Intrinsic value of MakeMyTrip - MMYT

Previous Close

$31.80

  Intrinsic Value

$10.30

stock screener

  Rating & Target

str. sell

-68%

Previous close

$31.80

 
Intrinsic value

$10.30

 
Up/down potential

-68%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  33.33
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  448
  717
  1,107
  1,656
  2,403
  3,390
  4,661
  6,256
  8,215
  10,571
  13,352
  16,580
  20,270
  24,433
  29,070
  34,181
  39,761
  45,801
  52,293
  59,224
  66,585
  74,367
  82,561
  91,161
  100,162
  109,565
  119,369
  129,579
  140,203
  151,248
  162,729
Variable operating expenses, $m
 
  802
  1,186
  1,724
  2,456
  3,424
  4,670
  6,234
  8,154
  10,464
  13,190
  16,256
  19,874
  23,955
  28,502
  33,513
  38,984
  44,906
  51,271
  58,067
  65,284
  72,914
  80,947
  89,379
  98,205
  107,423
  117,036
  127,047
  137,462
  148,292
  159,549
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
  583
  802
  1,186
  1,724
  2,456
  3,424
  4,670
  6,234
  8,154
  10,464
  13,190
  16,256
  19,874
  23,955
  28,502
  33,513
  38,984
  44,906
  51,271
  58,067
  65,284
  72,914
  80,947
  89,379
  98,205
  107,423
  117,036
  127,047
  137,462
  148,292
  159,549
Operating income, $m
  -135
  -86
  -78
  -67
  -53
  -33
  -9
  23
  61
  107
  161
  324
  396
  478
  568
  668
  777
  895
  1,022
  1,158
  1,301
  1,453
  1,614
  1,782
  1,958
  2,141
  2,333
  2,533
  2,740
  2,956
  3,180
EBITDA, $m
  -121
  20
  31
  46
  67
  94
  129
  174
  228
  294
  371
  461
  563
  679
  808
  949
  1,104
  1,272
  1,453
  1,645
  1,850
  2,066
  2,293
  2,532
  2,782
  3,043
  3,316
  3,599
  3,895
  4,201
  4,520
Interest expense (income), $m
  4
  0
  3
  8
  15
  24
  36
  51
  71
  95
  123
  157
  196
  241
  292
  348
  410
  478
  552
  631
  715
  805
  899
  999
  1,104
  1,213
  1,327
  1,447
  1,571
  1,700
  1,835
Earnings before tax, $m
  -110
  -86
  -81
  -75
  -67
  -57
  -44
  -29
  -10
  12
  38
  167
  200
  236
  276
  320
  367
  417
  470
  527
  586
  649
  714
  783
  854
  928
  1,006
  1,086
  1,169
  1,256
  1,346
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  10
  45
  54
  64
  75
  86
  99
  113
  127
  142
  158
  175
  193
  211
  231
  251
  272
  293
  316
  339
  363
Net income, $m
  -110
  -86
  -81
  -75
  -67
  -57
  -44
  -29
  -10
  9
  28
  122
  146
  173
  202
  233
  268
  304
  343
  385
  428
  474
  521
  571
  623
  678
  734
  793
  854
  917
  983

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  177
  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
  1,545
  2,192
  3,387
  5,065
  7,349
  10,368
  14,254
  19,133
  25,122
  32,327
  40,831
  50,703
  61,989
  74,718
  88,899
  104,530
  121,593
  140,065
  159,916
  181,113
  203,625
  227,422
  252,480
  278,779
  306,307
  335,060
  365,043
  396,267
  428,754
  462,533
  497,642
Adjusted assets (=assets-cash), $m
  1,368
  2,192
  3,387
  5,065
  7,349
  10,368
  14,254
  19,133
  25,122
  32,327
  40,831
  50,703
  61,989
  74,718
  88,899
  104,530
  121,593
  140,065
  159,916
  181,113
  203,625
  227,422
  252,480
  278,779
  306,307
  335,060
  365,043
  396,267
  428,754
  462,533
  497,642
Revenue / Adjusted assets
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
Average production assets, $m
  111
  177
  274
  409
  594
  837
  1,151
  1,545
  2,029
  2,611
  3,298
  4,095
  5,007
  6,035
  7,180
  8,443
  9,821
  11,313
  12,916
  14,628
  16,447
  18,369
  20,393
  22,517
  24,740
  27,062
  29,484
  32,006
  34,630
  37,358
  40,194
Working capital, $m
  129
  -77
  -118
  -177
  -257
  -363
  -499
  -669
  -879
  -1,131
  -1,429
  -1,774
  -2,169
  -2,614
  -3,111
  -3,657
  -4,254
  -4,901
  -5,595
  -6,337
  -7,125
  -7,957
  -8,834
  -9,754
  -10,717
  -11,723
  -12,772
  -13,865
  -15,002
  -16,184
  -17,412
Total debt, $m
  1
  85
  206
  378
  611
  919
  1,315
  1,813
  2,423
  3,158
  4,026
  5,033
  6,184
  7,482
  8,929
  10,523
  12,264
  14,148
  16,172
  18,335
  20,631
  23,058
  25,614
  28,296
  31,104
  34,037
  37,095
  40,280
  43,594
  47,039
  50,620
Total liabilities, $m
  140
  224
  345
  517
  750
  1,058
  1,454
  1,952
  2,562
  3,297
  4,165
  5,172
  6,323
  7,621
  9,068
  10,662
  12,403
  14,287
  16,311
  18,474
  20,770
  23,197
  25,753
  28,435
  31,243
  34,176
  37,234
  40,419
  43,733
  47,178
  50,759
Total equity, $m
  1,405
  1,968
  3,041
  4,548
  6,599
  9,311
  12,800
  17,181
  22,560
  29,029
  36,666
  45,531
  55,666
  67,097
  79,832
  93,868
  109,191
  125,779
  143,605
  162,640
  182,855
  204,225
  226,727
  250,343
  275,064
  300,884
  327,809
  355,848
  385,021
  415,355
  446,883
Total liabilities and equity, $m
  1,545
  2,192
  3,386
  5,065
  7,349
  10,369
  14,254
  19,133
  25,122
  32,326
  40,831
  50,703
  61,989
  74,718
  88,900
  104,530
  121,594
  140,066
  159,916
  181,114
  203,625
  227,422
  252,480
  278,778
  306,307
  335,060
  365,043
  396,267
  428,754
  462,533
  497,642
Debt-to-equity ratio
  0.001
  0.040
  0.070
  0.080
  0.090
  0.100
  0.100
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
Adjusted equity ratio
  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
  0.898
  0.898
  0.898
  0.898
  0.898

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -110
  -86
  -81
  -75
  -67
  -57
  -44
  -29
  -10
  9
  28
  122
  146
  173
  202
  233
  268
  304
  343
  385
  428
  474
  521
  571
  623
  678
  734
  793
  854
  917
  983
Depreciation, amort., depletion, $m
  14
  106
  109
  113
  119
  128
  138
  151
  167
  187
  210
  137
  167
  201
  239
  281
  327
  377
  431
  488
  548
  612
  680
  751
  825
  902
  983
  1,067
  1,154
  1,245
  1,340
Funds from operations, $m
  -138
  20
  27
  38
  52
  70
  94
  123
  158
  196
  237
  258
  313
  374
  441
  515
  595
  681
  774
  872
  976
  1,086
  1,201
  1,322
  1,448
  1,580
  1,717
  1,860
  2,008
  2,162
  2,322
Change in working capital, $m
  -30
  -29
  -42
  -59
  -80
  -106
  -136
  -171
  -210
  -252
  -298
  -345
  -395
  -445
  -496
  -547
  -597
  -646
  -695
  -742
  -788
  -833
  -877
  -920
  -963
  -1,006
  -1,049
  -1,093
  -1,137
  -1,182
  -1,228
Cash from operations, $m
  -108
  49
  69
  97
  132
  176
  230
  293
  367
  448
  535
  604
  708
  819
  937
  1,062
  1,192
  1,328
  1,468
  1,614
  1,764
  1,919
  2,078
  2,242
  2,411
  2,586
  2,766
  2,952
  3,145
  3,344
  3,551
Maintenance CAPEX, $m
  0
  -4
  -6
  -9
  -14
  -20
  -28
  -38
  -52
  -68
  -87
  -110
  -137
  -167
  -201
  -239
  -281
  -327
  -377
  -431
  -488
  -548
  -612
  -680
  -751
  -825
  -902
  -983
  -1,067
  -1,154
  -1,245
New CAPEX, $m
  -15
  -67
  -96
  -136
  -184
  -244
  -314
  -394
  -484
  -582
  -687
  -797
  -912
  -1,028
  -1,145
  -1,262
  -1,378
  -1,492
  -1,603
  -1,712
  -1,818
  -1,922
  -2,024
  -2,124
  -2,223
  -2,322
  -2,422
  -2,522
  -2,624
  -2,728
  -2,836
Cash from investing activities, $m
  163
  -71
  -102
  -145
  -198
  -264
  -342
  -432
  -536
  -650
  -774
  -907
  -1,049
  -1,195
  -1,346
  -1,501
  -1,659
  -1,819
  -1,980
  -2,143
  -2,306
  -2,470
  -2,636
  -2,804
  -2,974
  -3,147
  -3,324
  -3,505
  -3,691
  -3,882
  -4,081
Free cash flow, $m
  55
  -22
  -33
  -48
  -66
  -88
  -112
  -139
  -168
  -202
  -239
  -303
  -340
  -376
  -409
  -440
  -468
  -492
  -512
  -529
  -542
  -552
  -558
  -562
  -563
  -561
  -558
  -553
  -546
  -539
  -530
Issuance/(repayment) of debt, $m
  0
  84
  122
  171
  233
  308
  396
  498
  611
  735
  867
  1,007
  1,151
  1,298
  1,447
  1,594
  1,740
  1,884
  2,025
  2,162
  2,296
  2,427
  2,556
  2,682
  2,808
  2,933
  3,058
  3,185
  3,314
  3,445
  3,581
Issuance/(repurchase) of shares, $m
  7
  826
  1,154
  1,582
  2,118
  2,769
  3,534
  4,410
  5,389
  6,460
  7,609
  8,743
  9,989
  11,258
  12,533
  13,803
  15,055
  16,284
  17,483
  18,651
  19,788
  20,896
  21,980
  23,045
  24,097
  25,143
  26,190
  27,247
  28,320
  29,417
  30,545
Cash from financing (excl. dividends), $m  
  2
  910
  1,276
  1,753
  2,351
  3,077
  3,930
  4,908
  6,000
  7,195
  8,476
  9,750
  11,140
  12,556
  13,980
  15,397
  16,795
  18,168
  19,508
  20,813
  22,084
  23,323
  24,536
  25,727
  26,905
  28,076
  29,248
  30,432
  31,634
  32,862
  34,126
Total cash flow (excl. dividends), $m
  55
  888
  1,243
  1,706
  2,285
  2,989
  3,818
  4,768
  5,831
  6,993
  8,238
  9,446
  10,800
  12,180
  13,571
  14,957
  16,328
  17,676
  18,995
  20,284
  21,542
  22,772
  23,978
  25,166
  26,342
  27,515
  28,691
  29,879
  31,087
  32,324
  33,596
Retained Cash Flow (-), $m
  -1,327
  -826
  -1,154
  -1,582
  -2,118
  -2,769
  -3,534
  -4,410
  -5,389
  -6,469
  -7,637
  -8,865
  -10,135
  -11,430
  -12,735
  -14,036
  -15,323
  -16,588
  -17,826
  -19,035
  -20,216
  -21,370
  -22,502
  -23,616
  -24,720
  -25,821
  -26,924
  -28,039
  -29,173
  -30,334
  -31,528
Prev. year cash balance distribution, $m
 
  177
  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
 
  239
  89
  123
  167
  220
  284
  358
  443
  524
  601
  582
  665
  750
  835
  921
  1,005
  1,088
  1,169
  1,249
  1,326
  1,402
  1,476
  1,549
  1,622
  1,694
  1,766
  1,839
  1,914
  1,990
  2,068
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  229
  81
  107
  137
  171
  206
  242
  277
  301
  315
  276
  284
  285
  280
  270
  255
  237
  215
  192
  169
  145
  122
  102
  83
  66
  52
  39
  30
  22
  16
Current shareholders' claim on cash, %
  100
  75.6
  59.0
  47.2
  38.6
  32.1
  27.2
  23.3
  20.3
  17.8
  15.8
  14.2
  12.9
  11.7
  10.8
  9.9
  9.2
  8.6
  8.1
  7.6
  7.2
  6.8
  6.5
  6.2
  5.9
  5.7
  5.4
  5.2
  5.0
  4.8
  4.7

MakeMyTrip Limited is an online travel company in India. The Company's services and products include air ticketing, hotels, packages, rail tickets, bus tickets, car hire and ancillary travel requirements, such as facilitating access to third-party travel insurance and visa processing. Its segments include Air ticketing, which provides the facility to book international and domestic air tickets through an Internet-based platform; Hotels and packages, which provides holiday packages and hotel reservations through an Internet-based platform, call-centers and branch offices, and Others, which include advertisement income from hosting advertisements on its Internet Web-sites, income from sale of rail and bus tickets and income from facilitating Website access to a travel insurance company. Through the Company's Website, www.makemytrip.com, and mobile platforms, travelers can research, plan and book a range of travel services and products in India, as well as overseas.

FINANCIAL RATIOS  of  MakeMyTrip (MMYT)

Valuation Ratios
P/E Ratio -26.5
Price to Sales 6.5
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow -27
Price to Free Cash Flow -23.7
Growth Rates
Sales Growth Rate 33.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.4%
Cap. Spend. - 3 Yr. Gr. Rate 20.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.1%
Total Debt to Equity 0.1%
Interest Coverage -27
Management Effectiveness
Return On Assets -10.9%
Ret/ On Assets - 3 Yr. Avg. -14.3%
Return On Total Capital -13%
Ret/ On T. Cap. - 3 Yr. Avg. -21.6%
Return On Equity -14.8%
Return On Equity - 3 Yr. Avg. -34%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 61.2%
Gross Margin - 3 Yr. Avg. 52.6%
EBITDA Margin -20.5%
EBITDA Margin - 3 Yr. Avg. -15.6%
Operating Margin -30.1%
Oper. Margin - 3 Yr. Avg. -18.3%
Pre-Tax Margin -24.6%
Pre-Tax Margin - 3 Yr. Avg. -18.9%
Net Profit Margin -24.6%
Net Profit Margin - 3 Yr. Avg. -19%
Effective Tax Rate 0%
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 $448 million for the last fiscal year's total revenue generated by MakeMyTrip. The default revenue input number comes from 2017 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 60% 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 4.3%, 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 120.3%.

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 3.9% 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 24.7%.

Life of production assets of 44 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 -10.7%. 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 - $1405 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 92.127 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 $2.9 billion.

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COMPANY NEWS

▶ ETFs with exposure to MakeMyTrip Ltd. : December 19, 2017   [Dec-19-17 01:38PM  Capital Cube]
▶ ETFs with exposure to MakeMyTrip Ltd. : November 29, 2017   [Nov-29-17 11:55AM  Capital Cube]
▶ ETFs with exposure to MakeMyTrip Ltd. : November 17, 2017   [Nov-17-17 12:25PM  Capital Cube]
▶ ETFs with exposure to MakeMyTrip Ltd. : November 7, 2017   [Nov-07-17 10:30AM  Capital Cube]
▶ Why MakeMyTrip Shares Plunged Today   [Nov-01-17 04:37PM  Motley Fool]
▶ MakeMyTrip reports 2Q loss   [09:05AM  Associated Press]
▶ ETFs with exposure to MakeMyTrip Ltd. : October 27, 2017   [Oct-27-17 11:04AM  Capital Cube]
▶ ETFs with exposure to MakeMyTrip Ltd. : October 11, 2017   [Oct-11-17 11:49AM  Capital Cube]
▶ Yatra Online Is a Long-Term Value Creator   [Oct-03-17 12:36PM  GuruFocus.com]
▶ MakeMyTrip Limited (MMYT): Financial Strength Analysis   [Sep-19-17 10:57AM  Simply Wall St.]
▶ QVT Financials Investments, Performance, Letters   [Aug-30-17 10:56AM  Insider Monkey]
▶ MakeMyTrip to Use the Travelport Platform   [03:30AM  PR Newswire]
▶ 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]
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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