Particulars

Sales local
Sales export
Total sales
Less: COGS
Gross profit
Less: Operating expense
Operating profit
Plus: Other income
Less: Interest expense
Less: Contribution to WPPF
EBT
Less: Tax
Net income
Less: Dividend
Transfer to the reserve

2008
1,048,849,721.00
3,459,000.00
1,052,308,721.00
652,854,439.00
399,454,282.00
346,729,133.00
52,725,149.00
8,907,577.00
4,750,860.00
2,708,660.00
54,173,206.00
10,887,997.00
43,285,209.00
20,700,000.00
22,585,209.00

2009
1,268,838,599.00
9,030,247.00
1,277,868,846.00
785,469,076.00
492,399,770.00
436,859,745.00
55,540,025.00
13,736,889.00
5,098,143.00
3,056,132.00
61,122,639.00
11,888,975.00
49,233,664.00
22,500,000.00
26,733,664.00

2010
1,593,976,869.00
11,197,217.00
1,605,174,086.00
985,455,871.00
619,718,215.00
541,294,206.00
78,424,009.00
16,315,157.00
8,810,133.00
4,091,859.00
81,837,174.00
21,766,279.00
60,070,895.00
24,750,000.00
35,320,895.00

Depreciation

18,329,727.00

21,351,296.00

29,142,027.00

EBIT

58,924,066.00

66,220,782.00

90,647,307.00

Year
O.Profit Margin
Total Asset turnover
Interest Burden
After tax Retention Rate
Financial Leverage
ROE

2008
0.056
2.049
0.919
0.799
2.722
0.2294

Year

2009
0.052
2.115
0.923
0.805
2.804
0.2286

O.Profit Margin
2008
2009
2010
2011
2012

Year

Total Asset
turnover

0.056
0.052
0.056
0.046
0.046

O.Profit Margin
2008
2009
2010
2011
2012

2010
0.056
2.566
0.903
0.734
2.328
0.2235

0.056
0.056
0.056
0.056
0.056

2.049
2.049
2.049
2.049
2.049

Total Asset
turnover
2.049
2.115
2.566
2.530
1.916

2011
1,742,256,868.00
13,003,947.00
1,755,260,815.00
1,075,620,508.00
679,640,307.00
600,677,497.00
78,962,810.00
6,545,189.00
6,890,878.00
4,534,458.00
74,082,663.00
19,166,092.00
54,916,571.00
32,400,000.00
22,516,571.00

2012
1,989,191,317.00
20,229,980.00
2,009,421,297.00
1,230,093,156.00
779,328,141.00
691,743,272.00
87,584,869.00
8,745,677.00
4,672,712.00
4,364,659.00
87,293,175.00
20,466,758.00
66,826,417.00
45,360,000.00
21,466,417.00

28,449,258.00

33,878,653.00

80,973,541.00

91,965,887.00

2011
0.046
2.530
0.915
0.741
2.110
0.1671

Interest Burden
0.919
0.919
0.919
0.919
0.919

Interest Burden
0.919
0.919
0.919
0.919
0.919

2012
0.046
1.916
0.949
0.766
1.586
0.1011
Financial
After tax Retention
Leverage
Rate
0.799
2.722
0.799
2.722
0.799
2.722
0.799
2.722
0.799
2.722

Financial
After tax Retention
Leverage
Rate
0.799
2.722
0.799
2.722
0.799
2.722
0.799
2.722
0.799
2.722

% Change
in ROE

ROE
0.2294
0.2123
0.2314
0.189
0.1875

-0.0745
0.0897
-0.1831
-0.0079

% Change
in ROE

ROE
0.2293
0.2367
0.2872
0.2832
0.2145

0.0325
0.2129
-0.0139
-0.2426

Particular
PPE
Investment
Deferred tax asset
Total non-current assets
Inventory
Accounts receivable
Advance, deposits and prepayment
Cash
Total curent asset
Total asset
Share capital
Tax holiday reserve
Gain on marketable securities(unrealized)
Retained earnings
Total equity
Long-term loan
Deferred liability
Deferred tax liability
Total non-current liability
Short-term loan
Current portion of LTD
Accounts payable
Accrued expenses
Other liabilities
Income tax liability
Deposits
Total current liability
Total liabilities
Total equity & liabilities

Number of outstanding shares

2008
257,913,228.00
35,610,290.00
0
293,523,518.00
60,035,472.00
597,737.00
78,397,048.00
81,100,322.00
220,130,579.00
513,654,097.00

2009
332,846,136.00
44,734,790.00
1,455,601.00
379,036,527.00
62,231,701.00
864,243.00
85,469,907.00
76,491,016.00
225,056,867.00
604,093,394.00

2010
330,214,386.00
52,642,690.00
19,872.00
382,876,948.00
66,404,326.00
1,399,999.00
95,826,901.00
79,105,353.00
242,736,579.00
625,613,527.00

90,000,000.00
4,392,110.00

90,000,000.00
4,392,110.00

108,000,000.00
4,392,110.00

94,284,460.00
188,676,570.00
27,826,722.00
31,542,490.00
954,912.00
60,324,124.00
169,591,739.00
6,892,620.00
14,232,048.00
16,976,210.00
26,223,324.00
22,696,081.00
8,041,381.00
264,653,403.00
324,977,527.00
513,654,097.00

121,018,124.00
215,410,234.00
39,937,517.00
40,307,990.00
80,245,507.00
186,608,862.00
19,776,124.00
19,209,329.00
22,937,534.00
25,811,246.00
25,616,177.00
8,478,381.00
308,437,653.00
388,683,160.00
604,093,394.00

156,339,019.00
268,731,129.00
48,733,411.00
51,544,925.00
100,278,336.00
55,390,859.00
16,942,137.00
51,462,325.00
54,302,216.00
36,941,204.00
30,074,904.00
11,490,417.00
256,604,062.00
356,882,398.00
625,613,527.00

900000

900000

1080000

2011
329,163,404.00
69,249,190.00
515,498.00
398,928,092.00
83,398,069.00
1,613,644.00
108,897,414.00
100,893,291.00
294,802,418.00
693,730,510.00

2012
372,063,184.00
347,245,066.00
4,765,377.00
724,073,627.00
105,024,268.00
2,065,406.00
110,234,856.00
107,178,866.00
324,503,396.00
1,048,577,023.00

129,600,000.00
4,392,110.00

162,000,000.00
4,392,110.00
329,744,761.00
165,179,622.00
661,316,493.00
27,550,613.00
78,469,945.00
106,020,558.00
22,083,628.00
23,458,900.00
54,908,751.00
67,313,140.00
39,463,320.00
56,387,361.00
17,624,872.00
281,239,972.00
387,260,530.00
1,048,577,023.00

194,751,076.00
328,743,186.00
14,613,771.00
64,555,130.00
79,168,901.00
41,174,320.00
21,598,086.00
56,005,021.00
60,693,123.00
38,644,820.00
50,447,636.00
17,255,417.00
285,818,423.00
364,987,324.00
693,730,510.00

12960000

16200000

Particulars
Sales growth rate(local)
Average sales growth rate(local)
Sales growth rate(export)
Average sales growth rate(export)

2008

2009
0.21

COGS in proportion to sales

Average proportion

0.62

0.61

Operating expense in proportion to sales

Average proportion

0.33

0.34

1.61

Growth rate of other income

Average proportion

0.54

Growth rate of investment

Normalized average

0.26

Long-term loan in proportion to PPE

Average rate of Long Term Loan in Proportion to PPE
Total loan
Average loan
Interest rate
Average interest rate
Normalized interest rate

0.11

0.12

204,311,081.00

246,322,503.00
225,316,792.00
0.02

current portion of longterm loan in proportion to lonterm loan

0.25

0.50

Short-term loan in proportion to sales

Average proportion

0.16

0.15

Growth rate of PPE

Average growth rate

0.29

Cash outflow from purchase of assets

Proportion of contribution to WPPF to sales
Average

0.00

0.00

Tax rate
Average tax rate

0.20

0.19

Dividend payout ratio

Average dividend payout ratio

0.48

0.46

Depreciation rate
Average

0.07

0.06

Growth rate of deferred tax asset

Normalized growth rate

0.12

Inventory in proportion to sales

Average proportion

0.06

0.05

Accounts receivable in proportion to sales

Average proportion

0.00

0.00

Advance & prepayment in proportion to sales

Average proportion

0.07

0.07

Growth rate of deferred liability

Average growth rate

0.28

Accounts payable in proportion to sales

Average proportion

0.01

0.02

Accrued expenses in proportion to sales

Average proportion

0.02

0.02

Other liabilities in proportion to sales

Average proportion

0.02

0.02

income tax liability in proportion to EBT

Average proportion

0.42

0.42

Growth rate of deposits

Average growth rate
Growth of share capital
Average rate
Retained earnings calculation
Beginning balance
Add:Surplus during the year
Less:Dividend paid
Ending balance

0.05

2010
0.26

2011
0.09

0.24

0.16

0.61

0.34

0.19

0.18

0.61

0.34

(0.60)

0.32

2012
0.14
0.18
0.56
0.64

2013

2014

0.18

0.18

0.64

0.64

0.61
0.61

0.61

0.61

0.34
0.34

0.34

0.34

0.34
0.12

0.12

0.12

4.01
0.15

0.15

0.15

0.10
195,767,859.27
134,430,500.13

0.10
229,963,952.00
212,865,905.63

0.05
0.10

0.05
0.10

0.85
0.56

0.56

0.56

0.01
0.08

0.08

0.08

0.13
0.10

0.10

0.10

0.15

0.04

0.07

121,066,407.00
183,694,455.00
0.05

77,386,177.00
99,226,292.00
0.07

73,093,141.00
75,239,659.00
0.06
0.05
0.10

0.35

0.03

(0.01)

1.48

0.02

(0.00)

(38,115,598.68)
0.00

0.27

0.41

0.09

0.00

0.00

0.26

0.59

0.09

0.03

(42,020,308.76)

0.00
0.00

0.00

0.00

0.23
0.23

0.23

0.23

0.68
0.52

0.52

0.52

0.09
0.08

0.08

0.08

0.23
0.05

0.05

0.05

0.04

0.00

0.06

0.28

0.03

0.03

0.02

0.37

0.36

0.20

0.05

0.00

0.06

0.25

0.03

0.03

0.02

0.68

0.50

0.20

0.05
0.05

0.05

0.05

0.00
0.00

0.00

0.00

0.05
0.06

0.06

0.06

0.22
0.26

0.26

0.26

0.03
0.02

0.02

0.02

0.03
0.03

0.03

0.03

0.02
0.02

0.02

0.02

0.65
0.51

0.51

0.51

0.02
0.12

0.12

0.12

0.25
0.16

0.16

0.16

165,179,622.00
81,612,297.26
42,699,558.72
204,092,360.55

204,092,360.55
93,531,653.83
48,935,766.77
248,688,247.61

2015

2016

2017

0.18

0.18

0.18

0.64

0.64

0.64

0.61

0.61

0.61

0.34

0.34

0.34

0.12

0.12

0.12

0.15

0.15

0.15

0.10
270,769,692.76
250,366,822.38

0.10
319,810,283.37
295,289,988.06

0.10
379,302,759.75
349,556,521.56

0.05
0.10

0.05
0.10

0.05
0.10

0.56

0.56

0.56

0.08

0.08

0.08

0.10

0.10

0.10

(46,325,032.51)

(51,070,748.89)

(56,302,634.91)

0.00

0.00

0.00

0.23

0.23

0.23

0.52

0.52

0.52

0.08

0.08

0.08

0.05

0.05

0.05

0.05

0.00

0.00

0.00

0.06

0.06

0.06

0.26

0.26

0.26

0.02

0.02

0.02

0.03

0.03

0.03

0.02

0.02

0.02

0.51

0.51

0.51

0.12

0.12

0.12

0.16

0.16

0.16

248,688,247.61
110,496,505.39
57,811,778.10
301,372,974.89

301,372,974.89
143,055,372.64
74,846,579.36
369,581,768.18

369,581,768.18
169,814,649.61
88,847,034.64
450,549,383.15

1. Perpetual growth rate is 2%.

2. Capital expenditures will be financed by long-term loan and equity share.
3. Since longterm loan has increased every year , so there was purchase of ppe every year.
4. Risk-free rate is 8.37%.
5. Interest rate has been normalized at 10%.
6. To normalize the affairs it was assumed that IBN Sina's investment will increase by 15% rate each year.

each year.

Time
30/12/ 2012
29/11/ 2012
31/10/ 2012
30/09/ 2012
30/08/ 2012
30/07/ 2012
28/06/ 2012
31/05/ 2012
30/04/ 2012
29/03/ 2012
29/02/ 2012
31/01/ 2012
29/12/ 2011
30/11/ 2011
31/10/ 2011
29/09/ 2011
25/08/ 2011
31/07/ 2011
30/06/ 2011
31/05/ 2011
28/04/ 2011
31/03/ 2011
28/02/ 2011
31/01/ 2011
30/12/2010
30/11/2010
31/10/2010
30/09/2010
31/08/2010
29/07/2010

30/06/2010
31/05/ 2010
29/04/ 2010
31/03/ 2010
28/02/ 2010
30/01/ 2010
30/12/ 2009
26/11/ 2009
29/10/ 2009
30/09/ 2009
31/08/ 2009
30/07/ 2009
30/06/ 2009

Monthly closing - IBN Sina

84.10
83.30
49.50
96.60
83.30
79.90
89.60
91.50
134.50
130.60
128.40
112.70
135.30
1,185.00
1,184.25
1,302.00
1,328.75
1,334.50
1,330.00
1,336.75
1,738.25
1,652.75
1,119.00
1,570.75

1,615.75
1,748.50
1,576.00
1,423.75
1,421.00
1,381.50
1,464.50
1,520.75
1,508.50
1,494.50
1,591.75
1,688.50
1,552.50
1,581.25
1,592.00
1,473.25
1,321.00
1,277.75
1,181.75

DGEN
4,219.31
4,210.58
4,493.92
4,544.41
4,446.87
4,159.17
4,572.88
4,734.33
4,734.33
4,990.32
4,695.41
4,153.96
5,257.61
5,268.55
5,036.50
5,910.20
6,212.00
6,459.62
6,117.23
5,758.26
6,050.85
6,352.10
5,203.08
7,484.23
8,290.41
8,602.44
7,957.12
7,097.38
6,657.97
6,342.76
6,153.68
6,107.81
5,654.88
5,582.33
5,560.56
5,367.11
4,535.53
4,380.95
3,364.26
3,083.89
2,941.28
2,914.53
3,010.26

IBN Sina return

0.01
0.68
(0.49)
0.16
0.04
(0.11)
(0.02)
(0.32)
0.03
0.02
0.14
(0.17)
(0.89)
0.00
(0.09)
(0.02)
(0.00)
0.00
(0.01)
(0.23)
0.05
0.48
(0.29)
(0.03)
(0.08)
0.11
0.11
0.00
0.03
(0.06)
(0.04)
0.01
0.01
(0.06)
(0.06)
0.09
(0.02)
(0.01)
0.08
0.12
0.03
0.08
0.07

DGEN return

0.00
(0.06)
(0.01)
0.02
0.07
(0.09)
(0.03)
(0.05)
0.06
0.13
(0.21)
(0.00)
0.05
(0.15)
(0.05)
(0.04)
0.06
0.06
(0.05)
(0.05)
0.22
(0.30)
(0.10)
(0.04)
0.08
0.12
0.07
0.05
0.03
0.01
0.08
0.01
0.00
0.04
0.18
0.04
0.30
0.09
0.05
0.01
(0.03)
0.17

31/05/ 2009
30/04/ 2009
31/03/ 2009
26/02/ 2009
29/01/ 2009

30/12/2008
30/11/2008
30/10/2008
25/09/2008
31/08/2008
30/07/2008
30/06/2008
29/05/2008
30/04/2008
31/03/2008
28/02/2008
31/01/2008

Covariance
Variance of market return
Beta
Market return
Market return -yearly

1,103.75
1,082.40
1,217.75
1,216.00
1,062.75
995.75
990.25
1,043.00
1,058.50
979.75
1,048.50
1,106.00
1,269.75
1,091.50
1,233.25
910.50
728.50

0.005714538
0.009166741
0.623399085
0.01
0.13

2,572.18
2,554.36
2,446.92
2,570.96
2,649.49
2,795.34
2,468.92
2,748.60
2,966.82
2,791.20
2,761.05
3,000.49
3,167.99
3,072.85
3,016.49
2,931.38
2,907.17

0.02
(0.11)
0.00
0.14
0.07
0.01
(0.05)
(0.01)
0.08
(0.07)
(0.05)
(0.13)
0.16
(0.11)
0.35
0.25

0.01
0.04
(0.05)
(0.03)
(0.05)
0.13
(0.10)
(0.07)
0.06
0.01
(0.08)
(0.05)
0.03
0.02
0.03
0.01

Particulars
Sales (local)
Sales (export)
Total sales
Less: COGS
Gross profit
Less: Operating expense
Operating profit
Plus: Other income
Less: Interest expense
Less: Contribution to WPPF
EBT
Less: Tax
Net income
Less: Dividend
Transfer to the reserve

Depreciation

2012
1989191317
20229980
2009421297
1230093156
779328141
691743272
87584869
8745677
4672712
4364659
87293175
20466758
66826417
45360000
21466417

33878653

2013
2,337,672,481.57
33,215,885.96
2,370,888,367.52
1,457,602,601.39
913,285,766.13
803,751,786.03
109,533,980.10
9,767,213.03
13,443,050.01
5,818,264.48
100,039,878.64
23,101,966.86
76,937,911.77
40,253,919.95
36,683,991.82

2014
2,747,203,139.47
54,537,625.83
2,801,740,765.30
1,722,487,099.72
1,079,253,665.58
949,814,497.78
129,439,167.80
10,908,069.24
21,286,590.56
6,875,595.24
112,185,051.24
25,906,622.15
86,278,429.09
45,140,879.16
41,137,549.93

2015
3,228,478,389.95
89,546,087.53
3,318,024,477.48
2,039,894,065.07
1,278,130,412.41
1,124,839,168.47
153,291,243.94
12,182,182.81
25,036,682.24
8,142,578.21
132,294,166.30
30,550,371.39
101,743,794.91
53,232,359.47
48,511,435.44

2016
3,794,066,978.38
147,026,968.45
3,941,093,946.83
2,422,952,032.63
1,518,141,914.20
1,336,065,139.99
182,076,774.21
13,605,118.80
29,528,998.81
9,671,618.13
156,481,276.07
36,135,842.06
120,345,434.01
62,964,738.13
57,380,695.87

2017
4,458,739,535.40
241,405,627.51
4,700,145,162.90
2,889,610,455.82
1,810,534,707.09
1,593,390,106.85
217,144,600.23
15,194,260.39
34,955,652.16
11,534,363.25
185,848,845.21
42,917,623.67
142,931,221.54
74,781,623.50
68,149,598.04

Particular
PPE
Investment
Deferred tax assets
Total non-current asset
Inventory
Accounts receivable
Advance and prepayment
Cash
Total curent asset
Total asset

2012
372,063,184.00
347,245,066.00
4,765,377.00
724,073,627.00
105,024,268.00
2,065,406.00
110,234,856.00
107,178,866.00
324,503,396.00
1,048,577,023.00

2013
410,178,782.68
399,331,825.90
1,156,963.20
810,667,571.78
117,073,924.60
1,926,915.31
150,780,498.66
177,072,157.29
446,853,495.85
1,257,521,067.63

2014
452,199,091.44
459,231,599.79
1,214,904.75
912,645,595.98
138,349,317.33
2,277,086.19
178,181,257.07
208,837,289.59
527,644,950.18
1,440,290,546.16

Share capital
Tax holiday Reserve
Gain on marketable securities(unrealized)
Retained earnings
Total equity
Long-term loan
Deferred liability
Total non-current liability
Short-term loan
Current portion of LTD
Accounts payable
Accrued expenses
Other liabilities
Income tax liability
Deposits
Total current liability
Total liabilities
Total equity & liabilities

162,000,000.00
4,392,110.00
329,744,761.00
165,179,622.00
661,316,493.00
27,550,613.00
78,469,945.00
106,020,558.00
22,083,628.00
23,458,900.00
54,908,751.00
67,313,140.00
39,463,320.00
56,387,361.00
17,624,872.00
281,239,972.00
387,260,530.00
1,048,577,023.00

188,325,000.00
4,392,110.00
325,020,980.00
204,092,360.55
721,830,450.55
11,178,967.95
98,570,538.21
109,749,506.16
178,361,124.59
6,227,766.73
56,033,912.08
63,579,209.81
51,329,683.25
50,669,469.38
19,739,945.10
425,941,110.92
535,690,617.08
1,257,521,067.63

218,927,812.50
4,392,110.00
334,678,822.00
248,688,247.61
806,686,992.11
12,324,184.88
123,820,030.74
136,144,215.62
210,774,003.77
6,865,763.36
65,850,344.90
74,717,483.38
60,321,994.66
56,820,910.78
22,108,837.58
497,459,338.43
633,603,554.05
1,440,290,546.16

2015
498,524,123.95
528,116,339.75
1,275,748.06
1,027,916,211.76
163,843,288.79
2,696,690.51
211,015,158.76
244,479,043.57
622,034,181.63
1,649,950,393.39

2016
549,594,872.84
607,333,790.72
1,275,748.06
1,158,204,411.61
194,610,316.49
3,203,083.85
250,640,274.21
305,176,042.87
753,629,717.42
1,911,834,129.03

2017
605,897,507.75
698,433,859.32
1,275,748.06
1,305,607,115.13
232,092,091.70
3,819,994.98
298,913,369.83
34,415,480.11
569,240,936.62
1,874,848,051.75

254,503,582.03
4,392,110.00
335,523,467.00
301,372,974.89
895,792,133.92
13,586,722.28
155,537,347.08
169,124,069.36
249,613,851.64
7,569,118.84
77,386,492.63
87,807,041.63
70,889,645.33
67,006,030.99
24,762,009.05
585,034,190.11
754,158,259.47
1,649,950,393.39

295,860,414.11
4,392,110.00
342,378,123.00
369,581,768.18
1,012,212,415.29
14,978,598.92
195,379,262.89
210,357,861.80
296,487,155.66
8,344,528.79
90,943,627.55
103,189,724.97
83,308,614.77
79,256,625.80
27,733,574.41
689,263,851.94
899,621,713.75
1,911,834,129.03

343,937,731.40
4,392,110.00
450,549,383.15
798,879,224.55
16,513,064.81
245,426,947.82
261,940,012.63
353,590,320.18
9,199,374.75
106,875,801.07
121,267,259.90
97,903,230.60
94,131,085.52
31,061,742.53
814,028,814.57
1,075,968,827.20
1,874,848,051.75

Risk-free rate
Market return
Beta
Cost of equity
Cost of debt
After tax cost of debt
Total market value of equity
Book value of debt
Weight of equity
Weight of debt
WACC

0.08
0.13
0.62
0.11
0.10
0.08
1,362,420,000.00
73,093,141.00
0.95
0.05
0.11

Particulars
Inventory
Accounts receivable
Advance and prepayment
Non-cash current asset

2012
105,024,268.00
2,065,406.00
110,234,856.00
217,324,530.00

2013
117,073,924.60
1,926,915.31
150,780,498.66
269,781,338.56

2014
138,349,317.33
2,277,086.19
178,181,257.07
318,807,660.59

2015
163,843,288.79
2,696,690.51
211,015,158.76
377,555,138.06

Accounts payable
Accrued expenses
Other liabilities
Non- STD Current liabilities

54,908,751.00
67,313,140.00
39,463,320.00
161,685,211.00

56,033,912.08
63,579,209.81
51,329,683.25
170,942,805.13

65,850,344.90
74,717,483.38
60,321,994.66
200,889,822.95

77,386,492.63
87,807,041.63
70,889,645.33
236,083,179.59

55,639,319.00

98,838,533.43
43,199,214.43

117,917,837.64
19,079,304.21

141,471,958.47
23,554,120.83

Working capital
Change in WC

2016
194,610,316.49
3,203,083.85
250,640,274.21
448,453,674.55

2017
232,092,091.70
3,819,994.98
298,913,369.83
534,825,456.51

90,943,627.55
103,189,724.97
83,308,614.77
277,441,967.28

106,875,801.07
121,267,259.90
97,903,230.60
326,046,291.58

171,011,707.27
29,539,748.81

208,779,164.93
37,767,457.66

Particulars
EBIT
EBIT (1-tax rate)
Depreciation
Capital expenditure
Change in NWC
Free cashflow
Present value discount factor
Present value of free cashflow
Terminal value
Enterprise value
Cash
Interest-bearing debt
Equity value

Value per share

2013
113,482,928.65
87,276,590.81
36,935,173.39
(38,115,598.68)
43,199,214.43
42,896,951.09

2014
133,471,641.80
102,649,358.85
40,304,815.61
(42,020,308.76)
19,079,304.21
81,854,561.49

2015
157,330,848.54
120,998,816.76
44,019,657.08
(46,325,032.51)
23,554,120.83
95,139,320.51

2016
186,010,274.88
143,055,372.64
48,115,061.34
(51,070,748.89)
29,539,748.81
97,042,106.92

0.90
38,600,752.27

0.81
66,279,858.40

0.73
69,321,519.53

0.66
63,626,434.73

948,673,678.02
107,178,866.00
73,093,141.00
982,759,403.02

60.66

2017
220,804,497.37
169,814,649.61
52,630,014.74
(56,302,634.91)
37,767,457.66
98,982,949.06

2018

100,962,608.04

0.59
58,399,227.60
652,445,885.48

Particulars
No. of outstanding shares
Sales per share
Operating cash flow
Operating cash flow per share
EPS
par value/ Face value
NAV per share
Price per (30/12/2012)

16,200,000.00
12.40
92,265,012.00
5.70
4.13
10.00
40.82
84.10

Pharmaceuticals
Different Market ratio

IBN Sina

Price earning multiple

Reneta

GSK

Square

20.36

16.87

28.15

21.69

Price to par value

8.41

73.95

57.00

23.73

Price to sales

6.78

2.72

1.24

3.38

14.77

37.81

13.01

17.24

2.06

4.12

4.62

3.86

Price to cashflow
Price to NAV

Price with respect price earning multiple

119.51

Price with respect to par value

371.52

Price with respest to sales

39.02

Price with respect to cashflow

138.35

Price with respect to NAV

190.47

Industry average
Ambee
57.61

28.94

22.67

37.15

1.61

3.15

38.63

24.29

8.67

4.67

Average relative valuation

171.77

ROE =

O.Profit
Margin

Total Asset
Interest

Turnover
Burden

After tax
Retention Rate

Financial
Leverage