Imperial Chemical Industries

DATE

ICI CLOSING RATE

KSE 100 INDEX

Ri

Rm

(Ri -Ribar)

3-Mar
APR
MAY
JUNE
JULY
AUG
SEP
OCT
NOV
DEC
3-Jan
FEB
MAR
APR
MAY
JUNE
JULY
AUG
SEP
OCT
NOV
DEC
03/1/2011
FEB
MAR

72.5
111.32
119.85
140.4
138
145
166
194.57
167.05
163.5
141.5
169
155.5
164
145.5
132.1
119.35
123.05
119.5
116.51
127.25
137.9
146
144.05
160.7

5606
7432
7061
7000
7465
7716
8806
9472
8974
9096
9437
9627
9419
10416
10389
9621
9697
10388
9762
10045
10617
11406
11849
12359
11762

42.88224
7.383202
15.82545
-1.72418
4.948006
13.5254
15.88042
-15.2499
-2.14802
-14.4513
17.7599
-8.3253
5.32207
-11.969
-9.66169
-10.1499
3.053042
-2.92744
-2.53393
8.817655
8.037513
5.707784
-1.34462
10.93788

28.19575488
-5.120831698
-0.867653548
6.431528194
3.307066405
13.21372123
7.290677081
-5.400857059
1.350324889
3.680337659
1.993351776
-2.184272496
10.06141596
-0.259553138
-7.679934471
0.786834994
6.883473448
-6.215399634
2.85777008
5.538149176
7.16830427
3.81039431
4.214106677
-4.951054657

39.56576785
4.066732794
12.50898344
-5.040650272
1.631536098
10.20893496
12.56395108
-18.5663523
-5.464487475
-17.76779695
14.44343016
-11.64176796
2.005599992
-15.28550375
-12.97815714
-13.4663555
-0.263427223
-6.243910175
-5.850396143
5.501185291
4.721043308
2.391314062
-4.661085646
7.621411493

Ri bar:
3.31647

Rm bar:
3.087652264

Beta

1.15

dustries
(Rm-Rmbar) (Rm-Rmbar)^2 (Ri-Ribar)(Rm-Rmbar)
25.10810261
-8.208483961
-3.955305812
3.34387593
0.219414142
10.12606897
4.203024817
-8.488509323
-1.737327374
0.592685395
-1.094300488
-5.271924759
6.973763699
-3.347205402
-10.76758673
-2.300817269
3.795821184
-9.303051897
-0.229882184
2.450496913
4.080652007
0.722742046
1.126454414
-8.038706921

630.4168168
67.37920895
15.64444406
11.18150623
0.048142565
102.5372727
17.66541761
72.05479052
3.018306405
0.351275978
1.197493558
27.79319067
48.63338013
11.203784
115.9409241
5.293760107
14.40825846
86.5467746
0.052845818
6.004935119
16.6517208
0.522356065
1.268899546
64.62080896

993.4213592
-33.38171091
-49.47685491
-16.85530912
0.357982092
103.3763795
52.80659821
157.6006546
9.493603677
-10.53071376
-15.80545267
61.37452474
13.98658042
51.16372072
139.7434326
30.9836233
-0.999922635
58.0874204
1.34490184
13.48063757
19.26493485
1.728303219
-5.250500498
-61.26629331

1320.436314

1514.647899

Pakistan engineering company ltd.

Dividend paid in 2006 Rs7.50 per share
Dividend paid in 2011 Rs12.50 per share

DATE Peco company Ltd.

3-Jan-06
99.95
FEB
93.25
MAR
110
APR
105.25
MAY
101
JUNE
106
JULY
107
AUG
102
SEP
112.85
OCT
97.65
NOV
100
DEC
97
3-Jan-07
98.25
FEB
102
MAR
113
APR
126
MAY
139.1
JUNE
149.25
JULY
157.7
AUG
185
SEP
230
OCT
245
NOV
330
DEC
298.95
3-Jan-08
358.3
FEB
365
MAR
347
APR
368
MAY
370
JUNE
389.5
JULY
417
AUG
400
SEP
367.6

KSE 100 INDEX

9767
10726
11415
11574
11728
10346
9604
10667
10660
10593
10945
10416
10066
11589
11133
11435
12430
12956
13809
13763
12233
14045
13915
13925
13996
13995
14816
15345
14956
12479
12035
1080
9239

Ri

Rm

-6.9386
16.519631
-4.414189
-4.121796
4.8318577
0.938974
-4.785602
10.108669
-14.46698
2.3780529
-3.045921
1.2804272
3.7457563
10.241501
10.889409
9.8911192
7.0429653
5.5071742
15.966133
21.772348
6.3178902
29.783444
-9.881632
18.109429
1.8526729
-5.057257
5.8758158
0.5420067
5.136086
6.8222356
-4.162167
-8.446916

9.3661344
6.2257579
1.3832923
1.3217942
-12.53792
-7.442029
10.497519
-0.065644
-0.630501
3.2689325
-4.953965
-3.417968
14.089296
-4.01427
2.6765157
8.3434078
4.1446096
6.3761552
-0.333672
-11.78466
13.812924
-0.929907
0.0718391
0.5085789
-0.007145
5.7007555
3.508201
-2.567713
-18.10653
-3.622816
-241.0858
214.64726

(Ri -Ribar)
-8.714564851
14.74366612
-6.190153932
-5.897760181
3.055893118
-0.836990574
-6.561566727
8.332704389
-16.2429492
0.602088258
-4.821885357
-0.495537384
1.969791644
8.465535934
9.113444215
8.115154589
5.267000725
3.731209561
14.1901685
19.99638378
4.541925553
28.00747978
-11.65759652
16.33346429
0.076708318
-6.833221973
4.099851213
-1.233957862
3.360121358
5.04627104
-5.938132078
-10.22288027

OCT
NOV
DEC
3-Jan-09
FEB
MAR
APR
MAY
JUNE
JULY
AUG
SEP
OCT
NOV
DEC
3-Jan-10
FEB
MAR
APR
MAY
JUNE
JULY
AUG
SEP
OCT
NOV
DEC

325.56
310
306.56
174.41
116.21
136.33
167.99
162.75
169
169
175
157
216
244
299
255
301
314
300.5
303.99
299.99
300
301
300
310
299
285

Ri

9184
9182
9187
5815
5379
5606
7432
7061
7000
7465
7716
8806
9472
8974
9096
9437
9627
9419
10416
10389
9621
9697
10388
9762
10045
10617
11406

Rm

11.74865

23.6836

-12.14486
-4.897448
-1.11588
-56.40046
-40.601
15.967952
20.882604
-3.168917
3.7683434
0
3.4887259
-10.85402
31.90326
12.188982
20.327535
-15.918
16.584672
4.2282721
-4.394523
1.1547052
-1.324567
0.0033334
0.332779
-0.332779
3.2789823
-3.612872
-4.795439
Ri bar:
1.7759646

-0.597082
-0.021779
0.0544395
-45.73487
-7.79383
4.1334969
28.195755
-5.120832
-0.867654
6.4315282
3.3070664
13.213721
7.2906771
-5.400857
1.3503249
3.6803377
1.9933518
-2.184272
10.061416
-0.259553
-7.679934
0.786835
6.8834734
-6.2154
2.8577701
5.5381492
7.1683043
Rm bar:
0.2629325

Beta

0.30329

-13.92082601
-6.673412507
-2.891844879
-58.17642916
-42.37695961
14.19198719
19.10663905
-4.944881882
1.992378774
-1.775964609
1.712761291
-12.62998147
30.12729562
10.41301715
18.5515702
-17.69396743
14.80870735
2.452307507
-6.170487802
-0.621259394
-3.100531145
-1.77263122
-1.4431856
-2.108743618
1.503017673
-5.388837018
-6.571403921

Rf

11.80%

As we know

RRR = Rf + ( Rm -Ri )
RRR= 15.43%

Vo = D0 (1+g) /Ke -g

Vo = 292.53

ompany ltd.
F.V= P.V(1+g)^n
g= (12.50/7.50)^1/5 -1
g=1.107-1
g= 10.7%

(Rm-Rmbar)
9.103201907
5.96282544
1.120359815
1.058861697
-12.80084986
-7.704961824
10.23458603
-0.328576993
-0.893433814
3.006000034
-5.216897053
-3.680900213
13.8263639
-4.277202663
2.413583171
8.080475303
3.881677076
6.113222717
-0.596604653
-12.0475939
13.54999175
-1.19283906
-0.191093419
0.245646367
-0.270077656
5.437822991
3.245268515
-2.830645598
-18.36946506
-3.885748531
-241.3487355
214.3843289

(Rm-Rmbar)^2
82.86828497
35.55528723
1.255206115
1.121188094
163.8617571
59.36643672
104.7467511
0.10796284
0.798223981
9.036036204
27.21601486
13.54902638
191.1683386
18.29446262
5.825383722
65.29408112
15.06741693
37.37149199
0.355937112
145.1445187
183.6022763
1.422865023
0.036516695
0.060342138
0.07294194
29.56991889
10.53176773
8.012554501
337.4372466
15.09904165
58249.21213
45960.64046

(Ri-Ribar)(Rm-Rmbar)
-79.33044338
87.91390741
-6.935199713
-6.244912355
-39.11802899
6.44898042
-67.15491913
-2.737934949
14.51200007
1.809877323
25.15527951
1.824023664
27.23505608
-36.20881284
21.99605558
65.57430623
20.44479598
22.80971505
-8.465920551
-240.9083111
61.54305376
-33.40841586
2.227689972
4.012256164
-0.020717203
-37.15785155
13.30511806
3.49289739
-61.72363189
-19.60854028
1433.160668
-2191.625326

-0.860014013
-0.284711877
-0.208492956
-45.99779803
-8.05676277
3.870564443
27.93282237
-5.3837642
-1.13058605
6.168595691
3.044133903
12.95078873
7.027744579
-5.663789561
1.087392387
3.417405157
1.730419274
-2.447204998
9.79848346
-0.52248564
-7.942866973
0.523902492
6.620540946
-6.478332136
2.594837578
5.275216674
6.905371768

0.739624103
0.081060853
0.043469313
2115.797424
64.91142633
14.98126911
780.2425658
28.98491696
1.278224817
38.0515728
9.26675122
167.7229286
49.38919386
32.07851219
1.182422204
11.67865801
2.994350862
5.988812301
96.01027812
0.272991244
63.08913575
0.274473821
43.83156241
41.96878726
6.733182056
27.82791096
47.68415926
3420.43747

11.97210545
1.899999802
0.602929287
2675.987639
341.4211105
54.93100098
533.7023549
26.62207805
-2.252555649
-10.95520764
5.213874714
-163.5682216
211.7269385
-58.97713784
20.17283621
-60.46745555
25.62527261
-6.001299187
-60.46142267
0.324599112
24.62710643
-0.928685914
-9.554669355
13.66114155
3.900086739
-28.42728289
-45.37798711
1037.3676