Shell Pakistan Limited

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DATE
1-Apr-10
2-Apr-10
5-Apr-10
6-Apr-10
7-Apr-10
8-Apr-10
9-Apr-10
12-Apr-10
13-Apr-10
14-Apr-10
15-Apr-10
16-Apr-10
19-Apr-10
20-Apr-10
21-Apr-10
22-Apr-10
23-Apr-10
26-Apr-10
27-Apr-10
28-Apr-10
29-Apr-10
30-Apr-10
3-May-10
4-May-10
5-May-10
6-May-10
7-May-10
10-May-10
11-May-10
12-May-10
13-May-10
14-May-10
17-May-10
18-May-10
19-May-10
20-May-10
21-May-10
24-May-10
25-May-10
26-May-10
27-May-10
28-May-10

OPEN
RATE
301.09
302.89
282.33
281.44
279.58
282.31
284.08
289.05
285.23
282.16
283.54
283.58
282.12
281.43
281.68
278.77
265.54
264.95
265.69
265.84
264.94
260.54
257.83
252.03
256.06
258.17
261.61
255.88
255.01
254.98
253.94
255.54
254.33
249.89
251.55
251.09
251.54
248.09
243.98
234.96
241.14
237.04

Share Price
X
CLOSING
RATE
302.89
307.33
281.44
279.58
282.31
284.08
289.05
285.23
282.16
283.54
283.58
282.12
281.43
281.68
278.77
265.54
264.95
265.69
265.84
264.94
260.54
257.83
252.03
256.06
258.17
261.61
255.88
255.01
254.98
253.94
255.54
254.33
249.89
251.55
251.09
251.54
248.09
243.98
234.96
241.14
237.04
237.12

Index Price
Y
EPS
OPENING
10178
1.8
10246
4.44
-0.89
10416
10447
-1.86
10419
2.73
10523
1.77
10533
4.97
10586
-3.82
10557
-3.07
10506
1.38
10677
0.04
10677
-1.46
10659
-0.69
10669
0.25
10641
-2.91
10590
-13.23
10615
-0.59
10607
0.74
10556
0.15
10556
-0.9
10519
-4.4
10454
-2.71
10428
-5.8
10389
4.03
10467
2.11
10561
3.44
10553
-5.73
10271
-0.87
10288
-0.03
10208
-1.04
10222
1.6
10279
-1.21
10271
-4.44
10033
1.66
10082
-0.46
10050
0.45
9871
-3.45
9871
-4.11
9428
-9.02
9428
6.18
9611
-4.1
9439
0.08

CLOSING
10246
10416
10447
10419
10523
10533
10586
10557
10506
10570
10677
10659
10669
10641
10590
10615
10607
10556
10556
10519
10454
10428
10389
10467
10561
10553
10271
10288
10208
10222
10279
10271
10033
10082
10050
9993
9871
9687
9428
9611
9439
9521

0.0000
0.0147
-0.0842
-0.0066
0.0098
0.0063
0.0175
-0.0132
-0.0108
0.0049
0.0001
-0.0051
-0.0024
0.0009
-0.0103
-0.0475
-0.0022
0.0028
0.0006
-0.0034
-0.0166
-0.0104
-0.0225
0.0160
0.0082
0.0133
-0.0219
-0.0034
-0.0001
-0.0041
0.0063
-0.0047
-0.0175
0.0066
-0.0018
0.0018
-0.0137
-0.0166
-0.0370
0.0263
-0.0170
0.0003

43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94

31-May-10
1-Jun-10
2-Jun-10
3-Jun-10
4-Jun-10
7-Jun-10
8-Jun-10
9-Jun-10
10-Jun-10
11-Jun-10
14-Jun-10
15-Jun-10
16-Jun-10
17-Jun-10
18-Jun-10
21-Jun-10
22-Jun-10
23-Jun-10
24-Jun-10
25-Jun-10
28-Jun-10
29-Jun-10
30-Jun-10
1-Jul-10
2-Jul-10
5-Jul-10
6-Jul-10
7-Jul-10
8-Jul-10
9-Jul-10
12-Jul-10
13-Jul-10
14-Jul-10
15-Jul-10
16-Jul-10
19-Jul-10
20-Jul-10
21-Jul-10
22-Jul-10
23-Jul-10
26-Jul-10
27-Jul-10
28-Jul-10
29-Jul-10
30-Jul-10
2-Aug-10
3-Aug-10
4-Aug-10
5-Aug-10
6-Aug-10
9-Aug-10
10-Aug-10

237.12
235.09
227.93
236.23
239.52
238.84
240.98
240.28
241.22
237.5
237.22
232.37
230.1
236.73
237.32
237.02
237.04
237
235.92
235.93
232.24
228.72
229.58
229.61
229
228.05
228.47
227.37
228.9
227.91
228.21
228.72
229.59
232.13
231.15
231.84
231.37
231.03
230.91
231.68
234.74
232.01
233.96
236.06
235.23
239.37
234.5
234.47
235.52
235.86
233.88
228.31

235.09
227.93
236.23
239.52
238.84
240.98
240.28
241.22
237.5
237.22
232.37
230.1
236.73
237.32
237.02
237.04
237
235.92
235.93
232.24
228.72
229.58
229.61
229
228.05
228.47
227.37
228.9
227.91
228.21
228.72
229.59
232.13
231.15
231.84
231.37
231.03
230.91
231.68
234.74
232.01
233.96
236.06
235.23
239.37
234.5
234.47
235.52
235.86
233.88
228.31
226.21

-2.03
-7.16
8.3
3.29
-0.68
2.14
-0.7
0.94
-3.72
-0.28
-4.85
-2.27
6.63
0.59
-0.3
0.02
-0.04
-1.08
0.01
-3.69
-3.52
0.86
0.03
-0.61
-0.95
0.42
-1.1
1.53
-0.99
0.3
0.51
0.87
2.54
-0.98
0.69
-0.47
-0.34
-0.12
0.77
3.06
-2.73
1.95
2.1
-0.83
4.14
-4.87
-0.03
1.05
0.34
-1.98
-5.57
-2.1

9521
9326
9294
9499
9621
9636
9791
9763
9678
9379
9471
9229
9250
9436
9676
9645
9651
9682
9715
9791
9796
9671
9702
9721
9730
9697
9637
9575
9789
9860
9974
9979
10115
10187
10095
10153
10201
10251
10234
10228
10296
10297
10386
10436
10438
10519
10373
10388
10390
10351
10315
10026

9326
9294
9499
9621
9636
9791
9763
9678
9379
9471
9229
9250
9436
9676
9645
9662
9682
9715
9791
9796
9671
9702
9721
9730
9697
9637
9575
9789
9860
9974
9979
10114
10187
10095
10153
10201
10251
10234
10228
10296
10297
10386
10436
10438
10519
10373
10388
10390
10351
10315
10026
9892

-0.0086
-0.0305
0.0364
0.0139
-0.0028
0.0090
-0.0029
0.0039
-0.0154
-0.0012
-0.0204
-0.0098
0.0288
0.0025
-0.0013
0.0001
-0.0002
-0.0046
0.0000
-0.0156
-0.0152
0.0038
0.0001
-0.0027
-0.0041
0.0018
-0.0048
0.0067
-0.0043
0.0013
0.0022
0.0038
0.0111
-0.0042
0.0030
-0.0020
-0.0015
-0.0005
0.0033
0.0132
-0.0116
0.0084
0.0090
-0.0035
0.0176
-0.0203
-0.0001
0.0045
0.0014
-0.0084
-0.0238
-0.0092

95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129

11-Aug-10
12-Aug-10
13-Aug-10
16-Aug-10
17-Aug-10
18-Aug-10
19-Aug-10
20-Aug-10
23-Aug-10
24-Aug-10
25-Aug-10
26-Aug-10
27-Aug-10
30-Aug-10
31-Aug-10
1-Sep-10
2-Sep-10
3-Sep-10
6-Sep-10
7-Sep-10
8-Sep-10
9-Sep-10
14-Sep-10
15-Sep-10
16-Sep-10
17-Sep-10
20-Sep-10
21-Sep-10
22-Sep-10
23-Sep-10
24-Sep-10
27-Sep-10
28-Sep-10
29-Sep-10
30-Sep-10

226.21
225.56
224.57
225.5
218.61
220.69
211.7
214
213.42
209.08
205.57
196.3
193.55
193.69
193.95
196.45
194.53
194.3
192.78
192.02
192.68
197.19
194.25
193.95
194.42
193.51
195.01
195.84
194.65
192.51
192.02
191.31
192.96
192.12
193.02

225.56
224.57
225.5
218.61
220.69
211.7
214
213.42
209.08
205.57
196.3
193.55
193.69
193.95
196.45
194.53
194.3
192.78
192.02
192.68
197.19
194.25
197.95
194.42
193.51
195.01
195.84
194.65
192.51
192.02
191.31
192.96
192.12
193.02
192.45

-0.65
-0.99
0.93
-6.89
2.08
-8.99
2.3
-0.58
-4.34
-3.51
-9.27
-2.75
0.14
0.26
2.5
-1.92
-0.23
-1.52
-0.76
0.66
4.51
-2.94
3.7
0.47
-0.91
1.5
0.83
-1.19
-2.14
-0.49
-0.71
1.65
-0.84
0.9
-0.57

9892
9792
9792
9823
9537
9677
9705
9847
9860
9812
9637
9553
9584
9598
9516
9813
9735
9703
9748
9891
9891
9891
9879
10091
10046
10017
10052
10063
9992
9946
9866
9909
9936
9981
10022

9875
9792
9823
9537
9677
9705
9847
9860
9812
9637
9553
9584
9598
9516
9813
9735
9762
9706
9891
9891
9891
9879
10091
10046
10017
10052
10063
9995
9946
9866
9909
9936
9981
10022
10013

-0.0029
-0.0044
0.0041
-0.0306
0.0095
-0.0407
0.0109
-0.0027
-0.0203
-0.0168
-0.0451
-0.0140
0.0007
0.0013
0.0129
-0.0098
-0.0012
-0.0078
-0.0039
0.0034
0.0234
-0.0149
0.0190
-0.0178
-0.0047
0.0078
0.0043
-0.0061
-0.0110
-0.0025
-0.0037
0.0086
-0.0044
0.0047
-0.0030
-0.437889

X Bar
Y bar

-0.00339449
-0.00011888

0.40704036

0.0000
0.0166
0.0030
-0.0027
0.0100
0.0010
0.0050
-0.0027
-0.0048
0.0061
0.0101
-0.0017
0.0009
-0.0026
-0.0048
0.0024
-0.0008
-0.0048
0.0000
-0.0035
-0.0062
-0.0025
-0.0037
0.0075
0.0090
-0.0008
-0.0267
0.0017
-0.0078
0.0014
0.0056
-0.0008
-0.0232
0.0049
-0.0032
-0.0057
-0.0122
-0.0186
-0.0267
0.0194
-0.0179
0.0087

XY

0.000000
0.000243
-0.000251
0.000018
0.000097
0.000006
0.000088
0.000036
0.000052
0.000030
0.000001
0.000009
-0.000002
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0.000050
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0.000002
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0.000000
0.000012
0.000103
0.000026
0.000084
0.000120
0.000074
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0.000585
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0.000001
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0.000035
0.000004
0.000405
0.000032
0.000006
-0.000010
0.000167
0.000309
0.000988
0.000511
0.000304
0.000003

X-X

0.003304
0.017963
-0.080937
-0.003304
0.013069
0.009574
0.020799
-0.009911
-0.007459
0.008195
0.003445
-0.001844
0.000859
0.004193
-0.007026
-0.044154
0.001083
0.006097
0.003869
-0.000081
-0.013303
-0.007097
-0.019191
0.019295
0.011545
0.016629
-0.018598
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0.003187
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0.009605
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0.009947
0.001476
0.005097
-0.010411
-0.013262
-0.033666
0.029607
-0.013698
0.003642

(X-X)*

0.000011
0.000323
0.006551
0.000011
0.000171
0.000092
0.000433
0.000098
0.000056
0.000067
0.000012
0.000003
0.000001
0.000018
0.000049
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0.000877
0.000188
0.000013

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-0.001049
0.007989
0.000351

0.000000
0.000001
0.000055
0.000743
0.000164
0.001401
0.000201
0.000000
0.000290
0.000182
0.001746
0.000115
0.000016
0.000022
0.000262
0.000042
0.000005
0.000020
0.000000
0.000045
0.000713
0.000135
0.000500
0.000211
0.000002
0.000122
0.000057
0.000008
0.000059
0.000001
0.000000
0.000142
0.000001
0.000064
0.000000

-0.015336

0.011909

-0.011622

0.029132

Capital Asset Priceing Model

KE

KRF + (KM-KRF)Beta

KRF
KM
Beta
KM- KRF

=
=
=
=

Risk Free Premium (Rate Provided by govt )

Avrage Market Return
Market Risk
Market Risk Premium

Solution
KM
KRF
Beta

=
=
=

KE
KE

=
=

Beta

4% to 6%
13.75%
0.41
KRF + (KM-KRF)Beta
13.71%

Beta

xy
n
(X*Y)
(x-x)*

xy-n(x.y)
0.4070257
(x-x)*
0.01190941
129
0.0000004035
0.029131704

Dividend Discount Model

Ke
Here
D1 =
Po =
g
=

D1
Po

+g

Next year dividend

Price of share
Growth rate

D1 =
Do(1 + g)
Here
Do
= Current year dividend
g
= Growth rate

Cost of Preferred Stock

Kps

Dps
Price of Share

Dps
Po

Dividend Per Share

Weightage Avarge Cost of Capital (WACC)

WACC = Wd Kd (1 - T) + We ke + Wps Kps
11.37

Weightage of Debts
Equity
Share Capital
Reserves
Nuappropriateed Profit
Total Equity
Libilities (Debts)
Libility aginst assets subject to financial lease
Short term running finance under agreement - secured
Short term loan
Short Term Loan
Current Meturity of long term Loan
Total Debts
Total Capital

Wd

Total debts
8454791 0.505506
Total Capital 16725394

We

Total Equity
8270603 0.494494
Total Capital 16725394

Kd
Ke

15%

Weightage of Equity
We

Total Equity
Total Capital

We

8270603
16725397

We

0.4945

Ke

13.71%

Weightage of Preferred Stock

684880
2096050
5489673
8270603
1790
2453001
6000000
3500000
13.04
2500000 (Kibor)+0.17%
8454791
16725394

15.7

14.37

Wps

Total Preferred Stock

Total Capital

Kps

Dps
Price of Preferred Stock

Here
Dps

Dividend of Preferred Stock

Bound Yeild + Risk Premium

Ke

Kd +Risk Premium

Kd
=
Risk Premium =

Risk Premium = Km- KRF

Km
KRF

=
=