In August 2017, Rakesh Singh, an equity research analyst was looking at the annual report of Heritage Foods, a leading dairy player headquartered in Hyderabad, India. Rakesh had been assigned to value Heritage Foods to determine its potential undervaluation or overvaluation of the current market traded price; he used the traditional discounted cash flow (DCF) methodology based on available financial information. The case puts students in the role of an equity analyst wherein they conduct DCF valuation for Heritage Foods in order to discover potential undervalued stock for investment decision making