I just released an updated analysis for DAYANG. This excel contains some new changes as following:
- Unusual Items – I have added a section in the Income Statement to show Unusual Items. What is Unusual Item? Click here, here and here.
- Revisited Non-operating Expenses and Non-operating Incomes to normalise Operating Profit – Some companies mixed Non-operating Incomes and Operating Incomes together.
- Restated figures – If there are restated figures in a specific financial year, the excel will change the header colour from Blue to Green.
- Added a new risk factor: “Project Delivery Risk”.
- I fixed an overlooked bug in calculating Free Cash Flow by changing formula of Net Borrowing. Due to this fix, I have removed “Total Debt” from DCF valuation to avoid double count.
- I have made the Key Ratios worksheet invisible because we can find these key ratios in the Charts worksheet.
- Other bug fixes and minor improvements.