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UMIYA BUILDCON LIMITED (UMIYA-MRO)

Industrial Services · Engineering & Construction · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.50 / 100
Profitability 58Growth 81Balance sheet 11

Share price

Closing priceAdjusted for splits and bonus issues.

₹90.03 latest close · 0.0% over the last 90 sessions

₹90₹100Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹90₹100Jul 3Sep 4Nov 9

₹90.03 month-end · −2.4% over 12 months

₹70₹80₹90Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹70₹80₹90Nov '25May '26Nov '26

₹90.03 month-end · +59.6% over 3 years

₹60₹80₹100Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹60₹80₹100Nov '23May '25Nov '26

₹90.03 month-end · +46.5% since Jun '22

₹60₹80₹100Jun '22May '23Mar '24Feb '25Dec '25Nov '26 ₹60₹80₹100Jun '22Sep '24Nov '26

52-week range ₹70.00 to ₹109.00 · 1-year volatility 39.1%

Was the rally earned?

-2%share price, 1 yearRoughly flat
  • The share price was roughly flat over 1 year (-2%).
  • The share count rose 23%.
Net profit growth: −117 pts. Points of the price return explained by net profit growing (or shrinking).−117 ptsNet profit growthP/E change: +135 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+135 ptsP/E changeShare count change: −20 pts. Points of the price return explained by the share count changing. More shares count against the price.−20 ptsShare count changeShare price: −2%−2%Share priceNet profit growth: −117 pts. Points of the price return explained by net profit growing (or shrinking).−117ProfitP/E change: +135 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+135P/EShare count change: −20 pts. Points of the price return explained by the share count changing. More shares count against the price.−20SharesShare price: −2%−2%Share price
Net profit growth-117 ptsNet profit fell about 69%, which lowers the price.
P/E change+135 ptsThe P/E rose from 4.8x to 18.8x, which lifts the price.
Share count change-20 ptsShare count rose 23%, which lowers the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-70.0%recovered 2021-08
1-year volatility39.1%annualised

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−68.8% 0%−20%−40%−60%2020202220242026−68.8%
Largest drawdowns

-70.0% (2019-04 peak to 2019-10 low, recovered 2021-08)

-54.4% (2024-09 peak to 2025-03 low, not yet recovered)

-39.8% (2021-10 peak to 2021-11 low, recovered 2024-02)

Is it expensive against its own past and its peers?

18.8xP/E todayWithin its usual range
Against its own history69th percentile
CheapestMedian 4.6xDearest

Usual range 1.5x to 34.1x since 2022-06.

Against Industrial Services18.8x vs 14.0x
This company
18.8x
Sector median
14.0x

34% above the Industrial Services median.

1.2x21.7x42.1x62.6xJun '22May '23Apr '24Mar '25Feb '26Nov '261.2x21.7x42.1x62.6xJun '22Dec '23Jun '25Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

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P/B (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

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P/S (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Industrial Services is valued

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE35th▲ 13 pts vs a year ago
  • Op. margin82ndflat vs a year ago
  • Revenue growth82nd▲ 14 pts vs a year ago
  • EPS growth12th▼ 86 pts vs a year ago
  • Debt/equity ↓10thflat vs a year ago
  • Cash cycle ↓1st▼ 6 pts vs a year ago
  • P/E ↓35th▼ 62 pts vs a year ago
  • 12M momentum73rd▼ 11 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

~5%annual earnings growth implied by the price

At a P/E of 8.2x, the price would imply about 5.4%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹90.03
P/E
18.8x
ROCE
12.8%
Market Cap
₹168 cr
Revenue (TTM)
₹76 cr
P/S
2.2x
P/B
1.5x
ROE
7.8%
Operating Margin
27.9%
Debt / Equity
1.1x
Promoter Holding
65.5%
12M Momentum
-2.4%

52-week range

₹70.00₹109.00
51% of the way from its 52-week low to its high

Price risk

1Y volatility
39.1%
Beta vs sector
1-year daily
0.42

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.6x
Cash from profit, 3Y
operating cash flow ÷ net profit
-0.13x
low
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 beyond a threshold
Other income reliance14%Within range

Other income as a share of pre-tax profit (trailing twelve months): 14.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate30%Within range

Median quarterly effective tax rate over about 2.5 years: 29.9%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-0.13xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.13x (cash from operations ₹-6.8 cr, net profit ₹51.3 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-8 daysWithin range

Debtor days are below the median of the previous three fiscal years by 8 days (120 vs 128). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-33 days / 2 yrsWithin range

Days payable changed by -33 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, promoters added 10.4 pts.
  • The number of shareholders rose from 10,031 to 11,296 (+13%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters55.0%65.5%+10.4 pts
FIIs0.0%0.0%0.0 pts
DIIs———
Public and others45.0%34.5%-10.4 pts

Number of shareholders

11,296shareholders+13% since Dec '23
10k11k11k12k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 10,031
Mar '24: 11,242
Jun '24: 11,698
Sep '24: 11,005
Dec '24: 11,310
Mar '25: 11,317
Jun '25: 11,201
Sep '25: 11,225
Dec '25: 11,907
Mar '26: 11,387
Jun '26: 11,296
10k11k11k12k Dec '23Dec '24Dec '25Jun '26
Dec '23: 10,031
Mar '24: 11,242
Jun '24: 11,698
Sep '24: 11,005
Dec '24: 11,310
Mar '25: 11,317
Jun '25: 11,201
Sep '25: 11,225
Dec '25: 11,907
Mar '26: 11,387
Jun '26: 11,296

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+5.9%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like UMIYA BUILDCON LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −21% to +51% vs the market, against −5% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +10.5%, 80% range +4.4% to +28.9%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
MEGASTAR · Nov 2023: −55.9% vs market
KAMATHOTEL · Mar 2025: −48.8% vs market
AFSL · Jun 2024: −47.5% vs market
SHREEKARNI · Sep 2025: −43.9% vs market
THEINVEST · Jul 2025: −43.0% vs market
SALASAR · Jul 2021: −32.2% vs market
ARIHANTSUP · Apr 2025: −31.4% vs market
AJMERA · Apr 2025: −28.3% vs market
DOLLEX · Feb 2025: −25.7% vs market
APOLSINHOT · Oct 2023: −25.0% vs market
RPPL · Jan 2024: −24.7% vs market
VADILALIND · Oct 2020: −21.5% vs market
PRAMARA · May 2025: −21.3% vs market
SATIA · Jul 2022: −19.7% vs market
ALICON · May 2024: −19.6% vs market
SHRIRAMPPS · Oct 2023: −14.4% vs market
CANTABIL · Jul 2025: −12.4% vs market
MMFL · Jan 2020: −10.0% vs market
AHLEAST · Sep 2025: −10.0% vs market
ARVSMART · May 2020: −8.2% vs market
PURVA · Jan 2020: −0.8% vs market
KHFM · Jun 2024: +0.9% vs market
TCPLPACK · Nov 2023: +4.1% vs market
ROSSELLIND · Jul 2021: +5.1% vs market
NACLIND · Jun 2022: +5.3% vs market
MARATHON · Aug 2023: +6.5% vs market
ARIES · Oct 2020: +8.5% vs market
BFUTILITIE · Dec 2022: +20.6% vs market
JBMA · Jan 2020: +24.9% vs market
SUMIT · May 2024: +26.4% vs market
SOUTHWEST · Aug 2025: +36.6% vs market
ABSMARINE · Oct 2025: +37.5% vs market
ARTEMISMED · Jun 2024: +40.5% vs market
KOLTEPATIL · Jul 2022: +41.4% vs market
AWHCL · Oct 2023: +42.8% vs market
UNIVASTU · Mar 2024: +47.7% vs market
BLKASHYAP · Mar 2023: +48.9% vs market
JASH · Feb 2021: +51.1% vs market
YUKEN · Apr 2023: +59.5% vs market
IRISDOREME · Jul 2025: +60.7% vs market
KDDL · Mar 2023: +60.9% vs market
PITTIENG · May 2023: +77.6% vs market
HARRMALAYA · Jun 2020: +78.6% vs market
TI · Oct 2022: +105.6% vs market
ROHLTD · Jun 2022: +105.8% vs market
TEMBO · Feb 2024: +116.4% vs market
STEELXIND · Jul 2021: +117.1% vs market
PANSARI · Sep 2024: +127.7% vs market
RKFORGE · Nov 2022: +218.0% vs market
AARTIDRUGS · Jan 2020: +268.2% vs market
Similar setups +5.9%All companies −4.6%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 7 beyond the range shown, drawn at the edge

Similar setups' median
+5.9%
All companies' median
−4.6%
Beat the market
58% vs 45%

50 past situations · 50 companies · 31 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SUMIT
Finance
May 2024 29x12% +108%−9% +26%
UNIVASTU
Industrial Services
Mar 2024 24x19% +62%−5% +48%
PITTIENG
Producer Manufacturing
May 2023 22x18% +30%−5% +78%
SHREEKARNI
Process Industries
Sep 2025 32x14% −11%−18% −44%
SHRIRAMPPS
Finance
Oct 2023 23x10% +21%−7% −14%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
MMFL
Producer Manufacturing
Jan 2020 17x14% −7%−20% −10%
AJMERA
Finance
Apr 2025 23x12% −2%−31% −28%
HARRMALAYA
Process Industries
Jun 2020 14x13% −1%−13% +79%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to UMIYA BUILDCON LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What changed?

21 events since Apr '19

  1. SepResultsYear-on-year EPS growth turned negative.
  2. SepPeer rankSlipped to the bottom quartile of Industrial Services on EPS growth (from the top quartile).
  3. JunPeer rankMoved into the 3rd quartile of Industrial Services on ROCE (from the bottom quartile).
  4. DecPromoterPromoter holding rose 3.2 pts to 64.2% (largest rise since 2024-12).
  5. JunPeer rankMoved into the top quartile of Industrial Services on EPS growth (from the bottom quartile).
  6. MarPriceFell 54% from the Sep 2024 peak to the Mar 2025 low.
  7. DecPromoterPromoter holding rose 5.0 pts to 60.0%.
  8. NovPeer rankSlipped to the bottom quartile of Industrial Services on ROCE (from the 3rd quartile).
Show 13 earlier events
  1. AugPriceRegained the 2024-05 peak, 2 months after the low.
  2. JunResultsEPS (TTM) turned positive.
  3. JunPriceFell 33% from the May 2024 peak to the Jun 2024 low.
  4. JunPeer rankMoved into the 3rd quartile of Industrial Services on ROCE (from the bottom quartile).
  5. AprPriceRegained the 2024-02 peak, 1 month after the low.
  6. MarPriceFell 34% from the Feb 2024 peak to the Mar 2024 low.
  7. FebPriceRegained the 2021-10 peak, 27 months after the low.
  8. JunResultsEPS (TTM) turned negative.
  9. NovPriceFell 40% from the Oct 2021 peak to the Nov 2021 low.
  10. AugPriceRegained the 2019-04 peak, 22 months after the low.
  11. OctPriceFell 70% from the Apr 2019 peak to the Oct 2019 low.
  12. AprPriceRegained the 2019-01 peak, 0 months after the low.
  13. AprPriceFell 32% from the Jan 2019 peak to the Apr 2019 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history54 months · 2022-06 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1118.8x₹76 cr7.8%12.8%1.1x
2026-1018.7x₹76 cr7.8%12.8%1.1x
2026-0919.5x₹76 cr7.8%12.8%1.1x
2026-084.5x₹72 cr29.8%12.8%1.1x
2026-074.1x₹72 cr29.8%12.8%1.1x
2026-064.3x₹72 cr29.8%12.8%1.1x
2026-053.9x₹64 cr45.4%9.6%1.7x
2026-044.1x₹64 cr45.4%9.6%1.7x
2026-033.4x₹64 cr45.4%9.6%1.7x
2026-024.0x₹62 cr46.2%9.6%1.7x
2026-014.1x₹62 cr46.2%9.6%1.7x
2025-124.0x₹62 cr46.2%9.6%1.7x
2025-114.8x₹51 cr38.8%9.6%1.7x
2025-104.8x₹51 cr38.8%9.6%1.7x
2025-095.3x₹51 cr38.8%9.6%1.7x
2025-0825.8x₹49 cr6.3%9.6%1.7x
2025-0726.1x₹49 cr6.3%9.6%1.7x
2025-0625.7x₹49 cr6.3%9.6%1.7x
2025-0541.2x₹44 cr4.7%7.7%1.7x
2025-0434.2x₹44 cr4.7%7.7%1.7x
2025-0333.1x₹44 cr4.7%7.7%1.7x
2025-0210.9x₹45 cr12.8%7.7%1.7x
2025-0113.6x₹45 cr12.8%7.7%1.7x
2024-1213.8x₹45 cr12.8%7.7%1.7x
2024-1126.4x₹40 cr7.1%7.7%1.7x
2024-1028.3x₹40 cr7.1%7.7%1.7x
2024-0932.9x₹40 cr7.1%7.7%1.7x
2024-0862.6x₹35 cr4.8%7.7%1.7x
2024-0745.4x₹35 cr4.8%7.7%1.7x
2024-0642.5x₹35 cr4.8%7.7%1.7x
2024-05—₹33 cr-5.7%1.8%1.2x
2024-04—₹33 cr-5.7%1.8%1.2x
2024-03—₹33 cr-5.7%1.8%1.2x
2024-02—₹33 cr-5.7%1.8%1.2x
2024-01—₹33 cr-5.7%1.8%1.2x
2023-12—₹33 cr-5.7%1.8%1.2x
2023-11—₹33 cr-5.7%1.8%1.2x
2023-10—₹33 cr-5.7%1.8%1.2x
2023-09—₹33 cr-5.7%1.8%1.2x
2023-08—₹33 cr-5.7%1.8%1.2x
2023-07—₹33 cr-5.7%1.8%1.2x
2023-06—₹33 cr-5.7%1.8%1.2x
2023-051.2x₹123 cr91.9%—1.0x
2023-041.3x₹123 cr91.9%—1.0x
2023-031.4x₹123 cr91.9%—1.0x
2023-021.4x₹123 cr91.9%—1.0x
2023-011.5x₹123 cr91.9%—1.0x
2022-121.5x₹123 cr91.9%—1.0x
2022-111.5x₹123 cr91.9%—1.0x
2022-101.5x₹123 cr91.9%—1.0x
2022-091.5x₹123 cr91.9%—1.0x
2022-081.5x₹123 cr91.9%—1.0x
2022-071.5x₹123 cr91.9%—1.0x
2022-061.5x₹123 cr91.9%—1.0x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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