One of the favourite case studies that come up in my BFBV course at MDI is Relaxo. Every year I ask students to study this case which I had done along with @ravirpurohit in 2013 by assigning these

Then I update them on my thinking about this business, management and valuation. This year, I spoke that (which I won't discuss here) and also about some additional lessons. Listing them here:

The importance of distinguishing between things that are under your control and those that you cannot control.

Things you can control include defining what kinds of business you will invest into and which ones you will ignore, how you will make conservative estimates of probable earning power a few years from now and how you will restrain yourself from projecting very high exit multiples.

The one thing over which you have no control is the changes in multiple because that will be decided by the market, which is like a very moody person.