Intrinsic value of MakeMyTrip - MMYT

Previous Close

$24.80

  Intrinsic Value

$7.20

stock screener

  Rating & Target

str. sell

-71%

Previous close

$24.80

 
Intrinsic value

$7.20

 
Up/down potential

-71%

 
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

Revenue (in 2017), $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 2.3

 

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
  58.70
  53.33
  48.50
  44.15
  40.23
  36.71
  33.54
  30.68
  28.12
  25.80
  23.72
  21.85
  20.17
  18.65
  17.28
  16.06
  14.95
  13.96
  13.06
  12.25
  11.53
  10.88
  10.29
  9.76
  9.28
  8.86
  8.47
  8.12
  7.81
  7.53
Revenue, $m
  448
  711
  1,090
  1,619
  2,333
  3,272
  4,474
  5,974
  7,807
  10,002
  12,583
  15,568
  18,970
  22,796
  27,047
  31,722
  36,815
  42,320
  48,226
  54,524
  61,205
  68,261
  75,685
  83,472
  91,618
  100,124
  108,990
  118,221
  127,824
  137,807
  148,183
Variable operating expenses, $m
 
  797
  1,169
  1,687
  2,388
  3,308
  4,486
  5,957
  7,754
  9,906
  12,437
  15,264
  18,599
  22,350
  26,518
  31,102
  36,096
  41,492
  47,283
  53,458
  60,009
  66,927
  74,206
  81,841
  89,828
  98,167
  106,860
  115,910
  125,325
  135,114
  145,287
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
  797
  1,169
  1,687
  2,388
  3,308
  4,486
  5,957
  7,754
  9,906
  12,437
  15,264
  18,599
  22,350
  26,518
  31,102
  36,096
  41,492
  47,283
  53,458
  60,009
  66,927
  74,206
  81,841
  89,828
  98,167
  106,860
  115,910
  125,325
  135,114
  145,287
Operating income, $m
  -135
  -86
  -78
  -68
  -54
  -36
  -12
  17
  53
  96
  146
  304
  371
  446
  529
  620
  720
  827
  943
  1,066
  1,196
  1,334
  1,479
  1,631
  1,791
  1,957
  2,130
  2,311
  2,498
  2,693
  2,896
EBITDA, $m
  -121
  20
  30
  45
  65
  91
  124
  166
  217
  278
  350
  432
  527
  633
  751
  881
  1,023
  1,176
  1,340
  1,515
  1,700
  1,896
  2,102
  2,319
  2,545
  2,781
  3,028
  3,284
  3,551
  3,828
  4,116
Interest expense (income), $m
  4
  0
  3
  8
  14
  23
  34
  49
  67
  90
  116
  148
  184
  225
  272
  324
  380
  442
  509
  581
  658
  739
  825
  915
  1,010
  1,109
  1,213
  1,320
  1,433
  1,550
  1,671
Earnings before tax, $m
  -110
  -86
  -82
  -76
  -68
  -59
  -47
  -32
  -14
  6
  30
  157
  187
  220
  257
  296
  339
  385
  433
  484
  538
  595
  654
  716
  781
  848
  918
  990
  1,066
  1,144
  1,225
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  8
  42
  50
  59
  69
  80
  92
  104
  117
  131
  145
  161
  177
  193
  211
  229
  248
  267
  288
  309
  331
Net income, $m
  -110
  -86
  -82
  -76
  -68
  -59
  -47
  -32
  -14
  5
  22
  114
  136
  161
  187
  216
  248
  281
  316
  354
  393
  434
  478
  523
  570
  619
  670
  723
  778
  835
  894

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
  2,174
  3,334
  4,951
  7,136
  10,007
  13,681
  18,269
  23,875
  30,587
  38,480
  47,609
  58,012
  69,711
  82,713
  97,009
  112,585
  129,418
  147,479
  166,740
  187,172
  208,751
  231,454
  255,266
  280,179
  306,189
  333,302
  361,532
  390,898
  421,428
  453,159
Adjusted assets (=assets-cash), $m
  1,368
  2,174
  3,334
  4,951
  7,136
  10,007
  13,681
  18,269
  23,875
  30,587
  38,480
  47,609
  58,012
  69,711
  82,713
  97,009
  112,585
  129,418
  147,479
  166,740
  187,172
  208,751
  231,454
  255,266
  280,179
  306,189
  333,302
  361,532
  390,898
  421,428
  453,159
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
  176
  269
  400
  576
  808
  1,105
  1,476
  1,928
  2,470
  3,108
  3,845
  4,686
  5,631
  6,681
  7,835
  9,093
  10,453
  11,912
  13,467
  15,118
  16,861
  18,694
  20,618
  22,630
  24,731
  26,921
  29,201
  31,572
  34,038
  36,601
Working capital, $m
  129
  -76
  -117
  -173
  -250
  -350
  -479
  -639
  -835
  -1,070
  -1,346
  -1,666
  -2,030
  -2,439
  -2,894
  -3,394
  -3,939
  -4,528
  -5,160
  -5,834
  -6,549
  -7,304
  -8,098
  -8,932
  -9,803
  -10,713
  -11,662
  -12,650
  -13,677
  -14,745
  -15,856
Total debt, $m
  1
  83
  201
  366
  589
  882
  1,256
  1,724
  2,296
  2,981
  3,786
  4,717
  5,778
  6,972
  8,298
  9,756
  11,345
  13,062
  14,904
  16,868
  18,953
  21,154
  23,469
  25,898
  28,439
  31,092
  33,858
  36,737
  39,733
  42,847
  46,083
Total liabilities, $m
  140
  222
  340
  505
  728
  1,021
  1,395
  1,863
  2,435
  3,120
  3,925
  4,856
  5,917
  7,111
  8,437
  9,895
  11,484
  13,201
  15,043
  17,007
  19,092
  21,293
  23,608
  26,037
  28,578
  31,231
  33,997
  36,876
  39,872
  42,986
  46,222
Total equity, $m
  1,405
  1,952
  2,994
  4,446
  6,408
  8,986
  12,285
  16,405
  21,439
  27,467
  34,555
  42,753
  52,095
  62,601
  74,276
  87,114
  101,102
  116,217
  132,436
  149,732
  168,081
  187,458
  207,846
  229,229
  251,601
  274,958
  299,306
  324,656
  351,026
  378,443
  406,937
Total liabilities and equity, $m
  1,545
  2,174
  3,334
  4,951
  7,136
  10,007
  13,680
  18,268
  23,874
  30,587
  38,480
  47,609
  58,012
  69,712
  82,713
  97,009
  112,586
  129,418
  147,479
  166,739
  187,173
  208,751
  231,454
  255,266
  280,179
  306,189
  333,303
  361,532
  390,898
  421,429
  453,159
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
  -82
  -76
  -68
  -59
  -47
  -32
  -14
  5
  22
  114
  136
  161
  187
  216
  248
  281
  316
  354
  393
  434
  478
  523
  570
  619
  670
  723
  778
  835
  894
Depreciation, amort., depletion, $m
  14
  106
  109
  113
  119
  127
  137
  149
  164
  182
  203
  128
  156
  188
  223
  261
  303
  348
  397
  449
  504
  562
  623
  687
  754
  824
  897
  973
  1,052
  1,135
  1,220
Funds from operations, $m
  -138
  20
  27
  37
  51
  68
  90
  117
  150
  187
  225
  243
  293
  348
  410
  478
  551
  629
  713
  803
  897
  996
  1,101
  1,210
  1,324
  1,443
  1,567
  1,696
  1,830
  1,970
  2,114
Change in working capital, $m
  -30
  -28
  -41
  -57
  -76
  -100
  -129
  -161
  -196
  -235
  -276
  -319
  -364
  -409
  -455
  -500
  -545
  -589
  -632
  -674
  -715
  -755
  -794
  -833
  -872
  -910
  -949
  -988
  -1,027
  -1,068
  -1,110
Cash from operations, $m
  -108
  48
  68
  94
  127
  168
  218
  277
  346
  421
  501
  562
  657
  758
  865
  978
  1,096
  1,218
  1,345
  1,476
  1,612
  1,751
  1,895
  2,043
  2,196
  2,353
  2,516
  2,684
  2,858
  3,038
  3,225
Maintenance CAPEX, $m
  0
  -4
  -6
  -9
  -13
  -19
  -27
  -37
  -49
  -64
  -82
  -104
  -128
  -156
  -188
  -223
  -261
  -303
  -348
  -397
  -449
  -504
  -562
  -623
  -687
  -754
  -824
  -897
  -973
  -1,052
  -1,135
New CAPEX, $m
  -15
  -65
  -94
  -131
  -177
  -232
  -297
  -371
  -453
  -542
  -637
  -737
  -840
  -945
  -1,050
  -1,155
  -1,258
  -1,360
  -1,459
  -1,556
  -1,650
  -1,743
  -1,834
  -1,923
  -2,012
  -2,101
  -2,190
  -2,280
  -2,372
  -2,466
  -2,563
Cash from investing activities, $m
  163
  -69
  -100
  -140
  -190
  -251
  -324
  -408
  -502
  -606
  -719
  -841
  -968
  -1,101
  -1,238
  -1,378
  -1,519
  -1,663
  -1,807
  -1,953
  -2,099
  -2,247
  -2,396
  -2,546
  -2,699
  -2,855
  -3,014
  -3,177
  -3,345
  -3,518
  -3,698
Free cash flow, $m
  55
  -21
  -32
  -46
  -63
  -83
  -105
  -130
  -156
  -185
  -219
  -279
  -312
  -343
  -373
  -400
  -424
  -444
  -462
  -476
  -487
  -495
  -501
  -503
  -504
  -502
  -498
  -494
  -487
  -481
  -473
Issuance/(repayment) of debt, $m
  0
  82
  118
  165
  223
  293
  375
  468
  572
  685
  805
  931
  1,061
  1,193
  1,326
  1,458
  1,589
  1,717
  1,842
  1,965
  2,084
  2,201
  2,316
  2,429
  2,541
  2,653
  2,766
  2,879
  2,995
  3,114
  3,237
Issuance/(repurchase) of shares, $m
  7
  810
  1,123
  1,528
  2,031
  2,637
  3,345
  4,152
  5,048
  6,023
  7,066
  8,084
  9,206
  10,345
  11,488
  12,622
  13,740
  14,835
  15,903
  16,943
  17,955
  18,943
  19,910
  20,861
  21,802
  22,738
  23,678
  24,627
  25,593
  26,581
  27,600
Cash from financing (excl. dividends), $m  
  2
  892
  1,241
  1,693
  2,254
  2,930
  3,720
  4,620
  5,620
  6,708
  7,871
  9,015
  10,267
  11,538
  12,814
  14,080
  15,329
  16,552
  17,745
  18,908
  20,039
  21,144
  22,226
  23,290
  24,343
  25,391
  26,444
  27,506
  28,588
  29,695
  30,837
Total cash flow (excl. dividends), $m
  55
  871
  1,209
  1,647
  2,191
  2,847
  3,615
  4,490
  5,464
  6,523
  7,652
  8,736
  9,955
  11,195
  12,441
  13,681
  14,905
  16,107
  17,283
  18,431
  19,552
  20,649
  21,725
  22,786
  23,839
  24,890
  25,945
  27,013
  28,101
  29,215
  30,364
Retained Cash Flow (-), $m
  -1,327
  -810
  -1,123
  -1,528
  -2,031
  -2,637
  -3,345
  -4,152
  -5,048
  -6,028
  -7,088
  -8,198
  -9,342
  -10,506
  -11,675
  -12,838
  -13,987
  -15,115
  -16,219
  -17,296
  -18,348
  -19,377
  -20,388
  -21,384
  -22,371
  -23,357
  -24,348
  -25,350
  -26,371
  -27,416
  -28,494
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
 
  238
  86
  119
  160
  210
  269
  338
  416
  495
  565
  538
  613
  689
  766
  842
  918
  992
  1,064
  1,135
  1,204
  1,271
  1,338
  1,403
  1,468
  1,532
  1,597
  1,663
  1,730
  1,799
  1,869
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
 
  228
  79
  104
  132
  163
  196
  228
  260
  284
  296
  255
  262
  262
  257
  247
  233
  216
  196
  175
  153
  131
  111
  92
  75
  60
  47
  36
  27
  20
  14
Current shareholders' claim on cash, %
  100
  71.0
  52.4
  39.8
  31.0
  24.7
  20.1
  16.6
  14.0
  11.9
  10.3
  9.0
  7.9
  7.0
  6.3
  5.7
  5.2
  4.8
  4.4
  4.1
  3.8
  3.6
  3.3
  3.1
  3.0
  2.8
  2.7
  2.5
  2.4
  2.3
  2.2

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 -20.7
Price to Sales 5.1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow -21.1
Price to Free Cash Flow -18.5
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 58.7% 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 91.532 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 $2.3 billion.

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COMPANY NEWS

▶ 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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