cf assignment maaz

8/10/2019 CF Assignment Maaz

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SUMMARY OUTPUT

Regression Statistics

Multiple R 0.478535

R Square 0.228996

Adjusted R Square 0.227432

Standard Error 0.022613Observations 495

ANOVA

df SS MS F ignificance F

Regression 1 0.074875635 0.074876 146.4261 1.076E-29

Residual 493 0.252097656 0.000511

Total 494 0.32697329

Coefficients Standard Error t Stat P-value Lower 95% Upper 95%

Intercept 0.000687 0.001035456 0.663876 0.50708 -0.001347 0.002721865

X Variable 1 1.464343 0.121013398 12.10067 1.08E-29 1.2265772 1.70210846

Bottom up beta Competitors Beta Equity Liability Debt /Equity

Shezan 0.98 1311038 966590 0.737270773

Nestle 0.77 11859157 40430364 3.409210621

National foods 1.09 1682025 2572667 1.529505804

Engro 1.39 10715210 13330343 1.244058026

AverageRelevered Beta


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Lower 95.0% pper 95.0%

-0.001347036 0.002722

1.226577231 1.702108

Unlevered

Beta

0.659222959

0.236917317

0.542430552

0.76328404

0.5504637171.002437529


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Symbol Date Open High Low Close Delta Engro Delta KSE Volume

KSE-100 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 53124167

KSE-100 4-Jan-12 11433.99 11463.51 11334.85 11361.97 0.00395518 -0.00352 39976120

KSE-100 5-Jan-12 11366.69 11368.79 11143.7 11187.88 -0.0039552 -0.01544 24557542

KSE-100 6-Jan-12 11214.25 11267.01 11075.94 11125.35 0.00175979 -0.0056 34596451

KSE-100 9-Jan-12 11151.09 11163.21 11023.63 11040.31 -0.0035227 -0.00767 16865876

KSE-100 10-Jan-12 11034 11034 10771.13 10933.18 -0.0155593 -0.00975 33326703

KSE-100 11-Jan-12 10924.22 10966.31 10869.97 10930.49 -0.0008965 -0.00025 19706601

KSE-100 12-Jan-12 10913.84 10930.49 10840.82 10909.12 0.00892863 -0.00196 17597148

KSE-100 13-Jan-12 10913.16 11051.04 10897.06 11014.46 0.00884962 0.00961 28073863

KSE-100 16-Jan-12 11007.43 11116.19 10982.13 11112.65 -0.0017637 0.008875 24340933

KSE-100 17-Jan-12 11136.41 11332.62 11112.65 11305.16 0.04866407 0.017175 47975851

KSE-100 18-Jan-12 11336 11552.2 11336 11547.72 0.04399476 0.021229 72699963

KSE-100 19-Jan-12 11572.97 11652.74 11500.6 11515.59 -0.0060521 -0.00279 70853760

KSE-100 20-Jan-12 11551.98 11883.97 11551.98 11774.68 0.01446389 0.02225 1.28E+08

KSE-100 23-Jan-12 11871.32 12070.89 11871.32 12037.66 0.01347089 0.022089 1.8E+08

KSE-100 24-Jan-12 12058 12100.18 11960.99 11991.38 0.031761 -0.00385 1.53E+08

KSE-100 25-Jan-12 11987.15 12034.64 11932.48 11949.75 -0.0084227 -0.00348 93819465

KSE-100 26-Jan-12 11951.6 12029.12 11866.89 11883.92 -0.0170613 -0.00552 70491429

KSE-100 27-Jan-12 11901.06 11981 11879.47 11960.22 0.03232294 0.0064 63862379

KSE-100 30-Jan-12 11988.36 12000.13 11850.49 11883.01 0.00867112 -0.00648 55383540

KSE-100 31-Jan-12 11891.98 11977.14 11870.72 11874.89 0.0029985 -0.00068 41534062

KSE-100 1-Feb-12 11890.59 11989.2 11890.59 11930.55 0.03565899 0.004676 63244122

KSE-100 2-Feb-12 11947.41 12000.83 11904.17 11929.78 0.04863538 -6.5E-05 81948904KSE-100 3-Feb-12 11925.14 12006.41 11911.56 11982.62 0.04867549 0.004419 87295935

KSE-100 6-Feb-12 11990.27 12215.04 11979.29 12136.92 0.01269755 0.012795 1.32E+08

KSE-100 7-Feb-12 12158.58 12301.64 12125.25 12284.62 0.04862069 0.012096 1.24E+08

KSE-100 8-Feb-12 12328.92 12405.48 12238.47 12263.25 0.04871679 -0.00174 1.38E+08

KSE-100 9-Feb-12 12277.17 12316.88 12179.92 12213.24 0.04869232 -0.00409 64638186

KSE-100 10-Feb-12 12216.35 12314.27 12191.42 12231.6 0.04856382 0.001502 64476143

KSE-100 13-Feb-12 12239.7 12287.6 12154.34 12250 -0.0510831 0.001503 56064206

KSE-100 14-Feb-12 12263.36 12347.56 12248.11 12261.85 -0.0511753 0.000967 87692288

KSE-100 15-Feb-12 12281.97 12341.14 12269.39 12311.04 0.04864969 0.004004 1.01E+08

KSE-100 16-Feb-12 12314.13 12418.55 12314.13 12404.24 0.04853591 0.007542 1.17E+08

KSE-100 17-Feb-12 12457.1 12611.25 12451.56 12495.68 0.04858621 0.007345 1.53E+08

KSE-100 20-Feb-12 12512 12595.57 12512 12517.9 0.03384206 0.001777 1.34E+08

KSE-100 21-Feb-12 12533.24 12607.35 12475.16 12544.45 0.00785666 0.002119 1.98E+08

KSE-100 22-Feb-12 12588.21 12665.89 12583.99 12603.67 -0.0277727 0.00471 1.94E+08

KSE-100 23-Feb-12 12618.7 12624.76 12499.72 12515.92 -0.0118883 -0.00699 1.28E+08

KSE-100 24-Feb-12 12533.88 12719.96 12524.33 12706.52 0.00228746 0.015114 1.39E+08

KSE-100 27-Feb-12 12708.65 12790.62 12654 12743.66 -0.0236333 0.002919 1.3E+08

KSE-100 28-Feb-12 12746.79 12823.57 12726.08 12739.22 0.00051975 -0.00035 1.48E+08


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KSE-100 29-Feb-12 12773.28 12924.17 12773.28 12877.88 -0.0099218 0.010826 1.53E+08

KSE-100 1-Mar-12 12883.18 12956.52 12829.78 12941.38 0.00836169 0.004919 1.18E+08

KSE-100 2-Mar-12 12947.57 13102.27 12947.57 13088.97 0.0165165 0.01134 1.46E+08

KSE-100 5-Mar-12 13103.52 13311.94 13079.25 13278.31 0.02177301 0.014362 2.01E+08

KSE-100 6-Mar-12 13301.59 13363.47 13261.44 13324.34 0.04863512 0.003461 1.92E+08

KSE-100 7-Mar-12 13330.89 13389.44 13226.31 13244.95 0.04637904 -0.00598 1.95E+08

KSE-100 8-Mar-12 13263.01 13364.95 13248.58 13271.39 -0.037355 0.001994 1.46E+08KSE-100 9-Mar-12 13338.91 13425.67 13281.53 13352.74 0.00094518 0.006111 3.08E+08

KSE-100 12-Mar-12 13359.45 13554.35 13359.45 13382.54 -0.0161908 0.002229 3.24E+08

KSE-100 13-Mar-12 13422.7 13422.23 13270.95 13283.65 0.02652927 -0.00742 1.86E+08

KSE-100 14-Mar-12 13303.74 13460.56 13303.74 13360.67 -0.0086865 0.005781 1.72E+08

KSE-100 15-Mar-12 13377.99 13458.24 13276.81 13451.07 -0.0011797 0.006743 1.5E+08

KSE-100 16-Mar-12 13459.13 13503.58 13248.98 13297.12 -0.0142656 -0.01151 1.9E+08

KSE-100 19-Mar-12 13311.6 13329.88 13042.3 13077.72 -0.0281709 -0.01664 1.23E+08

KSE-100 20-Mar-12 13086.54 13323.94 13043.78 13303.33 0.02912827 0.017104 1.48E+08

KSE-100 21-Mar-12 13325.5 13399.75 13261.41 13293.12 0.03940472 -0.00077 1.53E+08

KSE-100 22-Mar-12 13309.49 13325.3 13206.44 13273.29 0.01166127 -0.00149 1.03E+08

KSE-100 26-Mar-12 13282.48 13306.57 13233.25 13286.73 0.04858447 0.001012 1.54E+08

KSE-100 27-Mar-12 13276.49 13463.81 13270.09 13449.73 0.04612622 0.012193 1.66E+08

KSE-100 28-Mar-12 13470.2 13670.33 13462.53 13575.41 0.04488322 0.009301 2.52E+08

KSE-100 29-Mar-12 13574.2 13643.46 13468 13559.1 -0.0393156 -0.0012 1.73E+08

KSE-100 30-Mar-12 13570.44 13764.11 13570.44 13761.76 -0.03218 0.014836 2.23E+08

KSE-100 2-Apr-12 13777.46 13819.22 13636.51 13663.32 -0.0123933 -0.00718 1.48E+08

KSE-100 3-Apr-12 13661.31 13730.26 13595.48 13691.08 -0.0401414 0.00203 1.99E+08

KSE-100 4-Apr-12 13729.5 13957.03 13729.5 13945.3 0.0487049 0.018398 2.35E+08

KSE-100 5-Apr-12 13982.74 13988.83 13811.04 13831.47 0.01963124 -0.0082 2.4E+08

KSE-100 6-Apr-12 13835.14 14023.11 13829.85 13875.53 0.01576142 0.00318 2.1E+08

KSE-100 9-Apr-12 13882.5 14025.95 13835.29 13864.68 0.0297985 -0.00078 1.83E+08KSE-100 10-Apr-12 13868.32 14002.69 13863.33 13903.12 -0.0122578 0.002769 1.67E+08

KSE-100 11-Apr-12 13907.74 13973.16 13777.66 13816.96 -0.028714 -0.00622 2.62E+08

KSE-100 12-Apr-12 13816.12 13829.02 13597.88 13693.74 -0.0510086 -0.00896 1.96E+08

KSE-100 13-Apr-12 13696.96 14007.55 13696.96 13799.43 -0.0498308 0.007688 2.44E+08

KSE-100 16-Apr-12 13795.86 13823.05 13570.34 13770.7 0.00115009 -0.00208 1.7E+08

KSE-100 17-Apr-12 13773.75 13893.81 13764.22 13764.22 0.01301834 -0.00047 1.8E+08

KSE-100 18-Apr-12 13796.25 13964.61 13796.25 13937.95 0.01732132 0.012543 1.51E+08

KSE-100 19-Apr-12 13940.48 13988.06 13850.12 13929.47 0.04874768 -0.00061 1.83E+08

KSE-100 20-Apr-12 13936.4 14061.05 13924.87 13936.48 0.04870924 0.000503 1.82E+08

KSE-100 23-Apr-12 13962.39 14099.77 13949.44 14083.44 0.04663955 0.01049 1.5E+08

KSE-100 24-Apr-12 14136.02 14231.46 14120.53 14132.59 0.01228187 0.003484 2.13E+08

KSE-100 25-Apr-12 14158.44 14312.13 14158.44 14217.74 -0.0290268 0.006007 1.91E+08

KSE-100 26-Apr-12 14220.63 14317.84 14027.11 14066.09 0.04510889 -0.01072 1.83E+08

KSE-100 27-Apr-12 14082.92 14244.08 14021.48 14042.77 0.04262218 -0.00166 1.32E+08

KSE-100 30-Apr-12 14050.04 14066.51 13890.66 13990.38 0.03949738 -0.00374 1.03E+08

KSE-100 2-May-12 14001.76 14166.71 13999.69 14142.52 0.04826312 0.010816 1.61E+08

KSE-100 3-May-12 14191.37 14454.5 14191.37 14419.92 0.04871171 0.019425 2.1E+08

KSE-100 4-May-12 14422.37 14629.04 14422.37 14612.28 0.04869302 0.013252 2.41E+08

KSE-100 7-May-12 14661.79 14706.36 14583.54 14617.97 0.04700223 0.000389 1.75E+08


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KSE-100 8-May-12 14657.23 14686.72 14480.38 14513.96 0.04870189 -0.00714 1.77E+08

KSE-100 9-May-12 14551.14 14644.21 14520.28 14613.59 0.04877076 0.006841 2.57E+08

KSE-100 10-May-12 14637.03 14681.42 14395.08 14420.19 -0.0512184 -0.01332 2.33E+08

KSE-100 11-May-12 14410.21 14445.72 14210.65 14230.49 -0.0512575 -0.01324 1.96E+08

KSE-100 14-May-12 14237.51 14310.09 14164.47 14228.77 -0.0511575 -0.00012 77576652

KSE-100 15-May-12 14233.24 14373.8 14233.24 14313.67 -0.0404764 0.005949 1.23E+08

KSE-100 16-May-12 14321.7 14335.06 14062.95 14081.07 -0.0497487 -0.01638 1.11E+08KSE-100 17-May-12 14119.05 14152.58 13992.43 14063.08 0.04864866 -0.00128 1.03E+08

KSE-100 18-May-12 14077.32 14107.03 13843.56 13857.78 0.01792023 -0.01471 1.29E+08

KSE-100 21-May-12 13875.96 13943.36 13867.1 13875.74 0.01349921 0.001295 46357562

KSE-100 22-May-12 13888.78 14159.15 13888.78 14142.08 0.04760679 0.019013 1.23E+08

KSE-100 23-May-12 14145.32 14145.32 14003.53 14032.82 -0.0383552 -0.00776 1.39E+08

KSE-100 24-May-12 14032.39 14088.36 13895.44 13936.92 -0.0213618 -0.00686 1.38E+08

KSE-100 25-May-12 13955.78 13999.17 13921 13925.06 0.00814074 -0.00085 1.2E+08

KSE-100 28-May-12 13936.56 14059.77 13936.46 14031.51 0.0485206 0.007615 1.2E+08

KSE-100 29-May-12 14033.17 14168.49 14033.17 14071.85 0.04251104 0.002871 1.21E+08

KSE-100 30-May-12 14076.12 14108.2 13863.67 13871.76 -0.0486505 -0.01432 88225814

KSE-100 31-May-12 13868.12 13939.34 13767.63 13786.62 -0.0451385 -0.00616 92242834

KSE-100 1-Jun-12 13804.46 13972.48 13775.5 13876.97 0.01869213 0.006532 78168448

KSE-100 4-Jun-12 13896.44 13906.88 13744.39 13757.92 0.00195533 -0.00862 71871682

KSE-100 5-Jun-12 13767.15 13793.33 13630.35 13708.23 0.00942204 -0.00362 48929818

KSE-100 6-Jun-12 13714.63 13843.39 13714.63 13745.73 0.01653418 0.002732 58419776

KSE-100 7-Jun-12 13745.14 13837.66 13646.46 13717.3 -0.018322 -0.00207 69786896

KSE-100 8-Jun-12 13726.24 13770.13 13509.69 13558.7 -0.0509323 -0.01163 89970740

KSE-100 11-Jun-12 13590.18 13676.49 13551.08 13601.46 0.01200981 0.003149 44820678

KSE-100 12-Jun-12 13622.04 13622.04 13398.57 13429.56 -0.0208357 -0.01272 54587761

KSE-100 13-Jun-12 13471.76 13531.88 13341.23 13368.89 -0.0287455 -0.00453 62250108

KSE-100 14-Jun-12 13372.52 13689.31 13372.52 13656.2 0.04600891 0.021263 91293193KSE-100 15-Jun-12 13675.22 13753.09 13616.87 13665.8 0.01405971 0.000703 75775447

KSE-100 18-Jun-12 13671.63 13821.21 13671.63 13754.13 0.04117787 0.006443 61465651

KSE-100 19-Jun-12 13746.82 13746.82 13631.43 13682.99 -0.0142351 -0.00519 60755489

KSE-100 20-Jun-12 13687.92 13781.45 13633.85 13667.18 0.00149231 -0.00116 37174511

KSE-100 21-Jun-12 13693.08 13697.08 13537.22 13600.6 -0.0284351 -0.00488 44857751

KSE-100 22-Jun-12 13617.47 13759.5 13536.48 13730.82 0.04367769 0.009529 57030825

KSE-100 25-Jun-12 13730.82 13776.76 13628.77 13642.2 -0.0447522 -0.00648 45668038

KSE-100 26-Jun-12 13643.87 13707.21 13587.97 13656.04 0.00107453 0.001014 45079759

KSE-100 27-Jun-12 13658.81 13825.3 13652.07 13799.12 0.00566054 0.010423 56724530

KSE-100 28-Jun-12 13818.35 13880.58 13785.29 13805.42 -0.0013739 0.000456 43070973

KSE-100 29-Jun-12 13805.96 13885.6 13764.34 13801.41 -0.0155495 -0.00029 57082625

KSE-100 2-Jul-12 13810.76 14169.78 13810.76 14142.92 0.01570229 0.024443 84127485

KSE-100 3-Jul-12 14142.92 14247.92 14117.49 14200.79 -0.0059747 0.004083 90915998

KSE-100 4-Jul-12 14268.86 14321.35 14168.4 14178.1 -0.0043117 -0.0016 80685692

KSE-100 5-Jul-12 14186.76 14215.83 14149.64 14170.91 0.00077131 -0.00051 30906212

KSE-100 6-Jul-12 14171.93 14323.17 14169.42 14310.18 0.04640085 0.00978 78483984

KSE-100 9-Jul-12 14313.02 14397.93 14253.39 14379.54 0.04109871 0.004835 71780700

KSE-100 10-Jul-12 14394.58 14435.43 14355.23 14374.34 0.03512055 -0.00036 65463565

KSE-100 11-Jul-12 14379.98 14405.33 14333.37 14380.46 0.00136314 0.000426 57123762


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KSE-100 12-Jul-12 14384.41 14500.61 14363.24 14401.74 -0.0495669 0.001479 83228883

KSE-100 13-Jul-12 14418.02 14482.37 14313.87 14332.29 -0.0492913 -0.00483 92988465

KSE-100 16-Jul-12 14351.67 14417.35 14351.67 14384.58 0.04871855 0.003642 55400942

KSE-100 17-Jul-12 14388.23 14485.44 14373.66 14445.28 -0.0314253 0.004211 85089627

KSE-100 18-Jul-12 14452.03 14596.8 14442.75 14596.59 0.02380543 0.01042 1.1E+08

KSE-100 19-Jul-12 14622.62 14634.33 14544.55 14568.21 -0.0039043 -0.00195 1.09E+08

KSE-100 20-Jul-12 14599.44 14633.81 14544.8 14564.49 -0.0234546 -0.00026 70860277KSE-100 23-Jul-12 14568.08 14579.01 14507.62 14527.25 -0.0041617 -0.00256 19064560

KSE-100 24-Jul-12 14524.1 14545.02 14483.61 14512.07 -0.0062752 -0.00105 34169880

KSE-100 25-Jul-12 14521.07 14617.09 14506.54 14564.68 0.01058526 0.003619 43492620

KSE-100 26-Jul-12 14574.36 14617.43 14547.77 14553.29 0.01661925 -0.00078 58769960

KSE-100 27-Jul-12 14553.04 14568.91 14488.02 14526.41 0.01361748 -0.00185 44854700

KSE-100 30-Jul-12 14533.63 14560.01 14492.73 14511.54 0.00959412 -0.00102 64287020

KSE-100 31-Jul-12 14519.72 14598.56 14518.19 14577 0.00950294 0.004501 61593050

KSE-100 1-Aug-12 14587.19 14731.23 14555.29 14716.86 -0.0162235 0.009549 62915280

KSE-100 2-Aug-12 14725.45 14795.43 14714.94 14730.67 -0.0071995 0.000938 72833140

KSE-100 3-Aug-12 14732.87 14732.87 14659.25 14676.43 -0.0275435 -0.00369 35980610

KSE-100 6-Aug-12 14680.08 14792.98 14646.35 14673.77 -0.0017841 -0.00018 33718970

KSE-100 7-Aug-12 14673.9 14751.91 14652.85 14672.24 0.00237812 -0.0001 28449740

KSE-100 8-Aug-12 14681.11 14762.72 14680.86 14744.14 0.02318519 0.004888 59749780

KSE-100 9-Aug-12 14757.37 14814.06 14693.11 14759.59 -0.0017422 0.001047 50584020

KSE-100 10-Aug-12 14780.1 14790.36 14718.96 14761.49 -0.0071455 0.000129 22032410

KSE-100 13-Aug-12 14856.22 14938.67 14829.78 14911.97 0.0011701 0.010142 1.43E+08

KSE-100 15-Aug-12 14940.24 14998.74 14919.12 14970.93 -0.0060113 0.003946 1.36E+08

KSE-100 16-Aug-12 14985.61 15040.89 14951.45 15000.08 -0.0038309 0.001945 54895400

KSE-100 23-Aug-12 15016.49 15101.12 15016.49 15080.55 0.01654382 0.00535 1.42E+08

KSE-100 24-Aug-12 15132.2 15162.05 15009.08 15039.18 -0.0125659 -0.00275 1.58E+08

KSE-100 27-Aug-12 15059.92 15185.01 15057.68 15171.66 0.00058798 0.00877 1.48E+08KSE-100 28-Aug-12 15171.66 15304.4 15171.66 15234.48 0.01502252 0.004132 1.87E+08

KSE-100 29-Aug-12 15236.99 15255.82 15127.91 15151.31 0.00202458 -0.00547 1.35E+08

KSE-100 30-Aug-12 15151.75 15292.18 15151.75 15253.71 0.04836355 0.006736 1.37E+08

KSE-100 31-Aug-12 15273.42 15420.05 15273.42 15391.58 -0.0124655 0.008998 1.31E+08

KSE-100 3-Sep-12 15394.31 15480.77 15394.31 15428.49 0.01795628 0.002395 1.14E+08

KSE-100 4-Sep-12 15447.68 15465.56 15373.43 15388.13 0.01467617 -0.00262 93650160

KSE-100 5-Sep-12 15387.61 15466.68 15281.81 15293.39 -0.0002698 -0.00618 96132470

KSE-100 6-Sep-12 15393.25 15418.19 15139.21 15188.53 -0.025003 -0.00688 1.2E+08

KSE-100 7-Sep-12 15189.18 15310.81 15189.18 15253.96 0.01237469 0.004299 1.02E+08

KSE-100 10-Sep-12 15272.66 15322.53 15224.39 15240.19 -0.0209894 -0.0009 1.37E+08

KSE-100 11-Sep-12 15236.78 15289.14 15200.56 15214.02 -0.0008376 -0.00172 98515420

KSE-100 12-Sep-12 15226.39 15309.76 15225.33 15278.48 0.00265012 0.004228 1.25E+08

KSE-100 13-Sep-12 15279.27 15341.74 15269.6 15306.51 -0.0328502 0.001833 86297450

KSE-100 14-Sep-12 15309.72 15456 15309.72 15449.61 -0.0073684 0.009306 65179290

KSE-100 17-Sep-12 15456.76 15537.22 15385.24 15398.68 0.02887152 -0.0033 70860120

KSE-100 18-Sep-12 15403.3 15524.59 15403.3 15517.19 0.00589972 0.007667 90779780

KSE-100 19-Sep-12 15550.42 15616.09 15510.82 15588.66 -0.0032265 0.004595 89678050

KSE-100 20-Sep-12 15605.57 15630.2 15440.36 15452.64 -0.0067673 -0.00876 1.07E+08

KSE-100 24-Sep-12 15482.42 15514.41 15354.05 15375.52 -0.0035428 -0.005 52780440


7/41

KSE-100 25-Sep-12 15386.32 15444.41 15361.09 15373.46 0.00127687 -0.00013 56313550

KSE-100 26-Sep-12 15422.32 15432.65 15360.36 15399.42 -0.0031241 0.001687 46775290

KSE-100 27-Sep-12 15404.91 15448.22 15323.63 15357.59 0.00241495 -0.00272 47678820

KSE-100 28-Sep-12 15366.43 15534.67 15333.14 15444.82 -0.0062625 0.005664 74098450

KSE-100 1-Oct-12 15452.32 15571.14 15407.42 15559.94 0.01304983 0.007426 77507300

KSE-100 2-Oct-12 15570.65 15725.66 15570.65 15648.29 0.02147022 0.005662 96409680

KSE-100 3-Oct-12 15659 15747.64 15607.1 15712.21 -0.0091451 0.004076 75014620KSE-100 4-Oct-12 15732.8 15814.84 15726.06 15788.96 -0.0067039 0.004873 94666490

KSE-100 5-Oct-12 15792.3 15844.6 15739.16 15754.39 -0.0051985 -0.00219 1.16E+08

KSE-100 8-Oct-12 15755.81 15854.37 15629.33 15652.01 -0.0120458 -0.00652 83817410

KSE-100 9-Oct-12 15642.92 15706.42 15587.83 15688.24 -0.0004278 0.002312 72688750

KSE-100 10-Oct-12 15698.95 15830.17 15688.96 15753.82 -0.0019989 0.004171 90917530

KSE-100 11-Oct-12 15755.73 15917.09 15755.73 15845.3 0.02009122 0.00579 70886220

KSE-100 12-Oct-12 15857.49 15981.3 15685.35 15694.21 -0.0090053 -0.00958 81326040

KSE-100 15-Oct-12 15714.85 15787.69 15714.85 15746.9 0.00268191 0.003352 54500990

KSE-100 16-Oct-12 15748.72 15796.13 15661.96 15674.3 -0.015055 -0.00462 37139480

KSE-100 17-Oct-12 15675.99 15697.67 15624.47 15654.62 -0.0096341 -0.00126 72703020

KSE-100 18-Oct-12 15673.24 15754.44 15658.86 15679.19 0.00274151 0.001568 92078900

KSE-100 19-Oct-12 15698.27 15818.09 15694.77 15792.75 0.03788975 0.007217 1.65E+08

KSE-100 22-Oct-12 15815.07 15878.94 15800.64 15848.63 -0.0221639 0.003532 1.18E+08

KSE-100 23-Oct-12 15867.74 15937.47 15840.97 15853.84 -0.0045493 0.000329 79771150

KSE-100 24-Oct-12 15860.89 15908.93 15839.54 15865.53 0.00752364 0.000737 1.15E+08

KSE-100 25-Oct-12 15862.4 15868.81 15774.39 15812.72 -0.0033999 -0.00333 1.01E+08

KSE-100 30-Oct-12 15819.43 15828.81 15779.35 15795.93 -0.0042662 -0.00106 61655130

KSE-100 31-Oct-12 15791.89 15924.96 15791.89 15910.11 0.0008547 0.007202 1.03E+08

KSE-100 1-Nov-12 15911.34 16005.54 15911.06 15962.37 0.00695285 0.003279 1.19E+08

KSE-100 2-Nov-12 15966.63 16107.38 15962.37 16101.55 0.01960298 0.008681 1.49E+08

KSE-100 5-Nov-12 16128.65 16220.52 16128.65 16156.36 0.01240198 0.003398 1.14E+08KSE-100 6-Nov-12 16150.74 16150.74 16036.03 16051.14 0.0478637 -0.00653 95484490

KSE-100 7-Nov-12 16063.96 16243.73 16063.96 16218.01 0.04879016 0.010342 1.22E+08

KSE-100 8-Nov-12 16228.25 16278 16148.46 16243.27 -0.0162952 0.001556 1.25E+08

KSE-100 12-Nov-12 16250.85 16292.46 16199.15 16213.68 -0.0192669 -0.00182 1.15E+08

KSE-100 13-Nov-12 16216.07 16235.86 16109.76 16129.72 -0.0050371 -0.00519 1.27E+08

KSE-100 14-Nov-12 16134.87 16174.08 16082.84 16120.52 -0.0038921 -0.00057 92773550

KSE-100 15-Nov-12 16122.06 16201.13 16122.06 16143.07 0.00116921 0.001398 1.51E+08

KSE-100 16-Nov-12 16144.71 16236.73 16144.71 16197.74 0.00711563 0.003381 1.14E+08

KSE-100 19-Nov-12 16193.86 16266.23 16184.35 16251.38 0.00398843 0.003306 1.49E+08

KSE-100 20-Nov-12 16251.65 16339.03 16241.97 16251.79 -0.0042463 2.52E-05 2.39E+08

KSE-100 21-Nov-12 16262.81 16300.06 16199.06 16233.19 -0.0055602 -0.00115 1.33E+08

KSE-100 22-Nov-12 16236.15 16282.61 16220.27 16251.01 0.00207254 0.001097 1.2E+08

KSE-100 23-Nov-12 16263.32 16302.55 16230.7 16237.59 0.01183446 -0.00083 1.26E+08

KSE-100 26-Nov-12 16241.34 16311.03 16241.34 16270.48 0.01346394 0.002023 86327500

KSE-100 27-Nov-12 16273.47 16375.04 16273.47 16364.77 0.01862437 0.005778 1.75E+08

KSE-100 28-Nov-12 16383.19 16504.09 16383.19 16424.03 0.04728527 0.003615 1.94E+08

KSE-100 29-Nov-12 16450.22 16556.29 16450.22 16527.08 0.02806916 0.006255 1.56E+08

KSE-100 30-Nov-12 16549.64 16651.64 16528.88 16573.86 0.00606861 0.002827 2.55E+08

KSE-100 3-Dec-12 16586.12 16634.04 16529.75 16537.98 -0.0087137 -0.00217 1.47E+08


8/41

KSE-100 4-Dec-12 16556.95 16676.24 16556.6 16650.15 0.0013809 0.00676 1.17E+08

KSE-100 5-Dec-12 16661.72 16700.02 16619.27 16675.7 0.04870254 0.001533 1.64E+08

KSE-100 6-Dec-12 16688.78 16841.52 16688.78 16824.55 0.01661908 0.008887 1.45E+08

KSE-100 7-Dec-12 16854.63 16903.98 16787.89 16807.91 -0.0037775 -0.00099 2.05E+08

KSE-100 10-Dec-12 16818.19 16888.74 16777.49 16787.54 0.00097271 -0.00121 1.12E+08

KSE-100 11-Dec-12 16800.13 16848.72 16691.39 16701.69 0.01053094 -0.00513 78857690

KSE-100 12-Dec-12 16726.59 16810.8 16724.51 16744.6 -0.0180127 0.002566 69442340KSE-100 13-Dec-12 16757.74 16815.99 16757.74 16806.58 0.0173711 0.003695 69619490

KSE-100 14-Dec-12 16809.06 16875 16808.37 16845.09 -0.0096733 0.002289 71297920

KSE-100 17-Dec-12 16848.97 16914.23 16785.99 16801.02 -0.0093317 -0.00262 45991540

KSE-100 18-Dec-12 16811.23 16912.52 16811.23 16858.68 0.00511065 0.003426 76047640

KSE-100 19-Dec-12 16881.49 16914.44 16853.13 16869.83 -0.0017369 0.000661 71875550

KSE-100 20-Dec-12 16872.13 16916.63 16867.6 16908.02 -0.0020665 0.002261 1.01E+08

KSE-100 21-Dec-12 16917.7 16967.28 16853.92 16865.34 0.0004354 -0.00253 97468670

KSE-100 24-Dec-12 16867.94 16904.52 16815.64 16891.94 0.04594109 0.001576 81763940

KSE-100 26-Dec-12 16895.64 16962.33 16888.46 16927.34 0.0127035 0.002093 59719700

KSE-100 27-Dec-12 16940.29 16957.84 16876.83 16892.32 -0.0064865 -0.00207 76286390

KSE-100 28-Dec-12 16893.25 16953.5 16873.44 16943.19 0.02135894 0.003007 89699780

KSE-100 31-Dec-12 16942.87 17032.05 16889.98 16905.33 -0.0077142 -0.00224 1.06E+08

KSE-100 1-Jan-13 16909.04 16935.48 16785.9 16794.87 0.00234085 -0.00656 61898400

KSE-100 2-Jan-13 16798.55 16808.13 16379.52 16489.99 -0.0280402 -0.01832 1.55E+08

KSE-100 3-Jan-13 16495.49 16601.8 16452.3 16588.54 0.0127774 0.005959 62003520

KSE-100 4-Jan-13 16594.9 16701.36 16592.71 16648.84 0.00422311 0.003628 56652290

KSE-100 7-Jan-13 16651.19 16651.19 16425.14 16502.65 -0.0193032 -0.00882 58461800

KSE-100 8-Jan-13 16513.84 16654.64 16513.84 16645.76 0.00303427 0.008635 48166250

KSE-100 9-Jan-13 16657.15 16746.09 16649.15 16742.22 -0.0038729 0.005778 57225580

KSE-100 10-Jan-13 16742.35 16742.35 16519.01 16529.92 -0.0069459 -0.01276 62192570

KSE-100 11-Jan-13 16528.42 16684.4 16518.03 16634.71 0.01675607 0.006319 83955170KSE-100 14-Jan-13 16632.81 16645.89 16513.59 16633.18 0.0132056 -9.2E-05 70560710

KSE-100 15-Jan-13 16612.85 16612.85 16049.06 16107.89 -0.0436787 -0.03209 1.7E+08

KSE-100 16-Jan-13 16108.24 16224.54 16036.04 16181.47 -0.0013928 0.004558 66204560

KSE-100 17-Jan-13 16238.06 16435.28 16238.06 16291.09 0.01806254 0.006752 1.01E+08

KSE-100 18-Jan-13 16323.84 16617.81 16323.84 16601.77 0.04448381 0.018891 1.28E+08

KSE-100 21-Jan-13 16639.36 16683.05 16593.53 16640.81 -0.0006045 0.002349 79859670

KSE-100 22-Jan-13 16643.62 16909.05 16643.62 16894.09 -0.0152318 0.015106 1.37E+08

KSE-100 23-Jan-13 16900.76 16949.14 16869.43 16908.67 -0.0076007 0.000863 1.41E+08

KSE-100 24-Jan-13 16925.83 17067.58 16923.6 17056.36 0.03872887 0.008697 1.91E+08

KSE-100 28-Jan-13 17071.46 17124.33 16984.43 17004.99 0.04252655 -0.00302 1.38E+08

KSE-100 29-Jan-13 17014.52 17181.39 16990.58 17172.04 0.00047517 0.009776 1.14E+08

KSE-100 30-Jan-13 17178.1 17253.37 17166.48 17205.27 0.01124297 0.001933 1.59E+08

KSE-100 31-Jan-13 17208.85 17275.22 17206.94 17242.74 -0.0016925 0.002175 1.65E+08

KSE-100 1-Feb-13 17246.73 17280.94 17215.99 17266.23 0.02196663 0.001361 80491050

KSE-100 4-Feb-13 17271.85 17312.15 17271.85 17288.07 0.0487814 0.001264 1.48E+08

KSE-100 6-Feb-13 17292.25 17439.15 17292.25 17408.52 0.02784202 0.006943 1.84E+08

KSE-100 7-Feb-13 17446.77 17487.24 17370.94 17383.32 0.00068195 -0.00145 1.7E+08

KSE-100 8-Feb-13 17388.66 17499.63 17388.66 17477.94 0.03351801 0.005428 1.7E+08

KSE-100 11-Feb-13 17497.04 17593.8 17495 17548.54 0.02442124 0.004031 1.62E+08


9/41

KSE-100 12-Feb-13 17563.6 17658.21 17542.72 17611.4 -0.0352751 0.003576 1.69E+08

KSE-100 13-Feb-13 17636.57 17737.68 17636.57 17696.45 0.01414474 0.004818 1.69E+08

KSE-100 14-Feb-13 17701.79 17777.79 17701.79 17765.82 -0.0084131 0.003912 1.71E+08

KSE-100 15-Feb-13 17773.57 17854.25 17726.91 17797.22 -0.0113287 0.001766 1.64E+08

KSE-100 18-Feb-13 17795.78 17914.43 17750.12 17865.61 -0.0101883 0.003835 2.08E+08

KSE-100 19-Feb-13 17867.05 17941.79 17786.83 17817.71 0.0081757 -0.00268 2.03E+08

KSE-100 20-Feb-13 17819.25 17989.7 17819.25 17947.07 0.0481784 0.007234 2.02E+08KSE-100 21-Feb-13 17978.89 17993.39 17891.96 17921.02 -0.0111005 -0.00145 1.78E+08

KSE-100 22-Feb-13 17920.79 18087.54 17896.66 18074.27 0.00941922 0.008515 2.02E+08

KSE-100 25-Feb-13 18106.92 18175.81 17964.04 18020.5 0.04443086 -0.00298 1.98E+08

KSE-100 26-Feb-13 18033.94 18042.4 17819.09 17894.9 -0.0275076 -0.00699 1.61E+08

KSE-100 27-Feb-13 17926.21 18088.03 17876.56 18080.91 0.01911806 0.010341 1.53E+08

KSE-100 28-Feb-13 18084.93 18217.83 18084.93 18173.67 -0.003174 0.005117 1.67E+08

KSE-100 1-Mar-13 18191.02 18312.65 18160.16 18185.19 0.02518986 0.000634 3.07E+08

KSE-100 4-Mar-13 18193.83 18211.16 18097.03 18126.77 -0.0030289 -0.00322 1.36E+08

KSE-100 5-Mar-13 18122.48 18200.06 17993.18 18053.32 -0.0061618 -0.00406 1.57E+08

KSE-100 6-Mar-13 18052.11 18171.4 17952.96 18000.45 -0.0386623 -0.00293 2.56E+08

KSE-100 7-Mar-13 18008.3 18120.85 17957.54 17992.91 -0.0275819 -0.00042 1.36E+08

KSE-100 8-Mar-13 17993.34 18041.86 17894.39 17964.18 0.03011671 -0.0016 1.55E+08

KSE-100 11-Mar-13 17984.38 18059.09 17491.63 17522.56 -0.0337924 -0.02489 1.71E+08

KSE-100 12-Mar-13 17579.45 17886.29 17543.17 17872.85 0.02776163 0.019794 1.28E+08

KSE-100 13-Mar-13 17887.32 17912.89 17716.38 17760.44 -0.0298916 -0.00631 1.41E+08

KSE-100 14-Mar-13 17777.55 17831.53 17725.23 17740.69 -0.0003281 -0.00111 64024280

KSE-100 15-Mar-13 17732.07 17755.56 17627.65 17664.83 0.00204876 -0.00429 79674100

KSE-100 18-Mar-13 17637.05 17640.97 17388.3 17492 -0.0083854 -0.00983 68672600

KSE-100 19-Mar-13 17503.28 17703.79 17503.28 17693.37 0.02252973 0.011446 1.13E+08

KSE-100 20-Mar-13 17708.04 17773.05 17671.64 17753.97 0.00731838 0.003419 2.03E+08

KSE-100 21-Mar-13 17771.14 17957.09 17771.14 17913.62 0.02226628 0.008952 1.92E+08KSE-100 22-Mar-13 17905.97 17976.31 17892.98 17963.12 0.00648313 0.002759 98898300

KSE-100 25-Mar-13 17995.22 18071.3 17917.01 17961.91 0.00442805 -6.7E-05 91544820

KSE-100 26-Mar-13 17971.47 17981.75 17845.4 17872.15 -0.0109112 -0.00501 76574240

KSE-100 27-Mar-13 17917.93 18003.71 17891.43 17926.14 0.00445679 0.003016 91139370

KSE-100 28-Mar-13 17934.14 17978.5 17920.25 17947.76 -0.0043001 0.001205 53308000

KSE-100 29-Mar-13 17959.51 18056.65 17959.51 18043.31 -0.0039253 0.00531 1.09E+08

KSE-100 1-Apr-13 18052.99 18327.3 18052.99 18272.11 0.00791323 0.012601 1.09E+08

KSE-100 2-Apr-13 18315.45 18434.74 18315.45 18345.74 0.02092821 0.004022 1.66E+08

KSE-100 3-Apr-13 18347.64 18590.32 18347.64 18575.88 0.04877197 0.012467 1.26E+08

KSE-100 4-Apr-13 18594.61 18652.61 18545.89 18613.44 0.04823892 0.00202 1.38E+08

KSE-100 5-Apr-13 18615.96 18718 18589.07 18636.03 0.003531 0.001213 1.25E+08

KSE-100 8-Apr-13 18644.3 18731.63 18638.78 18653.06 -0.0102116 0.000913 78808570

KSE-100 9-Apr-13 18683.25 18732.94 18664.96 18713.61 0.00431966 0.003241 70727820

KSE-100 10-Apr-13 18738.64 18791.22 18708.97 18723.35 0.01634237 0.00052 79209500

KSE-100 11-Apr-13 18732.25 18789.73 18696.12 18764.55 -0.0035629 0.002198 61967210

KSE-100 12-Apr-13 18772.51 18780.25 18652.72 18714.28 -0.0052992 -0.00268 1.19E+08

KSE-100 15-Apr-13 18721.31 18751.28 18500.72 18524.5 -0.0353255 -0.01019 98535000

KSE-100 16-Apr-13 18488.64 18565.21 18333.27 18361.87 -0.0256313 -0.00882 1.05E+08

KSE-100 17-Apr-13 18379.74 18465.12 18207.38 18394.12 0.01917688 0.001755 1.17E+08


10/41

KSE-100 18-Apr-13 18402.22 18650.08 18382.29 18614.36 -0.0036761 0.011902 81412450

KSE-100 19-Apr-13 18616.88 18781.18 18609.27 18631.21 0.04876265 0.000905 1.02E+08

KSE-100 22-Apr-13 18654.47 18697.43 18523.06 18605.55 -0.0284617 -0.00138 90342700

KSE-100 23-Apr-13 18607.71 18710.55 18588.52 18647.29 0.02045176 0.002241 1.02E+08

KSE-100 24-Apr-13 18671.37 18798.05 18669.54 18779.66 -0.0036116 0.007074 1.54E+08

KSE-100 25-Apr-13 18802.02 18928.87 18799.6 18885.61 0.00783176 0.005626 1.3E+08

KSE-100 26-Apr-13 18900.86 18986.64 18889.9 18917.71 -0.0125045 0.001698 1.27E+08KSE-100 29-Apr-13 18925.42 18926.64 18790.82 18822.85 -0.0026599 -0.00503 95156270

KSE-100 30-Apr-13 18835.76 19005.46 18827.37 18982.42 0.00538256 0.008442 1.34E+08

KSE-100 2-May-13 18986.67 19102.09 18986.67 19034.53 -0.0026527 0.002741 1.07E+08

KSE-100 3-May-13 19033.78 19240.69 19026.97 19226.63 0.00300122 0.010042 1E+08

KSE-100 6-May-13 19255.08 19445.27 19220.54 19256.7 0.00243622 0.001563 99487300

KSE-100 7-May-13 19275.23 19298.91 19168.88 19262.74 -0.0069764 0.000314 1.37E+08

KSE-100 8-May-13 19268.45 19515.94 19268.45 19472.55 0.01369742 0.010833 1.93E+08

KSE-100 9-May-13 19475.01 19736.25 19475.01 19661.46 0.0001381 0.009655 1.78E+08

KSE-100 10-May-13 19753.33 19944.83 19748.15 19916.27 -0.0032505 0.012877 1.43E+08

KSE-100 13-May-13 20112.87 20304.07 20112.87 20244.82 0.0062839 0.016362 1.89E+08

KSE-100 14-May-13 20315.34 20504.65 20315.34 20474.62 -0.0061454 0.011287 2.18E+08

KSE-100 15-May-13 20593.89 20647.61 20347.89 20566.69 -0.0045122 0.004487 2.47E+08

KSE-100 16-May-13 20619.71 20744.53 20390.8 20416.6 -0.0066316 -0.00732 1.53E+08

KSE-100 17-May-13 20444.48 20620.06 20444.48 20537.03 -0.0016823 0.005881 1.77E+08

KSE-100 20-May-13 20539.3 20835.29 20539.3 20814.14 0.00021045 0.013403 1.84E+08

KSE-100 21-May-13 20885.55 21198.59 20885.55 21168 0.00119169 0.016858 3.14E+08

KSE-100 22-May-13 21277.07 21484.06 21277.07 21458.9 -0.0068188 0.013649 3.73E+08

KSE-100 23-May-13 21514.29 21621.85 21300.88 21342.65 0.0129649 -0.00543 2.82E+08

KSE-100 24-May-13 21345.41 21421.92 21267.58 21283.77 0.00527779 -0.00276 1.9E+08

KSE-100 27-May-13 21303.02 21303.02 20917.04 20958.86 -0.0131067 -0.01538 1.19E+08

KSE-100 28-May-13 20959.02 21517.22 20959.02 21501.72 0.03020584 0.025571 1.64E+08KSE-100 29-May-13 21586.19 21712.07 21418.28 21441.12 0.04876747 -0.00282 2.52E+08

KSE-100 30-May-13 21450.41 21682.17 21443.39 21590.66 -0.014698 0.00695 2.85E+08

KSE-100 31-May-13 21595.76 21844.53 21595.76 21823.05 0.00170951 0.010706 3.56E+08

KSE-100 3-Jun-13 21849.05 22156.49 21778.97 22080.85 -0.0013805 0.011744 2.7E+08

KSE-100 4-Jun-13 22089.5 22324.04 22089.5 22274.51 -0.0056736 0.008732 2.47E+08

KSE-100 5-Jun-13 22336.07 22422.46 22016.94 22092.42 -0.0143264 -0.00821 3.6E+08

KSE-100 6-Jun-13 22101.85 22337.59 21981.81 22276.7 -0.0024863 0.008307 2.65E+08

KSE-100 7-Jun-13 22353.96 22587.53 22327.27 22358.96 -0.0132748 0.003686 2.16E+08

KSE-100 10-Jun-13 22380.16 22450.23 22099.36 22150.74 0.00313138 -0.00936 1.71E+08

KSE-100 11-Jun-13 22196.02 22297.31 22186.24 22209.07 0.00237602 0.00263 1.14E+08

KSE-100 12-Jun-13 22213.05 22491.46 22213.05 22324.57 -0.0105655 0.005187 1.67E+08

KSE-100 13-Jun-13 22348.68 22833.2 22348.68 22757.72 0.00219043 0.019217 2.61E+08

KSE-100 14-Jun-13 22759.23 22881.55 22515.23 22541.64 -0.012661 -0.00954 2.98E+08

KSE-100 17-Jun-13 22581.01 22606.58 22188.71 22216.46 -0.013104 -0.01453 1.65E+08

KSE-100 18-Jun-13 22254.77 22320.46 21846.18 21919.63 0.00545761 -0.01345 1.99E+08

KSE-100 19-Jun-13 22056.25 22246.97 22056.25 22135.72 0.04875361 0.00981 1.52E+08

KSE-100 20-Jun-13 22263.23 22312.46 21960.86 22015.04 0.00437666 -0.00547 1.55E+08

KSE-100 21-Jun-13 21986.92 22002.76 21681.83 21698.35 -0.031388 -0.01449 1.98E+08

KSE-100 24-Jun-13 21788.9 21835.72 20999.32 21048.08 -0.037567 -0.03043 2.08E+08


11/41

KSE-100 25-Jun-13 21047.23 21266.01 20898.84 21110.34 0.00318505 0.002954 1.53E+08

KSE-100 26-Jun-13 21175.06 21330.27 20940.22 21002.57 -0.0058826 -0.00512 1.5E+08

KSE-100 27-Jun-13 21043.86 21211.61 20959.64 21015.34 -0.0253397 0.000608 1.06E+08

KSE-100 28-Jun-13 21059.3 21172.43 20854.42 21005.69 0.02597923 -0.00046 1.08E+08

KSE-100 1-Jul-13 21036.75 21383.13 20942.34 21363.16 0.01277589 0.016875 1.16E+08

KSE-100 2-Jul-13 21378.68 21724.53 21378.68 21644.17 0.00098142 0.013068 1.75E+08

KSE-100 3-Jul-13 21654.11 21828.53 21636.07 21802.86 0.01784708 0.007305 1.65E+08KSE-100 4-Jul-13 21841.39 22111 21841.39 21966.96 0.00924886 0.007498 1.88E+08

KSE-100 5-Jul-13 22024.47 22242.23 22024.47 22178.34 0.00963699 0.009577 2.22E+08

KSE-100 8-Jul-13 22247.96 22397.52 22216.55 22365.72 0.00847406 0.008413 2.41E+08

KSE-100 9-Jul-13 22375.13 22757.93 22375.13 22721.22 0.01323906 0.01577 2.43E+08

KSE-100 10-Jul-13 22725.28 23074.92 22647.86 22984.94 0.03615047 0.01154 2.26E+08

KSE-100 11-Jul-13 22991.4 23050.44 22713.32 22747.13 -0.0185286 -0.0104 1.25E+08

KSE-100 12-Jul-13 22778.61 23073.98 22772.1 23037.32 0.02690745 0.012677 79751180

KSE-100 15-Jul-13 23133.04 23388.68 23125.43 23172.35 0.02509338 0.005844 1.39E+08

KSE-100 16-Jul-13 23213.55 23265.09 23099.3 23160.89 -0.023325 -0.00049 1.69E+08

KSE-100 17-Jul-13 23159.51 23320.35 22928.81 22994.72 -0.0346024 -0.0072 1.6E+08

KSE-100 18-Jul-13 23018.25 23156.75 22897.73 23114.97 0.01818879 0.005216 1.18E+08

KSE-100 19-Jul-13 23159.41 23464.11 23159.41 23428.93 0.02339325 0.013491 1.66E+08

KSE-100 22-Jul-13 23442.63 23763.24 23442.63 23657.81 -0.0135636 0.009722 2.54E+08

KSE-100 23-Jul-13 23662.92 23719.07 23573.04 23683.27 0.00336071 0.001076 2.61E+08

KSE-100 24-Jul-13 23719.93 23946 23709.29 23776.22 -0.0186575 0.003917 2.24E+08

KSE-100 25-Jul-13 23796.08 23870.61 23549.61 23573.68 -0.0245491 -0.00856 2.37E+08

KSE-100 26-Jul-13 23575.35 23702.26 23456.74 23497.07 -0.0202985 -0.00326 1.73E+08

KSE-100 29-Jul-13 23510.95 23577.31 23288.01 23315.15 -0.0075835 -0.00777 1.88E+08

KSE-100 30-Jul-13 23317.99 23467.09 23128.31 23284.81 -0.0336602 -0.0013 1.43E+08

KSE-100 31-Jul-13 23348.58 23399.71 23210.63 23312.78 -0.0213137 0.0012 1.07E+08

KSE-100 1-Aug-13 23318.6 23399.52 23010.59 23091.87 -0.0512706 -0.00952 1.43E+08KSE-100 5-Aug-13 23099.85 23125.3 22301.75 22701.3 -0.0512535 -0.01706 1.56E+08

KSE-100 6-Aug-13 22720.25 22969.15 22547.51 22621.93 -0.0505859 -0.0035 1.04E+08

KSE-100 7-Aug-13 22651.13 23275.55 22590.23 23237.19 0.04699921 0.026834 1.32E+08

KSE-100 12-Aug-13 23315.02 23470.22 23191.89 23437.99 0.00398439 0.008604 2.06E+08

KSE-100 13-Aug-13 23460.83 23658.41 23448.28 23613.2 0.00460209 0.007448 2.23E+08

KSE-100 15-Aug-13 23613.48 23749.6 23492.65 23687.89 -0.0365201 0.003158 1.28E+08

KSE-100 16-Aug-13 23698.92 23820.37 23623.41 23673.3 -0.003125 -0.00062 1.16E+08

KSE-100 19-Aug-13 23679.21 23702.87 23439.81 23600.23 -0.0381966 -0.00309 1.19E+08

KSE-100 20-Aug-13 23603.41 23808.84 23442.07 23487.23 -0.0179594 -0.0048 1.46E+08

KSE-100 21-Aug-13 23489.38 23489.38 22977.76 23015.27 -0.0380017 -0.0203 1.91E+08

KSE-100 22-Aug-13 23054.7 23100.72 22539.48 22714.32 -0.0303193 -0.01316 1.54E+08

KSE-100 23-Aug-13 22721.29 22937.12 22583.26 22714.68 0.02141093 1.58E-05 1.06E+08

KSE-100 26-Aug-13 22858.8 23134.38 22858.8 22922.24 0.047955 0.009096 1.08E+08

KSE-100 27-Aug-13 22996.13 23062.59 22478.94 22523.71 -0.049417 -0.01754 1.18E+08

KSE-100 28-Aug-13 22489.58 22489.58 21928.39 22236.33 -0.0512163 -0.01284 2.04E+08

KSE-100 29-Aug-13 22246.03 22350.89 22050.27 22214.73 -0.021205 -0.00097 1.33E+08

KSE-100 30-Aug-13 22220.19 22346.74 21989.27 22160.85 0.00137538 -0.00243 1.41E+08

KSE-100 2-Sep-13 22118.2 22118.2 21678.74 21724.68 -0.0484761 -0.01988 1.26E+08

KSE-100 3-Sep-13 21701.7 22083.29 21634.83 21808.48 0.00401091 0.00385 1.12E+08


12/41

KSE-100 4-Sep-13 21807.6 21964.66 21769.64 21875.83 -0.0281034 0.003083 90788240

KSE-100 5-Sep-13 21949.92 22503.89 21920.76 22451.46 0.04822197 0.025973 1.43E+08

KSE-100 6-Sep-13 22493.34 22839.88 22493.34 22765.87 0.04811452 0.013907 1.78E+08

KSE-100 9-Sep-13 22827.65 22997.94 22785.45 22838.84 0.04873995 0.0032 1.33E+08

KSE-100 10-Sep-13 22885.54 23092.21 22885.54 22992.17 0.04873799 0.006691 1.74E+08

KSE-100 11-Sep-13 23016.75 23261.63 22948.26 23231.68 0.0187807 0.010363 1.66E+08

KSE-100 12-Sep-13 23243.68 23381.07 23167.24 23222.21 0.01532954 -0.00041 1.52E+08KSE-100 13-Sep-13 23218.73 23270.05 23139.13 23168.04 -0.0121767 -0.00234 1.19E+08

KSE-100 16-Sep-13 23172.17 23323.72 23083.24 23242.68 -0.0372692 0.003217 1.96E+08

KSE-100 17-Sep-13 23246.11 23380.36 23011.62 23066.5 -0.0268497 -0.00761 1.21E+08

KSE-100 18-Sep-13 23064.39 23110.59 22815.94 22930.06 0.01432005 -0.00593 1.39E+08

KSE-100 19-Sep-13 22956.38 23503.24 22956.38 23456.98 0.03729975 0.022719 1.82E+08

KSE-100 20-Sep-13 23530.35 23663.88 23405.19 23595.61 -0.0103915 0.005893 1.81E+08

KSE-100 23-Sep-13 23585.26 23681.43 23516.08 23639.97 -0.0033133 0.001878 64605050

KSE-100 24-Sep-13 23645.57 23727.57 23024.33 23088.49 -0.0342028 -0.0236 1.3E+08

KSE-100 25-Sep-13 23101.86 23219.35 22794.64 23060.9 -0.0091698 -0.0012 1.12E+08

KSE-100 26-Sep-13 23108.74 23136.01 22513.05 22780.82 -0.0172957 -0.01222 1.25E+08

KSE-100 27-Sep-13 22862.31 22929.65 22316.73 22387.31 -0.0067039 -0.01742 1E+08

KSE-100 30-Sep-13 22345.69 22345.69 21669.63 21832.68 -0.0512736 -0.02509 1.5E+08

KSE-100 1-Oct-13 21799.55 22019.22 21497.19 21980.42 0.00196483 0.006744 1.35E+08

KSE-100 2-Oct-13 22010.93 22290.18 21993.18 22189.67 0.01587103 0.009475 89778630

KSE-100 3-Oct-13 22213.88 22294.73 22086.31 22152.35 -0.0299057 -0.00168 71958940

KSE-100 4-Oct-13 22166.85 22334.25 22062.37 22085.96 -0.00329 -0.003 59940130

KSE-100 7-Oct-13 22092.18 22104.37 21841.23 21864.85 0.00736248 -0.01006 44384340

KSE-100 8-Oct-13 21874.02 22095.08 21846.14 22080.47 -0.0044707 0.009813 61350060

KSE-100 9-Oct-13 22092.14 22150.49 21631.47 21657.22 -0.0432395 -0.01935 83765630

KSE-100 10-Oct-13 21654.28 21734.82 21476.32 21674.98 -0.000104 0.00082 59578890

KSE-100 11-Oct-13 21710.34 21944.85 21710.34 21775.39 0.02637267 0.004622 59480400KSE-100 14-Oct-13 21796.77 21815.17 21596.11 21599.78 -0.0335733 -0.0081 39645450

KSE-100 21-Oct-13 21815.06 21979.76 21735.99 21754.95 -0.0512492 0.007158 78403850

KSE-100 22-Oct-13 21767.71 22283.71 21748.47 22230.43 -0.0416446 0.021621 1.35E+08

KSE-100 23-Oct-13 22439.66 22539.36 22328.05 22347.29 0.03300854 0.005243 1.21E+08

KSE-100 24-Oct-13 22367.25 22472.57 22272.87 22360.85 -0.0378473 0.000607 71451880

KSE-100 25-Oct-13 22356.72 22579.24 22321.04 22445.59 -0.049963 0.003782 92438270

KSE-100 28-Oct-13 22420.76 22601.54 22280.91 22353.2 0.01122726 -0.00412 62756790

KSE-100 29-Oct-13 22360.82 22461.28 22240.65 22276.65 -0.0097715 -0.00343 50536420

KSE-100 30-Oct-13 22291.04 22400.29 22272.46 22310.6 -0.0146541 0.001523 68991010

KSE-100 31-Oct-13 22319.58 22820.16 22232 22775.85 0.04873744 0.020639 96024270

KSE-100 1-Nov-13 22777.51 23013.55 22602.64 22649.09 -0.0325087 -0.00558 1.05E+08

KSE-100 4-Nov-13 22637.36 22637.36 22199.46 22377.83 -0.0276108 -0.01205 71780490

KSE-100 5-Nov-13 22412.2 22833.92 22412.17 22790.7 0.04572225 0.018282 72972650

KSE-100 6-Nov-13 22800.31 23221.1 22800.31 23165.21 0.04701696 0.016299 1.32E+08

KSE-100 7-Nov-13 23165.58 23351.73 23113.89 23220.21 -0.0069417 0.002371 1.2E+08

KSE-100 8-Nov-13 23208.32 23392.12 23152.82 23367.15 0.00603406 0.006308 98146500

KSE-100 11-Nov-13 23371.83 23588.52 23364.37 23381.08 -0.0003406 0.000596 1.58E+08

KSE-100 12-Nov-13 23385.03 23532.7 23273.86 23302.46 -0.0196073 -0.00337 1.29E+08

KSE-100 13-Nov-13 23310.73 23420.21 23146.83 23287.06 0.01539729 -0.00066 91585300


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KSE-100 18-Nov-13 23296.59 23675.31 23296.59 23611.24 0.04187048 0.013825 1.35E+08

KSE-100 19-Nov-13 23665.84 23880.17 23665.84 23819.43 0.01519291 0.008779 1.73E+08

KSE-100 20-Nov-13 23861.76 24007.12 23764.68 23800.97 -0.019906 -0.00078 1.91E+08

KSE-100 21-Nov-13 23799.9 23914.6 23731.91 23784.18 -0.0398977 -0.00071 1.06E+08

KSE-100 22-Nov-13 23809.55 23875.12 23702.79 23847.57 0.00865215 0.002662 97088000

KSE-100 25-Nov-13 23857.27 24090.51 23857.27 23978.29 -0.0005669 0.005467 1.13E+08

KSE-100 26-Nov-13 23991.38 23998.34 23745.41 23798.7 0.00079361 -0.00752 93193090KSE-100 27-Nov-13 23784.31 23849.02 23683.53 23768.35 -0.0096795 -0.00128 74447820

KSE-100 28-Nov-13 23817.34 24204.48 23817.34 24180.49 0.01420236 0.017191 1.21E+08

KSE-100 29-Nov-13 24198.53 24338.89 24177.92 24302.19 0.02220206 0.00502 1.11E+08

KSE-100 2-Dec-13 24325.89 24461.79 24320.22 24401.57 0.00703686 0.004081 1.19E+08

KSE-100 3-Dec-13 24403.01 24618.69 24403.01 24588.47 0.02456701 0.00763 1.39E+08

KSE-100 4-Dec-13 24602.09 24750.82 24427.26 24445.38 -0.0188858 -0.00584 1.48E+08

KSE-100 5-Dec-13 24468.26 24867.47 24447.13 24800.69 0.02442952 0.01443 1.41E+08

KSE-100 6-Dec-13 24855.34 25008.33 24808.45 24870.55 -0.0110109 0.002813 1.95E+08

KSE-100 9-Dec-13 24923.27 25125.82 24923.27 24998.89 0.02295287 0.005147 1.04E+08

KSE-100 10-Dec-13 25004.63 25103.68 24851.81 24878.68 0.01314985 -0.00482 1.08E+08

KSE-100 11-Dec-13 24902.86 25020.2 24902.86 24972.9 0.0008291 0.00378 1.17E+08

KSE-100 12-Dec-13 24986.32 25103.59 24917.52 25072 0.03980625 0.00396 1.36E+08

KSE-100 13-Dec-13 25088.49 25285.62 25082.03 25256.7 0.04876646 0.00734 2.2E+08

KSE-100 16-Dec-13 25262.62 25407.59 25262.62 25298.32 0.02379726 0.001647 1.89E+08

KSE-100 17-Dec-13 25302.65 25400.55 25192.43 25350.2 -0.0163349 0.002049 1.94E+08

KSE-100 18-Dec-13 25384.24 25552.04 25383.98 25524.46 -0.0035825 0.006851 1.87E+08

KSE-100 19-Dec-13 25537.04 25711.46 25399.33 25472.65 -0.0223484 -0.00203 1.74E+08

KSE-100 20-Dec-13 25471.7 25640.86 25392.77 25579.33 -0.0198007 0.004179 1.5E+08

KSE-100 23-Dec-13 25598.48 25636.66 25340 25417.63 0.00569746 -0.00634 1.14E+08

KSE-100 24-Dec-13 25431.55 25469.78 25182.92 25366.69 0.03019862 -0.00201 1.04E+08

KSE-100 26-Dec-13 25402.91 25497.8 25348.44 25370.03 0.00710264 0.000132 1.09E+08KSE-100 27-Dec-13 25379.03 25415.07 25227.85 25258.05 -0.0130125 -0.00442 1.14E+08

KSE-100 30-Dec-13 25261.73 25378.96 25194.62 25283.96 -0.0082558 0.001025 1.33E+08

KSE-100 31-Dec-13 25284.21 25319.58 25218.97 25261.14 0.00672497 -0.0009 87391630

KSE-100 1-Jan-14 25261.66 25628.41 25261.66 25608.85 -0.0006705 0.013671 1.98E+08

0.00308108 0.001635

0.403756


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Beta 1.464342845

Risk premium Yahoo

finance

Rf 0.1

Risk premium

analyst

Rm 0.403755535Weighted Risk

premium

Risk Premium 0.303755535

Expected return 0.544802245

Expected return Yahoo Finance 12.88%

Expected return (pk finance, analyst) 12.20%

Weighted Expected return 18%

Jensen Alpha 0.047121699

Expected Rate of return engro Weighted Risk Pr

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


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0.01962

0.015027

0.051971

emium


26/41

Vertical Analysis (Rs. in Million)

EQUITY AND LIABILITIES

EQUITY Rs % Rs % Rs %

Share Capital 7666 31.9 7616 34.3 7518 45.2

Share Premium 865 3.6 810 3.7 722 4.3

Advance against issue of shares 0 0 1 100 - -

Employee Compensation Reserve 407 1.7

Hedging reserve -10 0 17 0.1 -18 -0.1

Remeasurement of post employee benefit -35 -0.1

Accumalated loss 1821 7.6 1610 7.3 -985 -5.9

10714 44.6 10054 45.3 7237 43.5

Non Current Liabilities

Long Term Finances 7127 29.6 6023 27.1 5610 33.7

Obligations under finance lease 0 0 3

Deferred Taxation 1539 6.4 1653 7.4 308 1.9

Deferred Liabilities 0 0 2Deferred Income 10 0 17 100

8676 36.1 7693 34.5 5923 35.6

Current Liabilities

Current portion of

long term finances 1032 4.3 1686 7.6 465 2.8

Obligations under finance lease 0 0 3 3

Trade and other payables 3369 14 2359 10.6 2344 14.1

Derivative financial instrument 15 0.1 28 0.2

Accrued interest/ markup

*Long term finances 229 1 302 1.4 368 2.2

*Short term finances 10 0 7 0 20 0.1Short term finances 0 0 85 0.4 253 1.5

4655 19.4 4442 20 3481 20.9

Total Equity and Liabilities 24045 100 22189 99.8 16641 100

ASSETS

Non-Current Assets

Property, plant, equipment 14505 24.45364 10958 12.25589 9615 25.65783

Long term investment 0 0

Biological assets 716 3 668 3 497 3

Intangible assets 123 0.5 105 0.5 134 0.8

Long term advances, deposits and

prepayments 93 0.4 82 0.4 24 0.1

Defered employee share compensation

scheme 169 0.7

Deferred taxation

Advance against purchase of shares of

engro foodsNetherlands B.V 863 3.9

Investment in subsidary 427 1.8

16033 66.7 12676 20.05589 10270 29.55783

2013

EFL BALANCE SHEET

2012 2011


27/41

Current Assets

Stores, spares and loose tools 740 676 3 572 3.4

Stock-in trades 3084 3495 15.8 2638 15.9

Trade debts 154 149 0.7 87 0.5

Advances, deposits and prepayments 181 262 1.2 266 1.6

Other receivables 2354 1440 6.5 1160 7

Deffered employee share compensation sc 136Taxes recoverable 637 334 1.5 1

Derivative financial instruments 26 0.1 0

Short term investments 170 2709 12.2 1294 7.8

Cash and bank balances 557 422 1.9 351 2.1

Total 8013 9513 42.9 6369 38.3

Working Capital 3358 -0.3378 5071 0.755886 2888 1.375

Change in working capital

Total Assets 24046 22189 62.95589 16639 67.85783


28/41

Rs % Rs % Rs % Rs %

7000 56.2 5423 60.2 4300 58.7 2200 50.8

50 0.7 200 4.6

-1876 -15.1 -2052 -22.8 -1618 -22.1 -1064 -24.6

5124 41.1 3371 37.4 2732 37.3 1336 30.8

4625 37.1 3325 36.9 2742 37.4 1393 32.3

5 8 0.1 15 0.2 12 0.3

181 1.5 301 3.3 599 8.2 452 10.4

3 3 0 2 2 0.10

4814 38.6 3637 40.3 3358 45.8 1859 43.1

200 16 117 1.3 58 0.8

4 0 5 0.1 8 0.1 5 0.1

2041 16.4 1582 17.6 990 13.5 618 14.3

0 0

275 2.2 183 2

2 2 0108 1.2 180 2.5 511 11.8

2522 20.2 1997 22.2 1236 16.9 1134 26.2

12460 99.9 9005 99.9 7326 100 4329 100.1

7148 18.73251 5809 21.38062 4567 39.91679 2744

980 7.9 153 1.7

428 3.4 438 4.9 307 4.2 10 0.2

142 1.1 28 0.3 19 0.3 4 0.1

23 0.2 8 0.1 8 0.1 5 0.1

8721 31.33251 6436 28.38062 4901 44.51679 2763 0.4

20072010 2009 2008


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442 3.6 290 3.2 188 2.6 79 1.8

2089 16.8 1164 12.9 1239 16.9 418 9.7

52 0.4 25 0.3 9 0.1 8 0.2

244 2 339 3.8 123 1.7 41 1

721 5.8 572 6.4 711 9.7 865 20

9 0.1 31 0.3 56 0.8

1

180 1.5 148 1.6 99 1.4 155 3.6

3738 30.2 2569 28.5 2425 33.2 1566 36.3

1216 1.125874 572 -0.51892 1189 1.752315 432

12459 61.53251 9005 56.88062 7326 77.71679 4329 36.7


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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 0 010 10 10 10 10

8786.552293 9739.283767 16425.27582 17675.56804 24537.55

1032 1032 1032 1032 1032

0 0 0 0 0

3854.6975 4410.41639 5046.251419 5773.752665 6606.135

15 15 15 15 15

4.4655 0.0195 5.889 0.0273 7.176

0.003333333 1.11111E-06 0.002333333 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 93 93 93 93

863 863 863 863 863

15437.63257 15438.2684 15438.90749 15439.54987 15440.2


31/41

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

637 637 637 637 637

26 26 26 26 26

170 170 170 170 170

5083.97 11797 26949 40629 65804

12673.00283 19649.83756 35088.28711 49079.42606 74592.49

5681.93116 9614.157745 16267.71366 27525.91696 46575.45

-2323.93116 -3932.22658 -6653.55591 -11258.2033 -19049.5

28110.6354 35088.10596 50527.1946 64518.97593 90032.68


32/41

Rs % Rs

Sales 37891.0 100.0 40169.0 100.0 29859.0

Cost of Sales 29718.0 78.4 29848.0 74.3 23230.0

Gross Profit 8173.0 21.6 10321.0 25.7 6629.0

Distribution and Marketing expenses 5017.0 13.2 4709.0 11.7 3716.0

Administrative expenses 966.0 2.5 741.0 1.8 505.0

Other expenses 340.0 0.9 430.0 1.1 209.0

Other operating income 324.0 0.9 382.0 1.0 213.0

Operating Profit 2174.0 5.7 4823.0 12.1 2412.0

Other expenses 881.0 2.3

Finance cost 785.0 2.1 903.0 2.2 1049.0

Net profit before taxation 508.0 1.3 3920.0 9.9 1363.0

Provision after taxation -297.0 -0.8 -1326.0 -3.3 -472.0

Net profit after taxation 211.0 0.6 2594.0 6.6 891.0

EBITDA 2907.0 7.7 6071.0 15.1 3375.0

Depreciation 1461 4 1,207 3 921

Free Cash Flows

PV OF FREE CASH FLOWS

Net Sales (Note 26)

2,012 2,011 2,010 2009 2008

Manufactured Goods 41,142,420 30,779,441

Less

Sales tax -601780 -597246

Discounts -398,982 -335,824

40,141,658 29,846,371

Raw Milk 27,261 12,855

Total 40,168,919 29,859,226

Sales in millions 40,169 29,859 20945.0 14665.0 8173.0

Growth in Sales 0.2566656 0.29853645 0.299833 0.4426867 0.555732289Average growth 0.37

CAGR 80%

EFL INCOME STATEMENT

2013 2012 201


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% Rs % Rs % Rs % Rs %

100.0 20945.0 100.0 14665.0 100.0 8173.0 100.0 3631.0 100.0

77.8 16552.0 79.0 11949.0 81.5 7124.0 87.2 3370.0 92.8

22.2 4393.0 21.0 2716.0 18.5 1049.0 12.8 261.0 7.2

12.4 2913.0 13.9 2640.0 18.0 1305.0 16.0 950.0 26.2

1.7 2.3 347.0 2.4 302.0 3.7 129.0 3.6

0.7 0.6 46.0 0.3 22.0 0.3 32.0 0.9

0.7 0.3 176.0 1.2 76.0 0.9 2.0 0.1

8.1 1480.0 4.5 -141.0 -1.0 -504.0 -6.3 -848.0 -23.4

3.5 3.1 515.0 3.5 354.0 4.3 105.0 2.9

4.6 1480.0 1.4 -656.0 -4.5 -858.0 -10.6 -954.0 -26.3

-1.6 0.5 223.0 1.5 303.0 3.7 334.0 9.2

3.0 1480.0 1.9 -433.0 -3.0 -555.0 -6.9 -620.0 -17.1

11.3 1644.0 7.8 365.0 2.5 -213.0 -2.6

3 700 3 1500 10 2100 26 0

2007

3631.0

1 2010 2009 2008 2007


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2014 2015 2016 2017 2018

68102.57 122402.7 219997.8 395408.3947 710678.7664

78.2 53256.21 95718.91 172038.3 309209.3646 555750.7954

14846.36 26683.79 47959.53 86199.03004 154927.9711

13.4 9152.986 16450.92 29567.71 53142.88824 95515.22621

2.4 1634.462 2937.665 5279.948 9489.801472 17056.29039

0.7 490.3385 881.2994 1583.984 2846.940442 5116.887118

0.8 517.5796 930.2605 1671.984 3005.103799 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 11704.1 21036.1

-0.3 -204.308 -367.208 -659.994 -1186.225184 -2132.036299

1811.5 3255.9 5851.9 10517.9 18904.1

7.9 5357.188 9628.627 17305.81 31104.2182 55904.49702

8.2 5585.544 10039.06 18043.48 32430.0651 58287.47941

-4784.0 2722.2 16044.0 39701.1 81736.1

-4125.4 2347.4 13835.3 34235.7 70483.9

Terminal Value 767266.4

Market Value 116776.9

Predicted Share Price 152.87

Net Income 1,811,500.00

Stockholder's Equity 7,665,961.00

Return on equity 24%

Dividends paid 0

Capital 14,792,955.00

ROC 12%

Current share price 110

Undervalued 39%

Forecast


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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 inceptionb) Sales tax on exempt supplies.


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Expected Growth Rate in Operating Income 4.80%

Expected Return on Capital 18%

Expected Net Capital Ex and Chg in WC as % of after-tax EBIT = 27%

Estimation of net capital expenditures and working capital is necessary for estimation of free cash flows, we

return on capital and growh rates.

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

Expected return has been found by taking weighted average of return from analyst report, yahoo finance and

It came out to be 18%


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ave estimated them using

FL Income Statement'

that calculated by CAPM.


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Calculation of Weighted Average Cost of Capital

Equity ######

Current S 110.98

Total Out ######

Current B 1.00244

Risk Free 10%

Risk prem 5%

Non curr 8674.99

Current Li 4655.36

Total Deb ######

Interst Ex ######

Average 4

Pre-tax C 11%

Tax Rate 34%

Market V ######

Equity Debt EQUITY+DEBT

Market V ###### 91,056,817.45 ##########

Weight in 48% 52% 100%

Rate of r 15% 17% 16%

Debt

Ratio Beta Cost of Equity Bond Rating

Interest rate

on debt Tax Rate

Cost of Debt

(after-tax) WACC

0 1.33914 0.169596368 Aaa/AAA 0.104 0.34 0.06864 0.17

0.1 1.43734 0.174700102 B3/B- 0.1725 0.34 0.11385 0.169

0.2 1.60654 0.183493228 C2/C 0.205 0.201288244 0.16373591 0.18

0.3 1.83604 0.195420832 C2/C 0.205 0.134192163 0.177490607 0.19

0.4 2.14205 0.211324303 C2/C 0.205 0.100644122 0.184367955 0.201

0.5 2.57046 0.233589164 C2/C 0.205 0.080515298 0.188494364 0.211

0.6 3.22226 0.267464032 D2/D 0.22 0.062521349 0.206245303 0.231

0.7 4.29635 0.323285376 D2/D 0.22 0.053589727 0.20821026 0.243

0.8 6.44453 0.434928065 D2/D 0.22 0.046891011 0.209683977 0.255

0.9 12.8891 0.769856129 D2/D 0.22 0.041680899 0.210830202 0.267


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Enterprise

Value

87974.673

89232.814

76974.88

67998.643

60897.258

55138.873

46833.832

42896.363

39569.619

36721.736


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page 37 of annual report 2013 for valuation

page 49 onwards of annual report 13 for social responsibility


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92.97

cf assignment maaz

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