Sources of Value in a Business – Earnings and Assets

Mastering Exit Strategies: The Terminal Value in Private Equity

Picture yourself preparing an investment memo for a mid-market manufacturing firm in Maharashtra. You have modeled the operational cash flows for the next five years, but you realize your valuation remains incomplete...

Mastering Fixed Income Valuation: Beyond the Coupon Stream

You are sitting at your desk in a Mumbai-based brokerage, analyzing a non-convertible debenture (NCD) issued by a mid-cap manufacturing firm. While your spreadsheet already accounts for the promised interest payments,...

Mastering REIT Valuation: Beyond Simple Real Estate Metrics

You are reviewing the annual report of an Indian Real Estate Investment Trust (REIT) listed on the NSE, and you notice the stark difference between its 'Net Asset Value' and its current trading price. While a traditional...

Mastering Terminal Value in DCF Modeling for Indian Equities

Imagine you are drafting an initiation report for a mature Indian FMCG company. You have meticulously projected cash flows for the next five years, yet your spreadsheet reveals that nearly 70% of the company's intrinsic...

Mastering Terminal Value: Bridging the Gap Between Forecasts and Fair Value

Imagine you are building a discounted cash flow (DCF) model for a prominent FMCG company in the Nifty 50 index. You have meticulously projected the next five years of earnings, accounting for market share gains and...

Mastering Terminal Value: The Engine of Long-Term Valuation

You are sitting at your desk in a Mumbai brokerage house, staring at an Excel model for a leading FMCG company. You have meticulously projected the company’s Free Cash Flows for the next five years, capturing the...

Mastering the Debt Service Coverage Ratio in Credit Analysis

Imagine you are reviewing the credit profile of a capital-intensive manufacturing firm listed on the NSE. You notice the company has significant physical assets, yet your primary concern isn't their potential liquidation...

Mastering the Dividend Discount Model for Equity Valuation

You are sitting at your desk at a Mumbai-based brokerage, tasked with valuing a mature FMCG company that has consistently paid dividends for over a decade. While your peers are obsessing over volatile quarterly earnings...

Mastering the Dividend Discount Model for Indian Equity Valuation

Imagine you are building a valuation model for a mature Indian IT firm with a consistent history of pay-outs. You have projected their free cash flows, but your mentor suggests cross-verifying your intrinsic value...

Mastering Yield to Maturity for Fixed Income Valuation

Picture yourself in a research desk meeting at a brokerage firm in Mumbai, evaluating a corporate bond issued by a prominent infrastructure company. Your task is not just to verify the coupon payment, but to determine...