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To become a world class, professionally managed, fully integrated, customer focused, Oil Marketing
Company, offering value added quality and environment friendly products and services to its customers in
Pakistan and beyond.
Mission
To continuously provide quality and environment friendly petroleum products and related services to
industrial, commercial and retail consumers, and exceeding their expectations through reliability, economy
and quality of products and services. We are committed to benefiting the community and ensuring the
creation of a safe, responsible and innovative environment geared to client satisfaction, end user
gratification, employees' motivation and shareholders’ value.
Attock petroleum is currently operating at 0% debt and 100% equity. We will consider total assets as its
total equity
So Total Equity is 7082268000
We will now consider some debt levels for company, that if it uses some debt then what will be the optimal
capital structure of company. We will take four levels of debt as in following table
0% --- 7082268000
At 0% debt level 0%
Debt Level Cost of Debt (Kd) Cost of Equity Beta (β) WACC
(Ks)
0% 0% 20.7642% 0.97226 20.7642%
Earnings per Share at different debt levels EPS = Net Income – Dividend/No of Common Shares
Outstanding
Clos Clos
e %age e %age
Date KSE Change Date APL Change Beta
575 137. 0.97382
1/1/2009 1 1/1/2009 14 16
581 143.
2/1/2009 5 1.11% 2/1/2009 99 4.99%
591 151.
5/1/2009 7 1.75% 5/1/2009 18 4.99%
607 158.
6/1/2009 8 2.72% 6/1/2009 73 4.99%
614 166.
9/1/2009 3 1.07% 9/1/2009 66 5.00%
12/1/200 603 12/1/200 174.
9 8 -1.71% 9 99 5.00%
13/01/20 606 13/01/20 183.
09 7 0.48% 09 73 4.99%
14/01/20 605 14/01/20 192.
09 1 -0.26% 09 91 5.00%
15/01/20 578 15/01/20 183.
09 0 -4.48% 09 27 -5.00%
16/01/20 551 16/01/20 174.
09 7 -4.55% 09 46 -4.81%
19/01/20 528 19/01/20 168.
09 2 -4.26% 09 1 -3.65%
20/01/20 527 20/01/20 176.
09 2 -0.19% 09 82 5.19%
21/01/20 514 21/01/20
09 4 -2.43% 09 179 1.23%
22/01/20 501 22/01/20 171.
09 8 -2.45% 09 25 -4.33%
23/01/20 493 23/01/20 167.
09 0 -1.75% 09 5 -2.19%
26/01/20 481 26/01/20
09 0 -2.43% 09 167 -0.30%
27/01/20 497 27/01/20 175.
09 4 3.41% 09 39 5.02%
28/01/20 514 28/01/20 180.
09 7 3.48% 09 55 2.94%
29/01/20 518 29/01/20 177.
09 0 0.64% 09 1 -1.91%
30/01/20 536 30/01/20 187.
09 7 3.61% 09 28 5.75%
533 185.
2/2/2009 6 -0.58% 2/2/2009 5 -0.95%
537 183.
3/2/2009 9 0.81% 3/2/2009 55 -1.05%
552 193.
4/2/2009 1 2.64% 4/2/2009 97 5.68%
559 196.
6/2/2009 7 1.38% 6/2/2009 31 1.21%
16/02/20 576 16/02/20 207.
09 4 2.98% 09 96 5.93%
17/02/20 582 17/02/20 213.
09 7 1.09% 09 01 2.43%
18/02/20 587 18/02/20
09 6 0.84% 09 208 -2.35%
19/02/20 603 19/02/20
09 0 2.62% 09 214 2.88%
20/02/20 596 20/02/20
09 1 -1.14% 09 219 2.34%
23/02/20 584 23/02/20
09 2 -2.00% 09 228 4.11%
24/02/20 587 24/02/20
09 4 0.55% 09 223 -2.19%
25/02/20 558 25/02/20 212.
09 4 -4.94% 09 95 -4.51%
26/02/20 566 26/02/20 223.
09 4 1.43% 09 59 5.00%
27/02/20 572 27/02/20 234.
09 7 1.11% 09 45 4.86%
560 246.
3/3/2009 6 -2.11% 3/3/2009 12 4.98%
581 259.
4/3/2009 5 3.73% 4/3/2009 75 5.54%
578 256.
5/3/2009 8 -0.46% 5/3/2009 95 -1.08%
574 250.
6/3/2009 8 -0.69% 6/3/2009 99 -2.32%
568
9/3/2009 1 -1.17% 9/3/2009 247 -1.59%
11/3/200 556 11/3/200 235.
9 9 -1.97% 9 89 -4.50%
12/3/200 570 12/3/200
9 7 2.48% 9 247 4.71%
13/03/20 575 13/03/20 244.
09 0 0.75% 09 99 -0.81%
16/03/20 606 16/03/20 254.
09 3 5.44% 09 84 4.02%
17/03/20 613 17/03/20 267.
09 8 1.24% 09 58 5.00%
18/03/20 626 18/03/20
09 6 2.09% 09 270 0.90%
20/03/20 634 20/03/20
09 0 1.18% 09 270 0.00%
24/03/20 661 24/03/20 278.
09 7 4.37% 09 42 3.12%
25/03/20 667 25/03/20
09 4 0.86% 09 290 4.16%
27/03/20 682 27/03/20 293.
09 6 2.28% 09 5 1.21%
30/03/20 701 30/03/20
09 5 2.77% 09 288 -1.87%
31/03/20 686 31/03/20
09 0 -2.21% 09 275 -4.51%
694
1/4/2009 8 1.28% 1/4/2009 270 -1.82%
2/4/2009 719 3.50% 2/4/2009 272. 0.74%
1 01
743 279.
3/4/2009 2 3.35% 3/4/2009 58 2.78%
751
6/4/2009 8 1.16% 6/4/2009 281 0.51%
763 284.
7/4/2009 5 1.56% 7/4/2009 15 1.12%
734 271.
8/4/2009 0 -3.86% 8/4/2009 18 -4.56%
729 267.
9/4/2009 5 -0.61% 9/4/2009 5 -1.36%
10/4/200 762 10/4/200 282.
9 0 4.46% 9 05 5.44%
13/04/20 787 13/04/20 296.
09 2 3.31% 09 15 5.00%
14/04/20 783 14/04/20 310.
09 2 -0.51% 09 9 4.98%
15/04/20 780 15/04/20
09 7 -0.32% 09 320 2.93%
16/04/20 767 16/04/20
09 0 -1.75% 09 310 -3.13%
17/04/20 779 17/04/20
09 4 1.62% 09 323 4.19%
20/04/20 790 20/04/20 326.
09 2 1.39% 09 8 1.18%
21/04/20 783 21/04/20 320.
09 4 -0.86% 09 01 -2.08%
22/04/20 757 22/04/20 304.
09 4 -3.32% 09 42 -4.87%
23/04/20 734 23/04/20
09 7 -3.00% 09 294 -3.42%
24/04/20 761 24/04/20
09 9 3.70% 09 306 4.08%
27/04/20 734 27/04/20 290.
09 4 -3.61% 09 75 -4.98%
28/04/20 740 28/04/20
09 4 0.82% 09 286 -1.63%
29/04/20 727 29/04/20 293.
09 1 -1.80% 09 94 2.78%
30/04/20 719 30/04/20 292.
09 6 -1.03% 09 1 -0.63%
706 290.
4/5/2009 1 -1.88% 4/5/2009 1 -0.68%
708
5/5/2009 1 0.28% 5/5/2009 289 -0.38%
720 288.
6/5/2009 6 1.77% 6/5/2009 25 -0.26%
712
7/5/2009 5 -1.12% 7/5/2009 293 1.65%
712 288.
8/5/2009 9 0.06% 8/5/2009 5 -1.54%
11/5/200 712 11/5/200
9 2 -0.10% 9 288 -0.17%
12/5/200 729 12/5/200 302.
9 7 2.46% 9 82 5.15%
13/05/20 724 13/05/20 305.
09 2 -0.75% 09 1 0.75%
14/05/20 714 14/05/20 300.
09 2 -1.38% 09 25 -1.59%
15/05/20 717 15/05/20
09 7 0.49% 09 293 -2.41%
18/05/20 717 18/05/20
09 2 -0.07% 09 291 -0.68%
19/05/20 706 19/05/20 293.
09 7 -1.46% 09 25 0.77%
21/05/20 696 21/05/20 292.
09 9 -1.39% 09 9 -0.12%
22/05/20 714 22/05/20 306.
09 6 2.54% 09 45 4.63%
25/05/20 716 25/05/20 314.
09 4 0.25% 09 95 2.77%
27/05/20 720 27/05/20
09 4 0.56% 09 310 -1.57%
28/05/20 729 28/05/20
09 7 1.29% 09 315 1.61%
29/05/20 727 29/05/20
09 6 -0.29% 09 312 -0.95%
719 305.
1/6/2009 8 -1.07% 1/6/2009 5 -2.08%
712
2/6/2009 5 -1.01% 2/6/2009 304 -0.49%
700
3/6/2009 0 -1.75% 3/6/2009 303 -0.33%
686 302.
4/6/2009 5 -1.93% 4/6/2009 5 -0.17%
690 311.
5/6/2009 9 0.64% 5/6/2009 02 2.82%
708
9/6/2009 2 2.50% 9/6/2009 314 0.96%
10/6/200 704 10/6/200 309.
9 3 -0.55% 9 8 -1.34%
11/6/200 709 11/6/200 312.
9 1 0.68% 9 25 0.79%
12/6/200 706 12/6/200
9 8 -0.32% 9 316 1.20%
15/06/20 694 15/06/20
09 0 -1.81% 09 309 -2.22%
16/06/20 687 16/06/20
09 2 -0.98% 09 308 -0.32%
17/06/20 707 17/06/20
09 5 2.95% 09 315 2.27%
18/06/20 702 18/06/20 311.
09 6 -0.69% 09 99 -0.96%
19/06/20 703 19/06/20 316.
09 9 0.19% 09 5 1.45%
22/06/20 705 22/06/20 318.
09 7 0.26% 09 1 0.51%
23/06/20 701 23/06/20 317.
09 5 -0.60% 09 01 -0.34%
24/06/20 702 24/06/20
09 9 0.20% 09 313 -1.26%
25/06/20 712 25/06/20 314.
09 6 1.38% 09 01 0.32%
26/06/20 716 26/06/20 318.
09 1 0.49% 09 5 1.43%
29/06/20 720 29/06/20 317.
09 6 0.63% 09 14 -0.43%
30/06/20 716 -0.51% 30/06/20 317. 0.24%
09 9 09 9
727 332.
1/7/2009 0 1.41% 1/7/2009 99 4.75%
749 348.
2/7/2009 5 3.09% 2/7/2009 33 4.61%
746
3/7/2009 5 -0.40% 3/7/2009 335 -3.83%
755
6/7/2009 7 1.23% 6/7/2009 333 -0.60%
754 337.
7/7/2009 0 -0.22% 7/7/2009 5 1.35%
746
8/7/2009 6 -0.98% 8/7/2009 332 -1.63%
743 332.
9/7/2009 9 -0.36% 9/7/2009 25 0.08%
13/07/20 768 13/07/20
09 4 3.29% 09 347 4.44%
14/07/20 763 14/07/20 344.
09 1 -0.69% 09 99 -0.58%
15/07/20 768 15/07/20
09 6 0.72% 09 346 0.29%
16/07/20 771 16/07/20 345.
09 5 0.38% 09 25 -0.22%
17/07/20 776 17/07/20 357.
09 4 0.64% 09 5 3.55%
20/07/20 770 20/07/20
09 3 -0.79% 09 357 -0.14%
21/07/20 778 21/07/20
09 9 1.12% 09 360 0.84%
22/07/20 781 22/07/20
09 6 0.35% 09 355 -1.39%
23/07/20 786 23/07/20
09 3 0.60% 09 355 0.00%
24/07/20 777 24/07/20 351.
09 8 -1.08% 09 99 -0.85%
27/07/20 769 27/07/20
09 8 -1.03% 09 348 -1.13%
28/07/20 766 28/07/20 357.
09 1 -0.48% 09 99 2.87%
29/07/20 750 29/07/20 363.
09 5 -2.04% 09 7 1.60%
30/07/20 750 30/07/20 356.
09 5 0.00% 09 8 -1.90%
31/07/20 772 31/07/20 368.
09 6 2.94% 09 1 3.17%
771
3/8/2009 6 -0.13% 3/8/2009 362 -1.66%
779 364.
4/8/2009 6 1.04% 4/8/2009 93 0.81%
783 381.
5/8/2009 1 0.45% 5/8/2009 73 4.60%
10/8/200 808 10/8/200 378.
9 6 3.26% 9 99 -0.72%
11/8/200 805 11/8/200 374.
9 6 -0.37% 9 2 -1.26%
12/8/200 805 12/8/200 371.
9 7 0.01% 9 99 -0.59%
17/08/20 793 17/08/20
09 1 -1.56% 09 368 -1.07%
18/08/20 799 18/08/20 373.
09 5 0.81% 09 01 1.36%
19/08/20 795 19/08/20
09 1 -0.55% 09 375 0.53%
20/08/20 798 20/08/20
09 1 0.38% 09 375 0.00%
21/08/20 811 21/08/20 380.
09 6 1.69% 09 4 1.44%
24/08/20 829 24/08/20 388.
09 5 2.21% 09 25 2.06%
25/08/20 824 25/08/20 385.
09 6 -0.59% 09 8 -0.63%
26/08/20 832 26/08/20 385.
09 0 0.90% 09 89 0.02%
27/08/20 831 27/08/20 401.
09 5 -0.06% 09 6 4.07%
28/08/20 854 28/08/20
09 1 2.72% 09 386 -3.88%
31/08/20 867 31/08/20
09 5 1.57% 09 386 0.00%
876 384.
1/9/2009 9 1.08% 1/9/2009 02 -0.51%
885 384.
2/9/2009 6 0.99% 2/9/2009 5 0.12%
880
3/9/2009 6 -0.56% 3/9/2009 375 -2.47%
900
4/9/2009 2 2.23% 4/9/2009 381 1.60%
888
7/9/2009 8 -1.27% 7/9/2009 370 -2.89%
882
8/9/2009 7 -0.69% 8/9/2009 367 -0.81%
907 382.
9/9/2009 3 2.79% 9/9/2009 02 4.09%
11/9/200 905 11/9/200
9 3 -0.22% 9 377 -1.31%
14/09/20 907 14/09/20
09 5 0.24% 09 375 -0.53%
15/09/20 903 15/09/20 357.
09 1 -0.48% 09 35 -4.71%
16/09/20 914 16/09/20 363.
09 2 1.23% 09 8 1.80%
17/09/20 921 17/09/20 344.
09 6 0.81% 09 92 -5.19%
18/09/20 943 18/09/20 365.
09 6 2.39% 09 7 6.02%
24/09/20 973 24/09/20 381.
09 2 3.14% 09 55 4.33%
25/09/20 966 25/09/20 377.
09 2 -0.72% 09 9 -0.96%
30/09/20 934 30/09/20 360.
09 9 -3.24% 09 99 -4.47%
1/10/200 930 1/10/200
9 1 -0.51% 9 356 -1.38%
2/10/200 947 2/10/200 368.
9 2 1.84% 9 2 3.43%
5/10/200 949 5/10/200 368.
9 7 0.26% 9 11 -0.02%
6/10/200 967 1.84% 6/10/200 370. 0.65%
9 2 9 49
7/10/200 983 7/10/200 379.
9 6 1.70% 9 5 2.43%
8/10/200 974 8/10/200
9 0 -0.98% 9 382 0.66%
9/10/200 978 9/10/200
9 9 0.50% 9 384 0.52%
12/10/20 964 12/10/20 362.
09 2 -1.50% 09 13 -5.70%
13/10/20 968 13/10/20
09 6 0.46% 09 363 0.24%
14/10/20 980 14/10/20 368.
09 4 1.22% 09 98 1.65%
15/10/20 983 15/10/20
09 9 0.36% 09 366 -0.81%
16/10/20 983 16/10/20 366.
09 8 -0.01% 09 5 0.14%
19/10/20 945 19/10/20 355.
09 5 -3.89% 09 01 -3.14%
20/10/20 957 20/10/20 368.
09 3 1.25% 09 99 3.94%
21/10/20 924 21/10/20 354.
09 7 -3.41% 09 99 -3.79%
22/10/20 914 22/10/20
09 4 -1.11% 09 350 -1.41%
23/10/20 916 23/10/20 347.
09 1 0.19% 09 5 -0.71%
26/10/20 941 26/10/20
09 5 2.77% 09 354 1.87%
27/10/20 933 27/10/20
09 0 -0.90% 09 353 -0.28%
28/10/20 926 28/10/20 344.
09 2 -0.73% 09 55 -2.39%
29/10/20 917 29/10/20 334.
09 8 -0.91% 09 12 -3.03%
30/10/20 915 30/10/20
09 1 -0.29% 09 333 -0.34%
2/11/200 884 2/11/200 317.
9 8 -3.31% 9 47 -4.66%
3/11/200 897 3/11/200
9 4 1.42% 9 332 4.58%
4/11/200 915 4/11/200
9 4 2.01% 9 330 -0.60%
5/11/200 911 5/11/200
9 2 -0.46% 9 331 0.30%
6/11/200 894 6/11/200
9 2 -1.87% 9 327 -1.21%
11/11/20 892 11/11/20
09 8 -0.16% 09 322 -1.53%
12/11/20 891 12/11/20 317.
09 3 -0.17% 09 55 -1.38%
13/11/20 905 13/11/20 322.
09 6 1.60% 09 55 1.57%
16/11/20 931 16/11/20
09 0 2.80% 09 331 2.62%
17/11/20 920 17/11/20 326.
09 4 -1.14% 09 01 -1.51%
18/11/20 916 18/11/20 323.
09 2 -0.46% 09 01 -0.92%
19/11/20 925 19/11/20 338.
09 1 0.97% 09 15 4.69%
20/11/20 930 20/11/20 341.
09 6 0.59% 09 45 0.98%
23/11/20 920 23/11/20 333.
09 4 -1.10% 09 75 -2.26%
25/11/20 920 25/11/20
09 4 0.00% 09 335 0.37%
26/11/20 920 26/11/20 334.
09 6 0.02% 09 7 -0.09%
1/12/200 901 1/12/200 331.
9 9 -2.03% 9 5 -0.96%
2/12/200 908 2/12/200
9 7 0.75% 9 331 -0.15%
3/12/200 909 3/12/200 333.
9 6 0.10% 9 5 0.76%
4/12/200 900 4/12/200
9 9 -0.96% 9 328 -1.65%
8/12/200 884 8/12/200
9 3 -1.84% 9 321 -2.13%
9/12/200 890 9/12/200 324.
9 5 0.70% 9 5 1.09%
11/12/20 903 11/12/20 335.
09 7 1.48% 09 01 3.24%
14/12/20 928 14/12/20
09 0 2.69% 09 349 4.18%
15/12/20 926 15/12/20 342.
09 6 -0.15% 09 71 -1.80%
16/12/20 925 16/12/20
09 3 -0.14% 09 344 0.38%
17/12/20 922 17/12/20
09 7 -0.28% 09 341 -0.87%
18/12/20 918 18/12/20
09 3 -0.48% 09 341 0.00%
0.0041 0.0021
XBAR 97604 YBAR 56591
VARIAN 0.0007 VARIAN 0.0003
CE (X) 58943 CE(Y) 31081
0.0275 0.0181
SD(X) 48917 SD(Y) 9564
CO
VARIA 0.0003
NCE 22043
0.9727
BETA 0179
MARKET
Return 21%
Risk
Free 12.50%