If my reading of Zauba data is correct then export of Ablify(aripiprazole) has dropped drastically from 260 million USD to 30 million USD from last quarter to this quarter. This also may mean that the projection by the analyst is not far off for Ablify.

Hi Dhiraj,

If you want to become cash flow buff, read Creative Cash Flow book, pdf available on net and Quality of Earnings book this too you can get it from net.

Both above books are amazing

Also Do Remember that even Cash Flow can be manipulated (read Financial Shenanigans to know more).

Thanks Hitesh… just to add…if anyone wants to highlight the risks, negatives or positives of a stock or an industry, please do so. What is NOT acceptable is asking leading questions which have a particular slant. If you have a point to make, make it.

Hi Sai,

First of all, we all are students of investing and try to learn from each other hence shall call each other by first name without any suffixes like sir. I no way deserve it so request you to address me with first name.

To answer your question, you need to look at the Investment entries in AR and see which ones are overlapping and exclude them. Rest of them you can deduct. Many of the Investment entries are already part of NBFC business and hence leads to double counting. Though, it is slightly tedious exercise, one must do it to arrive at true picture.

Also, have you also counted the value of its alternative asset management business in the valuation as I am not able to see it anywhere. Typically asset management companies are to be valued at 6-10% of AUM. Since piramal operates in niche and high yield areas, the valuation will nearer to the ceiling than floor.

Hope this helps.

@Mahesh

Thanks for taking time and explaining elaborately. Let me take time with an example and understand the above post – may be I will do this with MPS itself.

So far, I have been using EV/EBIDTA as a metric to evaluate CAPEX extensive companies.