5.98% 55.21% 33.48%
EBIT 0.86 1.57 1.37 11.02 18.35
EBIT Increase 82.56% -12.74% 704.38% 66.52%
Operating Expenses Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Raw Material Cost 46.56 44.83 53.69 66.69 100.15
Change in Inventory -0.88 -2.3 4.03 -4.68 5.74
Power and Fuel 0 0 0.44 0.61 0.61
Other Mfr. Exp 0 0 3.34 6.28 9.29
Employee Cost 6.59 7.19 8.61 11.44 12.4
Selling and admin 0 0 5.12 4.87 6.49
Other Expenses 8.1 7.4 -1.09 -1.02 0.42
Interest Expense 0.63 0.83 0.40 0.27 0.27
Coomon Size Expenses Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Raw Material Cost 73.06% 70.19% 79.32% 63.48% 71.42%
Change in Inventory -1.38% -3.60% 5.95% -4.45% 4.09%
Power and Fuel 0.00% 0.00% 0.65% 0.58% 0.43%
Other Mfr. Exp 0.00% 0.00% 4.93% 5.98% 6.62%
Employee Cost 10.34% 11.26% 12.72% 10.89% 8.84%
Selling and admin 0.00% 0.00% 7.56% 4.64% 4.63%
Other Expenses 12.71% 11.59% -1.61% -0.97% 0.30%
Interest Expense 0.99% 1.30% 0.59% 0.26% 0.19%
Interest Expense Capitalised
Year on Year Escalation Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Raw Material Increase/Sales Increase -16.91 3.30 0.44 1.50
Change in Inventory Increase/Sales Increase 734.55 -46.02 -3.91 -6.65
Power & Fuel Increase/Sales Increase #DIV/0! #DIV/0! 0.70 0.00
Other Mfg Increase/Sales Increase #DIV/0! #DIV/0! 1.59 1.43
Employee Cost Increase/Sales Increase 41.45 3.30 0.60 0.25
Selling & Admin Cost Increase/Sales Increase #DIV/0! #DIV/0! -0.09 0.99
Other Expenses Increase/Sales Increase -39.34 -19.18 -0.12 -4.22
Year on Year Escalation Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Working Capital Increase/Sales Increase -79.71 1.74 14.30 0.84
Debtors Increase/Sales Increase 182.09 36.03 -1.09 3.23
Inventory Increase/Sales Increase -172.21 11.96 1.09 2.12
Creditors Increase/Sales Increase -120.1 1.8 2.6 2.8
Invested Capital Increase/Sales Increase -82.38 1.35 9.16 1.20
Dilution Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Equity Capital Increase/Decrease 20.00% 0.00% 1535.00% 0.00%
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
81.98 112.87 190.12 201.89 241.04
0.55 0.35 0.83 0.25 1.5
-41.54% 37.68% 68.44% 6.19% 19.39%
4.28 6.93 18.54 17.56 32.7
-76.68% 61.92% 167.53% -5.29% 86.22%
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
55.94 75.47 134.05 143.71 173.95
0.79 -2.47 1.11 3 11.01
0.51 0.89 1.09 1.41 0
5.47 8.28 12 11.8 0
11.39 11.71 17.56 20.61 22.99
3.95 3.13 3.41 3.24 0
0.7 1.74 2.62 3.45 19.78
0.37 0.17 0.15 0.23 0.26
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
68.24% 66.86% 70.51% 71.18% 72.17% check lower RM/Sales - high correlation with Op Leve
0.96% -2.19% 0.58% 1.49% 4.57%
0.62% 0.79% 0.57% 0.70% 0.00%
6.67% 7.34% 6.31% 5.84% 0.00%
13.89% 10.37% 9.24% 10.21% 9.54% check high Emp Cost/Sales - high correlation with Op
4.82% 2.77% 1.79% 1.60% 0.00%
0.85% 1.54% 1.38% 1.71% 8.21%
0.45% 0.15% 0.08% 0.11% 0.11%
Add back from AR - any interest costs capitalised
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
1.06 0.93 1.13 1.16 1.09
2.08 -10.95 -2.12 27.50 13.77
0.39 1.98 0.33 4.74 -5.16
0.99 1.36 0.66 -0.27 -5.16
0.20 0.07 0.73 2.81 0.60
0.94 -0.55 0.13 -0.81 -5.16
-1.60 3.94 0.74 5.12 24.41
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
1.08 -1.36 2.64 3.35 1.95
1.50 0.46 0.82 18.34 3.66
0.06 0.84 0.35 -0.98 1.41
-0.0 -0.9 -0.4 14.3 1.3
-0.05 -0.52 0.75 2.39 1.37
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
0.00% 1.94% 0.00% 0.00% 0.00%
Sales - high correlation with Op Leverage

ost/Sales - high correlation with Op Leverage

R - any interest costs capitalised

 MACPOWER CNC MACHINES LTD
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 63.73 63.87 67.69 105.06 140.23 81.98
Capex 0.21 0.79 2.66 8.04 26.3
Depreciation 0.87 0.66 1.02 1.18 1.08
Incremental Fixed Capital Investment -0.66 0.13 1.64 6.86 25.22
Incremental Sales 0.14 3.82 37.37 35.17 -58.25
Incremental Fixed Capital Investment Rate -471.43% 3.40% 4.39% 19.51% -43.30%
5 Yr Avg 181.86%
9 Yr Avg

Working Capital 5.14 4.24 4.68 41.64 53.37 29.37

Incremental Working Capital -0.9 0.44 36.96 11.73 -24
Incremental Working Capital Investment Rate -642.86% 11.52% 98.90% 33.35% 41.20%
5 Yr Avg 132.77%
9 Yr Avg
Years in Future 0 1 2 3 4 5
Year Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 241.04 265.14 304.92 350.65 403.25 463.74
EBIT 32.70 35.95 54.88 63.12 72.59 83.47
NOPAT 24.44 26.96 41.16 47.34 54.44 62.60
Incremental Fixed Capital Investment 4.82 7.95 9.15 10.52 12.10
Incremental Working Capital Investment 3.62 5.97 6.86 7.89 9.07
Free Cash Flow 18.52 27.24 31.33 36.03 41.43
Present Value of Free Cash Flow 16.54 21.72 22.30 22.90 23.51
umulative Present Value of Free Cash Flow 16.54 38.26 60.56 83.46 106.97
Present Value of Residual Value 361.08 492.23 505.42 518.95 532.85

Corporate Value 377.62 530.49 565.97 602.41 639.82

Add: Non-Operative Assets 15.91 15.91 15.91 15.91 15.91
Less: Debt 0.48 0.48 0.48 0.48 0.48
Shareholder Value 393.05 545.92 581.40 617.84 655.25

Shareholder Value/Share 392.89 545.69 581.16 617.58 654.98

Market-Implied-Forecast-Period 15+

Steady State Value 393.05 391.11 (as per Rajshekhar Iyer formula)
Future Value 976.23 857.89 (present value of year 10 shareholder future value)
Value 1,369.28 1,249.00
Value/Share 1,368.71 1,248.48
(as per Credit Suisse paper What's captured in P/E)
 Mar-21 Mar-22 Mar-23 Mar-24 Consensus Forecasts 5 Yr Avg Inputs TTM
112.87 190.12 201.89 241.04 Sales Growth Rate 30.95% 15% 0.00%
4.68 4.12 6.94 10.34 EBIT Margin 18.00% 18% 13.56%
2.6 2.79 3.36 4.13 Tax Rate 24% 25%
2.08 1.33 3.58 6.21 Inc Fixed Capital Rate 72.80% 20%
30.89 77.25 11.77 39.15 Inc Working Capital Rate 40.45% 15%
6.73% 1.72% 30.42% 15.86% Cost of Capital 12%
73.33% 30.33% 40.35% 38.11% Inflation Rate 5%
26.16% Cash & Bank Balance 12.86
Investments 3.05
14.27 40.06 48.36 66.67 Non-Operative Assets 15.91
-15.1 25.79 8.3 18.31 Debt 0.48
-48.88% 33.39% 70.52% 46.77% # Shares Outstanding 1.00
20.47% 28.90% 6.94% 13.19% CMP 1403.4
34.70%
6 7 8 9 10 11 12 13 14 15
Mar-25 Mar-26 Mar-27 Mar-28 Mar-29 Mar-30 Mar-31 Mar-32 Mar-33 Mar-34
533.30 613.29 705.29 811.08 932.74 1,072.66 1,233.55 1,418.59 1,631.37 1,876.08
95.99 110.39 126.95 145.99 167.89 193.08 222.04 255.35 293.65 337.69
72.00 82.79 95.21 109.50 125.92 144.81 166.53 191.51 220.24 253.27
13.91 16.00 18.40 21.16 24.33 27.98 32.18 37.01 42.56 48.94
10.43 12.00 13.80 15.87 18.25 20.99 24.13 27.75 31.92 36.71
47.65 54.80 63.02 72.47 83.34 95.84 110.22 126.75 145.76 167.62
24.14 24.79 25.45 26.13 26.83 27.55 28.29 29.05 29.83 30.62
131.11 155.89 181.35 207.48 234.31 261.86 290.15 319.20 349.02 379.65
547.13 561.78 576.83 592.28 608.15 624.43 641.16 658.33 675.97 694.07

678.23 717.68 758.17 799.76 842.46 886.30 931.31 977.53 1024.99 1073.72
15.91 15.91 15.91 15.91 15.91 15.91 15.91 15.91 15.91 15.91
0.48 0.48 0.48 0.48 0.48 0.48 0.48 0.48 0.48 0.48
693.66 733.11 773.60 815.19 857.89 901.73 946.74 992.96 1040.42 1089.15

693.38 732.80 773.29 814.85 857.53 901.35 946.35 992.55 1039.99 1088.70

shareholder future value)

Business Robustness Snapshot (Annual) Annual Historical Performance
MACPOWER CNC MACHINES LTD Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales 63.73 63.87 67.69 105.06 140.23 81.98
EBIT 0.86 1.57 1.37 11.02 18.35 4.28
Operating Profit (ex Other Income) 1.6 2.15 1.61 11.51 16.61 4.81
Operating Profit Margin (ex Other Income) 2.51% 3.37% 2.38% 10.96% 11.84% 5.87%
1Yr Sales Increase 0.22% 5.98% 55.21% 33.48% -41.54%
1Yr EBIT Increase 82.56% -12.74% ### 66.52% -76.68%
3Yr Sales Increase 64.85% ### 21.11%
3Yr EBIT Increase ### ### ###
Abnormal margin exclusion (RM cycle)
1 Yr Operating Leverage 375.82 (2.13) 12.76 1.99 -
3Yr Operating Leverage 18.22 8.94 10.06
EBIT Margin 1.35% 2.46% 2.02% 10.49% 13.09% 5.22%
Invested Capital 8.62 7.06 7.63 46.23 64.82 66.04
Capital Turns 7.39 9.05 8.87 2.27 2.16 1.24
RoIC 13% 14% 14% 16% 20% 5%
5Yr Rolling RoIIC - - - - - -
EPA 0.05 0.17 0.19 1.67 5.05 -4.94
EPA/Sales 0.08% 0.27% 0.27% 1.59% 3.60% -6.02%
Sustainable Growth Rate (without addl financing 16% 17% 22% 11% 18% 4%
Business Robustness Snapshot (Quarterly) Latest 10 Quarters Performance
MACPOWER CNC MACHINES LTD Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Sales 48.05 55.16 41.08 53.48 53.01 54.32
EBIT 4.73 4.96 3.43 5.25 4.75 4.13
Operating Profit (ex Other Income) 5.38 5.59 4.06 5.94 5.59 5.06
EBIT Margin 9.84% 8.99% 8.35% 9.82% 8.96% 7.60%
Operating Profit Margin (ex Other Income) 11.20% 10.13% 9.88% 11.11% 10.55% 9.32%
Threshold Margin Snapshot Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Incremental Fixed Capital Investment Rate -471% 3% 4% 20% -43%
Incremental Working Capital Investment Rate -643% 12% 99% 33% 41%
Incremental Threshold Margin -184% 2% 17% 8% 0%
Threshold Margin (Value Neutral Operating Margin) 0.94% 2.43% 7.32% 9.89% 22.61%
Threshold Exceed Rate 1.52% -0.41% 3.17% 3.20% -17.39%
Historical Performance
Mar-21 Mar-22 Mar-23 Mar-24 TTM
112.87 190.12 201.89 241.04 241.04
6.93 18.54 17.56 32.70 32.68
9.18 20.5 20.67 35.33 35.31
8.13% 10.78% 10.24% 14.66% 14.65%
37.68% 68.44% 6.19% 19.39% 0.00%
61.92% 167.53% -5.29% 86.22% -0.06%
7.43% 35.58% 146.27% ### 26.78%
-37.11% 1.04% 310.28% ### 76.27%

1.64 2.45 (0.85) 4.45 0.00

(4.99) 0.03 2.12 3.27 2.85
6.14% 9.75% 8.70% 13.57% 13.56%
53.02 80.14 92.02 116.54 0.00
2.13 2.37 2.19 2.07 #DIV/0!
12% 16% 14% 21% #DIV/0!
9% 26% 8% 25%
-0.17 3.33 2.02 10.46 #DIV/0!
-0.15% 1.75% 1.00% 4.34% #DIV/0!
8% 13% 12% 19%
rters Performance
Jun-23 Sep-23 Dec-23 Mar-24
40.46 63.1 66.14 71.34
2.72 8.29 9.52 12.15
3.37 9.04 10.09 12.81
6.72% 13.14% 14.39% 17.03%
8.33% 14.33% 15.26% 17.96%
Mar-21 Mar-22 Mar-23 Mar-24 TTM
7% 2% 30% 16%
-49% 33% 71% 47%
-5% 5% 15% 9%
2.41% 5.83% 10.03% 8.74% higher capital intensity business demands higher threshold margin (to break even) th
3.73% 3.92% -1.33% 4.82%
gher threshold margin (to break even) than lower cap intensive
 MACPOWER CNC MACHINES
LTD (adapted from the methodology described in the book "Buffetology" by Mary
Current Data 10 yr Projected Company data using historical earnings growth
Price 1403.4 Year EPS DPS
EPS: 24.22 Current 24.22 1.50 225.57 Earnings after 10 years
DPS: 1.50 Year 1 30.27 1.51 50.34 Dividends paid over 10 y
BVPS: 119.11 Year 2 37.84 1.89
P/E: 57.94 Year 3 47.30 2.37 3383.49 Projected price [Avg Sus
Earnings Yield: 1.73% Year 4 59.13 2.96 3433.83 Total Gain [Projected Pr
Dividend Yield: 0.11% Year 5 73.91 3.70
P/BV: 11.78 Year 6 92.39 4.62 10.45% Projected annual return
Year 7 115.49 5.77 [(Total Gain/Current Pric
Input Visibility data below Year 8 144.36 7.22
Sales Year 9 180.45 9.02
Med Term Visibility 25% Year 10 225.57 11.28
Sales 10 Yr CAGR 15.93%
Sales 5yr CAGR 30.95% 10 yr Projected Company data using sustainable growth rate ba
Sales 3yr CAGR 12.60% Year BVPS EPS DPS
Sales Y-o-Y growth 19.39% Current 119.11 24.22 1.50 210.21 Earnings after 10 years
Sales TTM Growth 0.00% Year 1 141.83 33.68 1.68 49.63 Dividends paid over 10 y
EPS Year 2 173.83 41.28 2.06
Med Term Visibility 25% Year 3 213.05 50.60 2.53 3153.13 Projected price [Avg Sus
EPS 10 Yr CAGR 17.23% Year 4 261.12 62.02 3.10 3202.76 Total Gain [Projected Pr
EPS 5yr CAGR 72.64% Year 5 320.04 76.01 3.80
EPS 3yr CAGR 37.43% Year 6 392.24 93.16 4.66 9.60% Projected annual return
EPS Y-o-Y growth 88.13% Year 7 480.74 114.18 5.71 [(Total Gain/Current Pric
EPS TTM Growth -0.12% Year 8 589.21 139.94 7.00
5Yr Averages Year 9 722.15 171.51 8.58
Return on Equity: 12.26% Year 10 885.09 210.21 10.51
Payout Ratio: 5.90% *Assuming current capital structure is maintained - business's inherent ability
P/E Ratio-High: 45.6
P/E Ratio-Low: 12.6
Avg. P/E Ratio: 12.9
Avg Sustainable P/E 15
RoE/Payout Visibility 5 Yr Avg
RoE Visibility 25% 12.26%
Payout Visbility 5% 5.90%
Sustainable Growth 23.75% 11.53%
ok "Buffetology" by Mary Buffet - using current Visibility aided by
historical earnings growth rate/current visibility 10yr Sales Projection
Year Sales
Earnings after 10 years Current 241.04
Dividends paid over 10 years Year 1 301.30
Year 2 376.63
Projected price [Avg Sustainable P/E*EPS] Year 3 470.78
Total Gain [Projected Price+Dividends] Year 4 588.48
Year 5 735.60
Projected annual return using current EPS growth visibility Year 6 919.49
[(Total Gain/Current Price)^1/9)-1] Year 7 1149.37
Year 8 1436.71
Year 9 1795.89
Year 10 2244.86

ustainable growth rate based on current visibility

Earnings after 10 years

Dividends paid over 10 years

Projected price [Avg Sustainable P/E*EPS]

Total Gain [Projected Price+Dividends]

Projected annual return using sustainable growth visbility*

[(Total Gain/Current Price)^1/9)-1]

business's inherent ability to grow with internal accruals from he

MACPOWER CNC MACHINES LTD
Key figures extracted/highlighted automatically from Excel
TTM
TTM Net TTM Invested EPA
Sales
10Yr Incr Profit EBIT
Dividen 5yrAvg Retained ROIC Cap /Sales
Total Mkt Cap
Fixed
FA 241.04
Investd Sust. Earnings 21%
24.23 32.68 116.54
WCap 4.34%
Asset 1403.98
Asset
10Yr Incr
Rate
Wcap Payout Industry
Industry Growth / TA RoE /TA
5YrAvg Turns Turn
26.16%6.19%
Invest
FA 11.53% 12% 20%
WCap / Industry Industry 36% 1.29
WCap 5YrAvg 5.11
5YrAvg
Rate
Turns TA RE /TA RoE /TA TA Turns FA Turns
34.70% 28% 1.14 3.96
FY 2010 FY 2011 FY2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
RoE 16% 17% 22% 13% 19% 4% 8% 15% 13% 20%
CC Cycle 51 35 106 44 48 52 127 121 87 102
Gr Margin 27% 30% 21% 37% 29% 32% 33% 29% 29% 28%
Eq Dilution 0 20.00% 0.00% ### 0.00% 0.00% 1.94% 0.00% 0.00% 0.00%
matically from Excel for quick scan that helps tell a more complete story?
Earnings
P/B P/S P/E P/CFO Div Yield EV/EBITDA Yield
11.79 5.82
Invest 57.94
Net 0.00 0.11%
FCF/ 29.71
Op 1.73%
Cash Eqv
Steady ments
Future Profit
SState CFO
Future Sales Leverage
12.86 Earnings
State 3.05 24.25
Value/ 16.62
Value / 3% 4.45
Value Value Mcap Mcap
393 0 28% 72%