Heidelberg cement bd

sister concern: Heidelberg Cement Group (Germany in 1873)

Products: Ruby cement, Scan cement
Paid-up Capital: Tk. 565.04 million
Face Value: Tk. 10 per share
Market Lot: 100nos of share
Capacity: 2 million tonnes per year

Dividend policy
400%
350%
300%
250%
200%
150%
100%
50%
0%

380%

Series 1

Column1
38%
2009

43%
2010

45%
2011

50%
2012

2013

EPS
177
151

2009

2010

2011

EPS

26.09

22.85

13.27

2012

2013

Reformulated balance sheet

Chart Title
8000.00

4863.672
0

7000.00
3281.213
0

6000.00
5000.00
4000.00

2331.725
0

2343.551
0
1693.955
0

3000.00
2000.00

2278.53

2412.95

2009

2010

2931.45

3018.81

2011

2012

2627.91

1000.00
0.00
NOA

NFA

2013

Reformulated income statement

Year

2012

2011

2010

2009

2008

operating income after tax

801.08

861.54

518.93

1020.50

1119.15

47.99

122.37

214.84

249.79

344.38

financial income

Comprehensive income

853.19

996.19

747.19

1291.15

1481.04

Reformulated IS
1600.00
2013, 1481.035
1400.00

2012, 1291.148

1200.00

1136.657825

1000.00

800.00

1041.361575

2010, 996.19
805.19

873.825875
2009, 853.187
2011, 747.187

600.00

532.349925

400.00

344.38
214.84

200.00

249.79

122.37
47.99

0.00
2009

2010

2011
NOI

NFI

CI

2012

2013

FCF
2500

2000

1964.682175

1500

1474.047825

1000

997.609575
750.821875

500

0
2009

-81.427075
2011

2010

-500
FCF

Column1

Column2

2012

2013

Analysis of profitability
ROCE

2012 2011

Meghna cement 0.18

mills LTD

0.10

2010

2009

2008

0.18

0.21

0.038

RNOA
2012
Meghna cement mills
LTD
.13

2011

2010

2009

2008

0.09

0.10

0.09

0.064

change in ROCE
2012

Meghna
mills LTD

cement

.0432

2011

2010

2009

2008

-0.008 0.0055 0.0471 0

Changs in RNOA
2012 2011 2010 2009 2008
Meghna cement
-0.019 0.006 0.046 0
0.040
mills LTD

Changes in CSE

2012
Meghna
LTD

cement

mills

2011

154,713,413

10,268,769

2010
2009
-8,526,316

99,010,928

Beta and wacc

Risk free rate: 8.00%
Market return: 15.11%
Beta: .78
WACC at 13.52%

VALUATIONS

Valuation Method

Price(TK)

Relative (P/E multiple)

484.23
Residual Earnings
Abnormal Earnings Growth

FCFV

296.06
633.03

388.57