Aminul Haque, CFA

(880) 171 417 8460; amin@eplbangladesh.com

Md. Ashfaque Alam (Research Associate)
ashfaque@bracepl.com

Lafarge Surma Cement Ltd.

March 4, 2010
Company Summary
52-week Price Range (BDT)

395 - 598

Current Price

442

12-month Target Price

575

Total Return

30%

Number of Shares MM

58.1

Market Cap BDT MM

25,651.8

BDT MM

2008A

2009E

2010E

Revenue

6,211.9

7,618.9

8,391.7

Ops Income

2,183.5

2,552.3

2,811.2

Net Income

176.5

1,133.9

1,458.3

Margins

2008A

2009E

2010E

Gross Margin

40.2%

40.0%

40.0%

Operating Margin

35.2%

33.5%

33.5%

2.8%

14.9%

17.4%

2008A

2009E

2010E
10%

Net Margin
Growth
Revenue Growth

159%

23%

Net Income Growth

NM

542%

29%

Per Share
EPS
DPS
Book Value/Share
Cashflow BDT MM

2008A
3.04
0.00
59.00

2009E
19.53
0.00
78.53

2010E
25.11
0.00
103.64

2008A

2009E

2010E

Operating

1,229.5

956.1

2,409.5

409.2

359.1

356.9

.0

.0

.0

Valuation

2008A

2009E

2010E

Forward P/E

145.3x

22.6x

17.6x

Forward P/B

7.5x

5.6x

4.3x

ROE

5%

25%

24%

ROA

1%

6%

8%

ROIC

4%

9%

10%

Capex
Dividend

Misc BDT MM
Total Debt MM

2008A
2009E
2010E
12,788.1 12,570.5 10,080.1
69.5
373%
72%

Cash
Debt/Equity
Debt/Asset
700

449.0
276%
66%

11.1
167%
55%
500000

450000
600
400000
500

350000

300000
400

250000
300

200000

150000

200

100000
100
50000

Volume

Close

Rating: OUTPERFORM
Target Price: BDT 575
Lafarge Surma Cement Ltd. (LSCL) is an integrated cement manufacturing
company in Bangladesh. Lafarge Group of France, one of the world leaders in
building materials is the majority shareholder of LSCL.
Although LSCL competes with a large number of cement manufacturers in
the country, it has a few unique advantages. While all other manufacturers
import clinker, only LSCL has the capacity to manufacture clinker in-house
using limestone from a owned quarry. This provides the company the benefit
of significantly higher gross margins. Because of its affiliation with Lafarge
worldwide, LSCL is considered a leading brand in a competitive market, and
it enjoys price premium because of a perceived quality leadership. Lastly,
Lafarge has one of the largest production plant in the industry (1.2MT,
expandable to 1.5MT). In a fragmented industry where smaller producers are
being gradually squeezed out of the market, LSCL has the advantage of scale.
As and when consolidation starts in the market, LSCL stands prepared to
benefit because of its staying power.
LSCL recently experienced a setback in sourcing limestone from its quarry in
the Indian state of Meghalaya. The Supreme Court of India ordered a
suspension on mining at the quarry till a full hearing takes place on March
19, 2010. Till then LSCL has been operating with previously mined
limestone, which would last for about two more months.
Since the suspension was announced, LSCL shares prices fell significantly on
the Dhaka Stock Exchange (DSE). Since early February when the suspension
order was made public, stock prices retraced by over 30%. We do not have a
view as to the outcome of the Indian Supreme Court hearing in March.
However, we assessed the upside from a favorable verdict and the downside
from a permanent ban on mining, and on balance we find LSCL is an
attractive stock at this price.
We initiate coverage of LSCL with an OUTPERFORM rating and a 12month target price of BDT 575. Our rating considers the upside from a
favorable verdict by the Indian Supreme Court. We also took into
account the sustainable advantages enjoyed by LSCL such as a price
premium enjoyed by the company, LSCLs potential for achieving top
and bottom line growth and an overall positive outlook for the
consumption of cement in the country, especially in the backdrop of
infrastructure investment. Our recommendation is based on a P/E of
20x an estimated 2011 EPS of BDT 30.23 and on a 4.5x estimated 2011
book value of BDT. 133.88. With no expectation for a dividend in the
immediate future, this target price implies an estimated total return of
30%.
Although on a balance we find Lafarge an attractive investment, we still draw
attention to the considerable risk associated with this stock. In case of a
permanent ban on mining, Lafarge would have to look for some costly
alternatives, and it may take a number of years for the company to return to
profitability. The company may be liable for restoration of forest land, and
the cost for such reclamation may be higher than the company's estimate.

Lafarge Surma Cement Ltd.

(DSE, CSE: LAFSURCEML)
Business
Lafarge Surma Cement Ltd. (LSCL) is a majority owned subsidiary of Lafarge Group of France. The Lafarge
Group is a global market leader in construction materials. With Euro 5.4 Billion in revenue, it is one of the
largest manufacturers of cement by shipped volume. Lafarge is the largest producer of cement and among
the top three producers of aggregates, concrete and gypsum in the world. Lafarge operates in 79 countries
and employs 84,000 people. Lafarge is traded on the Paris Stock Exchange and has a market cap of Euro 13.7
Billion. Through a wholly owned subsidiary, Surma Holding, Lafarge owns majority (59%) shares of LSCL.
The other institutional shareholders are IFC, ADB, Sinha Fashions and Islam Cement.
LSCL was incorporated in Bangladesh in 1997. The production
facilities are located in Chattak in the Sunamganj district in
Northeast Bangladesh bordering the Indian state of Meghalaya.
The production facilities consist of a dry process cement plant
with a 1.5 million metric ton (MMT) capacity and a clinker
production line of about 1.2MMT capacity. LSCL also operates
two subsidiaries in the Indian state of Meghalaya. Among these
two, partially owned (75%) Lum Mawshun (LMMPL) holds the
mining rights with two local partners, and wholly-owned
Lafarge Umiam Mining (LUMPL) carries out the mining
operations. Limestone and shale are mined at the quarry and
transported across the international border by a 17 kilometer
long conveyor belt. The project has a 30 MW captive power
plant that ensures uninterrupted energy supply.
Figure 1: LSCL Plant in Sunamganj
LSCL markets its cement under the brand name of Supercrete. It produces a general purpose cement that
can be used with different kinds aggregates for various purposes. This product passes all local quality
standards. The company markets its product in 50KG bags. Because of a perception of higher quality of
Lafarge products, a 50KG bag of cement receives a BDT. 15.00 BDT. 30.00 premium on average over
cement produced by local competitors.
The company started its operations in 2005 while ago and could achieve capacity utilization of a satisfactory
level only in 2008 (62%). The company faced some challenges in mining at its quarry and transporting the
limestone to Bangladesh.

Share Holding Structure

Shareholding
Surma Holdings
IFC
ADB
Sinha Fashions Ltd.
Islam Cement Ltd.
Other shareholders

Number of shares
34,184,935
5,387,400
5,797,000
1,755,000
1,595,710
9,348,630
58,068,675

Percentage
59%
9%
10%
3%
3%
16%
100%

Lafarge Surma Cement Ltd.

(DSE, CSE: LAFSURCEML)
Industry
In terms of cement production, Bangladesh ranks about 40th in the world. Cement manufacturing is a highly
fragmented business in Bangladesh. During the 1990s, many small cement companies entered the market as
soon as the government started encouraging local production with favorable tariff differential. Currently
123 companies are listed as cement manufacturers in the country. Of them 63 have actual production
capacity while about 30 do not have any production at all. The current installed capacity is 22.0 MMT.
However, because of supply constraints for power and clinkers, the actual capacity is about 17.0 MMT.
Bangladesh is one of the few sizable producers of cement that does not have its own supply of limestone and
cannot produce clinkers domestically. Except for LSCL, all other cement manufacturers of Bangladesh are in
essence grinders of clinkers. There is a strong tax-support for local cement manufacturers in Bangladesh.
They receive a significant import tax advantage over finished cement (about 15% for raw-materials versus
100% for finished cement). This tariff differential helps most to operate profitably. A change in the tariff
structure is not anticipated in the near future .
Construction takes up an important role in the economy (about 10% of the GDP). Annual demand for
cement in the country is about 10.0 MMT. Understandably the market has a capacity overhang. There is a
small market for export of cement, mainly to the small northeastern states of India. However, the size of the
export is quite small (about 200 KMT a year). There are four categories of cement consumers in the country.
The largest with about 60% of the consumption are the individual homebuilders. This is also the most price
sensitive segment. Real estate developers, especially in the countrys urban area constitute about 8% of the
market. Construction contractors constitute another 3% of the market. Lastly, various government projects
take up about 30% of the total cement construction.
Demand for cement was particularly weak in 2007-08
for several reasons. First, the anti-corruption drive of
the military-backed caretaker government subdued
expenditure of undeclared funds. Most of these funds
usually go to the construction sector. Second, a rapid
climb of raw materials and shipping costs in the global
market escalated the price in the local market for
cement and other construction materials, further
squeezing consumers out of the market. Third,
government spending in construction under the annual
development programs (ADP), which constitutes a large
part of the cement market, was particularly slow in
these years. Consequently, many of the smaller and
some major cement manufacturers operated at less that
50% capacity and incurred large losses during these
years.

Figure 2: Jamuna Bridge

The industry realized about 20% sales growth in 2009, mostly because of the latent demand from last years.
On a secular basis, ongoing demand growth is expected to be about 8%, The outlook for the cement industry
seems positive for a number of reasons. First, the government seems to be on a war footing to increase both
the amount and the efficiency of spending in social and physical infrastructure under the Annual
Development Programs (ADP). Second, the private sector is also energized because of certain tax advantages
for undeclared funds if they are invested in real estate. Third, a number of large infrastructure construction
projects (such as the Padma Bridge) are on the horizon. Both the government and the private sector are
soliciting funds for such projects. If implemented, these projects would significantly improve demand for
construction materials.
The largest 10 cement manufacturers hold about 70% of the market share. While Heidelberg, Holcim and
Lafarge are the leaders among multinational cement manufacturers; Shah, Akij and MI are the leading
domestic manufacturers. Shah cement is the market leader with close to 12% of the market share, closely
followed by Heidelberg with about 10% of the market share.

Lafarge Surma Cement Ltd.

(DSE, CSE: LAFSURCEML)
Challenges
On February 5, 2010, The Supreme Court of India ordered LSCL to stop mining operations at its quarry in
Meghlaya. The order was the result of a lawsuit brought by Shella Action Committee, a civil rights group in
Meghalaya. The lawsuit alleged that LSCL mortgaged the tribal land, on which the quarry is located, to foreign consortium lending to CSLM violating the countrys law. The Supreme Court asked the company to stop
mining, continue shipping the already mined limestone (about 2-month supply) and set March 19 as the
date for next hearing.
CSML contends that the companys use of the land followed legal processes and consultation with the rightful authorities at every stage, including the state government and the union government. They also contend
that use of the land was cleared with the Khasia Darbar, the rightful representative of the tribal interests
whereas Shella is an obscure non-local civic organization with no formal authority to represent the Khasia
community. Before the next court appearance, the company is trying to gain support from various interested parties including the Khasia Darbar, the state government and the union government. According to the
company, LSCL is a result of an agreement between the governments of India and Bangladesh, and both the
governments have a moral obligation to support the company.
In an earlier event in April 2007, the Indian Union Ministry of Environment and Forestry ordered a stop of
mining on the ground that the company misrepresented the condition of the land and hid the fact that it was
a forest land. A special bench of the Supreme Court allowed continuation of mining on an interim basis, in
November 2007, till a full verdict is given on forest clearing. Because of the special status of the land (forest
land) and the people inhabiting it (the tribal Khasias), the quarry is subject to the attention and interest of
many different parties. It appears that LSCLs acquisition of this vital asset came with its share of headaches.
LSCL management is optimistic that the law favors its position. They also point out that the state government and the governments of India and Bangladesh are supportive of the project for economic and employment reasons. The Meghalaya government is currently negotiating with Lafarge for the company to build
another cement factory in the state, which would solely cater to the local demands and generate employment in a backward state. In other words, the state government has every incentive to keep Lafarge in business in the state.
Options available to LSCL
Even in the worst case that the Court puts a permanent ban on mining, LSCL is not without options. However, under any of these scenarios, the profitability of the company would suffer.
There are other quarries in the region whose product are traded in the open market. Transport of limestone by boat and trucks is already an established practice for Chattak Cement Factory, a government
owned manufacturer in the same area. Although it would need substantial capacity building, LSCL can
meet part of its limestone requirement from importing locally traded limestone.
Import of clinkers like other cement manufacturers is also an option, although very costly for LSCL. In
such a case, the company would have to import cement via Chittagong, transport it to current plants in
Sunamganj for grinding, and then send it back to Dhaka and other distribution centers. This may involve
relocation of its grinding plant.
Acquiring other grinders may also be an option for LSCL, although that would require additional capital
outlay. As the cement sector consolidates, the larger companies such as LSCL gains market shares at the
cost of smaller manufacturers. It is expected that in the end only the ten or so manufacturers, who currently hold about 70% of the market share would survive. In such a case, Lafarge can shift its manufacturing from Sunamganj to Dhaka by acquiring the facilities of the marginal producers.

Lafarge Surma Cement Ltd.

(DSE, CSE: LAFSURCEML)
Valuation
Case 1: In the base case scenario, we have assumed that the company would be allowed by the Indian Supreme Court to resume mining of its quarry. We also made the following assumptions:
1.
2.
3.
4.
5.
6.

The company maintains a 40% D/E ratio by repaying current long-term debt and assuming new debt.
After paying off the debt from multilaterals, interest rates are slightly higher
Companys Interest expenses are significantly reduced as most of its debt are at floating rates,
With Rupee appreciating against Taka, there would be no translation loss or even may be a gain
Gross margin is maintained at the current 40% level
With an average of 8% growth each year, LSCL runs out of current capacity and goes for expansions in
2012 (to 1.5 MMT), in 2015 (to 1.8 MMT) and in in 2018 (to 2.0 MMT).

Under these assumptions, we conducted a comparative as well as a discounted cash flow (DCF) valuation
using free cash flow to equity method (FCFE).
Lafarge valuation
2011 estimates
Multiple
Target price

EPS
30.23
20.0x
604.64

Average Target price

12-month target price
Dividend yield
Total return

564.02
575.00
0
30%

Discounted FCF, MM

2009

2010

2011

BVPS
133.88
4.5x
602.45

2012

2013

2014

2015

2016

2017

2018

2019

2020

956.1 2,409.5 2,165.2 2,640.3 3,607.9 4,114.0 4,619.5 5,020.1 5,405.4 5,803.4 6,229.1

6,688.4

Capital Expenditure

(359.1) (356.9) (354.8) (352.7) (876.4) (677.0) (458.1) (412.3) (411.0) (409.8) (408.6)

(407.4)

Change in Debt

(217.6) (2,490.4) (1,501.1) (2,153.1) (972.7) (1,252.8) (422.9) (422.9)

Operating Cash

379.4 (437.8)

309.4

.0

.0

.0

.0

134.5 1,758.9 2,184.2 3,738.5 4,185.0 4,994.4 5,393.6 5,820.5

6,281.0

Net Terminal Value

96,906.9

Terminal Value

96,906.9
2,485.0

Terminal liabilities
379.4 (437.8)

FCFE
Discount Rate
Terminal Growth Rate
NPV
NPV/Share

309.4

134.5 1,758.9 2,184.2 3,738.5 4,185.0 4,994.4 5,393.6 5,820.5 103,187.9

15%
8%
28,162.1
484.98

Based on the valuation, our 12-month target price in BDT 575.00, which implies a price of 20x 2011 earning
of BDT 30.23. This target also implies a 4.5x 2011 BVPS of BDT 133.88. This price target, if achieved, will
provide a 12-month price-return of 30%.

Lafarge Surma Cement Ltd.

(DSE, CSE: LAFSURCEML)
Valuation
Case 2: In case that the Indian Supreme Court puts a permanent ban on mining from its quarries, LSCL
would look for alternatives. We have made the following assumptions regarding this scenario:
1.
2.
3.
4.
5.

The company gross margin reduces by about 10%

LSCL slows down payment of debt; the company maintains a slightly higher debt levels (50% D/E ratio)
Company initiates cost cutting measures, reducing SGA costs from 5% of sales to 4.5%
The company will take at least two years and some capital outlay to adjust to the changed business
model. We use 2012 results for our basis for valuation
With a change in the companys profitability, valuation multiples are contracted. We use a P/E ratio of
18.0x, instead of the 20.0x in the base case scenario. Also, as a potential relocation may render many of
the capital assets useless, we use a lower P/B ratio of 3.0x.

Based on the valuation based on these assumptions, our 12-month target price in BDT 350.00, which implies
a price of 18.0x 2012 earning of BDT 18.81. This target also implies a 3.0x 2012 BVPS of BDT 128.89. This
price target, if achieved, will provide a 12-month negative return of 21%.

Lafarge valuation
2012 estimates
Multiple
Target price

EPS
18.81
18.0x
338.56

Average Target price

12-month target price
Dividend yield
Total return

362.62
350.00
0
-21%

BVPS
128.89
3.0x
386.68

Lafarge Surma Cement Ltd.

(DSE, CSE: LAFSURCEML)

Income Statement
MM BDT

2006

2007

2008

2009E

2010E

2011E

Revenue
COGS

153.2
(111.3)

2,399.9
(2,532.4)

6,211.9
(3,712.6)

7,618.9
(4,571.3)

8,391.7
(5,035.0)

9,263.9
(5,512.0)

Gross profit/loss
General and admin
Selling and distribution

41.9
(164.7)
(36.6)

(132.6)
(263.9)
(108.5)

2,499.3
(362.0)
(131.6)

3,047.6
(380.9)
(114.3)

3,356.7
(419.6)
(125.9)

3,751.9
(463.2)
(139.0)

Total expenses
Other operating income

(201.4)
.0

(372.4)
160.6

(493.6)
177.8

(495.2)
.0

(545.5)
.0

(602.2)
.0

Operating profit/loss
Exchange gain/loss
Finance expenses
Interest income
Other expenses/ (income)
Worker's welfare fund

(159.5)
(363.1)
(163.7)
.5
.3
.0

(344.4)
110.1
(1,138.3)
.9
(6.2)
.0

2,183.5
(331.8)
(1,224.5)
.6
(94.5)
(49.5)

2,552.3
.0
(852.3)
5.2
.0
(85.3)

2,811.2
.0
(622.9)
4.6
.0
(109.6)

3,149.7
.0
(513.1)
3.3
.0
(132.0)

Net profit/loss before tax

Income tax
PAT

(685.4)
(123.0)

(1,377.8)
281.2

483.9
(307.3)

1,619.9
(486.0)

2,083.3
(625.0)

2,507.9
(752.4)

(808.4)

(1,096.5)

176.5

1,133.9

1,458.3

1,755.5

Number of shares MM
EPS

58.1

58.1

58.1

58.1

58.1

58.1

-13.92

-18.88

3.04

19.53

25.11

30.23

2006

2007

2008

2009E

2010E

2011E

1,133.9
459.7
(637.5)

1,458.3
456.5
494.7

1,755.5
453.3
(43.6)

956.1

2,409.5

2,165.2

.0
(359.1)

.0
(356.9)

.0
(354.8)

(359.1)

(356.9)

(354.8)

(217.6)
.0

(2,490.4)
.0

(1,501.1)
.0

(359.1)

(356.9)

(354.8)

Cash Flow Statement

MM BDT
Operating Cash Flow
Net Income
Add Back Non-cash Expense
Change in Working Capital
Cash Flow from Operations

(945.6)

(1,157.9)

1,229.5

Investing Cash Flow

Disposal of assets
Capital Expenditure
Cash Flow from Investing

(2,268.4)

(629.6)

(272.5)

Financing Cash Flow

Change in Debt
Dividend Paid
Cash Flow from Financing
Effect of foreign currency translation
Net Cash
Beginning Balance
Closing Balance
Operating cash per share

(2,268.4)

(629.6)

(272.5)

.0

.8

(2.4)

.0

.0

.0

(1,064.1)

11.8

39.9

379.4

(437.8)

309.4

1,082.0

17.9

29.6

69.5

449.0

11.1

17.9

29.6

69.5

449.0

11.1

320.5

(16.28)

(19.94)

21.17

16.47

41.49

37.29

Lafarge Surma Cement Ltd.

(DSE, CSE: LAFSURCEML)

Balance Sheet
MM BDT

2006

2007

2008

2009E

2010E

2011E

Current assets
Inventories
Trade receivables
Advances, deposits & prepayments
Derivative instruments-assets
Cash and cash equivalents

990.0
44.6
669.4
.0
17.9

851.0
56.5
727.6
.0
29.6

1,092.2
640.6
701.6
2.0
69.5

2,057.1
761.9
687.6
2.0
449.0

1,678.3
839.2
687.6
2.0
11.1

1,852.8
926.4
687.6
2.0
320.5

1,721.7

1,664.7

2,506.0

3,957.5

3,218.2

3,789.3

15,378.0
17.9
.0

15,446.3
225.6
393.8

14,961.8
217.3
81.8

14,872.0
206.5
81.8

14,782.8
196.2
81.8

14,694.1
186.3
81.8

15,395.8
17,117.5

16,065.6
17,730.3

15,260.9
17,766.9

15,160.2
19,117.8

15,060.7
18,278.9

14,962.2
18,751.4

579.4
304.8
.0
907.8
1,439.9
1.3

341.8
408.6
4.3
880.9
1,836.7
2,883.7
7.5

843.4
626.7
79.7
1,717.6
1,628.0
3,037.6
2.6

1,142.8
761.9
79.7
1,067.5
1,628.0
4,037.6
2.6

1,258.8
839.2
79.7
1,117.5
407.0
3,835.7
2.6

1,389.6
926.4
79.7
1,117.5
407.0
3,452.1
2.6

Total current liabilities

Long term liabilities
Long term debt
Lease obligation
Deferred tax

3,233.1

6,363.6

7,935.7

8,720.1

7,540.4

7,374.9

9,682.4
.0
121.7

8,112.8
.0
.0

6,404.9
.0
.0

5,837.4
.0
.0

4,720.0
.0
.0

3,602.5
.0
.0

Total long term liabilities

Equity
Share capital
Accumulated loss
Foreign currency translation

9,804.1

8,112.8

6,404.9

5,837.4

4,720.0

3,602.5

5,806.9
(1,839.9)
112.9

5,806.9
(2,708.4)
154.9

5,806.9
(2,531.9)
150.9

5,806.9
(1,398.0)
150.9

5,806.9
60.3
150.9

5,806.9
1,815.9
150.9

4,079.9
.4

3,253.4
.5

3,425.9
.4

4,559.8
.4

6,018.1
.4

7,773.7
.4

4,080.3
17,117.5

3,253.9
17,730.3

3,426.3
17,766.9

4,560.2
19,117.8

6,018.5
18,278.9

7,774.1
18,751.4

Total current assets

Fixed assets
Property plant and equipment
Intangible assets
Deferred income tax assets
Total fixed assets
Total assets
Current liabilities
Trade payables
Other payables
Derivative instruments-liabilities
Current portion of long term debt
Bank overdrafts
Short-term debt
Income tax payable

Share holder's equity; parent company

Share money deposits
Total equity
Total liabilities and equity

Lafarge Surma Cement Ltd.

(DSE, CSE: LAFSURCEML)

Indicators
Indicators
Grey cement
Capacity '000 MT
Sales '000 MT
Capacity utilization

2007

2008

2009E

2010E

2011E

2012E

1,500
335
22%

1,200
748
62%

1,200
900
75%

1,200
990
83%

1,200
1,089
91%

1,200
1,198
100%

Clinker
Capacity '000 MT
Sales '000 MT
Capacity utilization

1,150
927
81%

1,150
651
57%

1,150
550
90%

1,150
490
98%

1,150
424
98%

1,150
351
98%

Sales growth
Earning growth

NM
NM

159%
NM

23%
542%

10%
29%

10%
20%

11%
17%

Gross profit margin

NM

40%

40%

40%

41%

41%

Operating margin

NM

35%

34%

34%

34%

34%

Net margin

NM

3%

15%

17%

19%

20%

13,714.1
421%

12,788.1
373%

12,570.5
276%

10,080.1
167%

8,579.1
110%

6,426.0
65%

20%

64%

30%

30%

30%

30%

58.1
-18.88x
0.00x
0%
-34%
-6%
56.04

58.1
3.04x
0.00x
0%
5%
1%
59.00

58.1
19.53x
0.00x
0%
25%
6%
78.53

58.1
25.11x
0.00x
0%
24%
8%
103.64

58.1
30.23x
0.00x
0%
23%
9%
133.88

58.1
35.27x
0.00x
0%
21%
11%
169.15

Total debt Tk. MM

Debt/Total equity
Effective tax rate
Per share figures
Number of shares (MM)
Earning per share (EPS)
Dividend per share
Payout ratio
Return on equity
Return on assets
Book value per share

Lafarge Surma Cement Ltd.

(DSE, CSE: LAFSURCEML)
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