Are crowds really wise? Are markets efficient?
This bull run has been nothing short of historic in terms of the public outcry it has generated. Almost every expert (at least all value investors) globally and domestically has been shocked by this meteoric bull run. The latest GDP figures might be deep in the red but the market is close to all time…
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Markets all over the world put a premium on growth. Companies chase it and make it their holy grail. In the Indian stock market context, I took the top 50 high revenue growth stocks with a market cap of greater than 500 crores and found the average Price to Earning ratio was a whopping 80.84.…
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Syngene International is engaged in providing contract research and manufacturing services from lead generation to clinical supplies to pharmaceutical and biotechnology companies worldwide. Syngene’s services include integrated drug discovery and development capabilities in medicinal chemistry, biology, in vivo pharmacology, toxicology, custom synthesis, process R&D, formulation and analytical development along with clinical development services. Syngene is…
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ITC is one of India’s foremost private sector companies with a market capitalization of US $ 50 billion and Gross Sales Value of US $ 10 billion. ITC has a diversified presence in FMCG, Hotels, Packaging, Paperboards & Specialty Papers and Agri-Business. I decided to value ITC using a discounted cash flow model. The only…
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This is my first blog post in a series of posts where I value companies from the top down and explain my story for the numbers I have used and the process I go through. I use different versions of the discounted cash flow model to value companies. Through this post I intend to value…
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