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Brand is all of the things that you associate with an organization or entity, this could include a color palette, voice and tone writing guidelines, fonts and type styles, sounds and music, visual style guidelines that describe things like photography and illustration examples and guidelines…and…a logo! For a new brand the goal is to create assets that covey the mood or feeling you want your user/client to feel. For an established brand you want the brand to evoke in the user the feeling they have when using your product or serviceLogo is a visual representation that is created to create a simplified connect with your brand, it commonly features the name of the entity, often in a stylized fashion that may include hand set typography, decorations, or symbols. When it is purely type based with no symbols other than the letterform or idiograms it's often called a logotype or wordmark. A logo might have multiple variations depending on the format needed. If a logo is a lockup between a logotype and a symbol they might be able to be displayed independently.

WebClues Infotech is a top web development company across globe, which can help you, get a fantastic on-demand taxi service. We have handpicked the area’s best designers, developers, branding and web marketing experts. The result: top notch, professional websites that look great and work even better. Our team of graphic designers can create a brand identity with print design material, making your brand stand out above the crowd. Once we’ve designed and developed your website, our online marketing division will get your company in the forefront of your target audience. Development Procedure at WebClues Infotech [ http://www.webcluesinfotech.com/ ] 1. Understanding-We investigate your industry, your users and your business to get to know it in depth 2. Design-Designs all the user experience that leads your users to meet your business goals 3. Development-We develop your support code with agile methodologies such as SCRUM. We use the latest technologies 4. Testing-We ensure that your application works perfectly for an ideal launch. 5. Marketing- We also provide service of exclusive marketing platform to signNow your targeted customer. Some Key Features of our on-demand taxi website. * User-Friendly UI * Uncomplicated Signup Process * Save Your Location * Provide Maximum Details * Map and GPS Integration * Payment Integration * Notifications and Fair Calculation * Car Pooling Every business has unique needs, while attracting consumers with a global presence. A professional, custom website design will help to increase your sales and expose you to thousands of new clients. We are a team of skilled specialists that are easy to work with because we know how to listen and understand clients. Have a Project in Mind? Let’s talk!!! Connect with us at: http://www.webcluesinfotech.com [ http://www.webcluesinfotech.com/ ] Checkout our portfolio: http://www.webcluesinfotech.com/portfolio/ Get a free quote: Contact Us [ http://www.webcluesinfotech.com/contact-us/ ] We are also featured in Clutch [ https://clutch.co/profile/webclues-infotech ] | GoodFirms [ https://www.goodfirms.co/companies/view/2209/webclues-infotech ] | AppFutura [ https://www.appfutura.com/developers/webcluesinfotech ] | AgencySpotter [ https://www.agencyspotter.com/webclues-infotech ] | Wadline [ https://wadline.com/webcluesinfotech ]

What we will discuss in this article is about “how to identify” the best stocks to buy in India.I am sure majority of you are reading my post with intention to get a ready made list of such best stocks.But my humble submission to you is, “never believe such lists”. Such lists could be as bogus as a scam.This is particularly true when they are provided like free on internet.Try to comprehend it like thisIf one is so good in identifying best stocks to buy, why the person is publishing them on internet for free?Instead, the person should have been more busy in buying/selling such stocks, right?And if at all one get the time from investing, the person must be knee-deep in work, busy identifying more such stocks.This is a very logical rational, right?People who know about best stocks will not publish them on internet.If at all it is done, probably by the time you are reading it, the stock has already become overvalued.#1. Who is the best stock picker of the world?Warren Buffett. Does he go around the world telling people which stocks he is researching? No. Why?Because he doesn’t want to do it. Why?Because his declaration will attract attention towards such stocks.More positive attention, means more demand, which will eventually make the stock overvalued.So what Warren Buffett does?He does his research quietly, and then simply buy his analysed stocks first.After the stock has been purchased (contract is sealed), the news is gently leaked to the media.So what we can learn from Warren Buffett?Learn to self-identify best stocks.Keep it a secret till you grab them.#2. How to identify best stocks to buy in India?To answer this question one must first answer, what it means by a best stock?Stocks representing a “good business”, available at “undervalued price” levels.What is a good business?Business whose future free cash flow is more certain.What it means by undervalued price?Stock available at a market price less than its intrinsic value.Suppose a stock is trading at a market price of Rs.100 per share.Upon calculation, its intrinsic value comes out to be Rs.120 per share.Such a stock is said to be undervalued.Market Price < Intrinsic ValueSo, to identify best stocks, the essential keywords are:Free cash Flow.Intrinsic Value.The complication starts here…It is almost impossible to identify best stocks to buy without knowing their free cash flow and intrinsic value.Does this understanding make best stock picking simpler? Yes and No.Yes, because we now know what stock parameter must be looked at to pick best stocks. Otherwise we simply waste our time looking at less important stock metrics like ratios etc.No, because estimation of both ‘free cash flow’ and ‘intrinsic value’ is a special skill. Only gifted people can do it accurately.This is the reason why, at the beginning of this post I said, “never believe such lists which are published for free on internet“.People who are publishing such lists are not Warren Buffett’s and Peter Lynch’s.Only handful people in this world can accurately deal with free cash flows and intrinsic value of stocks.So why to believe lists published by any tom dick and harry?But Am I not getting too pessimistic here?If only Buffett can prepare a list of best stocks, then the story ends here.I must stop writing this post here itself, right?But I will not. Why?Because I have a solution to the limitation of best stock picking.What is the solution?The solution lies within us.Like we need to learn to ride a bicycle, we must also learn to estimate intrinsic value of stocks.But am I not contradicting myself? I have already said that, estimating free cash flow and intrinsic value is a special skill?So how we common men can learn it? Perhaps this contradiction makes stock investing so unique.Best stock picking is simple, but we make it complicated by “not learning this skill and not practicing it ourselves”.From my experience, I can say three things about intrinsic value estimation:First, estimating an approximate intrinsic value of a stock can be done by even common men (even by non-finance people).Second, the more one practices it, more accurate will be the estimation.Thirdly, it is better to believe in the intrinsic value estimated by self, rather than having a blind-belief on free lists published on internet.I am sure this simple logic is making sense, right?So now the bigger question is, how to estimate free cash flow and intrinsic value of stocks?What is the purpose? To shortlist best stocks by oneself.What constitutes intrinsic value?Before we get into the math part of intrinsic value, lets understand what are the steps involved in estimation of intrinsic value.Step #1: Calculate the present Free Cash Flow to Equity (FCFE).Step #2: Forecast FCFE growth rate for next one year.Step #3. Quantify your expected return (say 5%, 8%, 12% etc).Step #4. Calculate intrinsic value.The above listed 3 things builds the intrinsic value of any stock.#2.1. Present Free Cash Flow to Equity (FCFE)This is the most important step in the process of identifying best stocks to buy.In this step itself, it becomes evident that if the stock in consideration is worth even an analysis or not. How?A stock must show a positive free cash flow (FCFE). If the FCFE is positive, the stock may be a good buy.A negative free cash flow means, the stocks intrinsic value is negative. Not a good buy.To estimate free cash flow of a company, it is essential to dig into its financial reports.But the problem is, even the financial reports does not declare the companies free cash flow.We must dig into the financial reports and earth the relevant number ourselves, and do the calculation of FCFE.What type of calculation is required to estimate free cash flow?Free cash flow formula is like this:FCFE Formula{PAT = Net Profit, YOY = year on year, Capex = Purchase of capital assets – sale of capital assets}.[Note: Capex means, net of capital assets added by the company]How to calculate present FCFE?The first step will be to visit the companies official website and download the annual report.Example: For Britannia Industries, the annual report can be downloaded from here:Once the report is downloaded, see its table of contents to locate on which pages are the financial reports of the company (Balance sheet, P&L A/c & Cash Flow report).Once you see the financial reports, these are the places in the report where you will get the relevant values:Statement of Profit and LossNet Profit (PAT).Depreciation & Amortisation.Statement of Cash Flow.Capital Expenditure.Cash flows from investing activities >Cash Flows from financing activities > Proceeds from borrowing, Repayment of Borrowing.Balance Sheet.Increase in Working Capital (YOY)Increase in CA = CA (2018) – CA (2017)Increase in CL = CL (2018) – CL (2017)Increase in WC = Increase in (CA – CL).Gather these values in your excel sheet and calculate the free cash flow (FCFE) as indicated below:More accurate will be the free cash flow (FCFE) estimation, nearer will be the calculated intrinsic value to its true value.This is the reason why, numbers should be taken directly from the companies audited financial reports.Though we can also get the numbers from websites like moneycontrol, economictimes etc. But often their reporting format is not as detailed as required.Important points to note about best stocks with respect to free cash flow:Its FCFE must always be positive.If a company is in expansion mode, its Capital Expenditure (CAPEX) will be high.High Capex often leads to lower FCFE.But such companies generally show positive FCFE in future.Sudden increase in CA w.r.t CL will also lead to lower FCFE.A company relying too much on “long term debt” (year after year for longer duration of time) for enhancing its FCFE is not a good sign.Eventually, major cash must come from PAT & provisions of D&A.#2.2 Assume Growth Rates.In step #2.1 above we have estimated the Free Cash Flow (FCFE) of a stock.To convert FCFE into intrinsic value, we need to assume two growth rates:FCFE growth for next 1 year (g).Expected rate of returns for next 1 year (k).What should be FCFE growth rate for next one year (g)?Easy way:Thumb rule: g = 5% per annum.Logic? In India, average inflation over a period of last 10 years is close to 7.5% per annum.Over a period of time, a good company will make sure that its Free Cash Flow (FCFE) must beat the inflation rate.But this will happen only in long term. In shorter time horizon (like next 1 year), assuming a smaller growth rate (less than inflation) is better.Hence I have settled for FCFE growth rate of g=5%.Difficult way:Calculate the FCFE for last 5 years. See the trend and then make a safe assumption.But I will suggest that, initially do not do it the difficult way.Downloading annual reports, searching data in the reports, preparing the excel sheet will take time.People do lose interest this way.Better approach for a beginner is to use the easy way first. Assume 5% FCFE growth (1Y) and move head.If after the calculation, the stock looks attractive, repeat the process using the difficult route.What should be the expected rate of return (k)?This must be easy.[Important Note: K must always be more than g.]Thumb rule: k= 8% per annum.Logic? Over a period of last 15-20 years, Sensex/Nifty has grown at a rate of 12% per annum (CAGR).So a stock investor, who is interested to invest in stocks should have an expectation in and around 12% mark.What means by this assumption?Over a period of next 15-20 years, our stock in consideration might give returns @12% per annum or more.But now, we do not have to make an assumption for next 15-20 years time horizon.Our time horizon is limited to only 1 year in future. Hence a smaller rate of return (w.r.t. 12%) shall be assumed.Hence I have settled for rate of return of g=5%.#2.3 Calculate Intrinsic ValueWhat we have in hand till now?Free Cash Flow (FCFE) of a stock.FCFE Growth Rate for next 1 year (g)Expected Return for next 1 year (k)With these values we can estimate the intrinsic value of any stock using a formula.What is the formula? It is called Gordon Growth Model formula.Intrinsic Value = FCFE / (k – g)Though this formula has been developed to calculate intrinsic value of stocks which pays consistent “dividends”.What does it mean?Matured companies (big companies), who has less scope of future growth, generally distributes their free cash flow as “dividend” to its share holders.Hence intrinsic value of such companies are calculated using a Gordon Growth Model formula.Intrinsic value = Dividend / (k – g)But in our case we have replaced Dividend with FCFE. This made Gordon’s formula more versatile.This way we can use this formula for any stocks (whether it distributes dividend or not).Examples of intrinsic value calculation:Best stocks must be undervalued!How to check if the above stocks are undervalued or not?Just Four steps:Convert Intrinsic Value (IV) to “IV per share”.Note Current Market Price of stock.Compare IV per share with Market Price.If IV/share > Market price, stock is undervalued.How to convert IV to IV/share?IV per share = IV / Nos of shares outstandingThe “number of shares outstanding” is available in companies annual report.Or else, this value is also published by moneycontrol.Compare IV per share vs Market PriceWhat does the above values in table suggest?As market price of all three stocks A, B, C is higher than its intrinsic value, these stocks are overvalued.Hence, neither Stock A, B nor C will qualify as the best stock to buy.Conclusion.Indian stock market has thousands of stocks available for trading.These stocks are bought and sold each day by hundreds of people.But important is to realise that, picking any random stock is not a good investment.We cannot buy any other stock.Out of all stocks that we have in the market, only very few can qualify as a good-buy.The focus should be to buy, “only” the best stocks offered to us by the market.To a beginner, it can be overwhelming to identify best stocks to buy.So how to pick the best stocks?Best stocks are not available off the shelf. Best stocks are often hidden in the heap of other stocks.One must learn to screen their best stocks from this heap. This is what is called as stock screening.There are 5,000+ stocks currently trading in Indian stock market (BSE).Out of these, which are the best stocks? The answer is not easy.In fact, the answer is so unique that people who can find this answer, become millionaires.We common men can find this answer? Yes it is possible.But we have to follow a procedure. We can use two basic screening criteria’s.This will help to identify best stocks among ordinary ones.What is this screening criteria?See the below pictorial representation.When a person undertakes the process of intrinsic value estimation of a stock, he/she actually is following the above 2 screening criteria. How?Screen #1: Remove fundamentally weak stocks.How it is done? Only those stocks whose free cash flow is positive are fundamentally strong.Screen #2: Remove overvalued stocks.How this is done? Only those stocks whose market price is less than its intrinsic value per share are undervalued.Final Words…Success in life cannot be borrowed.The same theory is applicable in stock investing.We cannot borrow others stock-advice and become successful.Why borrowed advice does not help in stocks?People who really can identify best stocks, do not care about publishing it for public.People who publish are either not reliable or their news signNow us too late.So how a common man can buy best stocks?Do not wait for TV, Print media or internet to suggest you best stocks.Start calculating intrinsic value of stocks by yourself as explained here.

First, be sure you’re in the right. If either you or your girlfriend were under-age—for non-Brits: in the UK, this means under 16—if/when you became sexually active with each other, discretion might well be the better part of valour, unless things get serious. (My understanding is that prosecutions for consensual similar-age under-age sexual activity where the youngest is 14 or 15 are unlikely to happen, but think carefully about whether you want to risk it.)If you’re both of age, then make detailed notes of what happened. Include every word you can remember of the exchanges; the nature and detail of the threatening behaviour; how you responded. Also note down who were the witnesses, and names of the school staff involved. Include date and times of the incident. Ensure the school logs the incident, too.Even if the notes don’t show you in your best light, use the legal mantra: the truth, the whole truth, and nothing but the truth. Don’t miss anything out. Don’t add anything that didn’t happen. Don’t add any assumptions. It’s OK to describe how it made you feel, though, and its effect on others around you.You may well come to rely on those notes. Print, sign and date them. Keep a signed copy somewhere safe when not in use.Now go to the police, along with one of your parents. Make an allegation of threatening behaviour towards an unrelated minor by a parent on school premises. (Use those words. It’s still just “Threatening behaviour” or “BsignNow of the peace” in legal terms, but that phrasing immediately puts the police on your side.) Show them a signed copy of your notes. Allow them to interview you, with your parent present. Don’t allow them to interview you without your parent.A very important point: get a crime number for your report.They will probably at least visit the school and make enquiries, to verify your story. Don’t necessarily expect them to take action against your ex’s father, unless he has “previous” for similar behaviour. However, that allegation will be on file from then onwards. If it does this again, whether against you or someone else, it’ll form part of the evidence chain for prosecution or to support a civil injunction.If he does persist in threatening you, document everything in the same way. Everything! Take that evidence back to the police station. Get another crime number. Refer them to the crime numbers from previous reports. Ask them to prosecute, and obtain a Criminal Behaviour Order against him if they succeed.If the police won’t prosecute, ask your parents whether they’d be prepared to support a civil injunction: specifically, an Anti-Harassment Injunction. You can usually get a 30 minute free consultation with a solicitor. This should help you understand both the likelihood of success, the costs involved, and your chances of recovering them from the defendant (the ex’s father).Disclaimer: I’m not a lawyer. I just know enough stuff about the relevant law procedures to give some pointers you might find useful.

GOOGLEI say it’s the “Number ONE” because it scammed more people than all other scams in history combined. Everyone man, woman and child who has used a computer since 2008 has been a victim of this scam.And while you weren’t really damaged, and all you lost was time, it fits the definition of a “scam” perfectly.Google builds their scams by building the impression that you are a customer and using the service to your benefit. But in reality, you are the product and an unpaid employee.This scam gets YOU to perform a fairly expensive task for Google for free.In the process of digitizing (scann...

What we will discuss in this article is about “how to identify” the best stocks to buy in India.I am sure majority of you are reading my post with intention to get a ready made list of such best stocks.But my humble submission to you is, “never believe such lists”. Such lists could be as bogus as a scam.This is particularly true when they are provided like free on internet.Try to comprehend it like thisIf one is so good in identifying best stocks to buy, why the person is publishing them on internet for free?Instead, the person should have been more busy in buying/selling such stocks, right?And if at all one get the time from investing, the person must be knee-deep in work, busy identifying more such stocks.This is a very logical rational, right?People who know about best stocks will not publish them on internet.If at all it is done, probably by the time you are reading it, the stock has already become overvalued.#1. Who is the best stock picker of the world?Warren Buffett. Does he go around the world telling people which stocks he is researching? No. Why?Because he doesn’t want to do it. Why?Because his declaration will attract attention towards such stocks.More positive attention, means more demand, which will eventually make the stock overvalued.So what Warren Buffett does?He does his research quietly, and then simply buy his analysed stocks first.After the stock has been purchased (contract is sealed), the news is gently leaked to the media.So what we can learn from Warren Buffett?Learn to self-identify best stocks.Keep it a secret till you grab them.#2. How to identify best stocks to buy in India?To answer this question one must first answer, what it means by a best stock?Stocks representing a “good business”, available at “undervalued price” levels.What is a good business?Business whose future free cash flow is more certain.What it means by undervalued price?Stock available at a market price less than its intrinsic value.Suppose a stock is trading at a market price of Rs.100 per share.Upon calculation, its intrinsic value comes out to be Rs.120 per share.Such a stock is said to be undervalued.Market Price < Intrinsic ValueSo, to identify best stocks, the essential keywords are:Free cash Flow.Intrinsic Value.The complication starts here…It is almost impossible to identify best stocks to buy without knowing their free cash flow and intrinsic value.Does this understanding make best stock picking simpler? Yes and No.Yes, because we now know what stock parameter must be looked at to pick best stocks. Otherwise we simply waste our time looking at less important stock metrics like ratios etc.No, because estimation of both ‘free cash flow’ and ‘intrinsic value’ is a special skill. Only gifted people can do it accurately.This is the reason why, at the beginning of this post I said, “never believe such lists which are published for free on internet“.People who are publishing such lists are not Warren Buffett’s and Peter Lynch’s.Only handful people in this world can accurately deal with free cash flows and intrinsic value of stocks.So why to believe lists published by any tom dick and harry?But Am I not getting too pessimistic here?If only Buffett can prepare a list of best stocks, then the story ends here.I must stop writing this post here itself, right?But I will not. Why?Because I have a solution to the limitation of best stock picking.What is the solution?The solution lies within us.Like we need to learn to ride a bicycle, we must also learn to estimate intrinsic value of stocks.But am I not contradicting myself? I have already said that, estimating free cash flow and intrinsic value is a special skill?So how we common men can learn it? Perhaps this contradiction makes stock investing so unique.Best stock picking is simple, but we make it complicated by “not learning this skill and not practicing it ourselves”.From my experience, I can say three things about intrinsic value estimation:First, estimating an approximate intrinsic value of a stock can be done by even common men (even by non-finance people).Second, the more one practices it, more accurate will be the estimation.Thirdly, it is better to believe in the intrinsic value estimated by self, rather than having a blind-belief on free lists published on internet.I am sure this simple logic is making sense, right?So now the bigger question is, how to estimate free cash flow and intrinsic value of stocks?What is the purpose? To shortlist best stocks by oneself.What constitutes intrinsic value?Before we get into the math part of intrinsic value, lets understand what are the steps involved in estimation of intrinsic value.Step #1: Calculate the present Free Cash Flow to Equity (FCFE).Step #2: Forecast FCFE growth rate for next one year.Step #3. Quantify your expected return (say 5%, 8%, 12% etc).Step #4. Calculate intrinsic value.The above listed 3 things builds the intrinsic value of any stock.#2.1. Present Free Cash Flow to Equity (FCFE)This is the most important step in the process of identifying best stocks to buy.In this step itself, it becomes evident that if the stock in consideration is worth even an analysis or not. How?A stock must show a positive free cash flow (FCFE). If the FCFE is positive, the stock may be a good buy.A negative free cash flow means, the stocks intrinsic value is negative. Not a good buy.To estimate free cash flow of a company, it is essential to dig into its financial reports.But the problem is, even the financial reports does not declare the companies free cash flow.We must dig into the financial reports and earth the relevant number ourselves, and do the calculation of FCFE.What type of calculation is required to estimate free cash flow?Free cash flow formula is like this:FCFE Formula{PAT = Net Profit, YOY = year on year, Capex = Purchase of capital assets – sale of capital assets}.[Note: Capex means, net of capital assets added by the company]How to calculate present FCFE?The first step will be to visit the companies official website and download the annual report.Example: For Britannia Industries, the annual report can be downloaded from here:Once the report is downloaded, see its table of contents to locate on which pages are the financial reports of the company (Balance sheet, P&L A/c & Cash Flow report).Once you see the financial reports, these are the places in the report where you will get the relevant values:Statement of Profit and LossNet Profit (PAT).Depreciation & Amortisation.Statement of Cash Flow.Capital Expenditure.Cash flows from investing activities >Cash Flows from financing activities > Proceeds from borrowing, Repayment of Borrowing.Balance Sheet.Increase in Working Capital (YOY)Increase in CA = CA (2018) – CA (2017)Increase in CL = CL (2018) – CL (2017)Increase in WC = Increase in (CA – CL).Gather these values in your excel sheet and calculate the free cash flow (FCFE) as indicated below:More accurate will be the free cash flow (FCFE) estimation, nearer will be the calculated intrinsic value to its true value.This is the reason why, numbers should be taken directly from the companies audited financial reports.Though we can also get the numbers from websites like moneycontrol, economictimes etc. But often their reporting format is not as detailed as required.Important points to note about best stocks with respect to free cash flow:Its FCFE must always be positive.If a company is in expansion mode, its Capital Expenditure (CAPEX) will be high.High Capex often leads to lower FCFE.But such companies generally show positive FCFE in future.Sudden increase in CA w.r.t CL will also lead to lower FCFE.A company relying too much on “long term debt” (year after year for longer duration of time) for enhancing its FCFE is not a good sign.Eventually, major cash must come from PAT & provisions of D&A.#2.2 Assume Growth Rates.In step #2.1 above we have estimated the Free Cash Flow (FCFE) of a stock.To convert FCFE into intrinsic value, we need to assume two growth rates:FCFE growth for next 1 year (g).Expected rate of returns for next 1 year (k).What should be FCFE growth rate for next one year (g)?Easy way:Thumb rule: g = 5% per annum.Logic? In India, average inflation over a period of last 10 years is close to 7.5% per annum.Over a period of time, a good company will make sure that its Free Cash Flow (FCFE) must beat the inflation rate.But this will happen only in long term. In shorter time horizon (like next 1 year), assuming a smaller growth rate (less than inflation) is better.Hence I have settled for FCFE growth rate of g=5%.Difficult way:Calculate the FCFE for last 5 years. See the trend and then make a safe assumption.But I will suggest that, initially do not do it the difficult way.Downloading annual reports, searching data in the reports, preparing the excel sheet will take time.People do lose interest this way.Better approach for a beginner is to use the easy way first. Assume 5% FCFE growth (1Y) and move head.If after the calculation, the stock looks attractive, repeat the process using the difficult route.What should be the expected rate of return (k)?This must be easy.[Important Note: K must always be more than g.]Thumb rule: k= 8% per annum.Logic? Over a period of last 15-20 years, Sensex/Nifty has grown at a rate of 12% per annum (CAGR).So a stock investor, who is interested to invest in stocks should have an expectation in and around 12% mark.What means by this assumption?Over a period of next 15-20 years, our stock in consideration might give returns @12% per annum or more.But now, we do not have to make an assumption for next 15-20 years time horizon.Our time horizon is limited to only 1 year in future. Hence a smaller rate of return (w.r.t. 12%) shall be assumed.Hence I have settled for rate of return of g=5%.#2.3 Calculate Intrinsic ValueWhat we have in hand till now?Free Cash Flow (FCFE) of a stock.FCFE Growth Rate for next 1 year (g)Expected Return for next 1 year (k)With these values we can estimate the intrinsic value of any stock using a formula.What is the formula? It is called Gordon Growth Model formula.Intrinsic Value = FCFE / (k – g)Though this formula has been developed to calculate intrinsic value of stocks which pays consistent “dividends”.What does it mean?Matured companies (big companies), who has less scope of future growth, generally distributes their free cash flow as “dividend” to its share holders.Hence intrinsic value of such companies are calculated using a Gordon Growth Model formula.Intrinsic value = Dividend / (k – g)But in our case we have replaced Dividend with FCFE. This made Gordon’s formula more versatile.This way we can use this formula for any stocks (whether it distributes dividend or not).Examples of intrinsic value calculation:Best stocks must be undervalued!How to check if the above stocks are undervalued or not?Just Four steps:Convert Intrinsic Value (IV) to “IV per share”.Note Current Market Price of stock.Compare IV per share with Market Price.If IV/share > Market price, stock is undervalued.How to convert IV to IV/share?IV per share = IV / Nos of shares outstandingThe “number of shares outstanding” is available in companies annual report.Or else, this value is also published by moneycontrol.Compare IV per share vs Market PriceWhat does the above values in table suggest?As market price of all three stocks A, B, C is higher than its intrinsic value, these stocks are overvalued.Hence, neither Stock A, B nor C will qualify as the best stock to buy.Conclusion.Indian stock market has thousands of stocks available for trading.These stocks are bought and sold each day by hundreds of people.But important is to realise that, picking any random stock is not a good investment.We cannot buy any other stock.Out of all stocks that we have in the market, only very few can qualify as a good-buy.The focus should be to buy, “only” the best stocks offered to us by the market.To a beginner, it can be overwhelming to identify best stocks to buy.So how to pick the best stocks?Best stocks are not available off the shelf. Best stocks are often hidden in the heap of other stocks.One must learn to screen their best stocks from this heap. This is what is called as stock screening.There are 5,000+ stocks currently trading in Indian stock market (BSE).Out of these, which are the best stocks? The answer is not easy.In fact, the answer is so unique that people who can find this answer, become millionaires.We common men can find this answer? Yes it is possible.But we have to follow a procedure. We can use two basic screening criteria’s.This will help to identify best stocks among ordinary ones.What is this screening criteria?See the below pictorial representation.When a person undertakes the process of intrinsic value estimation of a stock, he/she actually is following the above 2 screening criteria. How?Screen #1: Remove fundamentally weak stocks.How it is done? Only those stocks whose free cash flow is positive are fundamentally strong.Screen #2: Remove overvalued stocks.How this is done? Only those stocks whose market price is less than its intrinsic value per share are undervalued.Final Words…Success in life cannot be borrowed.The same theory is applicable in stock investing.We cannot borrow others stock-advice and become successful.Why borrowed advice does not help in stocks?People who really can identify best stocks, do not care about publishing it for public.People who publish are either not reliable or their news signNow us too late.So how a common man can buy best stocks?Do not wait for TV, Print media or internet to suggest you best stocks.Start calculating intrinsic value of stocks by yourself as explained here.

Actually when life gives you lemons you make a juice, sit relaxed and enjoy drinking it instead of complaining why you didn't get apples or oranges.There is a great story about this man that life gave lemons. I hope it will serve as an inspiration to each and every one of youA jobless man applied for the position of 'office boy' at Microsoft.The HR manager interviewed him, then gave him a test: clean the floor. The man passed the test with flying colors."You are hired," HR manager informed the applicant, "give me your e-mail address, and I'll send you the application for employment, as well as the date you should report for work.The man replied “I don't have a computer, or an email!""I'm sorry," the HR manager said . "If you don't have an email that means you do not exist. And we cannot hire persons who do not exist."The man was very disappointed.He didn't know what to do. He only had $10 with him. Once that is spent, he won't have any money to buy any food.He went to the supermarket and bought a crate of tomatoes with his $10.He went from door to door and sold the tomatoes in less than two hours. He doubled his money. He repeated the operation three times, and returned home with $60. He realized that he can survive this way. He started to go every day earlier, and return late. He doubled or tripled his money every day. Soon, he bought a cart, then a truck. In a very short time, he had his own fleet of delivery vehicles.Five years later, the man became so successful. He started to plan his family's future, and decided to have a life insurance.He called an insurance broker, and chose a protection plan.At the end of the conversation, the broker asked him for his email address.The man replied: 'I don't have an email.'The broker was dumbfounded. "You don't have an email, and yet have succeeded in building an empire. Can you imagine what you could have been if you had an email?"he exclaimed.The man thought for a while, and replied, "An office boy at Microsoft!"