ValuePickr Forum

Tijori | View Key Non Financial Metrics from Annual Reports

(Sidhegde) #62

We currently have companies with market cap > 500 Cr on Tijori, within the next 2 weeks we aim to add companies with market cap between 100 - 500 Cr as well.

Its taking us some time since the smaller the company the harder it is to find reliable data sources. Will share an update as soon as this is out.

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(RICHAJ) #63

Very well put together website, probably the best effort I’ve seen anyone in valuepickr do. This should definitely be pinned to the front page.

I would be happy to pay for access to such a tool.

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(bmsolanki) #64

@Sidhegde, Amazing work by you and your team. I want to know how much time is taken to upload quaterly results on your website after its announcement?

(Sidhegde) #65

Until now we’ve been updating information a week after its announcement. But we just rectified this, so from now Tijori will be updated with the latest results on the same day.

(pennywise) #66

Hi Dinesh, had a question:

The CFO figure already takes into account change in working capital right ? So why modify the formula.

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(simplyraghav) #67

Why Non-Cash Current Assets and Non-Debt Current LIabilities for change in working capital? Change in working capital formula is ( Current Assets in year ‘T’ - Current Liabilities in year ‘T’) - (Current Assets in year ‘T-1’ - Current Liabilities in year ‘T-1). Is it not ?

(Dinesh Sairam) #68

Yes, if it’s taken care then there’s no need. It’s just that ‘Working Capital’ needs to get defined properly. Accounting entries are fickle. According to me, Current Assets without Cash and Current Liabilities without Debt constitute Working Capital.

FCFF includes payments to Debtors. So most definitely it excludes Debt (So, including Short Term Debt, which usually gets grouped under Current Liabilities). We can agrue about whether Cash is Working Capital. I’d say any Cash that earns more than the Risk-free Rate is risk less and should not form part of Working Capital.

In short, FCFF would be

EBIT
(-) Taxes Paid
(-) (Non-cash Current Assets in year ‘T’ - Non-debt Current Liabilities in year ‘T’) - (Non-cash Current Assets in year ‘T-1’ - Non-debt Current Liabilities in year ‘T-1’)
(-) (Net Fixed Assets in year ‘T’) - (Net Fixed Assets in year ‘T-1’)
(+) Depreciation in year ‘T’

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(simplyraghav) #69

Understood. So, basically we need to read the notes about the cash and cash equivalents and arrive at rate at which they are invested.

(Dinesh Sairam) #70

Sure.

It’s also about how you define the income earned from liquid assets. I normally ignore this income (Usually termed as ‘Other Income’ in Accounting). That is, my EBIT would not include ‘Other Income’. So, I will not consider cash as Working Capital.

If you consider Other Income as a part of EBIT, you may want to use cash as Working Capital.

(Sidhegde) #71

Just cross checked the financial data feed we receive from the exchange against the data available in the annual reports and the CFO does include change in working capital.

2 Likes
(rajanprabu) #72

@Sidhegde Wonderful work. Im glad that I came across this now. I would recommend it to all my friends who are market participant. Is it possible to put the financials and other things as a downloadable csv ?. That would make this wonderful service to a next level. I really like it.

(bmsolanki) #73

@Sidhegde Sir i have one query about Aditya birla capital’s quarterly result data. Tijori website shows yoy march qtr consolidated revenue and pat different from their exchange filing of quarterly result.

https://www.bseindia.com/corporates/anndet_new.aspx?newsid=87536ab3-7278-4158-9856-1e2d0db51c02

So i request you to solve my query.

(Nityanand) #74

@Sidhegde Are you extracting the data manually from annual reports or it is is automated process?

(Sidhegde) #75

Thanks Solanki for flagging this, seems to be some issue with the data we receive for Aditya Birla. We’re following up with the exchange, will notify you when this is rectified.

(Sidhegde) #76

There’s a good deal of manual scrubbing involved but we have automated the extraction of metrics & other data points where possible.

(bmsolanki) #77

@Sidhegde Sir please check the standalone data for HDFC. On Tijori it shows flat growth for March quartert in PAT yoy 2861 vs 2846 but exchange filing shows it 2861 vs 2256.

Sorry sir i am once again posting this issue. Your website is too good but Quality of data matters most.

(Sidhegde) #78

Thanks for pointing this out.

This seems to be an issue on the quarterly results for a few companies as pointed out by you. We are in touch with the exchange and they are looking into this issue. Will keep you updated. Thanks again!

(Salman_kn99) #79

Check FCF is also not calculating properly.

There is gross wrong in FCF calculation

Mar-16 Mar-17 Mar-18
1,052.80 -1,661.30 -330.90 (calculation as per Dr. Malik Formula)

  • Free cash flow last year: -116.00 Cr. (Screener)
  • Free cash flow preceding year: -1,623.30 Cr. (Screener)

Tijori
1345 -1288 208

(Sidhegde) #80

Hey Salman,

Could you please let us know which company you are referring to?

We used the following formula:
Estimated Free Cash Flow = Cash Flow from Operations - Capex

Where Capex = (Fixed asset in year ‘T+1’ + CWIP in year ‘T+1’) - (Fixed asset in year ‘T’ + CWIP in year ’T’)

This is consistent with the formula used by Dr Malik.

1 Like
(Salman_kn99) #81

Cadila Health Care - Consolidated figures