HUBCO

(OFCF) Operating Free Cashflow Approach

2013 2014 2015
Net Income (Rs.) 8,256,000,000 6,549,000,000 9,853,000,000
Preferred Share Dividend (Rs.) 0 0 0
Earning Per Share (Rs.) 8.11 6.66 8.61
Number of Out -Standing Shares 1018002466 983333333 1144367015
EBIT (Rs.) 15937000000 11158000000 14551000000
Depriciation 0 0 0
Tax 2000000 4000000 160000000
Fixed Assets 48259000000 45993000000 43758000000
Capital Spending 2000000 156000000
Current Assets 51054000000 89439000000 82191000000
Current Liabilities 43152000000 84353000000 75895000000
Net Working Capital 7902000000 5086000000 6296000000
Change in Net Working Capital -2816000000 1210000000
OCF 15935000000 13968000000 13025000000
OFCF Per Share 15.65 14.20 11.38
OFCF Per Share Growth -0.09253 -0.19873

Avg. Growth OFCF Per Share 0.03 Kc=Rf+β(Rm-Rf)

OFCF° 60.57 Rf is kibor
β
Rm

P=OFCF°(1+g)/Kc-g 98
Current share price (Rs.) 81.15

Engro Powergen
(OFCF) Operating Free Cashflow Approach
2013 2014 2015
Net Income (Rs.) 1,458,344,000 2,020,821,000 1,797,488,000
Preferred Share Dividend (Rs.) 0 0 0
Earning Per Share (Rs.) 4.50 6.24 5.55
Number of Out -Standing Shares 324076444 323849519 323871712
EBIT (Rs.) 1934165000 2600178000 2239751000
Depriciation 0 0 0
Tax 133000 62000 771000
Fixed Assets 15337397000 14329310000 14199405000
Capital Spending -71000 709000
Current Assets 3695747 4699320000 5352214000
Current Liabilities 3923381 4805793000 5667971000
Net Working Capital -227634 -106473000 -315757000
Change in Net Working Capital -106245366 -209284000
OCF 1934032000 2706432366 2447555000
OFCF Per Share 5.97 8.36 7.56
OFCF Per Share Growth 0.40 -0.10

Avg. Growth OFCF Per Share 0.11 Kc=Rf+β(Rm-Rf)

OFCF° 24.03 Rf is kibor
β
Rm

P=OFCF°(1+g)/Kc-g 58
Current share price (Rs.) 23.1
 HUBCO
ach (FCF) Free Cashflow Approac
2016 2017 2013
11,576,000,000 8256000000 Net Income (Rs.) 8256000000
0 0 Preferred Share Dividend (Rs.) 0
10.00 8.29 Earning Per Share (Rs.) 8.11
1157600000 995898673 Number of Out -Standing Shares 1018002466
14834000000 10182000000 OCF (Rs.) 15935000000
0 0 EBIT (Rs.) 15937000000
149000000 142000000 Interest Cover Ratio 2.43
42528000000 28614000000 Interest Expense 6558436214
-11000000 -7000000 Long Term Debt 23,551,000,000
91478000000 86366000000 Debt Paid
89126000000 90066000000 Prefered Dividend 0
2352000000 -3700000000 Owner's Equity 32,610,000,000
-3944000000 -6052000000 Change In Equity
18640000000 16099000000 FCF 9376563786
16.10 16.17 FCF/Share 9.21
0.41473 0.00391 FCF/Share Growth

0.1708 Avg. Growth OFCF Per Share 0.28

0.1225 OFCF° 60.57
0.84
0.1800

P=FCF°(1+g)/Kc-g 79
Current share price (Rs.) 81.15

Engro Powergen
ach (FCF) Free Cashflow Approac
2016 2017 2013
1,787,688,000 2,390,645,000 Net Income (Rs.) 1458344000
0 0 Preferred Share Dividend (Rs.) 0
5.52 7.38 Earning Per Share (Rs.) 4.50
323856522 323935637 Number of Out -Standing Shares 324076444
2149433000 2660363000 OCF (Rs.) 1934032000
 0 0 EBIT (Rs.) 1934165000
657000 497000 Interest Cover Ratio 4.70
13647363000 13287990000 Interest Expense 411524468
-114000 -160000 Long Term Debt 9,586,454,000
6444694000 8002572000 Debt Paid
7026758000 8658490000 Prefered Dividend 0
-582064000 -655918000 Owner's Equity 5,523,309,000
-266307000 -73854000 Change In Equity
2415197000 2733880000 FCF 1522507532
7.46 8.44 FCF/Share 4.70
-0.01 0.13 FCF/Share Growth

0.1600 Avg. Growth OFCF Per Share 0.25

0.1225 OFCF° 60.57
0.6524
0.1800

P=FCF°(1+g)/Kc-g -17
Current share price (Rs.) 23.1
 HUBCO
CF) Free Cashflow Approach
2014 2015 2016 2017
6549000000 9853000000 11576000000 8256000000
0 0 0 0
6.66 8.61 10.00 8.29
983333333 1144367015 1157600000 995898673
13968000000 13025000000 18640000000 16099000000
11158000000 14551000000 14834000000 10182000000
2.42 3.21 4.77 5.71
4610743802 4533021807 3109853249 1783187391
20,034,000,000 18,419,000,000 17,301,000,000 5,432,000,000
3,517,000,000 1,615,000,000 1,118,000,000 11,869,000,000
0 0 0 0
31,045,000,000 31,635,000,000 27,579,000,000 19,486,000,000
-1,565,000,000 590,000,000 -4,056,000,000 -8,093,000,000
7405256198 6286978193 18468146751 10539812609
7.53 5.49 15.95 10.58
-0.1824 -0.2705 1.9039 -0.3366

Kc=Rf+β(Rm-Rf) 0.1708
Rf is kibor 0.1225
β 0.84
Rm 0.1800

Engro Powergen
CF) Free Cashflow Approach
2014 2015 2016 2017
2020821000 1797488000 1787688000 2390645000
0 0 0 0
6.24 5.55 5.52 7.38
323849519 323871712 323856522 323935637
2706432366 2447555000 2415197000 2733880000
 2600178000 2239751000 2149433000 2660363000
7.64 7.19 7.24 9.83
340337435 311509179 296883011 270637131
7,713,518,000 6,394,878,000 4,610,647,000 2,819,315,000
1,872,936,000 1,318,640,000 1,784,231,000 1,791,332,000
0 0 0 0
6,509,319,000 7,488,770,000 8,454,652,000 9,812,757,000
986,010,000 979,451,000 965,882,000 1,358,105,000
-492851069 -162045179 -631799011 -686194131
-1.52 -0.50 -1.95 -2.12
-1.32 -0.67 2.90 0.086

Kc=Rf+β(Rm-Rf) 0.1600
Rf is kibor 0.1225
β 0.652
Rm 0.1800