Intrinsic value of Azure Power Global - AZRE

Previous Close

$13.25

  Intrinsic Value

$79.90

stock screener

  Rating & Target

str. buy

+503%

Previous close

$13.25

 
Intrinsic value

$79.90

 
Up/down potential

+503%

 
Rating

str. buy

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

We calculate the intrinsic value of AZRE 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 0.3

 

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, %
  61.54
  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
  63
  101
  156
  233
  338
  477
  655
  880
  1,155
  1,487
  1,878
  2,332
  2,851
  3,436
  4,088
  4,807
  5,591
  6,441
  7,354
  8,328
  9,364
  10,458
  11,610
  12,819
  14,085
  15,408
  16,786
  18,222
  19,716
  21,269
  22,884
Variable operating expenses, $m
 
  42
  64
  96
  140
  197
  271
  363
  477
  614
  775
  963
  1,177
  1,419
  1,688
  1,985
  2,309
  2,660
  3,037
  3,440
  3,867
  4,319
  4,795
  5,294
  5,817
  6,363
  6,933
  7,526
  8,143
  8,784
  9,451
Fixed operating expenses, $m
 
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
Total operating expenses, $m
  33
  49
  71
  104
  148
  205
  279
  371
  486
  623
  784
  972
  1,186
  1,429
  1,698
  1,995
  2,319
  2,671
  3,048
  3,451
  3,878
  4,331
  4,807
  5,306
  5,830
  6,376
  6,946
  7,540
  8,157
  8,798
  9,466
Operating income, $m
  29
  52
  84
  129
  191
  272
  377
  508
  670
  864
  1,093
  1,359
  1,664
  2,007
  2,390
  2,811
  3,272
  3,770
  4,306
  4,878
  5,485
  6,127
  6,803
  7,513
  8,255
  9,031
  9,840
  10,683
  11,559
  12,471
  13,418
EBITDA, $m
  45
  72
  116
  177
  259
  369
  510
  687
  904
  1,166
  1,475
  1,833
  2,243
  2,705
  3,220
  3,788
  4,408
  5,079
  5,800
  6,570
  7,388
  8,252
  9,162
  10,118
  11,118
  12,162
  13,251
  14,385
  15,566
  16,793
  18,068
Interest expense (income), $m
  39
  41
  73
  120
  185
  274
  391
  542
  732
  964
  1,244
  1,575
  1,959
  2,397
  2,892
  3,443
  4,051
  4,714
  5,432
  6,203
  7,027
  7,902
  8,827
  9,801
  10,823
  11,893
  13,011
  14,176
  15,389
  16,652
  17,965
Earnings before tax, $m
  -4
  11
  11
  10
  6
  -2
  -14
  -34
  -62
  -101
  -151
  -215
  -295
  -390
  -502
  -632
  -779
  -944
  -1,126
  -1,326
  -1,542
  -1,775
  -2,024
  -2,288
  -2,568
  -2,862
  -3,170
  -3,493
  -3,830
  -4,181
  -4,547
Tax expense, $m
  14
  3
  3
  3
  2
  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
  -18
  8
  8
  7
  4
  -2
  -14
  -34
  -62
  -101
  -151
  -215
  -295
  -390
  -502
  -632
  -779
  -944
  -1,126
  -1,326
  -1,542
  -1,775
  -2,024
  -2,288
  -2,568
  -2,862
  -3,170
  -3,493
  -3,830
  -4,181
  -4,547

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  131
  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
  861
  1,172
  1,811
  2,708
  3,929
  5,544
  7,622
  10,230
  13,433
  17,285
  21,832
  27,111
  33,146
  39,952
  47,535
  55,892
  65,016
  74,893
  85,507
  96,842
  108,879
  121,603
  135,001
  149,063
  163,783
  179,157
  195,189
  211,885
  229,256
  247,317
  266,090
Adjusted assets (=assets-cash), $m
  730
  1,172
  1,811
  2,708
  3,929
  5,544
  7,622
  10,230
  13,433
  17,285
  21,832
  27,111
  33,146
  39,952
  47,535
  55,892
  65,016
  74,893
  85,507
  96,842
  108,879
  121,603
  135,001
  149,063
  163,783
  179,157
  195,189
  211,885
  229,256
  247,317
  266,090
Revenue / Adjusted assets
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
Average production assets, $m
  64
  102
  158
  237
  343
  484
  666
  894
  1,174
  1,510
  1,908
  2,369
  2,896
  3,491
  4,153
  4,884
  5,681
  6,544
  7,471
  8,462
  9,513
  10,625
  11,796
  13,025
  14,311
  15,654
  17,055
  18,514
  20,031
  21,610
  23,250
Working capital, $m
  81
  16
  25
  37
  54
  76
  104
  140
  184
  236
  299
  371
  453
  546
  650
  764
  889
  1,024
  1,169
  1,324
  1,489
  1,663
  1,846
  2,038
  2,240
  2,450
  2,669
  2,897
  3,135
  3,382
  3,639
Total debt, $m
  526
  831
  1,359
  2,100
  3,109
  4,442
  6,158
  8,313
  10,959
  14,140
  17,897
  22,257
  27,241
  32,863
  39,127
  46,030
  53,566
  61,725
  70,492
  79,854
  89,797
  100,307
  111,374
  122,989
  135,148
  147,847
  161,089
  174,880
  189,228
  204,147
  219,654
Total liabilities, $m
  663
  968
  1,496
  2,237
  3,246
  4,579
  6,295
  8,450
  11,096
  14,277
  18,034
  22,394
  27,378
  33,000
  39,264
  46,167
  53,703
  61,862
  70,629
  79,991
  89,934
  100,444
  111,511
  123,126
  135,285
  147,984
  161,226
  175,017
  189,365
  204,284
  219,791
Total equity, $m
  198
  204
  315
  471
  684
  965
  1,326
  1,780
  2,337
  3,008
  3,799
  4,717
  5,767
  6,952
  8,271
  9,725
  11,313
  13,031
  14,878
  16,850
  18,945
  21,159
  23,490
  25,937
  28,498
  31,173
  33,963
  36,868
  39,891
  43,033
  46,300
Total liabilities and equity, $m
  861
  1,172
  1,811
  2,708
  3,930
  5,544
  7,621
  10,230
  13,433
  17,285
  21,833
  27,111
  33,145
  39,952
  47,535
  55,892
  65,016
  74,893
  85,507
  96,841
  108,879
  121,603
  135,001
  149,063
  163,783
  179,157
  195,189
  211,885
  229,256
  247,317
  266,091
Debt-to-equity ratio
  2.657
  4.080
  4.310
  4.460
  4.550
  4.610
  4.640
  4.670
  4.690
  4.700
  4.710
  4.720
  4.720
  4.730
  4.730
  4.730
  4.740
  4.740
  4.740
  4.740
  4.740
  4.740
  4.740
  4.740
  4.740
  4.740
  4.740
  4.740
  4.740
  4.740
  4.740
Adjusted equity ratio
  0.142
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -18
  8
  8
  7
  4
  -2
  -14
  -34
  -62
  -101
  -151
  -215
  -295
  -390
  -502
  -632
  -779
  -944
  -1,126
  -1,326
  -1,542
  -1,775
  -2,024
  -2,288
  -2,568
  -2,862
  -3,170
  -3,493
  -3,830
  -4,181
  -4,547
Depreciation, amort., depletion, $m
  16
  20
  32
  47
  69
  97
  133
  179
  235
  302
  382
  474
  579
  698
  831
  977
  1,136
  1,309
  1,494
  1,692
  1,903
  2,125
  2,359
  2,605
  2,862
  3,131
  3,411
  3,703
  4,006
  4,322
  4,650
Funds from operations, $m
  -7
  29
  40
  54
  73
  95
  119
  145
  173
  202
  230
  258
  284
  308
  328
  345
  357
  365
  368
  367
  360
  350
  335
  317
  294
  269
  241
  210
  176
  141
  103
Change in working capital, $m
  -7
  6
  9
  12
  17
  22
  28
  36
  44
  53
  62
  72
  83
  93
  104
  114
  125
  135
  145
  155
  165
  174
  183
  192
  201
  210
  219
  228
  238
  247
  257
Cash from operations, $m
  0
  22
  31
  42
  56
  73
  90
  109
  129
  149
  168
  186
  202
  215
  225
  231
  233
  230
  223
  212
  196
  176
  152
  124
  93
  59
  21
  -19
  -61
  -106
  -154
Maintenance CAPEX, $m
  0
  -13
  -20
  -32
  -47
  -69
  -97
  -133
  -179
  -235
  -302
  -382
  -474
  -579
  -698
  -831
  -977
  -1,136
  -1,309
  -1,494
  -1,692
  -1,903
  -2,125
  -2,359
  -2,605
  -2,862
  -3,131
  -3,411
  -3,703
  -4,006
  -4,322
New CAPEX, $m
  -231
  -38
  -56
  -78
  -107
  -141
  -182
  -228
  -280
  -337
  -397
  -461
  -527
  -595
  -663
  -730
  -797
  -863
  -927
  -990
  -1,052
  -1,112
  -1,171
  -1,229
  -1,286
  -1,343
  -1,401
  -1,459
  -1,518
  -1,578
  -1,640
Cash from investing activities, $m
  -329
  -51
  -76
  -110
  -154
  -210
  -279
  -361
  -459
  -572
  -699
  -843
  -1,001
  -1,174
  -1,361
  -1,561
  -1,774
  -1,999
  -2,236
  -2,484
  -2,744
  -3,015
  -3,296
  -3,588
  -3,891
  -4,205
  -4,532
  -4,870
  -5,221
  -5,584
  -5,962
Free cash flow, $m
  -329
  -29
  -45
  -68
  -98
  -137
  -188
  -252
  -330
  -422
  -531
  -657
  -799
  -959
  -1,136
  -1,330
  -1,541
  -1,769
  -2,013
  -2,273
  -2,548
  -2,839
  -3,144
  -3,463
  -3,798
  -4,147
  -4,510
  -4,888
  -5,282
  -5,691
  -6,116
Issuance/(repayment) of debt, $m
  219
  365
  528
  741
  1,009
  1,334
  1,716
  2,155
  2,645
  3,182
  3,756
  4,360
  4,985
  5,622
  6,264
  6,903
  7,536
  8,158
  8,767
  9,362
  9,943
  10,510
  11,067
  11,615
  12,158
  12,699
  13,242
  13,791
  14,348
  14,919
  15,506
Issuance/(repurchase) of shares, $m
  160
  69
  103
  149
  208
  283
  376
  488
  619
  771
  942
  1,134
  1,345
  1,574
  1,822
  2,086
  2,366
  2,662
  2,973
  3,298
  3,637
  3,989
  4,355
  4,735
  5,129
  5,537
  5,960
  6,398
  6,853
  7,324
  7,813
Cash from financing (excl. dividends), $m  
  364
  434
  631
  890
  1,217
  1,617
  2,092
  2,643
  3,264
  3,953
  4,698
  5,494
  6,330
  7,196
  8,086
  8,989
  9,902
  10,820
  11,740
  12,660
  13,580
  14,499
  15,422
  16,350
  17,287
  18,236
  19,202
  20,189
  21,201
  22,243
  23,319
Total cash flow (excl. dividends), $m
  35
  405
  585
  822
  1,119
  1,480
  1,904
  2,391
  2,935
  3,530
  4,167
  4,837
  5,530
  6,237
  6,949
  7,659
  8,361
  9,052
  9,727
  10,387
  11,031
  11,661
  12,279
  12,887
  13,489
  14,090
  14,692
  15,300
  15,919
  16,552
  17,204
Retained Cash Flow (-), $m
  -164
  -77
  -111
  -156
  -212
  -283
  -376
  -488
  -619
  -771
  -942
  -1,134
  -1,345
  -1,574
  -1,822
  -2,086
  -2,366
  -2,662
  -2,973
  -3,298
  -3,637
  -3,989
  -4,355
  -4,735
  -5,129
  -5,537
  -5,960
  -6,398
  -6,853
  -7,324
  -7,813
Prev. year cash balance distribution, $m
 
  71
  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
 
  399
  474
  666
  907
  1,197
  1,528
  1,903
  2,316
  2,759
  3,225
  3,703
  4,186
  4,663
  5,128
  5,573
  5,995
  6,389
  6,754
  7,089
  7,394
  7,672
  7,923
  8,152
  8,360
  8,553
  8,732
  8,902
  9,066
  9,228
  9,391
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  363
  388
  485
  583
  671
  738
  783
  800
  789
  752
  693
  618
  534
  447
  362
  284
  216
  159
  114
  78
  52
  34
  21
  13
  7
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  76.2
  59.0
  46.4
  37.0
  29.9
  24.4
  20.1
  16.8
  14.1
  11.9
  10.2
  8.8
  7.6
  6.6
  5.7
  5.0
  4.4
  3.9
  3.5
  3.1
  2.8
  2.5
  2.2
  2.0
  1.8
  1.6
  1.4
  1.3
  1.2
  1.1

Azure Power Global Limited is an India-based power producer. The Company sells solar power in India on long term fixed price contracts to its customers. The Company is also developing micro-grid applications for the highly fragmented and underserved electricity market in India. The Company operates approximately 20 utility scale projects and several commercial rooftop projects with a combined rated capacity of approximately 240 megawatts. The Company's services include design, engineering and construction of grid integrated solar installations; off grid solar installations for villages, hamlets and remote areas; turnkey solar installations for commercial and residential complexes on roof tops, as back up and alternate source, and operation and maintenance of solar installations. The Company's projects include Project Punjab, Rajasthan Projects, Gandhinagar Smart City Rooftop Project and Micro-Grids in Bihar and Uttar Pradesh.

FINANCIAL RATIOS  of  Azure Power Global (AZRE)

Valuation Ratios
P/E Ratio -19.1
Price to Sales 5.5
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -1.5
Growth Rates
Sales Growth Rate 61.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 69.9%
Cap. Spend. - 3 Yr. Gr. Rate 107.5%
Financial Strength
Quick Ratio 2
Current Ratio 0.4
LT Debt to Equity 235.4%
Total Debt to Equity 265.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 23.8%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital -3.2%
Ret/ On T. Cap. - 3 Yr. Avg. -6.2%
Return On Equity -15.5%
Return On Equity - 3 Yr. Avg. -49%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 81%
EBITDA Margin - 3 Yr. Avg. 48.8%
Operating Margin 47.6%
Oper. Margin - 3 Yr. Avg. 39.4%
Pre-Tax Margin -6.3%
Pre-Tax Margin - 3 Yr. Avg. -44.7%
Net Profit Margin -28.6%
Net Profit Margin - 3 Yr. Avg. -62.3%
Effective Tax Rate -350%
Eff/ Tax Rate - 3 Yr. Avg. -132.7%
Payout Ratio 0%

AZRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AZRE stock intrinsic value calculation we used $63 million for the last fiscal year's total revenue generated by Azure Power Global. The default revenue input number comes from 2017 income statement of Azure Power Global. 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 AZRE 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 10.1%, whose default value for AZRE is calculated based on our internal credit rating of Azure Power Global, 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 Azure Power Global.
    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 AZRE stock the variable cost ratio is equal to 41.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7 million in the base year in the intrinsic value calculation for AZRE 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 8.8% for Azure Power Global.

Corporate tax rate of 27% is the nominal tax rate for Azure Power Global. 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 AZRE 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 AZRE are equal to 101.6%.

Life of production assets of 4 years is the average useful life of capital assets used in Azure Power Global 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 AZRE is equal to 15.9%. 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 - $198 million for Azure Power Global - 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 25.954 million for Azure Power Global 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 Azure Power Global at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Dr R.P. Singh Joins Azure Powers Board of Directors   [Oct-26-17 09:15AM  Business Wire]
▶ Azure Power Wins 260 MW Solar Power Project in Gujarat   [Sep-26-17 07:00AM  Business Wire]
▶ Azure Power Announces Results for Fiscal First Quarter 2018   [Aug-11-17 04:30PM  Business Wire]
▶ Azure Power to Issue Indias First Solar Green Bond   [Jul-28-17 06:30AM  Business Wire]
▶ Azure Power Assigned Highest Accreditation Rating by ICRA   [Jul-27-17 03:22PM  Business Wire]
▶ Azure Power reports 4Q loss   [Jun-19-17 10:43PM  Associated Press]
▶ Azure Power: Early-Stage Investor Resigns from Board   [Mar-31-17 05:00PM  Business Wire]
▶ Azure Power(s) Defence Establishments in Maharashtra   [Mar-29-17 05:00PM  Business Wire]
▶ Azure Power reports 3Q loss   [Feb-14-17 06:34AM  Associated Press]
▶ Azure Power Announces Results for Fiscal Third Quarter 2017   [Feb-13-17 09:12PM  Business Wire]
Financial statements of AZRE
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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