SUMMARY OUTPUT

Regression Statistics
Multiple R
0.478535
R Square
0.228996
Adjusted R Square
0.227432
Standard Error
0.022613
Observations
495
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

Bottom up beta

1
493
494

SS
MS
F
Significance F
0.074875635 0.074876 146.4261 1.076E-29
0.252097656 0.000511
0.32697329

Coefficients Standard Error

t Stat
P-value Lower 95% Upper 95%
0.000687
0.001035456 0.663876 0.50708 -0.001347 0.002721865
1.464343
0.121013398 12.10067 1.08E-29 1.2265772 1.70210846

Competitors
Shezan
Nestle
National foods
Engro
Average
Relevered Beta

Beta

Equity
0.98 1311038
0.77 11859157
1.09 1682025
1.39 10715210

Liability
966590
40430364
2572667
13330343

Debt /Equity
0.737270773
3.409210621
1.529505804
1.244058026

Lower 95.0% Upper 95.0%

-0.001347036 0.002722
1.226577231 1.702108

Unlevered
Beta
0.659222959
0.236917317
0.542430552
0.76328404
0.550463717
1.002437529

Symbol
KSE-100

Date
Open
High
Low
Close
Delta Engro Delta KSE Volume
2-Jan-12 11339.9 11347.66 11193.63 11282.01
29301396

KSE-100

3-Jan-12 11258.77 11412.97 11253.63 11402.04

KSE-100
KSE-100

4-Jan-12 11433.99 11463.51 11334.85 11361.97 0.00395518

5-Jan-12 11366.69 11368.79 11143.7 11187.88 -0.0039552

KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100

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

11214.25
11151.09
11034
10924.22
10913.84
10913.16
11007.43
11136.41
11336
11572.97
11551.98
11871.32
12058
11987.15
11951.6
11901.06
11988.36
11891.98
11890.59
11947.41
11925.14
11990.27
12158.58
12328.92
12277.17
12216.35
12239.7
12263.36
12281.97
12314.13
12457.1
12512
12533.24
12588.21
12618.7
12533.88
12708.65
12746.79

11267.01
11163.21
11034
10966.31
10930.49
11051.04
11116.19
11332.62
11552.2
11652.74
11883.97
12070.89
12100.18
12034.64
12029.12
11981
12000.13
11977.14
11989.2
12000.83
12006.41
12215.04
12301.64
12405.48
12316.88
12314.27
12287.6
12347.56
12341.14
12418.55
12611.25
12595.57
12607.35
12665.89
12624.76
12719.96
12790.62
12823.57

11075.94
11023.63
10771.13
10869.97
10840.82
10897.06
10982.13
11112.65
11336
11500.6
11551.98
11871.32
11960.99
11932.48
11866.89
11879.47
11850.49
11870.72
11890.59
11904.17
11911.56
11979.29
12125.25
12238.47
12179.92
12191.42
12154.34
12248.11
12269.39
12314.13
12451.56
12512
12475.16
12583.99
12499.72
12524.33
12654
12726.08

11125.35
11040.31
10933.18
10930.49
10909.12
11014.46
11112.65
11305.16
11547.72
11515.59
11774.68
12037.66
11991.38
11949.75
11883.92
11960.22
11883.01
11874.89
11930.55
11929.78
11982.62
12136.92
12284.62
12263.25
12213.24
12231.6
12250
12261.85
12311.04
12404.24
12495.68
12517.9
12544.45
12603.67
12515.92
12706.52
12743.66
12739.22

53124167

0.00175979
-0.0035227
-0.0155593
-0.0008965
0.00892863
0.00884962
-0.0017637
0.04866407
0.04399476
-0.0060521
0.01446389
0.01347089
0.031761
-0.0084227
-0.0170613
0.03232294
0.00867112
0.0029985
0.03565899
0.04863538
0.04867549
0.01269755
0.04862069
0.04871679
0.04869232
0.04856382
-0.0510831
-0.0511753
0.04864969
0.04853591
0.04858621
0.03384206
0.00785666
-0.0277727
-0.0118883
0.00228746
-0.0236333
0.00051975

-0.00352 39976120
-0.01544 24557542
-0.0056
-0.00767
-0.00975
-0.00025
-0.00196
0.00961
0.008875
0.017175
0.021229
-0.00279
0.02225
0.022089
-0.00385
-0.00348
-0.00552
0.0064
-0.00648
-0.00068
0.004676
-6.5E-05
0.004419
0.012795
0.012096
-0.00174
-0.00409
0.001502
0.001503
0.000967
0.004004
0.007542
0.007345
0.001777
0.002119
0.00471
-0.00699
0.015114
0.002919
-0.00035

34596451
16865876
33326703
19706601
17597148
28073863
24340933
47975851
72699963
70853760
1.28E+08
1.8E+08
1.53E+08
93819465
70491429
63862379
55383540
41534062
63244122
81948904
87295935
1.32E+08
1.24E+08
1.38E+08
64638186
64476143
56064206
87692288
1.01E+08
1.17E+08
1.53E+08
1.34E+08
1.98E+08
1.94E+08
1.28E+08
1.39E+08
1.3E+08
1.48E+08

KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100

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

12773.28
12883.18
12947.57
13103.52
13301.59
13330.89
13263.01
13338.91
13359.45
13422.7
13303.74
13377.99
13459.13
13311.6
13086.54
13325.5
13309.49
13282.48
13276.49
13470.2
13574.2
13570.44
13777.46
13661.31
13729.5
13982.74
13835.14
13882.5
13868.32
13907.74
13816.12
13696.96
13795.86
13773.75
13796.25
13940.48
13936.4
13962.39
14136.02
14158.44
14220.63
14082.92
14050.04
14001.76
14191.37
14422.37
14661.79

12924.17
12956.52
13102.27
13311.94
13363.47
13389.44
13364.95
13425.67
13554.35
13422.23
13460.56
13458.24
13503.58
13329.88
13323.94
13399.75
13325.3
13306.57
13463.81
13670.33
13643.46
13764.11
13819.22
13730.26
13957.03
13988.83
14023.11
14025.95
14002.69
13973.16
13829.02
14007.55
13823.05
13893.81
13964.61
13988.06
14061.05
14099.77
14231.46
14312.13
14317.84
14244.08
14066.51
14166.71
14454.5
14629.04
14706.36

12773.28
12829.78
12947.57
13079.25
13261.44
13226.31
13248.58
13281.53
13359.45
13270.95
13303.74
13276.81
13248.98
13042.3
13043.78
13261.41
13206.44
13233.25
13270.09
13462.53
13468
13570.44
13636.51
13595.48
13729.5
13811.04
13829.85
13835.29
13863.33
13777.66
13597.88
13696.96
13570.34
13764.22
13796.25
13850.12
13924.87
13949.44
14120.53
14158.44
14027.11
14021.48
13890.66
13999.69
14191.37
14422.37
14583.54

12877.88
12941.38
13088.97
13278.31
13324.34
13244.95
13271.39
13352.74
13382.54
13283.65
13360.67
13451.07
13297.12
13077.72
13303.33
13293.12
13273.29
13286.73
13449.73
13575.41
13559.1
13761.76
13663.32
13691.08
13945.3
13831.47
13875.53
13864.68
13903.12
13816.96
13693.74
13799.43
13770.7
13764.22
13937.95
13929.47
13936.48
14083.44
14132.59
14217.74
14066.09
14042.77
13990.38
14142.52
14419.92
14612.28
14617.97

-0.0099218
0.00836169
0.0165165
0.02177301
0.04863512
0.04637904
-0.037355
0.00094518
-0.0161908
0.02652927
-0.0086865
-0.0011797
-0.0142656
-0.0281709
0.02912827
0.03940472
0.01166127
0.04858447
0.04612622
0.04488322
-0.0393156
-0.03218
-0.0123933
-0.0401414
0.0487049
0.01963124
0.01576142
0.0297985
-0.0122578
-0.028714
-0.0510086
-0.0498308
0.00115009
0.01301834
0.01732132
0.04874768
0.04870924
0.04663955
0.01228187
-0.0290268
0.04510889
0.04262218
0.03949738
0.04826312
0.04871171
0.04869302
0.04700223

0.010826
0.004919
0.01134
0.014362
0.003461
-0.00598
0.001994
0.006111
0.002229
-0.00742
0.005781
0.006743
-0.01151
-0.01664
0.017104
-0.00077
-0.00149
0.001012
0.012193
0.009301
-0.0012
0.014836
-0.00718
0.00203
0.018398
-0.0082
0.00318
-0.00078
0.002769
-0.00622
-0.00896
0.007688
-0.00208
-0.00047
0.012543
-0.00061
0.000503
0.01049
0.003484
0.006007
-0.01072
-0.00166
-0.00374
0.010816
0.019425
0.013252
0.000389

1.53E+08
1.18E+08
1.46E+08
2.01E+08
1.92E+08
1.95E+08
1.46E+08
3.08E+08
3.24E+08
1.86E+08
1.72E+08
1.5E+08
1.9E+08
1.23E+08
1.48E+08
1.53E+08
1.03E+08
1.54E+08
1.66E+08
2.52E+08
1.73E+08
2.23E+08
1.48E+08
1.99E+08
2.35E+08
2.4E+08
2.1E+08
1.83E+08
1.67E+08
2.62E+08
1.96E+08
2.44E+08
1.7E+08
1.8E+08
1.51E+08
1.83E+08
1.82E+08
1.5E+08
2.13E+08
1.91E+08
1.83E+08
1.32E+08
1.03E+08
1.61E+08
2.1E+08
2.41E+08
1.75E+08

KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100

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

14657.23
14551.14
14637.03
14410.21
14237.51
14233.24
14321.7
14119.05
14077.32
13875.96
13888.78
14145.32
14032.39
13955.78
13936.56
14033.17
14076.12
13868.12
13804.46
13896.44
13767.15
13714.63
13745.14
13726.24
13590.18
13622.04
13471.76
13372.52
13675.22
13671.63
13746.82
13687.92
13693.08
13617.47
13730.82
13643.87
13658.81
13818.35
13805.96
13810.76
14142.92
14268.86
14186.76
14171.93
14313.02
14394.58
14379.98

14686.72
14644.21
14681.42
14445.72
14310.09
14373.8
14335.06
14152.58
14107.03
13943.36
14159.15
14145.32
14088.36
13999.17
14059.77
14168.49
14108.2
13939.34
13972.48
13906.88
13793.33
13843.39
13837.66
13770.13
13676.49
13622.04
13531.88
13689.31
13753.09
13821.21
13746.82
13781.45
13697.08
13759.5
13776.76
13707.21
13825.3
13880.58
13885.6
14169.78
14247.92
14321.35
14215.83
14323.17
14397.93
14435.43
14405.33

14480.38
14520.28
14395.08
14210.65
14164.47
14233.24
14062.95
13992.43
13843.56
13867.1
13888.78
14003.53
13895.44
13921
13936.46
14033.17
13863.67
13767.63
13775.5
13744.39
13630.35
13714.63
13646.46
13509.69
13551.08
13398.57
13341.23
13372.52
13616.87
13671.63
13631.43
13633.85
13537.22
13536.48
13628.77
13587.97
13652.07
13785.29
13764.34
13810.76
14117.49
14168.4
14149.64
14169.42
14253.39
14355.23
14333.37

14513.96
14613.59
14420.19
14230.49
14228.77
14313.67
14081.07
14063.08
13857.78
13875.74
14142.08
14032.82
13936.92
13925.06
14031.51
14071.85
13871.76
13786.62
13876.97
13757.92
13708.23
13745.73
13717.3
13558.7
13601.46
13429.56
13368.89
13656.2
13665.8
13754.13
13682.99
13667.18
13600.6
13730.82
13642.2
13656.04
13799.12
13805.42
13801.41
14142.92
14200.79
14178.1
14170.91
14310.18
14379.54
14374.34
14380.46

0.04870189
0.04877076
-0.0512184
-0.0512575
-0.0511575
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-0.00036
0.000426

1.77E+08
2.57E+08
2.33E+08
1.96E+08
77576652
1.23E+08
1.11E+08
1.03E+08
1.29E+08
46357562
1.23E+08
1.39E+08
1.38E+08
1.2E+08
1.2E+08
1.21E+08
88225814
92242834
78168448
71871682
48929818
58419776
69786896
89970740
44820678
54587761
62250108
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57123762

KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
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KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
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KSE-100
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KSE-100
KSE-100
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KSE-100
KSE-100
KSE-100
KSE-100
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KSE-100
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KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100

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

14384.41
14418.02
14351.67
14388.23
14452.03
14622.62
14599.44
14568.08
14524.1
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14680.08
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14780.1
14856.22
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14985.61
15016.49
15132.2
15059.92
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15273.42
15394.31
15447.68
15387.61
15393.25
15189.18
15272.66
15236.78
15226.39
15279.27
15309.72
15456.76
15403.3
15550.42
15605.57
15482.42

14500.61
14482.37
14417.35
14485.44
14596.8
14634.33
14633.81
14579.01
14545.02
14617.09
14617.43
14568.91
14560.01
14598.56
14731.23
14795.43
14732.87
14792.98
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14814.06
14790.36
14938.67
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15101.12
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15480.77
15465.56
15466.68
15418.19
15310.81
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15309.76
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15456
15537.22
15524.59
15616.09
15630.2
15514.41

14363.24
14313.87
14351.67
14373.66
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14544.55
14544.8
14507.62
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14547.77
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15510.82
15440.36
15354.05

14401.74
14332.29
14384.58
14445.28
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14568.21
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14716.86
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14970.93
15000.08
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15039.18
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52780440

KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
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KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100

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

15386.32
15422.32
15404.91
15366.43
15452.32
15570.65
15659
15732.8
15792.3
15755.81
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15698.95
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15714.85
15748.72
15675.99
15673.24
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15815.07
15867.74
15860.89
15862.4
15819.43
15791.89
15911.34
15966.63
16128.65
16150.74
16063.96
16228.25
16250.85
16216.07
16134.87
16122.06
16144.71
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16251.65
16262.81
16236.15
16263.32
16241.34
16273.47
16383.19
16450.22
16549.64
16586.12

15444.41
15432.65
15448.22
15534.67
15571.14
15725.66
15747.64
15814.84
15844.6
15854.37
15706.42
15830.17
15917.09
15981.3
15787.69
15796.13
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15754.44
15818.09
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15937.47
15908.93
15868.81
15828.81
15924.96
16005.54
16107.38
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16278
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16311.03
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16504.09
16556.29
16651.64
16634.04

15361.09
15360.36
15323.63
15333.14
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15570.65
15607.1
15726.06
15739.16
15629.33
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15839.54
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15911.06
15962.37
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16528.88
16529.75

15373.46
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15845.3
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15674.3
15654.62
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1.47E+08

KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
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KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100

4-Dec-12
5-Dec-12
6-Dec-12
7-Dec-12
10-Dec-12
11-Dec-12
12-Dec-12
13-Dec-12
14-Dec-12
17-Dec-12
18-Dec-12
19-Dec-12
20-Dec-12
21-Dec-12
24-Dec-12
26-Dec-12
27-Dec-12
28-Dec-12
31-Dec-12
1-Jan-13
2-Jan-13
3-Jan-13
4-Jan-13
7-Jan-13
8-Jan-13
9-Jan-13
10-Jan-13
11-Jan-13
14-Jan-13
15-Jan-13
16-Jan-13
17-Jan-13
18-Jan-13
21-Jan-13
22-Jan-13
23-Jan-13
24-Jan-13
28-Jan-13
29-Jan-13
30-Jan-13
31-Jan-13
1-Feb-13
4-Feb-13
6-Feb-13
7-Feb-13
8-Feb-13
11-Feb-13

16556.95
16661.72
16688.78
16854.63
16818.19
16800.13
16726.59
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16848.97
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17388.66
17497.04

16676.24
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16914.23
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17499.63
17593.8

16556.6
16619.27
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17495

16650.15
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1.17E+08
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1.65E+08
80491050
1.48E+08
1.84E+08
1.7E+08
1.7E+08
1.62E+08

KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
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KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100

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

17563.6
17636.57
17701.79
17773.57
17795.78
17867.05
17819.25
17978.89
17920.79
18106.92
18033.94
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17579.45
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17905.97
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17917.93
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17959.51
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18315.45
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18594.61
18615.96
18644.3
18683.25
18738.64
18732.25
18772.51
18721.31
18488.64
18379.74

17658.21
17737.68
17777.79
17854.25
17914.43
17941.79
17989.7
17993.39
18087.54
18175.81
18042.4
18088.03
18217.83
18312.65
18211.16
18200.06
18171.4
18120.85
18041.86
18059.09
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17912.89
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17755.56
17640.97
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18718
18731.63
18732.94
18791.22
18789.73
18780.25
18751.28
18565.21
18465.12

17542.72
17636.57
17701.79
17726.91
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18333.27
18207.38

17611.4
17696.45
17765.82
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18361.87
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1.69E+08
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64024280
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1.13E+08
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98898300
91544820
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1.09E+08
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78808570
70727820
79209500
61967210
1.19E+08
98535000
1.05E+08
1.17E+08

KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
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KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100

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

18402.22
18616.88
18654.47
18607.71
18671.37
18802.02
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18925.42
18835.76
18986.67
19033.78
19255.08
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20112.87
20315.34
20593.89
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20539.3
20885.55
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21514.29
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21849.05
22089.5
22336.07
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22348.68
22759.23
22581.01
22254.77
22056.25
22263.23
21986.92
21788.9

18650.08
18781.18
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19005.46
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22833.2
22881.55
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22002.76
21835.72

18382.29
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20999.32

18614.36
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21168
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81412450
1.02E+08
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95156270
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1.65E+08
1.99E+08
1.52E+08
1.55E+08
1.98E+08
2.08E+08

KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100

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

21047.23
21175.06
21043.86
21059.3
21036.75
21378.68
21654.11
21841.39
22024.47
22247.96
22375.13
22725.28
22991.4
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23159.51
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23719.93
23796.08
23575.35
23510.95
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23348.58
23318.6
23099.85
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22651.13
23315.02
23460.83
23613.48
23698.92
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23603.41
23489.38
23054.7
22721.29
22858.8
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22489.58
22246.03
22220.19
22118.2
21701.7

21266.01
21330.27
21211.61
21172.43
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21724.53
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22111
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22118.2
22083.29

20898.84
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21110.34
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1.07E+08
1.43E+08
1.56E+08
1.04E+08
1.32E+08
2.06E+08
2.23E+08
1.28E+08
1.16E+08
1.19E+08
1.46E+08
1.91E+08
1.54E+08
1.06E+08
1.08E+08
1.18E+08
2.04E+08
1.33E+08
1.41E+08
1.26E+08
1.12E+08

KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100

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

21807.6
21949.92
22493.34
22827.65
22885.54
23016.75
23243.68
23218.73
23172.17
23246.11
23064.39
22956.38
23530.35
23585.26
23645.57
23101.86
23108.74
22862.31
22345.69
21799.55
22010.93
22213.88
22166.85
22092.18
21874.02
22092.14
21654.28
21710.34
21796.77
21815.06
21767.71
22439.66
22367.25
22356.72
22420.76
22360.82
22291.04
22319.58
22777.51
22637.36
22412.2
22800.31
23165.58
23208.32
23371.83
23385.03
23310.73

21964.66
22503.89
22839.88
22997.94
23092.21
23261.63
23381.07
23270.05
23323.72
23380.36
23110.59
23503.24
23663.88
23681.43
23727.57
23219.35
23136.01
22929.65
22345.69
22019.22
22290.18
22294.73
22334.25
22104.37
22095.08
22150.49
21734.82
21944.85
21815.17
21979.76
22283.71
22539.36
22472.57
22579.24
22601.54
22461.28
22400.29
22820.16
23013.55
22637.36
22833.92
23221.1
23351.73
23392.12
23588.52
23532.7
23420.21

21769.64
21920.76
22493.34
22785.45
22885.54
22948.26
23167.24
23139.13
23083.24
23011.62
22815.94
22956.38
23405.19
23516.08
23024.33
22794.64
22513.05
22316.73
21669.63
21497.19
21993.18
22086.31
22062.37
21841.23
21846.14
21631.47
21476.32
21710.34
21596.11
21735.99
21748.47
22328.05
22272.87
22321.04
22280.91
22240.65
22272.46
22232
22602.64
22199.46
22412.17
22800.31
23113.89
23152.82
23364.37
23273.86
23146.83

21875.83
22451.46
22765.87
22838.84
22992.17
23231.68
23222.21
23168.04
23242.68
23066.5
22930.06
23456.98
23595.61
23639.97
23088.49
23060.9
22780.82
22387.31
21832.68
21980.42
22189.67
22152.35
22085.96
21864.85
22080.47
21657.22
21674.98
21775.39
21599.78
21754.95
22230.43
22347.29
22360.85
22445.59
22353.2
22276.65
22310.6
22775.85
22649.09
22377.83
22790.7
23165.21
23220.21
23367.15
23381.08
23302.46
23287.06

-0.0281034
0.04822197
0.04811452
0.04873995
0.04873799
0.0187807
0.01532954
-0.0121767
-0.0372692
-0.0268497
0.01432005
0.03729975
-0.0103915
-0.0033133
-0.0342028
-0.0091698
-0.0172957
-0.0067039
-0.0512736
0.00196483
0.01587103
-0.0299057
-0.00329
0.00736248
-0.0044707
-0.0432395
-0.000104
0.02637267
-0.0335733
-0.0512492
-0.0416446
0.03300854
-0.0378473
-0.049963
0.01122726
-0.0097715
-0.0146541
0.04873744
-0.0325087
-0.0276108
0.04572225
0.04701696
-0.0069417
0.00603406
-0.0003406
-0.0196073
0.01539729

0.003083
0.025973
0.013907
0.0032
0.006691
0.010363
-0.00041
-0.00234
0.003217
-0.00761
-0.00593
0.022719
0.005893
0.001878
-0.0236
-0.0012
-0.01222
-0.01742
-0.02509
0.006744
0.009475
-0.00168
-0.003
-0.01006
0.009813
-0.01935
0.00082
0.004622
-0.0081
0.007158
0.021621
0.005243
0.000607
0.003782
-0.00412
-0.00343
0.001523
0.020639
-0.00558
-0.01205
0.018282
0.016299
0.002371
0.006308
0.000596
-0.00337
-0.00066

90788240
1.43E+08
1.78E+08
1.33E+08
1.74E+08
1.66E+08
1.52E+08
1.19E+08
1.96E+08
1.21E+08
1.39E+08
1.82E+08
1.81E+08
64605050
1.3E+08
1.12E+08
1.25E+08
1E+08
1.5E+08
1.35E+08
89778630
71958940
59940130
44384340
61350060
83765630
59578890
59480400
39645450
78403850
1.35E+08
1.21E+08
71451880
92438270
62756790
50536420
68991010
96024270
1.05E+08
71780490
72972650
1.32E+08
1.2E+08
98146500
1.58E+08
1.29E+08
91585300

KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100
KSE-100

18-Nov-13
19-Nov-13
20-Nov-13
21-Nov-13
22-Nov-13
25-Nov-13
26-Nov-13
27-Nov-13
28-Nov-13
29-Nov-13
2-Dec-13
3-Dec-13
4-Dec-13
5-Dec-13
6-Dec-13
9-Dec-13
10-Dec-13
11-Dec-13
12-Dec-13
13-Dec-13
16-Dec-13
17-Dec-13
18-Dec-13
19-Dec-13
20-Dec-13
23-Dec-13
24-Dec-13
26-Dec-13
27-Dec-13
30-Dec-13
31-Dec-13
1-Jan-14

23296.59
23665.84
23861.76
23799.9
23809.55
23857.27
23991.38
23784.31
23817.34
24198.53
24325.89
24403.01
24602.09
24468.26
24855.34
24923.27
25004.63
24902.86
24986.32
25088.49
25262.62
25302.65
25384.24
25537.04
25471.7
25598.48
25431.55
25402.91
25379.03
25261.73
25284.21
25261.66

23675.31
23880.17
24007.12
23914.6
23875.12
24090.51
23998.34
23849.02
24204.48
24338.89
24461.79
24618.69
24750.82
24867.47
25008.33
25125.82
25103.68
25020.2
25103.59
25285.62
25407.59
25400.55
25552.04
25711.46
25640.86
25636.66
25469.78
25497.8
25415.07
25378.96
25319.58
25628.41

23296.59
23665.84
23764.68
23731.91
23702.79
23857.27
23745.41
23683.53
23817.34
24177.92
24320.22
24403.01
24427.26
24447.13
24808.45
24923.27
24851.81
24902.86
24917.52
25082.03
25262.62
25192.43
25383.98
25399.33
25392.77
25340
25182.92
25348.44
25227.85
25194.62
25218.97
25261.66

23611.24
23819.43
23800.97
23784.18
23847.57
23978.29
23798.7
23768.35
24180.49
24302.19
24401.57
24588.47
24445.38
24800.69
24870.55
24998.89
24878.68
24972.9
25072
25256.7
25298.32
25350.2
25524.46
25472.65
25579.33
25417.63
25366.69
25370.03
25258.05
25283.96
25261.14
25608.85

0.04187048
0.01519291
-0.019906
-0.0398977
0.00865215
-0.0005669
0.00079361
-0.0096795
0.01420236
0.02220206
0.00703686
0.02456701
-0.0188858
0.02442952
-0.0110109
0.02295287
0.01314985
0.0008291
0.03980625
0.04876646
0.02379726
-0.0163349
-0.0035825
-0.0223484
-0.0198007
0.00569746
0.03019862
0.00710264
-0.0130125
-0.0082558
0.00672497
-0.0006705

0.013825
0.008779
-0.00078
-0.00071
0.002662
0.005467
-0.00752
-0.00128
0.017191
0.00502
0.004081
0.00763
-0.00584
0.01443
0.002813
0.005147
-0.00482
0.00378
0.00396
0.00734
0.001647
0.002049
0.006851
-0.00203
0.004179
-0.00634
-0.00201
0.000132
-0.00442
0.001025
-0.0009
0.013671

0.00308108 0.001635
0.403756

1.35E+08
1.73E+08
1.91E+08
1.06E+08
97088000
1.13E+08
93193090
74447820
1.21E+08
1.11E+08
1.19E+08
1.39E+08
1.48E+08
1.41E+08
1.95E+08
1.04E+08
1.08E+08
1.17E+08
1.36E+08
2.2E+08
1.89E+08
1.94E+08
1.87E+08
1.74E+08
1.5E+08
1.14E+08
1.04E+08
1.09E+08
1.14E+08
1.33E+08
87391630
1.98E+08

Expected Rate of return engro

Weighted Risk Premium

Beta

1.464342845

Rf
Rm

0.1
0.403755535

Risk premium Yahoo

finance
Risk premium
analyst
Weighted Risk
premium

Risk Premium
Expected return
Expected return Yahoo Finance
Expected return (pk finance, analyst)
Weighted Expected return
Jensen Alpha

0.303755535
0.544802245
12.88%
12.20%
18%
0.047121699

Since our calculate expected return was coming abnormally high as 54% so i looked for
different analyst reports and found expected return from there, therefore we have taken
weighted averages of all these expected return. Calculated return was given high because
KSE return from past two years is extremely unpredictable and has high variance

hted Risk Premium

have taken
gh because

0.01962
0.015027

0.051971

EFL BALANCE SHEET

Vertical Analysis (Rs. in Million)
EQUITY AND LIABILITIES
2013
EQUITY
Rs
%
Share Capital
7666
Share Premium
865
Advance against issue of shares
0
Employee Compensation Reserve
407
Hedging reserve
-10
Remeasurement of post employee benefits-Actuarial
-35Loss
Accumalated loss
1821
10714
Non Current Liabilities
Long Term Finances
7127
Obligations under finance lease
0
Deferred Taxation
1539
Deferred Liabilities
0
Deferred Income
10
8676
Current Liabilities
Current portion of
long term finances
1032
Obligations under finance lease
0
Trade and other payables
3369
Derivative financial instrument
15
Accrued interest/ markup
*Long term finances
229
*Short term finances
10
Short term finances
0
4655
Total Equity and Liabilities
24045
ASSETS
Non-Current Assets
Property, plant, equipment
Long term investment
Biological assets
Intangible assets
Long term advances, deposits and
prepayments
Defered employee share compensation
scheme
Deferred taxation
Advance against purchase of shares of
engro foodsNetherlands B.V
Investment in subsidary

2012
%
7616
810
1

34.3
3.7
100 -

2011
%
7518
722
-

17

0.1

-18

-0.1

1610
10054

7.3
45.3

-985
7237

-5.9
43.5

29.6
0
6.4
0
0
36.1

6023

27.1

33.7

1653

7.4

5610
3
308
2

17
7693

100
34.5

5923

35.6

4.3
0
14
0.1

1686
3
2359

7.6

2.8

10.6

465
3
2344
28

14.1
0.2

1
0
0
19.4
100

302
7
85
4442
22189

1.4
0
0.4
20
99.8

368
20
253
3481
16641

2.2
0.1
1.5
20.9
100

Rs
31.9
3.6
0
1.7
0
-0.1
7.6
44.6

14505 24.45364
0
0
716
3
123
0.5
93

0.4

169

0.7

427
16033

1.8
66.7

Rs

10958 12.25589

45.2
4.3

1.9

9615 25.65783

668
105

3
0.5

497
134

3
0.8

82

0.4

24

0.1

863

3.9

12676 20.05589

10270 29.55783

Current Assets
Stores, spares and loose tools
740
Stock-in trades
3084
Trade debts
154
Advances, deposits and prepayments
181
Other receivables
2354
Deffered employee share compensation scheme 136
Taxes recoverable
637
Derivative financial instruments
Short term investments
170
Cash and bank balances
557
Total
8013
Working Capital
3358
Change in working capital
Total Assets
24046

676
3495
149
262
1440

-0.3378

3
15.8
0.7
1.2
6.5

572
2638
87
266
1160

3.4
15.9
0.5
1.6
7

334
1.5
26
0.1
2709
12.2
422
1.9
9513
42.9
5071 0.755886

1
0
1294
351
6369
2888

7.8
2.1
38.3
1.375

22189 62.95589

16639 67.85783

EET
Rs

2010
%
7000

Rs
56.2

2009
%
5423

Rs
60.2

2008
%
4300

58.7

50

0.7

200

4.6

Rs

2007
%
2200

50.8

-1876
5124

-15.1
41.1

-2052
3371

-22.8
37.4

-1618
2732

-22.1
37.3

-1064
1336

-24.6
30.8

4625
5
181
3
0
4814

37.1

3325
8
301
3

36.9
0.1
3.3
0

2742
15
599
2

37.4
0.2
8.2

1393
12
452
2

32.3
0.3
10.4
0.1

38.6

3637

40.3

3358

45.8

1859

43.1

200
4
2041
0

16
0
16.4
0

117
5
1582

1.3
0.1
17.6

58
8
990

0.8
0.1
13.5

5
618

0.1
14.3

275
2

2.2

183
2
108
1997
9005

2
0
1.2
22.2
99.9

180
1236
7326

2.5
16.9
100

511
1134
4329

11.8
26.2
100.1

4567 39.91679

2744

2522
12460

1.5

20.2
99.9

7148 18.73251
980
7.9
428
3.4
142
1.1
23

0.2

8721 31.33251

5809 21.38062
153
1.7
438
4.9
28
0.3
8

0.1

6436 28.38062

307
19

4.2
0.3

10
4

0.2
0.1

0.1

0.1

4901 44.51679

2763

0.4

442
2089
52
244
721

3.6
16.8
0.4
2
5.8

290
1164
25
339
572

3.2
12.9
0.3
3.8
6.4

188
1239
9
123
711

2.6
16.9
0.1
1.7
9.7

9
1

0.1

31

0.3

56

0.8

180
1.5
3738
30.2
1216 1.125874

148
2569
572

1.6
28.5
-0.51892

9005 56.88062

12459 61.53251

79
418
8
41
865

1.8
9.7
0.2
1
20

99
1.4
2425
33.2
1189 1.752315

155
1566
432

3.6
36.3

7326 77.71679

4329

36.7

2014

2015

2016

2017

2018

11359.91686 16833.77394 24945.24815 36965.29415 54777.29

865
865
865
865
865
0
0
0
0
0
407
407
407
407
407
0
0
0
0
0
-35
-35
-35
-35
-35
1821
1821
1821
1821
1821
14417.91686 19891.77394 28003.24815 40023.29415 57835.29
7151.58815 9618.886062 12937.40175 17400.80536 23404.08
0
0
0
0
0
1624.964143 110.3977051 3477.874066 264.7626809 1123.469
0
0
0
0
0
10
10
10
10
10
8786.552293 9739.283767 16425.27582 17675.56804 24537.55

1032
0
3854.6975
15
4.4655
0.003333333

1032
1032
1032
1032
0
0
0
0
4410.41639 5046.251419 5773.752665 6606.135
15
15
15
15
0.0195
5.889
1.11111E-06 0.002333333

0.0273
7.176
0 0.006667

4906.166333 5457.435891 6099.142752 6820.779965 7660.318

28110.63548 35088.49359 50527.66672 64519.64216 90033.16

14505
14505
14505
14505
14505
0
0
0
0
0
716
716
716
716
716
123.6325714 124.2683961 124.9074907 125.5498721 126.1956
93

863
15437.63257

93

93

93

93

863
863
863
15438.2684 15438.90749 15439.54987

863
15440.2

761.7066667 784.0500622 807.048864 830.7222974 855.0902

3084
3084
3084
3084
3084
154.5646667 155.1314038 155.7002189 156.2711197 156.8441
184.4088333 187.8818664 191.4203082 195.0253906 198.6984
2571.352667 2808.77423 3068.117717 3351.407253 3660.854
637
26
170
5083.97
12673.00283
5681.93116
-2323.93116
28110.6354

637
637
637
637
26
26
26
26
170
170
170
170
11797
26949
40629
65804
19649.83756 35088.28711 49079.42606 74592.49
9614.157745 16267.71366 27525.91696 46575.45
-3932.22658 -6653.55591 -11258.2033 -19049.5
35088.10596 50527.1946 64518.97593 90032.68

EFL INCOME STATEMENT

2013
Rs
Sales
Cost of Sales

37891.0
29718.0

100.0
78.4

Gross Profit
Distribution and Marketing expenses
Administrative expenses
Other expenses
Other operating income

8173.0
5017.0
966.0
340.0
324.0

21.6
13.2
2.5
0.9
0.9

Operating Profit
Other expenses
Finance cost

2174.0
881.0
785.0

Net profit before taxation

Provision after taxation
Net profit after taxation
EBITDA
Depreciation
Free Cash Flows
PV OF FREE CASH FLOWS

2012
%
40169.0
29848.0

2011
Rs
100.0
74.3

29859.0
23230.0

10321.0
4709.0
741.0
430.0
382.0

25.7
11.7
1.8
1.1
1.0

6629.0
3716.0
505.0
209.0
213.0

5.7
2.3
2.1

4823.0

12.1

2412.0

903.0

2.2

1049.0

508.0
-297.0
211.0
2907.0
1461

1.3
-0.8
0.6
7.7
4

3920.0
-1326.0
2594.0
6071.0
1,207

9.9
-3.3
6.6
15.1
3

1363.0
-472.0
891.0
3375.0
921

2,012
41,142,420

2,011
30,779,441

2,010

2009

2008

Raw Milk

-601780
-398,982
40,141,658
27,261

-597246
-335,824
29,846,371
12,855

Total
Sales in millions
Growth in Sales
Average growth
CAGR

40,168,919 29,859,226
40,169
29,859
0.2566656 0.29853645
0.37
80%

20945.0
14665.0
0.299833 0.4426867

8173.0
0.555732289

Net Sales (Note 26)

Manufactured Goods
Less
Sales tax
Discounts

2011
%

Rs
100.0
77.8

2010
%
20945.0
16552.0

Rs
100.0
79.0

2009
%
14665.0
11949.0

Rs
100.0
81.5

2008
%
8173.0
7124.0

Rs
100.0
87.2

2007
%
3631.0
100.0
3370.0
92.8

22.2
12.4
1.7
0.7
0.7

4393.0
2913.0

21.0
13.9
2.3
0.6
0.3

2716.0
2640.0
347.0
46.0
176.0

18.5
18.0
2.4
0.3
1.2

1049.0
1305.0
302.0
22.0
76.0

12.8
16.0
3.7
0.3
0.9

261.0
950.0
129.0
32.0
2.0

7.2
26.2
3.6
0.9
0.1

8.1

1480.0

4.5

-141.0

-1.0

-504.0

-6.3

-848.0

-23.4

3.1

515.0

3.5

354.0

4.3

105.0

2.9

1.4
0.5
1.9
7.8
3

-656.0
223.0
-433.0
365.0
1500

-4.5
1.5
-3.0
2.5
10

-858.0
303.0
-555.0
-213.0
2100

-10.6
3.7
-6.9
-2.6
26

-954.0
334.0
-620.0

-26.3
9.2
-17.1

3.5
4.6
-1.6
3.0
11.3
3

2007

3631.0

1480.0
1480.0
1644.0
700

2014

2015

Forecast
2016

68102.57 122402.7 219997.8

78.2 53256.21 95718.91 172038.3

2017

2018

395408.3947
309209.3646

710678.7664
555750.7954

13.4
2.4
0.7
0.8

14846.36
9152.986
1634.462
490.3385
517.5796

26683.79
16450.92
2937.665
881.2994
930.2605

47959.53
29567.71
5279.948
1583.984
1671.984

86199.03004
53142.88824
9489.801472
2846.940442
3005.103799

154927.9711
95515.22621
17056.29039
5116.887118
5401.158625

4.8

4086.2

7344.2

13199.9

23724.5

42640.7

3.0 2070.318 3721.042 6687.935

12020.4152

21604.6345

2015.8
3623.1
6511.9
-0.3 -204.308 -367.208 -659.994
1811.5
3255.9
5851.9
7.9 5357.188 9628.627 17305.81
8.2 5585.544 10039.06 18043.48
-4784.0
2722.2 16044.0
-4125.4
2347.4 13835.3

11704.1
-1186.225184
10517.9
31104.2182
32430.0651
39701.1
34235.7

21036.1
-2132.036299
18904.1
55904.49702
58287.47941
81736.1
70483.9

Terminal Value
Market Value
Predicted Share Price
Net Income
Stockholder's Equity
Return on equity
Dividends paid
Capital
ROC
Current share price
Undervalued

767266.4
116776.9
152.87
1,811,500.00
7,665,961.00
24%
0
14,792,955.00
12%
110
39%

Growth rates haven b

founded in 2007 and
have proper analysis
future growth potent

All the expenses have

year 2007 has been n
expenses were unusu

Other expenses whic

calculations because

a) Provision for recog

b) Sales tax on exemp

Growth rates haven been considered for three most recent years because the company was
founded in 2007 and since the initial growth rate of a company is always high so in order to
have proper analysis we have considered only recent growth rates which better predict the
future growth potential of the company.
All the expenses have been calculated as a percentage of sales (based on historical trend) only
year 2007 has been neglected because it was the year in which company was founded so the
expenses were unusually high and are not predictive of future.
Other expenses which were incurrred only in year 2013, haven't been included in the
calculations because they only consist of one time expense which are
a) Provision for recognition of accumalated cash losses of subsidary since inception
b) Sales tax on exempt supplies.

Estimation of net capital expenditures and working capital is necessary for estimation of free cash flows, we have estimated
return on capital and growh rates.

Expected growth rate in operating income has been calculated before as "4.8%" working is shown in sheet 'EFL Income State

Expected return has been found by taking weighted average of return from analyst report, yahoo finance and that calculated
It came out to be 18%

Expected Growth Rate in Operating Income

Expected Return on Capital
Expected Net Capital Ex and Chg in WC as % of after-tax EBIT =

4.80%
18%
27%

h flows, we have estimated them using

n in sheet 'EFL Income Statement'

finance and that calculated by CAPM.

Calculation of Weighted Average Cost of Capital

Equity

######

Current Stock110.98
Price
Total Outstanding
######shares
Current Beta
1.00244
Risk Free rate 10%
Risk premium 5%
Non current8674.99
Liabilities (2013)
Current Liabilities
4655.36
(2013)
Total Debt ######
Interst Expense
######
Average Maturity 4
Pre-tax Cost of 11%
Debt
Tax Rate
34%
Market Value
######
of debt
Equity
Debt
EQUITY+DEBT
Market Value
######
91,056,817.45 ##########
Weight in Cost of
48%
Capital
52%
100%
Rate of return 15%
17%
16%

Debt
Ratio
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9

Beta
Cost of Equity
1.33914
0.169596368
1.43734
0.174700102
1.60654
0.183493228
1.83604
0.195420832
2.14205
0.211324303
2.57046
0.233589164
3.22226
0.267464032
4.29635
0.323285376
6.44453
0.434928065
12.8891
0.769856129

Bond Rating
Aaa/AAA
B3/BC2/C
C2/C
C2/C
C2/C
D2/D
D2/D
D2/D
D2/D

Interest rate
on debt
0.104
0.1725
0.205
0.205
0.205
0.205
0.22
0.22
0.22
0.22

Tax Rate
0.34
0.34
0.201288244
0.134192163
0.100644122
0.080515298
0.062521349
0.053589727
0.046891011
0.041680899

Cost of Debt
(after-tax)
0.06864
0.11385
0.16373591
0.177490607
0.184367955
0.188494364
0.206245303
0.20821026
0.209683977
0.210830202

WACC
0.17
0.169
0.18
0.19
0.201
0.211
0.231
0.243
0.255
0.267

Enterprise
Value
87974.673
89232.814
76974.88
67998.643
60897.258
55138.873
46833.832
42896.363
39569.619
36721.736

page 37 of annual report 2013 for valuation

page 49 onwards of annual report 13 for social responsibility

92.97

92.97