ReNew Energy Global plc

Where It Passes

Where It Falls Short

• Efficiency0% pass✓ 1✗ 10▾

  No clean pass — all 8 investors flag at least one efficiency criterion

  Current Ratio0.60

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)-0.3%

  ✗Buffett> 10%

  ROIC - WACC-10.3%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)1.3%

  ✗Greenblatt> 25%

  Current Ratio Change YoY0.74 -> 0.60

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.09x -> 0.10x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities0.60

  ✗Dreman> 1.5

  Return on Invested Capital1.0%

  ✗Munger> 15%

  ROIC (high and growing)FY2022: ROIC=-0.3%; FY2023: ROIC=0.9%; FY2024: ROIC=1.0%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC1.0% (RR=100% x ROIC=1.0%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 1.0%)

  ✗SleepROIC > 12% in a majority of years
• Profitability6% pass✓ 9✗ 26▾

  15 of 16 flag RNW's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)3/8 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)204.6%

  ✓Graham>= 33% growth

  Net Income Positive (10+ years)3/8 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-4.8%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)10.4% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)13.10

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR4.2%

  ✓Lynch15-30% (Fast Grower); > 0% to pass

  ROE3.4%

  ✗Lynch> 15%

  EBIT / Enterprise Value1.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=1.1%, ROC=1.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets0.40%

  ✓PiotroskiROA > 0

  ROA Change YoY0.39% -> 0.40% (delta: +0.01%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=7.04%, ROA=0.40%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue10.3%

  ✓Dreman>= 8%

  Net Income / Shareholders' Equity3.4%

  ✗Dreman> 12%

  Margin of SafetyP/E=55.1x, P/B=1.9x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity0.7% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value-1361.1% (IV=$0.48 vs Price=$6.96)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency3/7 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue10.4%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity3.4%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-3.3% (2022) -> 10.4% (2024)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendrevenue up, operating margin -3.3% -> 10.4%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization+1.76%; #2795/6340 (top 44.1%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+3.39%; #2634/5226 (top 50.4%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0113; #914/5884 (top 15.5%)

  ✓AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR3.8% over 5 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years3/7 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Debt & Leverage8% pass✓ 1✗ 14▾

  11 of 12 flag RNW's debt & leverage — Graham, Buffett, Lynch +8 more

  LT Debt vs Net Current AssetsLT Debt $6.8B vs NCA $-912.5M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 6.42, IC: 0.2x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity6.42

  ✗Lynch< 0.33

  Cash - Long-term Debt$-6.3B

  ✗LynchPositive preferred

  LT Debt / Total Assets Change64.75% -> 60.67%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities0.60

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity6.42

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels6.42

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=0.2x, D/EBITDA=23.5x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity6.42

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-6.4210; #4102/4210 (top 97.4%)

  ✗AsnessTop 30% of eligible cross-section
• Valuation8% pass✓ 4✗ 24▾

  12 of 13 flag RNW's valuation — Graham, Lynch, Greenblatt +9 more

  Price / 3-yr avg EPS219.2x

  ✗Graham<= 15x

  Price-to-Book Ratio1.9x

  ✗Graham<= 1.5x

  P/E x P/B420.40

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)13.10

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value1.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=1.1%, ROC=1.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS55.1x

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)3.2x

  ✓Dreman< 8x

  Price / Book Value per Share1.9x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessP/E=55.1x, OE Yield=11.3%

  ✓MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldP/E=55.1x

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/E=55.1x, P/B=1.9x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value-1361.1% (IV=$0.48 vs Price=$6.96)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share

  ✗Ackman<= 25

  Price vs. Trailing Low152% of trailing low ($4.58)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization+1.76%; #2795/6340 (top 44.1%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.5188; #2821/6449 (top 43.7%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS55.1x

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share1.92x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+68.6%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.4472; #2782/5247 (top 53.0%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+8.92%; #1917/6202 (top 30.9%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Verdicts8% pass✓ 1✗ 12▾

  Split decision: 11 FAIL · 4 NEUTRAL · 1 PASS

  Overall verdict

  ✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)✗GreenblattRank #1776•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (4/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)✗MarksFAIL (1/5)✓AckmanPASS (4/9)✗TempletonFAIL (2/8)•SleepNEUTRAL (4/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
• Valuation models20% pass✓ 1✗ 4▾

  Models split on RNW at $6.96 — fair values range $0.48–$8.24

  Graham fair value$3.21

  ✗Graham-116.8% margin vs $6.96

  Lynch fair value$0.53

  ✗Lynch-1213.2% margin vs $6.96

  Greenblatt fair value$1.35

  ✗Greenblatt-415.6% margin vs $6.96

  Dreman fair value$0.48

  ✗Dreman-1350.0% margin vs $6.96

  Pabrai fair value$8.24

  ✓Pabrai+15.5% margin vs $6.96
• Cash Flow30% pass✓ 4✗ 8▾

  7 of 10 flag RNW's cash flow — Buffett, Lynch, Pabrai +4 more

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  FCF Positive and Growing

  ✗LynchPositive and growing

  Operating Cash Flow$789.9M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=7.04%, ROA=0.40%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)3.2x

  ✓Dreman< 8x

  P/E or FCF YieldP/E=55.1x

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap

  ✗Ackman>= 4%

  Price / FCF per Share

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency7/7 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth38% pass✓ 7✗ 6▾

  5 of 8 flag RNW's growth — Lynch, Dreman, Marks +2 more

  EPS Growth (3-yr avg, 10-yr window)204.6%

  ✓Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)13.10

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR4.2%

  ✓Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 140.4% vs Rev: 16.4%

  ✗LynchInventory growth < Revenue growth

  EPS Growth Direction$0.10 (2018) -> $0.13 (2024)

  ✓DremanPositive over recent years

  EPS CAGR4.2% CAGR over 6 years

  ✗Dreman> 5% annualized

  Positive Net Income Frequency3/7 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth16.4%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency3/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendrevenue up, operating margin -3.3% -> 10.4%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR9.9%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR3.8% over 5 years

  ✗Neff7%-20% annualized