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Submitted by:

NAME
SUJIT KUMAR DHAR
MD. AYUBUR RAHMAN
MD. ASAD- UZ- JAMAN
MD. SHORAB PATOARY
Submitted to:
Farhana Zahir, CFA, FRM, CAIA,
Lecturer,
Department of Accounting and Finance,
School of Business and Economics,
North South University

ID
1411666030
1410071030
1411166030
1410420030
S/L DSE 30
1 ACI
2 BATASHOE
3 BATBC
4 BEXIMCO
5 BRACBANK
6 BSCCL
7 BSRMLTD
8 BSRMSTEEL
9 BXPHARMA
10 CITYBANK
11 DELTALIFE
12 GP
13 HEIDELBCEM
14 IDLC
15 ISLAMIBANK
16 JAMUNAOIL
17 LAFSURCEML
18 MJLBD
19 MPETROLEUM
20 NBL
21 OLYMPIC
22 ORIONPHARM
23 RAKCERAMIC
24 RENATA
25 SINGERBD
26 SQURPHARMA
27 SUMITPOWER
28 TITASGAS
29 UCB
30 UNIQUEHRL
Basic Information
Company Name Heidelberg Cement Bangladesh Limited
Financial Year End December
Owner Heidelberg cement-Netherlands Holding ( 39.80 % )

Stock Statistics
Market Capitalization (BDT) 30,641,891,434.00
Shareholders Equity (BDT) 577,884,700.00
Book Value Per Share (BDT) 102.27
Forward P/E 14.11
EPS (BDT) 24.81
Audited P/E (x) 21.94
Trading Currency Bangladeshi Taka
Market Category A
Market Lot 1
Last Dividend Declaration Date Sunday, February 28, 2016
AGM Date Wednesday, April 13, 2016

Profitability & Investment Return


Gross Profit Margin 24.20%
Operating Profit Margin 16.24%
Net Profit Margin 13.37%
ROA 25.15%
ROE 39.48%

Cash flow
Operating Cash flow / Sales 0.19

Data Source http://lankabd.com/dse/stock-market/HEIDELBCEM/heidelberg


esh Limited

nds Holding ( 39.80 % )

Share Capital
Total Shares 56,503,580.00
Paid Up Capital (BDT) 565,035,800.00

Shareholding Pattern
Sponsor/Director 60.67%
Govt. 0%
Institute 25.88%
Foreign 1.68%
Public 11.77%

Growth
Annual Revenue Growth -0.18%
Annual Net Profit Growth 18.86%
Operating Profit Growth 30.26%

Liquidity & Leverage


Current Ratio 1.96
Quick Ratio 1.65
Cash Ratio 1.28
Financial Leverage 1.69

k-market/HEIDELBCEM/heidelberg-cement-bangladesh-limited/listFinancialRatioValues.html?page=competition&
?page=competition&companyId=4&goToHomePageParam=true&stockId=4#&slider1=1
Market multiplier model

Name Price Dividend yield Payout ratio


HEIDELBCEM 550.2 5.45% 144%
CONFIDCEM 91.3 3.01% 38%
MEGHNACEM 101.2 1.48% 33%
ARAMITCEM 37.2 2.69% 204%
LAFSURCEML 74.6 0.67% 25%
MICEMENT 82.7 3.02% 57%
PREMIERCEM 93.1 2.15% 31%

Dividend Discount Model

Year Net income After tax EPS EPS Growth


2011 749,661,000.00 13.27
2012 1,291,095,000.00 22.85 72%
2013 1,474,077,000.00 26.09 14%
2014 1,179,554,000.00 20.88 -20%
2015 1,401,983,000.00 24.81 19%
2016 1,639,502,959.48 29.02 17%
2017 1,917,262,872.77 33.93 17%
2018 2,242,080,078.01 39.68 17%
2019 2,621,926,887.34 46.40 17%
2020 3,066,126,259.26 54.26 17%

Year EPS DPS Payout Ratio


2011 13.27 4.50 34%
2012 22.85 5.00 22%
2013 26.09 38.00 146%
2014 20.88 38.00 182%
2015 24.81 30.00 121%
2016 29.02 42.78 147%
2017 33.93 50.03 147%
2018 39.68 58.51 147%
2019 46.40 68.42 147%
2020 54.26 80.01 147%

S/L Year DPS Present value


1 2016 42.78 32.17
2 2017 50.03 28.29
3 2018 58.51 24.87
4 2019 68.42 21.87
5 2020 80.01 19.23
Fundamental Analysis

Dividend NAV P/E EPS


300% 102.70 22.18 24.8
28% 68.95 17.16 5.3
15% 36.10 22.59 4.5
10% 14.98 72.94 0.5
5% 12.37 37.87 2.0
25% 39.59 18.92 4.4
20% 40.39 24.31 3.8

Sector P/E
Cement 30.85

Price P/E Number of share


255.90 19.29
264.70 11.58 Average EPS Growth
380.70 14.59
499.40 23.92 Average P/E
562.10 22.65
657.33 22.65 Required Rate of Return
768.69 22.65
898.92 22.65 Market Price
1051.21 22.65
1229.31 22.65 Intrinsic value

Decision

P/E Dividend yield


19.29 2% Year
11.58 2% 2011
14.59 10% 2012
23.92 8% 2013
22.65 5% 2014
22.65 7% 2015
22.65 7%
22.65 7%
22.65 7%
22.65 7%

Terminal value

1229.31

Technical Analysis
is

ROA ROE
25.15% 39.48%
4.96% 8.21%
2.43% 12.33%
0.82% 3.19%
14.91% 21.93%
5.54% 11.23%
4.11% 12.20%

56,503,580.00

17%

18.41 Sector P/E 25.5

33% Beta Coefficient 1.13

546 Risk Free Rate 7.25%


148%
1355.7 Market Return 30%

Under valued
BUY

Dividend
45%
50%
380%
380%
300%

Face Value 10.00

Average Payout 147%


Date Market Cap Return
29-12-2005 228,574.85
28-12-2006 315,446.21 38%
30-12-2007 742,195.87 135%
30-12-2008 1,043,799.02 41%
30-12-2009 1,903,228.05 82%
30-12-2010 3,508,005.80 84%
29-12-2011 2,616,730.54 -25%
30-12-2012 2,403,555.62 -8%
30-12-2013 2,647,790.83 10%
30-12-2014 3,259,246.76 23%
31-12-2015 3,159,757.75 -3%
Average Market Return 30%
Date Closing Price Volume
7-Apr-16 539.1 82803
10-Apr-16 531.1 24870
570
11-Apr-16 534.4 27408
12-Apr-16 541.4 41997 560
13-Apr-16 538.8 10983
17-Apr-16 538.1 78994 550

18-Apr-16 534.6 54562 540


19-Apr-16 526 17531
Closing
530Price
20-Apr-16 530.4 21724
21-Apr-16 538.2 36504
520
24-Apr-16 540.3 20436
25-Apr-16 531.7 17409 510
26-Apr-16 529.9 16771
500
27-Apr-16 526.8 24591
28-Apr-16 524.8 26814 490
2-May-16 519.2 25254
3-May-16 524.1 18921 480

4-May-16 521.3 11360 470


5-May-16 517.4 34680
8-May-16 523.6 13594
9-May-16 534.5 31455
10-May-16 535.1 15775
11-May-16 536.6 20919
12-May-16 541.5 49645
15-May-16 533.2 28485
16-May-16 532 20575
17-May-16 529.6 22261
18-May-16 528.5 9442
19-May-16 530.4 16871
22-May-16 530.3 21905
24-May-16 526.6 18138
25-May-16 519.3 38560
26-May-16 523.7 174382
29-May-16 533.2 43048
30-May-16 531.7 22923
31-May-16 537.3 58638
1-Jun-16 529.8 23465
2-Jun-16 529.8 19463
5-Jun-16 529.7 11124
6-Jun-16 528.1 33886
7-Jun-16 524.9 15971
8-Jun-16 525.5 22423
9-Jun-16 525 22123
12-Jun-16 525.4 9539
13-Jun-16 522.4 48245
14-Jun-16 521.3 25338
15-Jun-16 521.1 30513
16-Jun-16 519.4 16727
19-Jun-16 518.6 11378
20-Jun-16 516.8 20364
21-Jun-16 517 15223
22-Jun-16 516.2 10717
23-Jun-16 517.9 39090
26-Jun-16 519.1 3950
27-Jun-16 516.4 30300
28-Jun-16 516.7 81311
29-Jun-16 517.8 37143
30-Jun-16 522.1 100505
10-Jul-16 520.3 18828
11-Jul-16 520.4 38778
12-Jul-16 522.7 33394
13-Jul-16 519.6 48293
14-Jul-16 519.5 53440
16-Jul-16 525.9 23827
17-Jul-16 534.2 67994
18-Jul-16 529.6 45640
19-Jul-16 527 54117
20-Jul-16 533.5 117716
21-Jul-16 534.2 37135
24-Jul-16 534.6 24776
25-Jul-16 533 36343
26-Jul-16 531.8 54154
27-Jul-16 529.4 19570
28-Jul-16 537.4 60328
31-Jul-16 550.2 136415
1-Aug-16 558.3 92230
2-Aug-16 547.5 50900
3-Aug-16 550.9 45334
4-Aug-16 552.2 52539
7-Aug-16 549.6 61424
8-Aug-16 548.3 26403
9-Aug-16 549.2 36453
10-Aug-16 552.8 62476
11-Aug-16 547 66272
14-Aug-16 548.9 28057
16-Aug-16 544.4 23584
17-Aug-16 543.9 19803
18-Aug-16 541.2 29831
21-Aug-16 539.5 35981
22-Aug-16 545 25141
23-Aug-16 542.1 29639
24-Aug-16 539.5 14123
28-Aug-16 536 23500
29-Aug-16 535 19095
30-Aug-16 534 9533
31-Aug-16 534.9 21899
1-Sep-16 538 15641
4-Sep-16 534.3 12604
5-Sep-16 532.5 18244
6-Sep-16 532.7 16367
7-Sep-16 536.3 22097
8-Sep-16 536.1 29239
18-Sep-16 534.4 9746
19-Sep-16 541.4 37063
20-Sep-16 542.8 48936
21-Sep-16 548 74194
22-Sep-16 542.6 15430
24-Sep-16 544.8 37559
25-Sep-16 541.9 16346
26-Sep-16 542.7 31193
27-Sep-16 539.3 20749
28-Sep-16 542.5 14415
29-Sep-16 542.3 30741
2-Oct-16 544.4 37623
Heidelberg
Price & Volume Chart 20200

18200

16200

14200

12200

10200

82000

62000

42000

22000

2000

Volume Closing Price


202000

182000

162000

142000

122000
Volume

102000

82000

62000

42000

22000

2000
Date Closing Price Return
7-Apr-16 539.1 Maximum Return
10-Apr-16 531.1 -1.48% Minimum Return
11-Apr-16 534.4 0.62% Return Range
12-Apr-16 541.4 1.31% Number of Bins
13-Apr-16 538.8 -0.48% Bins Width
17-Apr-16 538.1 -0.13%
18-Apr-16 534.6 -0.65%
19-Apr-16 526 -1.61% From
20-Apr-16 530.4 0.84% 1
21-Apr-16 538.2 1.47% 2 -1.93%
24-Apr-16 540.3 0.39% 3 -1.65%
25-Apr-16 531.7 -1.59% 4 -1.36%
26-Apr-16 529.9 -0.34% 5 -1.07%
27-Apr-16 526.8 -0.59% 6 -0.78%
28-Apr-16 524.8 -0.38% 7 -0.50%
2-May-16 519.2 -1.07% 8 -0.21%
3-May-16 524.1 0.94% 9 0.08%
4-May-16 521.3 -0.53% 10 0.37%
5-May-16 517.4 -0.75% 11 0.66%
8-May-16 523.6 1.20% 12 0.94%
9-May-16 534.5 2.08% 13 1.23%
10-May-16 535.1 0.11% 14 1.52%
11-May-16 536.6 0.28% 15 1.81%
12-May-16 541.5 0.91% 16 2.09%
15-May-16 533.2 -1.53%
16-May-16 532 -0.23%
17-May-16 529.6 -0.45%
18-May-16 528.5 -0.21%
19-May-16 530.4 0.36%
22-May-16 530.3 -0.02%
24-May-16 526.6 -0.70%
25-May-16 519.3 -1.39%
26-May-16 523.7 0.85%
29-May-16 533.2 1.81%
30-May-16 531.7 -0.28%
31-May-16 537.3 1.05%
1-Jun-16 529.8 -1.40%
2-Jun-16 529.8 0.00%
5-Jun-16 529.7 -0.02%
6-Jun-16 528.1 -0.30%
7-Jun-16 524.9 -0.61%
8-Jun-16 525.5 0.11%
9-Jun-16 525 -0.10%
12-Jun-16 525.4 0.08%
13-Jun-16 522.4 -0.57%
14-Jun-16 521.3 -0.21%
15-Jun-16 521.1 -0.04%
16-Jun-16 519.4 -0.33%
19-Jun-16 518.6 -0.15%
20-Jun-16 516.8 -0.35%
21-Jun-16 517 0.04%
22-Jun-16 516.2 -0.15%
23-Jun-16 517.9 0.33%
26-Jun-16 519.1 0.23%
27-Jun-16 516.4 -0.52%
28-Jun-16 516.7 0.06%
29-Jun-16 517.8 0.21%
30-Jun-16 522.1 0.83%
10-Jul-16 520.3 -0.34%
11-Jul-16 520.4 0.02%
12-Jul-16 522.7 0.44%
13-Jul-16 519.6 -0.59%
14-Jul-16 519.5 -0.02%
16-Jul-16 525.9 1.23%
17-Jul-16 534.2 1.58%
18-Jul-16 529.6 -0.86%
19-Jul-16 527 -0.49%
20-Jul-16 533.5 1.23%
21-Jul-16 534.2 0.13%
24-Jul-16 534.6 0.07%
25-Jul-16 533 -0.30%
26-Jul-16 531.8 -0.23%
27-Jul-16 529.4 -0.45%
28-Jul-16 537.4 1.51%
31-Jul-16 550.2 2.38%
1-Aug-16 558.3 1.47%
2-Aug-16 547.5 -1.93%
3-Aug-16 550.9 0.62%
4-Aug-16 552.2 0.24%
7-Aug-16 549.6 -0.47%
8-Aug-16 548.3 -0.24%
9-Aug-16 549.2 0.16%
10-Aug-16 552.8 0.66%
11-Aug-16 547 -1.05%
14-Aug-16 548.9 0.35%
16-Aug-16 544.4 -0.82%
17-Aug-16 543.9 -0.09%
18-Aug-16 541.2 -0.50%
21-Aug-16 539.5 -0.31%
22-Aug-16 545 1.02%
23-Aug-16 542.1 -0.53%
24-Aug-16 539.5 -0.48%
28-Aug-16 536 -0.65%
29-Aug-16 535 -0.19%
30-Aug-16 534 -0.19%
31-Aug-16 534.9 0.17%
1-Sep-16 538 0.58%
4-Sep-16 534.3 -0.69%
5-Sep-16 532.5 -0.34%
6-Sep-16 532.7 0.04%
7-Sep-16 536.3 0.68%
8-Sep-16 536.1 -0.04%
18-Sep-16 534.4 -0.32%
19-Sep-16 541.4 1.31%
20-Sep-16 542.8 0.26%
21-Sep-16 548 0.96%
22-Sep-16 542.6 -0.99%
24-Sep-16 544.8 0.41%
25-Sep-16 541.9 -0.53%
26-Sep-16 542.7 0.15%
27-Sep-16 539.3 -0.63%
28-Sep-16 542.5 0.59%
29-Sep-16 542.3 -0.04%
2-Oct-16 544.4 0.39%
2.38% Kurtosis 0.479109
-1.93% Skewness 0.383045
4.32%
15
0.002878 Return Distribution
25

To Frequency Frequency
20
-1.93% 1 1
-1.65% 0 0 Frequency
15
-1.36% 6 6
-1.07% 0 0
10
-0.78% 5 5
-0.50% 15 15
-0.21% 21 21 5

0.08% 21 21
0.37% 14 14 0
0.66% 8 8
0.94% 6 6
1.23% 5 5 Return
1.52% 7 7
1.81% 1 1
2.09% 2 2
2.38% 0 0
turn Distribution

Return
Heidelberg DSEX
Date Close Return Date Close
10-Apr-16 531.1 10-Apr-16 4431.13
11-Apr-16 534.4 0.01 11-Apr-16 4401.79
12-Apr-16 541.4 0.01 12-Apr-16 4407.52
13-Apr-16 538.8 0.00 13-Apr-16 4408.64
17-Apr-16 538.1 0.00 17-Apr-16 4393.34
18-Apr-16 534.6 -0.01 18-Apr-16 4391.42
19-Apr-16 526 -0.02 19-Apr-16 4357.63
20-Apr-16 530.4 0.01 20-Apr-16 4359.40
21-Apr-16 538.2 0.01 21-Apr-16 4340.34
24-Apr-16 540.3 0.00 24-Apr-16 4338.25
25-Apr-16 531.7 -0.02 25-Apr-16 4321.63
26-Apr-16 529.9 0.00 26-Apr-16 4281.93
27-Apr-16 526.8 -0.01 27-Apr-16 4238.95
28-Apr-16 524.8 0.00 28-Apr-16 4195.70
2-May-16 519.2 -0.01 2-May-16 4171.41
3-May-16 524.1 0.01 3-May-16 4272.18
4-May-16 521.3 -0.01 4-May-16 4258.20
5-May-16 517.4 -0.01 5-May-16 4306.80
8-May-16 523.6 0.01 8-May-16 4340.07
9-May-16 534.5 0.02 9-May-16 4329.40
10-May-16 535.1 0.00 10-May-16 4330.32
11-May-16 536.6 0.00 11-May-16 4318.45
12-May-16 541.5 0.01 12-May-16 4298.65
15-May-16 533.2 -0.02 15-May-16 4275.48
16-May-16 532 0.00 16-May-16 4288.65
17-May-16 529.6 0.00 17-May-16 4326.64
18-May-16 528.5 0.00 18-May-16 4364.31
19-May-16 530.4 0.00 19-May-16 4392.88
22-May-16 530.3 0.00 22-May-16 4394.32
24-May-16 526.6 -0.01 24-May-16 4394.07
25-May-16 519.3 -0.01 25-May-16 4366.03
26-May-16 523.7 0.01 26-May-16 4388.01
29-May-16 533.2 0.02 29-May-16 4426.78
30-May-16 531.7 0.00 30-May-16 4423.00
31-May-16 537.3 0.01 31-May-16 4419.39
1-Jun-16 529.8 -0.01 1-Jun-16 4421.79
2-Jun-16 529.8 0.00 2-Jun-16 4446.09
5-Jun-16 529.7 0.00 5-Jun-16 4425.90
6-Jun-16 528.1 0.00 6-Jun-16 4410.93
7-Jun-16 524.9 -0.01 7-Jun-16 4412.51
8-Jun-16 525.5 0.00 8-Jun-16 4420.43
9-Jun-16 525 0.00 9-Jun-16 4418.99
12-Jun-16 525.4 0.00 12-Jun-16 4409.40
13-Jun-16 522.4 -0.01 13-Jun-16 4405.40
14-Jun-16 521.3 0.00 14-Jun-16 4409.09
15-Jun-16 521.1 0.00 15-Jun-16 4412.00
16-Jun-16 519.4 0.00 16-Jun-16 4395.28
19-Jun-16 518.6 0.00 19-Jun-16 4387.78
20-Jun-16 516.8 0.00 20-Jun-16 4369.01
21-Jun-16 517 0.00 21-Jun-16 4363.11
22-Jun-16 516.2 0.00 22-Jun-16 4366.25
23-Jun-16 517.9 0.00 23-Jun-16 4381.46
26-Jun-16 519.1 0.00 26-Jun-16 4380.22
27-Jun-16 516.4 -0.01 27-Jun-16 4412.83
28-Jun-16 516.7 0.00 28-Jun-16 4451.36
29-Jun-16 517.8 0.00 29-Jun-16 4470.26
30-Jun-16 522.1 0.01 30-Jun-16 4507.58
10-Jul-16 520.3 0.00 10-Jul-16 4495.19
11-Jul-16 520.4 0.00 11-Jul-16 4505.17
12-Jul-16 522.7 0.00 12-Jul-16 4544.71
13-Jul-16 519.6 -0.01 13-Jul-16 4538.08
14-Jul-16 519.5 0.00 14-Jul-16 4537.92
16-Jul-16 525.9 0.01 16-Jul-16 4554.74
17-Jul-16 534.2 0.02 17-Jul-16 4558.94
18-Jul-16 529.6 -0.01 18-Jul-16 4571.81
19-Jul-16 527 0.00 19-Jul-16 4556.93
20-Jul-16 533.5 0.01 20-Jul-16 4554.55
21-Jul-16 534.2 0.00 21-Jul-16 4553.78
24-Jul-16 534.6 0.00 24-Jul-16 4551.07
25-Jul-16 533 0.00 25-Jul-16 4549.18
26-Jul-16 531.8 0.00 26-Jul-16 4550.16
27-Jul-16 529.4 0.00 27-Jul-16 4538.21
28-Jul-16 537.4 0.02 28-Jul-16 4538.26
31-Jul-16 550.2 0.02 31-Jul-16 4525.35
1-Aug-16 558.3 0.01 1-Aug-16 4533.71
2-Aug-16 547.5 -0.02 2-Aug-16 4552.37
3-Aug-16 550.9 0.01 3-Aug-16 4575.97
4-Aug-16 552.2 0.00 4-Aug-16 4577.57
7-Aug-16 549.6 0.00 7-Aug-16 4568.43
8-Aug-16 548.3 0.00 8-Aug-16 4569.13
9-Aug-16 549.2 0.00 9-Aug-16 4567.69
10-Aug-16 552.8 0.01 10-Aug-16 4569.29
11-Aug-16 547 -0.01 11-Aug-16 4574.36
14-Aug-16 548.9 0.00 14-Aug-16 4577.08
16-Aug-16 544.4 -0.01 16-Aug-16 4586.25
17-Aug-16 543.9 0.00 17-Aug-16 4595.24
18-Aug-16 541.2 0.00 18-Aug-16 4585.08
21-Aug-16 539.5 0.00 21-Aug-16 4579.03
22-Aug-16 545 0.01 22-Aug-16 4577.85
23-Aug-16 542.1 -0.01 23-Aug-16 4563.68
24-Aug-16 539.5 0.00 24-Aug-16 4554.27
28-Aug-16 536 -0.01 28-Aug-16 4534.56
29-Aug-16 535 0.00 29-Aug-16 4534.04
30-Aug-16 534 0.00 30-Aug-16 4523.66
31-Aug-16 534.9 0.00 31-Aug-16 4526.58
1-Sep-16 538 0.01 1-Sep-16 4549.04
4-Sep-16 534.3 -0.01 4-Sep-16 4557.44
5-Sep-16 532.5 0.00 5-Sep-16 4563.69
6-Sep-16 532.7 0.00 6-Sep-16 4568.36
7-Sep-16 536.3 0.01 7-Sep-16 4594.68
8-Sep-16 536.1 0.00 8-Sep-16 4601.09
18-Sep-16 534.4 0.00 18-Sep-16 4623.98
19-Sep-16 541.4 0.01 19-Sep-16 4626.18
20-Sep-16 542.8 0.00 20-Sep-16 4639.13
21-Sep-16 548 0.01 21-Sep-16 4660.15
22-Sep-16 542.6 -0.01 22-Sep-16 4665.35
24-Sep-16 544.8 0.00 24-Sep-16 4680.31
25-Sep-16 541.9 -0.01 25-Sep-16 4673.44
26-Sep-16 542.7 0.00 26-Sep-16 4683.99
27-Sep-16 539.3 -0.01 27-Sep-16 4677.69
28-Sep-16 542.5 0.01 28-Sep-16 4690.63
29-Sep-16 542.3 0.00 29-Sep-16 4695.19
2-Oct-16 544.4 0.00 2-Oct-16 4690.93
3-Oct-16 543.7 0.00 3-Oct-16 4691.14
4-Oct-16 545.3 0.00 4-Oct-16 4708.79
5-Oct-16 546.9 0.00 5-Oct-16 4714.05
DSEX
Return
SUMMARY OUTPUT
-0.66%
0.13% Regression Statistics
0.03% Multiple R 0.276421
-0.35% R Square 0.076409
-0.04% Adjusted R Square 0.068162
-0.77% Standard Error 0.007537
0.04% Observations 114
-0.44%
-0.05% ANOVA
-0.38% df SS MS
-0.92% Regression 1 0.0005263115 0.000526
-1.00% Residual 112 0.006361789 5.68E-005
-1.02% Total 113 0.0068881005
-0.58%
2.42% CoefficientsStandard Error t Stat
-0.33% Intercept -5.7E-005 0.0007122747 -0.080015
1.14% -0.0066213359 0.474123 0.1557579643 3.043973
0.77%
-0.25%
0.02% 0.03
-0.27%
-0.46%
-0.54% 0.02
0.31%
0.89%
0.01
0.87% f(x) = 0.4459308901x + 4.03012550571974E-005
0.65% R = 0.0687355277

0.03% 0.00
-0.01% -1.50% -1.00% -0.50% 0.00% 0.50%
-0.64%
0.50% -0.01
0.88%
-0.09%
-0.08% -0.02

0.05%
0.55%
-0.03
-0.45%
-0.34% Column D Linear (Colum

0.04%
0.18%
-0.03%
-0.22%
-0.09%
0.08%
0.07%
-0.38%
-0.17%
-0.43%
-0.14%
0.07%
0.35%
-0.03%
0.74%
0.87%
0.42%
0.83%
-0.27%
0.22%
0.88%
-0.15%
0.00%
0.37%
0.09%
0.28%
-0.33%
-0.05%
-0.02%
-0.06%
-0.04%
0.02%
-0.26%
0.00%
-0.28%
0.18%
0.41%
0.52%
0.03%
-0.20%
0.02%
-0.03%
0.04%
0.11%
0.06%
0.20%
0.20%
-0.22%
-0.13%
-0.03%
-0.31%
-0.21%
-0.43%
-0.01%
-0.23%
0.06%
0.50%
0.18%
0.14%
0.10%
0.58%
0.14%
0.50%
0.05%
0.28%
0.45%
0.11%
0.32%
-0.15%
0.23%
-0.13%
0.28%
0.10%
-0.09%
0.00%
0.38%
0.11%
F Significance F
9.265772 0.0029100709

P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%


0.936368 -0.0014682736 0.001354 -0.0014682736 0.0013542883
0.00291 0.1655086187 0.782737 0.1655086187 0.7827374995

0571974E-005

% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00%

mn D Linear (Column D) Linear (Column D)


Heidelberg Cement DSEX
Date Close Return Date Close Return
10-Apr-16 531.1 10-Apr-16 4431.13
11-Apr-16 534.4 0.006214 11-Apr-16 4401.79 -0.006621
12-Apr-16 541.4 0.013099 12-Apr-16 4407.52 0.001302
13-Apr-16 538.8 -0.004802 13-Apr-16 4408.64 0.000254
17-Apr-16 538.1 -0.001299 17-Apr-16 4393.34 -0.00347
18-Apr-16 534.6 -0.006504 18-Apr-16 4391.42 -0.000437
19-Apr-16 526 -0.016087 19-Apr-16 4357.63 -0.007695
20-Apr-16 530.4 0.008365 20-Apr-16 4359.40 0.000406
21-Apr-16 538.2 0.014706 21-Apr-16 4340.34 -0.004372
24-Apr-16 540.3 0.003902 24-Apr-16 4338.25 -0.000482
25-Apr-16 531.7 -0.015917 25-Apr-16 4321.63 -0.003831
26-Apr-16 529.9 -0.003385 26-Apr-16 4281.93 -0.009186
27-Apr-16 526.8 -0.00585 27-Apr-16 4238.95 -0.010038
28-Apr-16 524.8 -0.003797 28-Apr-16 4195.70 -0.010203
2-May-16 519.2 -0.010671 2-May-16 4171.41 -0.005789
3-May-16 524.1 0.009438 3-May-16 4272.18 0.024157
4-May-16 521.3 -0.005342 4-May-16 4258.20 -0.003272
5-May-16 517.4 -0.007481 5-May-16 4306.80 0.011413
8-May-16 523.6 0.011983 8-May-16 4340.07 0.007725
9-May-16 534.5 0.020817 9-May-16 4329.40 -0.002458
10-May-16 535.1 0.001123 10-May-16 4330.32 0.000213
11-May-16 536.6 0.002803 11-May-16 4318.45 -0.002741
12-May-16 541.5 0.009132 12-May-16 4298.65 -0.004585
15-May-16 533.2 -0.015328 15-May-16 4275.48 -0.00539
16-May-16 532 -0.002251 16-May-16 4288.65 0.00308
17-May-16 529.6 -0.004511 17-May-16 4326.64 0.008858
18-May-16 528.5 -0.002077 18-May-16 4364.31 0.008707
19-May-16 530.4 0.003595 19-May-16 4392.88 0.006546
22-May-16 530.3 -0.000189 22-May-16 4394.32 0.000328
24-May-16 526.6 -0.006977 24-May-16 4394.07 -5.7E-005
25-May-16 519.3 -0.013863 25-May-16 4366.03 -0.006381
26-May-16 523.7 0.008473 26-May-16 4388.01 0.005034
29-May-16 533.2 0.01814 29-May-16 4426.78 0.008835
30-May-16 531.7 -0.002813 30-May-16 4423.00 -0.000854
31-May-16 537.3 0.010532 31-May-16 4419.39 -0.000816
1-Jun-16 529.8 -0.013959 1-Jun-16 4421.79 0.000543
2-Jun-16 529.8 0 2-Jun-16 4446.09 0.005496
5-Jun-16 529.7 -0.000189 5-Jun-16 4425.90 -0.004541
6-Jun-16 528.1 -0.003021 6-Jun-16 4410.93 -0.003382
7-Jun-16 524.9 -0.006059 7-Jun-16 4412.51 0.000358
8-Jun-16 525.5 0.001143 8-Jun-16 4420.43 0.001795
9-Jun-16 525 -0.000951 9-Jun-16 4418.99 -0.000326
12-Jun-16 525.4 0.000762 12-Jun-16 4409.40 -0.00217
13-Jun-16 522.4 -0.00571 13-Jun-16 4405.40 -0.000907
14-Jun-16 521.3 -0.002106 14-Jun-16 4409.09 0.000838
15-Jun-16 521.1 -0.000384 15-Jun-16 4412.00 0.00066
16-Jun-16 519.4 -0.003262 16-Jun-16 4395.28 -0.00379
19-Jun-16 518.6 -0.00154 19-Jun-16 4387.78 -0.001706
20-Jun-16 516.8 -0.003471 20-Jun-16 4369.01 -0.004278
21-Jun-16 517 0.000387 21-Jun-16 4363.11 -0.00135
22-Jun-16 516.2 -0.001547 22-Jun-16 4366.25 0.00072
23-Jun-16 517.9 0.003293 23-Jun-16 4381.46 0.003484
26-Jun-16 519.1 0.002317 26-Jun-16 4380.22 -0.000283
27-Jun-16 516.4 -0.005201 27-Jun-16 4412.83 0.007445
28-Jun-16 516.7 0.000581 28-Jun-16 4451.36 0.008731
29-Jun-16 517.8 0.002129 29-Jun-16 4470.26 0.004246
30-Jun-16 522.1 0.008304 30-Jun-16 4507.58 0.008349
10-Jul-16 520.3 -0.003448 10-Jul-16 4495.19 -0.002749
11-Jul-16 520.4 0.000192 11-Jul-16 4505.17 0.00222
12-Jul-16 522.7 0.00442 12-Jul-16 4544.71 0.008777
13-Jul-16 519.6 -0.005931 13-Jul-16 4538.08 -0.001459
14-Jul-16 519.5 -0.000192 14-Jul-16 4537.92 -3.5E-005
16-Jul-16 525.9 0.01232 16-Jul-16 4554.74 0.003707
17-Jul-16 534.2 0.015782 17-Jul-16 4558.94 0.000922
18-Jul-16 529.6 -0.008611 18-Jul-16 4571.81 0.002823
19-Jul-16 527 -0.004909 19-Jul-16 4556.93 -0.003255
20-Jul-16 533.5 0.012334 20-Jul-16 4554.55 -0.000522
21-Jul-16 534.2 0.001312 21-Jul-16 4553.78 -0.000169
24-Jul-16 534.6 0.000749 24-Jul-16 4551.07 -0.000595
25-Jul-16 533 -0.002993 25-Jul-16 4549.18 -0.000415
26-Jul-16 531.8 -0.002251 26-Jul-16 4550.16 0.000215
27-Jul-16 529.4 -0.004513 27-Jul-16 4538.21 -0.002626
28-Jul-16 537.4 0.015111 28-Jul-16 4538.26 1.10E-005
31-Jul-16 550.2 0.023818 31-Jul-16 4525.35 -0.002845
1-Aug-16 558.3 0.014722 1-Aug-16 4533.71 0.001847
2-Aug-16 547.5 -0.019344 2-Aug-16 4552.37 0.004116
3-Aug-16 550.9 0.00621 3-Aug-16 4575.97 0.005184
4-Aug-16 552.2 0.00236 4-Aug-16 4577.57 0.00035
7-Aug-16 549.6 -0.004708 7-Aug-16 4568.43 -0.001997
8-Aug-16 548.3 -0.002365 8-Aug-16 4569.13 0.000153
9-Aug-16 549.2 0.001641 9-Aug-16 4567.69 -0.000315
10-Aug-16 552.8 0.006555 10-Aug-16 4569.29 0.00035
11-Aug-16 547 -0.010492 11-Aug-16 4574.36 0.00111
14-Aug-16 548.9 0.003473 14-Aug-16 4577.08 0.000595
16-Aug-16 544.4 -0.008198 16-Aug-16 4586.25 0.002003
17-Aug-16 543.9 -0.000918 17-Aug-16 4595.24 0.00196
18-Aug-16 541.2 -0.004964 18-Aug-16 4585.08 -0.002211
21-Aug-16 539.5 -0.003141 21-Aug-16 4579.03 -0.001319
22-Aug-16 545 0.010195 22-Aug-16 4577.85 -0.000258
23-Aug-16 542.1 -0.005321 23-Aug-16 4563.68 -0.003095
24-Aug-16 539.5 -0.004796 24-Aug-16 4554.27 -0.002062
28-Aug-16 536 -0.006487 28-Aug-16 4534.56 -0.004328
29-Aug-16 535 -0.001866 29-Aug-16 4534.04 -0.000115
30-Aug-16 534 -0.001869 30-Aug-16 4523.66 -0.002289
31-Aug-16 534.9 0.001685 31-Aug-16 4526.58 0.000645
1-Sep-16 538 0.005795 1-Sep-16 4549.04 0.004962
4-Sep-16 534.3 -0.006877 4-Sep-16 4557.44 0.001847
5-Sep-16 532.5 -0.003369 5-Sep-16 4563.69 0.001371
6-Sep-16 532.7 0.000376 6-Sep-16 4568.36 0.001023
7-Sep-16 536.3 0.006758 7-Sep-16 4594.68 0.005761
8-Sep-16 536.1 -0.000373 8-Sep-16 4601.09 0.001395
18-Sep-16 534.4 -0.003171 18-Sep-16 4623.98 0.004975
19-Sep-16 541.4 0.013099 19-Sep-16 4626.18 0.000476
20-Sep-16 542.8 0.002586 20-Sep-16 4639.13 0.002799
21-Sep-16 548 0.00958 21-Sep-16 4660.15 0.004531
22-Sep-16 542.6 -0.009854 22-Sep-16 4665.35 0.001116
24-Sep-16 544.8 0.004055 24-Sep-16 4680.31 0.003207
25-Sep-16 541.9 -0.005323 25-Sep-16 4673.44 -0.001468
26-Sep-16 542.7 0.001476 26-Sep-16 4683.99 0.002257
27-Sep-16 539.3 -0.006265 27-Sep-16 4677.69 -0.001345
28-Sep-16 542.5 0.005934 28-Sep-16 4690.63 0.002766
29-Sep-16 542.3 -0.000369 29-Sep-16 4695.19 0.000972
2-Oct-16 544.4 0.003872 2-Oct-16 4690.93 -0.000907
3-Oct-16 543.7 -0.001286 3-Oct-16 4691.14 4.48E-005
4-Oct-16 545.3 0.002943 4-Oct-16 4708.79 0.003762
5-Oct-16 546.9 0.002934 5-Oct-16 4714.05 0.001117
Heidelberg Cement
Daily Return 0.000285
Annualized Return 7.12%
Daily Standard deviation 0.007793
Annualized Standard deviation 12.32%

Trading days 250

DSEX
Daily Return 0.000549
Annualized Return 13.72%
Daily Standard deviation 0.004582
Annualized Standard deviation 7.24%
Current Market Price, So 544.00
Exercise Price, X 625.60
Risk Free Rate, rf 4.54%
Time to Maturity, T 2
Probability of going up 20%
Probability of going down 20%
u , (Up factor) 1.20
d , (down factor) 0.8
Risk Neutral Probability of going up, 61%
Risk Neutral Probability of going down, 1 39%
61%

61% 652.8
92.58
20% Up

544.00
54.33

20% Down
0
39% 435.2

39%
783.36
157.76
20% Up

20% Down
522.24
0
20% Up

20% Down
0
348.16
Current Market Price, So 544.00
Exercise Price, X 625.6
Risk Free Rate, rf 4.54%
Time to Maturity, T 2
Annualized Standard Deviation, 12%
Annualized Variance 1.5%
Continuous Risk Free Rate, rc 4.44%
1 -0.205
2 -0.380
N(d1) 0.419
N(d2) 0.352
Call Option Price, 25.79