Intrinsic value of MakeMyTrip - MMYT

Previous Close

$30.15

  Intrinsic Value

$10.53

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

+287%

Previous close

$30.15

 
Intrinsic value

$10.53

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence*

+287%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MMYT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.00
  38.20
  34.88
  31.89
  29.20
  26.78
  24.60
  22.64
  20.88
  19.29
  17.86
  16.58
  15.42
  14.38
  13.44
  12.60
  11.84
  11.15
  10.54
  9.98
  9.48
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
Revenue, $m
  336
  464
  626
  826
  1,067
  1,353
  1,686
  2,068
  2,500
  2,982
  3,514
  4,097
  4,729
  5,409
  6,135
  6,908
  7,726
  8,587
  9,492
  10,440
  11,430
  12,463
  13,539
  14,658
  15,823
  17,033
  18,290
  19,597
  20,955
  22,367
  23,836
Variable operating expenses, $m
 
  486
  655
  864
  1,116
  1,414
  1,762
  2,160
  2,611
  3,115
  3,671
  4,278
  4,937
  5,647
  6,406
  7,213
  8,067
  8,966
  9,911
  10,901
  11,934
  13,013
  14,136
  15,305
  16,521
  17,784
  19,098
  20,462
  21,880
  23,354
  24,887
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  404
  486
  655
  864
  1,116
  1,414
  1,762
  2,160
  2,611
  3,115
  3,671
  4,278
  4,937
  5,647
  6,406
  7,213
  8,067
  8,966
  9,911
  10,901
  11,934
  13,013
  14,136
  15,305
  16,521
  17,784
  19,098
  20,462
  21,880
  23,354
  24,887
Operating income, $m
  -68
  -22
  -29
  -38
  -48
  -61
  -76
  -93
  -112
  -133
  -156
  -181
  -209
  -239
  -271
  -305
  -341
  -379
  -419
  -461
  -504
  -550
  -597
  -647
  -698
  -752
  -807
  -865
  -925
  -987
  -1,052
EBITDA, $m
  -59
  -16
  -21
  -28
  -36
  -46
  -57
  -70
  -85
  -101
  -120
  -139
  -161
  -184
  -209
  -235
  -263
  -292
  -323
  -355
  -389
  -424
  -461
  -499
  -538
  -580
  -622
  -667
  -713
  -761
  -811
Interest expense (income), $m
  1
  7
  11
  16
  23
  31
  40
  51
  64
  78
  93
  111
  130
  151
  173
  197
  222
  249
  277
  307
  338
  370
  404
  439
  476
  514
  553
  595
  637
  682
  728
Earnings before tax, $m
  -88
  -29
  -40
  -54
  -71
  -92
  -116
  -144
  -175
  -211
  -250
  -292
  -339
  -389
  -444
  -502
  -563
  -628
  -696
  -767
  -842
  -920
  -1,001
  -1,086
  -1,174
  -1,266
  -1,361
  -1,459
  -1,562
  -1,669
  -1,780
Tax expense, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -89
  -29
  -40
  -54
  -71
  -92
  -116
  -144
  -175
  -211
  -250
  -292
  -339
  -389
  -444
  -502
  -563
  -628
  -696
  -767
  -842
  -920
  -1,001
  -1,086
  -1,174
  -1,266
  -1,361
  -1,459
  -1,562
  -1,669
  -1,780

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  202
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  401
  517
  697
  920
  1,189
  1,507
  1,878
  2,303
  2,784
  3,321
  3,914
  4,562
  5,266
  6,023
  6,832
  7,693
  8,603
  9,563
  10,570
  11,626
  12,728
  13,879
  15,077
  16,323
  17,620
  18,968
  20,368
  21,823
  23,336
  24,908
  26,543
Adjusted assets (=assets-cash), $m
  199
  517
  697
  920
  1,189
  1,507
  1,878
  2,303
  2,784
  3,321
  3,914
  4,562
  5,266
  6,023
  6,832
  7,693
  8,603
  9,563
  10,570
  11,626
  12,728
  13,879
  15,077
  16,323
  17,620
  18,968
  20,368
  21,823
  23,336
  24,908
  26,543
Revenue / Adjusted assets
  1.688
  0.897
  0.898
  0.898
  0.897
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
Average production assets, $m
  34
  47
  63
  83
  108
  137
  170
  209
  252
  301
  355
  414
  478
  546
  620
  698
  780
  867
  959
  1,054
  1,154
  1,259
  1,367
  1,481
  1,598
  1,720
  1,847
  1,979
  2,117
  2,259
  2,407
Working capital, $m
  158
  -46
  -63
  -83
  -107
  -135
  -169
  -207
  -250
  -298
  -351
  -410
  -473
  -541
  -614
  -691
  -773
  -859
  -949
  -1,044
  -1,143
  -1,246
  -1,354
  -1,466
  -1,582
  -1,703
  -1,829
  -1,960
  -2,096
  -2,237
  -2,384
Total debt, $m
  204
  315
  467
  654
  879
  1,147
  1,458
  1,815
  2,219
  2,670
  3,168
  3,713
  4,304
  4,940
  5,620
  6,343
  7,108
  7,914
  8,760
  9,647
  10,573
  11,539
  12,545
  13,593
  14,682
  15,814
  16,990
  18,213
  19,483
  20,804
  22,177
Total liabilities, $m
  323
  434
  586
  773
  998
  1,266
  1,577
  1,934
  2,338
  2,789
  3,287
  3,832
  4,423
  5,059
  5,739
  6,462
  7,227
  8,033
  8,879
  9,766
  10,692
  11,658
  12,664
  13,712
  14,801
  15,933
  17,109
  18,332
  19,602
  20,923
  22,296
Total equity, $m
  78
  83
  112
  147
  190
  241
  300
  368
  445
  531
  626
  730
  843
  964
  1,093
  1,231
  1,377
  1,530
  1,691
  1,860
  2,037
  2,221
  2,412
  2,612
  2,819
  3,035
  3,259
  3,492
  3,734
  3,985
  4,247
Total liabilities and equity, $m
  401
  517
  698
  920
  1,188
  1,507
  1,877
  2,302
  2,783
  3,320
  3,913
  4,562
  5,266
  6,023
  6,832
  7,693
  8,604
  9,563
  10,570
  11,626
  12,729
  13,879
  15,076
  16,324
  17,620
  18,968
  20,368
  21,824
  23,336
  24,908
  26,543
Debt-to-equity ratio
  2.615
  3.810
  4.180
  4.440
  4.620
  4.760
  4.850
  4.930
  4.980
  5.030
  5.060
  5.090
  5.110
  5.130
  5.140
  5.150
  5.160
  5.170
  5.180
  5.190
  5.190
  5.200
  5.200
  5.200
  5.210
  5.210
  5.210
  5.220
  5.220
  5.220
  5.220
Adjusted equity ratio
  -0.588
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -89
  -29
  -40
  -54
  -71
  -92
  -116
  -144
  -175
  -211
  -250
  -292
  -339
  -389
  -444
  -502
  -563
  -628
  -696
  -767
  -842
  -920
  -1,001
  -1,086
  -1,174
  -1,266
  -1,361
  -1,459
  -1,562
  -1,669
  -1,780
Depreciation, amort., depletion, $m
  9
  6
  8
  10
  12
  15
  18
  22
  27
  31
  37
  41
  48
  55
  62
  70
  78
  87
  96
  105
  115
  126
  137
  148
  160
  172
  185
  198
  212
  226
  241
Funds from operations, $m
  -89
  -23
  -32
  -44
  -59
  -77
  -98
  -121
  -149
  -179
  -213
  -250
  -291
  -335
  -382
  -432
  -485
  -541
  -600
  -662
  -727
  -794
  -865
  -938
  -1,014
  -1,094
  -1,176
  -1,262
  -1,351
  -1,443
  -1,539
Change in working capital, $m
  -23
  -13
  -16
  -20
  -24
  -29
  -33
  -38
  -43
  -48
  -53
  -58
  -63
  -68
  -73
  -77
  -82
  -86
  -90
  -95
  -99
  -103
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
Cash from operations, $m
  -66
  -10
  -16
  -24
  -35
  -48
  -64
  -83
  -105
  -131
  -160
  -192
  -228
  -267
  -309
  -355
  -403
  -455
  -510
  -567
  -628
  -691
  -757
  -826
  -898
  -972
  -1,050
  -1,131
  -1,215
  -1,302
  -1,392
Maintenance CAPEX, $m
  0
  -3
  -5
  -6
  -8
  -11
  -14
  -17
  -21
  -25
  -30
  -35
  -41
  -48
  -55
  -62
  -70
  -78
  -87
  -96
  -105
  -115
  -126
  -137
  -148
  -160
  -172
  -185
  -198
  -212
  -226
New CAPEX, $m
  -11
  -13
  -16
  -20
  -24
  -29
  -34
  -39
  -44
  -49
  -54
  -59
  -64
  -69
  -73
  -78
  -83
  -87
  -91
  -96
  -100
  -104
  -109
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -148
Cash from investing activities, $m
  -104
  -16
  -21
  -26
  -32
  -40
  -48
  -56
  -65
  -74
  -84
  -94
  -105
  -117
  -128
  -140
  -153
  -165
  -178
  -192
  -205
  -219
  -235
  -250
  -266
  -282
  -299
  -317
  -335
  -355
  -374
Free cash flow, $m
  -170
  -26
  -37
  -51
  -68
  -88
  -112
  -139
  -170
  -205
  -244
  -286
  -333
  -383
  -437
  -495
  -556
  -620
  -688
  -759
  -833
  -911
  -992
  -1,076
  -1,163
  -1,255
  -1,349
  -1,448
  -1,550
  -1,656
  -1,767
Issuance/(repayment) of debt, $m
  180
  120
  152
  187
  226
  267
  311
  357
  404
  451
  498
  545
  591
  636
  680
  723
  765
  806
  846
  886
  926
  966
  1,006
  1,047
  1,089
  1,132
  1,176
  1,222
  1,270
  1,321
  1,373
Issuance/(repurchase) of shares, $m
  -11
  51
  69
  90
  114
  143
  175
  212
  252
  296
  345
  396
  451
  510
  573
  639
  709
  781
  857
  936
  1,018
  1,104
  1,193
  1,285
  1,381
  1,481
  1,585
  1,692
  1,804
  1,921
  2,042
Cash from financing (excl. dividends), $m  
  165
  171
  221
  277
  340
  410
  486
  569
  656
  747
  843
  941
  1,042
  1,146
  1,253
  1,362
  1,474
  1,587
  1,703
  1,822
  1,944
  2,070
  2,199
  2,332
  2,470
  2,613
  2,761
  2,914
  3,074
  3,242
  3,415
Total cash flow (excl. dividends), $m
  -4
  146
  183
  226
  272
  322
  375
  430
  486
  543
  599
  654
  709
  763
  816
  868
  918
  967
  1,016
  1,064
  1,112
  1,160
  1,208
  1,257
  1,307
  1,359
  1,412
  1,467
  1,525
  1,585
  1,648
Retained Cash Flow (-), $m
  79
  -51
  -69
  -90
  -114
  -143
  -175
  -212
  -252
  -296
  -345
  -396
  -451
  -510
  -573
  -639
  -709
  -781
  -857
  -936
  -1,018
  -1,104
  -1,193
  -1,285
  -1,381
  -1,481
  -1,585
  -1,692
  -1,804
  -1,921
  -2,042
Prev. year cash balance distribution, $m
 
  18
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  112
  114
  136
  158
  179
  200
  218
  234
  246
  255
  259
  258
  253
  243
  228
  209
  186
  159
  128
  93
  55
  15
  -29
  -74
  -123
  -173
  -225
  -279
  -335
  -393
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  106
  101
  112
  121
  127
  129
  128
  124
  116
  106
  94
  81
  68
  55
  44
  33
  24
  16
  10
  6
  3
  1
  -1
  -1
  -2
  -2
  -1
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  92.1
  85.0
  78.7
  73.0
  67.9
  63.3
  59.2
  55.4
  51.9
  48.8
  45.9
  43.2
  40.7
  38.4
  36.3
  34.3
  32.5
  30.8
  29.2
  27.6
  26.2
  24.9
  23.6
  22.4
  21.3
  20.3
  19.3
  18.3
  17.4
  16.6

MakeMyTrip Limited, an online travel company, provides travel products and solutions in India and internationally. It operates through two segments, Air Ticketing, and Hotels and Packages. The company’s services and products include air tickets, hotels, packages, rail tickets, bus tickets, car hire, and ancillary travel requirements, such as facilitating access to travel insurance and visa processing. It allows travelers to research, plan, book, and purchase a range of travel services and products through its Websites makemytrip.com, makemytrip.ae, makemytrip.com.sg, us.makemytrip.com, hoteltravel.com, and easytobook.com; and other technology-enhanced distribution channels, including call centers, travel stores, and travel agents’ network, as well as mobile service platform. As of March 31, 2016, the company had 16 company-owned travel stores and 49 franchisee-owned travel stores. It serves leisure travelers and small businesses. The company was founded in 2000 and is based in Gurgaon, India.

FINANCIAL RATIOS  of  MakeMyTrip (MMYT)

Valuation Ratios
P/E Ratio -14.1
Price to Sales 3.7
Price to Book 16.1
Price to Tangible Book
Price to Cash Flow -19.1
Price to Free Cash Flow -16.3
Growth Rates
Sales Growth Rate 12%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 57.1%
Cap. Spend. - 3 Yr. Gr. Rate 9.5%
Financial Strength
Quick Ratio 22
Current Ratio 0
LT Debt to Equity 250%
Total Debt to Equity 261.5%
Interest Coverage -87
Management Effectiveness
Return On Assets -25.8%
Ret/ On Assets - 3 Yr. Avg. -13.5%
Return On Total Capital -40.5%
Ret/ On T. Cap. - 3 Yr. Avg. -22.5%
Return On Equity -75.7%
Return On Equity - 3 Yr. Avg. -34.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 50.3%
Gross Margin - 3 Yr. Avg. 46.1%
EBITDA Margin -23.2%
EBITDA Margin - 3 Yr. Avg. -10.6%
Operating Margin -20.2%
Oper. Margin - 3 Yr. Avg. -10.4%
Pre-Tax Margin -26.2%
Pre-Tax Margin - 3 Yr. Avg. -13.5%
Net Profit Margin -26.5%
Net Profit Margin - 3 Yr. Avg. -13.6%
Effective Tax Rate -1.1%
Eff/ Tax Rate - 3 Yr. Avg. -0.4%
Payout Ratio 0%

MMYT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MMYT stock intrinsic value calculation we used $336 million for the last fiscal year's total revenue generated by MakeMyTrip. The default revenue input number comes from 2016 income statement of MakeMyTrip. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MMYT stock valuation model: a) initial revenue growth rate of 38.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.9%, whose default value for MMYT is calculated based on our internal credit rating of MakeMyTrip, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of MakeMyTrip.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MMYT stock the variable cost ratio is equal to 104.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MMYT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for MakeMyTrip.

Corporate tax rate of 27% is the nominal tax rate for MakeMyTrip. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MMYT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MMYT are equal to 10.1%.

Life of production assets of 10 years is the average useful life of capital assets used in MakeMyTrip operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MMYT is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $78 million for MakeMyTrip - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 90.826 million for MakeMyTrip is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of MakeMyTrip at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ MakeMyTrip reports 1Q loss   [Aug-09-17 11:00PM  Associated Press]
▶ ETFs with exposure to MakeMyTrip Ltd. : August 8, 2017   [Aug-08-17 04:54PM  Capital Cube]
▶ ETFs with exposure to MakeMyTrip Ltd. : July 24, 2017   [Jul-24-17 05:19PM  Capital Cube]
▶ MakeMyTrip Clears Technical Benchmark, Hitting 80-Plus RS Rating   [Jul-21-17 03:00AM  Investor's Business Daily]
▶ George Soros' Best-Performing Stocks of 2017 So Far   [May-13-17 10:41AM  Motley Fool]
▶ Why MakeMyTrip Shares Plunged Today   [May-03-17 05:23PM  Motley Fool]
▶ MakeMyTrip Limited Announces $330 Million Equity Financing   [May-02-17 04:32PM  GlobeNewswire]
▶ ETFs with exposure to MakeMyTrip Ltd. : April 7, 2017   [Apr-07-17 05:04PM  Capital Cube]
▶ Maintaining My Bullish View on MakeMyTrip   [Feb-02-17 11:00AM  GuruFocus.com]
▶ MakeMyTrip posts 3Q profit   [10:27AM  Associated Press]
▶ Should You Avoid MakeMyTrip Limited (MMYT)?   [Dec-13-16 07:14AM  Insider Monkey]
▶ Should You Avoid MakeMyTrip Limited (MMYT)?   [07:14AM  at Insider Monkey]
▶ 5 Favorite Indian Stocks of Hedge Funds   [Nov-01-16 12:30PM  at Insider Monkey]
▶ [$$] India's MakeMyTrip, ibibo Merge   [09:16AM  at The Wall Street Journal]
▶ The Only 4 Stocks That Matter to VY Capital   [May-03-16 11:00AM  at Insider Monkey]
▶ In Volatile Year, Smaller Markets Stand Tall   [12:34AM  at The Wall Street Journal]
▶ In a 'Year of Volatility,' Some Smaller Markets Stand Tall   [Mar-06-16 11:03PM  at The Wall Street Journal]
Stock chart of MMYT Financial statements of MMYT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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