FIN433 Ahm BEST REPORT Alif Akhi Samia Julfiqure

Final Report on
Financial Market and Institutions:

Financial analysis on eight companies from two industries
Summer 2023
FIN433: Financial Market and Institutions
Section: 2
Submitted to:
Abdullah Al Mamun (Ahm)
Lecturer, Department of Accounting and Finance,
School of Business and Economics,
North South University
Group members:
NAME ID
Md. Moinuddin Shah Julfiquar 1912220630
Samia Akter 2013713030
Md. Al-Alif Hossain 2121155630
Jannatul Mawya Akhi 2121332630
Submission Date: 18th November, 2023

Table of Contents:
Acknowledgement: ........................................................................................................................ 3
Letter of Transmittal: .................................................................................................................... 4
Fundamental Analysis ....................................................................................................................... 5
Dutch Bangla Bank Ltd. (DBBL)...................................................................................................... 5
BRAC Bank Ltd. ............................................................................................................................. 5
J.P. Morgan & Co........................................................................................................................... 6
Bank of America ............................................................................................................................ 7
NIKE, Inc. ....................................................................................................................................... 7
PUMA SE ....................................................................................................................................... 8
BATA Footwear ............................................................................................................................. 9
APEX Footwear ............................................................................................................................. 9
Quantitative Analysis ..................................................................................................................... 11
Debt Equity Ratio: ....................................................................................................................... 11
Profit Margin:.............................................................................................................................. 12
Return on Assets: ........................................................................................................................ 13
Return on Equity: ........................................................................................................................ 14
Price Earnings Ratio: ................................................................................................................... 15
Qualitative Analysis (companies) .................................................................................................... 17
Bank Industry: ............................................................................................................................. 17
Footwear Industry: ..................................................................................................................... 18
Qualitative Analysis (Industry) ..................................................................................................... 19
Among all (eight) companies: ..................................................................................................... 19
Ratings and Comments: .............................................................................................................. 20
References: ................................................................................................................................... 21
Appendix:...................................................................................................................................... 22
2 |Page
Acknowledgement:
We extend our sincerest gratitude to the individuals whose unwavering support and
guidance have been pivotal in the completion of this report. Foremost, our heartfelt
thanks go to the Almighty Allah for bestowing upon us the resources and strength
needed to bring this project to fruition.
A special acknowledgment is reserved for our esteemed instructor, Abdullah Al Mamun
(Ahm) Sir. His exceptional mentorship, insightful direction, and continuous supervision
have been instrumental in shaping this report into a comprehensive and educative
endeavor. We express our profound appreciation for his generosity in allowing us to
explore and delve into this meaningful project under his guidance. His report has served
as an invaluable reference, enriching our understanding and contributing significantly
to the quality of our work.
Lastly, but certainly not least, we extend our appreciation to each dedicated member of
our group. The collaborative effort and enthusiasm displayed by our team members
over the past weeks have been integral to the success of this project. Through this
experience, we have come to realize and cherish the true value of teamwork, and for
that, we express our deepest thanks to all who contributed to making this endeavor
possible.
Group Work Contribution Form

Contribution
Name ID Report Sign
Md. Moinuddin Shah Julfiquar 1912220630 BATA, APEX Footwear
Samia Akter 2013713030 BRAC Bank, JP Morgan & Co.
MD. Al-Alif Hossain 2121332630 DBBL, Bank of America,

Compiling
Jannatul Mawya Akhi 2121332630 NIKE, PUMA
3 |Page
Letter of Transmittal:
18th November, 2023

Abdullah Al Mamun
Lecturer, Department of Accounting & Finance, School of Business & Economics (SBE),
North South University, Dhaka – 1229, Bangladesh.
Subject: Submission of the Project Report with Profound Gratitude
Dear Sir,
With the utmost respect and profound gratitude, we present our Financial Institutions
and Markets (FIN 433) group project titled “Financial analysis on eight companies from
two industries” for your consideration. This project, due on 18th November, 2023, has
been a journey of immense learning and growth under your esteemed guidance. We
genuinely believe that the knowledge and skills acquired through this project will not
only contribute to our academic growth but will also serve as a cornerstone for our
future careers. Your commitment to fostering our intellectual development has
undoubtedly enhanced our thinking abilities and analytical skills, for which we are truly
grateful.
As we submit this report, we do so with the sincere hope that our analysis proves
insightful and contributes meaningfully to the academic discourse. We express our deep
appreciation for the immeasurable support you have provided throughout the course,
and we eagerly anticipate the opportunity to collaborate with you again in the near
future.
Thank you for being a beacon of inspiration and knowledge in our academic journey.
Sincerely yours,
MD. Al-Alif Hossain
Md. Moinuddin Shah Julfiquar
Samia Akter
Jannatul Mawya Akhi
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Fundamental Analysis
Dutch Bangla Bank Ltd. (DBBL)
No. Ratio Formula Calculation Findings

1 Debt-Equity Ratio 𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡 50194.714 12.52
𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦 4010.085
2 Profit Margin 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 529.251 16.75%

𝑆𝑎𝑙𝑒𝑠 3158.42
3 Return on Asset 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 529.251 .95%
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 55547.3
4 Return on Equity 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 529.251 14.24%
𝑇𝑜𝑡𝑎𝑙 𝐶𝑜𝑚𝑚𝑜𝑛 3716.469
𝑆𝑎ℎ𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟 ′ 𝑠 𝑒𝑞𝑢𝑖𝑡𝑦
5 Price earnings ratio 𝑀𝑎𝑟𝑘𝑒𝑡 𝑃𝑟𝑖𝑐𝑒 59.85 7.87
𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒 7.607
October 4, 2023: The Bangladesh Securities and Exchange Commission (BSEC) approves
DBBL's proposal to issue bonus shares in a 1:2 ratio. This means that for every two
shares held, investors will receive one bonus share. This is a positive development for
investors as it increases their ownership stake in the company without having to pay
any additional money.
September 2023: DBBL reports a strong financial performance for the first half of the
year, with revenue and profits both increasing.
BRAC Bank Ltd.

1 Debt-Equity Ratio 𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡 50482 8.65
𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦 5839
2 Profit Margin 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 576 21.67%

𝑆𝑎𝑙𝑒𝑠 2657
3 Return on Asset 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 576 0.87%
4 Return on Equity 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 576 9.86%
𝑇𝑜𝑡𝑎𝑙 𝐶𝑜𝑚𝑚𝑜𝑛 5839
5 |Page
October 31, 2023: BRAC Bank explains the reasons for the deviations in its EPS, NOCFPS,
and NAVPS. The company attributes the increase in EPS to higher interest income from
loan and advance growth, investment income, and commission and brokerage income.
The increase in NOCFPS is attributed to higher deposit mobilization from customers and
borrowings from banks. The increase in NAVPS is attributed to the growth in Profit After
Tax (PAT) compared to the previous period. This information could help investors to
understand the factors driving the company's financial performance.
Overall, the recent news surrounding BRAC Bank is generally positive. This could help to
boost the company's stock price in the near term.
J.P. Morgan & Co.


𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 3665743
4 Return on Equity 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 37676 14%
November 9, 2023: United Airlines tweaks frequent flyer program to reward credit card
spending. United Airlines (UAL) is making some changes to its MileagePlus frequent
flyer program that will make it easier for members to earn miles from credit card
spending. The changes will go into effect on January 1, 2024.
November 9, 2023: JPMorgan's $290 million settlement with Epstein accusers approved
by US judge. A US judge has approved a $290 million settlement between JPMorgan
Chase & Co. (JPM) and dozens of women who have accused Jeffrey Epstein of sexual
abuse. The settlement resolves a lawsuit that the women filed against JPMorgan, alleging
that the bank helped Epstein facilitate his abuse.
6 |Page
Overall, the recent news for JPMorgan Chase & Co. is mixed. The company has been hit
by a number of negative headlines in recent weeks, but it has also announced some
positive developments.
Bank of America


3 Return on Asset 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 27528 .90%
October 5, 2023: Bank of America reports strong third-quarter earnings, beating analyst
expectations. This news could boost investor confidence in the company and lead to
increased investment in BAC stock.
September 21, 2023: Bank of America announces plans to raise its quarterly dividend by
11%. This is the fourth dividend increase in the past year, and it signals the company's
strong financial position. This news could also attract investors who are looking for
companies with a strong track record of returning capital to shareholders.
Overall, the recent news surrounding Bank of America is generally positive. This could
help to boost the company's stock price in the near term.
NIKE, Inc.


7 |Page
November 10, 2023: Nike, Inc. (NKE) Beats Earnings Estimates, Raises Guidance Nike
reported better-than-expected earnings and revenue for the fiscal fourth quarter and
raised its outlook for the year, buoyed by strong demand for its products in North
America and China. The company expects revenue for the fiscal year 2024 to be between
$45.5 billion and $47.5 billion, up from its previous guidance of $44.5 billion to $46.5
billion. Nike also said it expects earnings per diluted share for the year to be $3.70 to
$3.90, up from its previous guidance of $3.50 to $3.70.
Overall, the recent news for NIKE is positive.
PUMA SE


𝑆𝑎𝑙𝑒𝑠 1151.9
Analysts at Simply Wall St. have estimated that PUMA's intrinsic value is €64.51 per
share. This is significantly higher than the current share price of €52.94. If investors
believe that Simply Wall St.'s estimate is accurate, it could lead to a surge in PUMA's
stock price.
Overall, the recent news surrounding PUMA is largely positive. This could help to boost
the company's stock price in the near term. However, it is important to remember that
the stock market is volatile and there is no guarantee that PUMA's stock price will
continue to rise.
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BATA Footwear
1 Debt-Equity Ratio 𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡 402,2236091 1.1660

𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦 3449545,928
2 Profit Margin 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 410,111,333 4.16%

𝑆𝑎𝑙𝑒𝑠 9855149560
3 Return on Asset 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 410,111,333 5.48%

𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 747,1782,019
4 Return on Equity 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 410,111,333 11.88%

𝑇𝑜𝑡𝑎𝑙 𝐶𝑜𝑚𝑚𝑜𝑛 3449545,928
5 Price earnings ratio 𝑀𝑎𝑟𝑘𝑒𝑡 𝑝𝑟𝑖𝑐𝑒 252.16 8.41
October 2023: Bata Bangladesh announces a new partnership with a local e-commerce
platform to expand its online sales reach. This partnership could help to boost the
company's sales and profits, which could have a positive impact on its stock price.
September 2023: Bata Bangladesh reports a strong financial performance for the first
half of the year, with revenue and profits both increasing. This positive news could
attract investors to the company's stock, which could drive up the price.
Overall, the recent news surrounding Bata Bangladesh is generally positive. This could
help to boost the company's stock price in the near term.
APEX Footwear

2 Profit Margin 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 138.23 1.06%

𝑆𝑎𝑙𝑒𝑠 12974.6
3 Return on Asset 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 138.23 6.7752%
4 Return on Equity 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 138.23 4.62%
9 |Page
September 2023: Apex Footwear Limited launches a new line of affordable and durable
footwear specifically designed for the Bangladeshi market. This new product line could
help to expand the company's customer base and boost its sales, which could have a
positive impact on its stock price.
August 2023: Apex Footwear Limited reports a slight increase in revenue but a decrease
in profits for the first half of the year. The company attributes the decline in profits to
rising production costs and increased competition from other footwear manufacturers.
This news could lead to some investors becoming cautious about the company's future
prospects, which could put downward pressure on its stock price.
Overall, the recent news surrounding Apex Footwear Limited is mixed. Some of the news
items are positive, while others are more negative.
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Quantitative Analysis
Debt Equity Ratio:
The debt-equity ratio assesses a company's financial leverage by comparing its total
debt to shareholders' equity. A higher ratio indicates greater financial risk. Investors
consider this ratio to gauge a company's solvency and risk exposure. Lower ratios may
attract investors seeking stability, while higher ratios may appeal to those seeking
higher returns despite increased risk.
BANK INDUSTRY FOOTWEAR INDUSTRY

DEBT-EQUITY RATIO DEBT-EQUITY RATIO
12.51 11.54
8.65 10.17
5.82
1.63 1.67 1.17
DBBL BRAC JP MORGAN BANK of NIKE PUMA Apex BATA
AMERICA Footwear
Bank Industry:
1. DBBL (Dutch-Bangla Bank Limited): High debt-equity ratio (12.51) indicates
higher financial leverage, suggesting increased risk. Investors may be attracted to
potential higher returns but should be cautious due to elevated debt levels.
2. BRAC Bank: Moderate debt-equity ratio (8.65) suggests a balanced financial
structure. This may appeal to investors seeking a combination of stability and
growth potential.
3. JP Morgan: Relatively high debt-equity ratio (11.54) implies significant financial
leverage. Investors may see potential for higher returns but should be aware of
increased risk associated with the elevated debt.
4. Bank of America: Moderate debt-equity ratio (10.17) indicates a reasonable
balance between debt and equity. This could attract investors looking for a mix of
stability and growth potential.
Decision: Among the listed banks, BRAC Bank appears to have a more balanced debt-
equity ratio, reflecting a moderate level of financial leverage. Therefore, based on this
qualitative analysis, BRAC Bank is performing relatively well in terms of maintaining a
balanced financial structure.
Footwear Industry:
1. Nike (1.63): Moderately leveraged, showing a balanced mix of debt and equity.
Indicates a reasonable level of financial risk.
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2. Puma (1.67): Similar to Nike, with a slightly higher debt-equity ratio. Also
indicates a moderate level of financial risk.
3. Apex Footwear (5.82): High debt-equity ratio suggests higher financial leverage
and increased risk. Investors may be cautious due to the significant reliance on
debt.
4. Bata (1.17): Relatively low debt-equity ratio, indicating a conservative approach
with lower financial risk compared to the others.
Decision: Bata appears to have the lowest debt-equity ratio, reflecting a more
conservative financial structure, potentially making it a favorable choice for investors
seeking lower risk in the footwear industry.
Profit Margin:
Profit margin ratio is a financial metric that measures a company's profitability by
expressing its net profit as a percentage of revenue. Investors use this ratio to assess a
company's efficiency in converting sales into profit. Higher profit margins often indicate
a more financially sound and attractive investment opportunity.

PROFIT MARGIN RATIO PROFIT MARGIN RATIO
12.94%
29.27% 28.99% 10.16%
21.68%
16.76%
4.16%
1.06%
AMERICA Footwear
Bank Industry:
1. JP Morgan (29.27%): Exhibits the highest profit margin, indicating efficient cost
management and potentially strong revenue generation.
2. Bank of America (28.99%): Also demonstrates a robust profit margin, suggesting
effective profitability, though slightly lower than JP Morgan.
3. BRAC (21.68%): Shows a good profit margin, possibly reflecting sound financial
performance, though lower than JP Morgan and Bank of America.
4. DBBL (16.76%): While still positive, DBBL has the lowest profit margin among
the listed companies, indicating a relatively lower level of profitability compared
to others.
In terms of profit margin, JP Morgan is performing the best among the listed companies.
Footwear industry:
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1. Nike (12.94%): Demonstrates a strong profit margin, indicating effective cost
management and potentially higher pricing power. Recognized global brand and
market leader.
2. Puma (10.16%): Shows a healthy profit margin, suggesting efficient operations.
Puma's strong brand presence and focus on sportswear contribute to its
performance.
3. BATA (4.16%): With a moderate profit margin, Bata may face challenges in cost
control or market competition. BATA's long-established presence may provide
stability.
4. Apex Footwear (1.06%): The lowest profit margin suggests potential operational
challenges or cost inefficiencies. Apex may need to focus on improving
profitability through various strategies.
Considering profit margins, Nike appears to be performing the best among the listed
footwear companies.
Return on Assets:
The Return on Assets (ROA) ratio measures a company's ability to generate profits from
its assets. It's calculated by dividing net income by average total assets. Investors use
ROA to assess management efficiency; a higher ratio indicates better asset utilization,
making a stock more attractive for investment due to increased profitability and
efficiency.

RETURN ON ASSETS RETURN ON ASSETS
1.02%
14.99%
0.95%
0.90%
0.87% 6.78% 5.48%
1.73%
DBBL BRAC JP BANK of NIKE PUMA Apex BATA
MORGAN AMERICA Footwear
Bank Industry:
1. JP Morgan (1.02%): Leading with the highest ROA, JP Morgan demonstrates
effective asset management, suggesting strong profitability relative to its asset
base.
2. DBBL (0.95%): With a solid ROA, Dutch-Bangla Bank Limited shows efficient use
of assets to generate profits, indicating sound financial performance.
3. Bank of America (0.90%): While still positive, Bank of America's ROA is slightly
lower, suggesting comparatively lower profitability relative to its asset base.
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4. BRAC (0.87%): BRAC exhibits the lowest ROA, implying less efficient asset
utilization and potentially lower profitability compared to the other banks.
Based on ROA, JP Morgan appears to be the leader among the mentioned banks.
Footwear industry:
1. Nike (14.99%): Demonstrates a robust return on assets, indicating efficient asset
utilization and strong profitability. Nike's global brand recognition and effective
business strategies contribute to its leading position.
2. Apex Footwear (6.78%): Shows a moderate ROA, suggesting reasonable
profitability and asset management. Apex Footwear appears to be performing
well within the industry but may face competition from larger brands.
3. Bata (5.48%): Has a decent ROA, indicating satisfactory but potentially less
efficient asset utilization compared to Nike. Bata's long-standing presence and
diverse product offerings contribute to its stability.
4. Puma (1.73%): Exhibits a lower ROA, suggesting relatively weaker profitability
and asset efficiency. Puma may face challenges in optimizing its assets compared
to its competitors in the footwear industry.
Decision: Nike seems to be leading among the mentioned companies with the highest
Return on Assets, reflecting strong financial performance and effective management of
assets.
Return on Equity:
Return on Equity (ROE) is a financial ratio that measures a company's profitability by
assessing how effectively it generates earnings from shareholders' equity. Investors use
ROE to gauge a company's efficiency in utilizing shareholder funds. A higher ROE often
signals better financial performance, attracting investors seeking strong returns.

RETURN ON EQUITY RETURN ON EQUITY
14.24% 14%
11.88% 39.56%
9.87%
11.88%
4.73% 4.62%

AMERICA Footwear
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Bank Industry:
1. JP Morgan (14%): Demonstrates a strong ROE, indicating efficient use of equity
capital to generate profits. As a leading global financial institution, JP Morgan's
diverse services contribute to its robust financial performance.
2. DBBL (14.24%): Shows a competitive ROE, suggesting effective utilization of
equity. Dutch-Bangla Bank Limited's performance is notable within the banking
sector, reflecting sound financial management.
3. Bank of America (11.88%): Maintains a decent ROE, indicating satisfactory
returns on equity. As a major player in the financial industry, Bank of America's
performance reflects stability and effective use of capital.
4. BRAC (9.87%): Exhibits a relatively lower ROE, suggesting a potentially less
efficient use of equity. BRAC, being a diversified organization, may face
challenges in optimizing returns compared to the banking giants.
Conclusion: Based on the provided ROE figures, DBBL is doing relatively better and
holds the top position with a 14% Return on Equity
Footwear industry:
Price Earnings Ratio:

The Price-Earnings Ratio (P/E ratio) is a valuation metric that compares a company's
current stock price to its earnings per share. It helps investors assess a stock's relative
value and potential for future growth. A higher P/E ratio suggests greater growth
expectations, while a lower ratio may indicate undervaluation, influencing investment
decisions.
BANK INDUSTRY PRICE FOOTWEAR INDUSTRY

EARNINGS RATIO PRICE EARNINGS RATIO
10.09
30.81
7.87 7.7 8.41
22.63 21.61
8.41

AMERICA Footwear
Bank Industry:
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1. Bank of America (P/E 10.09): Shows a higher P/E ratio, indicating potentially
higher investor expectations for future earnings growth. Bank of America may be
perceived as having strong growth prospects or improved current earnings.
2. JP Morgan (P/E 8.41): Displays a moderate P/E ratio, suggesting a balanced
valuation. JP Morgan, being a global banking giant, maintains stability with a
reasonable expectation for future earnings growth.
3. DBBL (P/E 7.87): Has a relatively lower P/E ratio, signaling a more conservative
valuation. Dutch-Bangla Bank may be perceived as having steady performance
with moderate growth expectations.
4. BRAC (P/E 7.7): Shows a lower P/E ratio, indicating a potentially conservative
valuation. BRAC Bank may be considered as having a more conservative outlook
in terms of earnings growth.
Decision: Bank of America, with the highest Price-Earnings Ratio, might be perceived as
the leading company among the mentioned banks, suggesting a favorable outlook for
future earnings growth according to investor expectations.
Footwear industry:
1. Nike (P/E: 30.81): Despite a P/E above the commonly considered threshold of
30, Nike's higher valuation could be justified by its strong brand, global market
share, and consistent growth potential. Investors might be willing to pay a
premium for Nike's established position in the industry.
2. Apex Footwear (P/E: 21.61): Shows a moderate P/E, indicating a balanced
valuation. Apex Footwear appears reasonably priced compared to its earnings,
suggesting a stable investment outlook.
3. Puma (P/E: 22.63): Maintains a P/E slightly above 20, which is generally
considered acceptable. Puma's valuation suggests a positive market sentiment,
possibly reflecting confidence in its brand and growth prospects.
4. Bata (P/E: 8.41): Has a notably lower P/E, which could indicate a more
undervalued position. While a low P/E may signal potential value, it could also
reflect concerns about Bata's growth or future earnings.
Decision: While a P/E above 30 is often considered high, the decision on the "best"
company depends on various factors, including growth prospects and risk tolerance.
Based on P/E alone, Apex Footwear and Puma appear to have reasonable valuations, but
Nike may be favored for its market position and growth potential, despite the higher
P/E.
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Qualitative Analysis (companies)
Bank Industry:
Bank Industry
30
25
20
15
10
5
0
Debt to Equity Profit Margin Return on Return on Price Earning
Ratio Assets Equity Ratio
DBBL BRAC JP MORGAN BANK OF AMERICA
In a qualitative analysis of the financial performance of JP Morgan, Bank of America,

BRAC, and DBBL, JP Morgan emerges as the leading institution with a moderately
leveraged position (Debt to Equity Ratio: 11.54), high profitability (Profit Margin:
29.27%), efficient asset utilization (Return on Assets: 1.02%), and solid returns for
shareholders (Return on Equity: 14%). Bank of America closely follows, displaying
moderate leverage (Debt to Equity Ratio: 10.17), high profitability (Profit Margin:
28.99%), and respectable returns for both assets and equity. BRAC demonstrates lower
leverage (Debt to Equity Ratio: 8.65), good profitability (Profit Margin: 21.68%), and
moderate returns for shareholders. DBBL, while showcasing a higher return on equity
(ROE: 14.24%), carries higher leverage (Debt to Equity Ratio: 12.51) and lower
profitability (Profit Margin: 16.76%). In terms of valuation, DBBL has the lowest Price
Earnings Ratio (P/E: 7.87), indicating a potentially undervalued position, while the
others maintain moderate valuations. Overall, JP Morgan leads in comprehensive
financial performance, followed closely by Bank of America, BRAC, and DBBL.
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Footwear Industry:
Footwear Industry
40
35
30
25
20
15
10
5
0
Debt to Equity Profit Margin Return on Return on Price Earning
Ratio Assets Equity Ratio
NIKE PUMA APEX BATA
In a qualitative analysis of Nike, Puma, Apex, and Bata based on the provided financial
ratios, Nike emerges as the industry leader, boasting a low Debt to Equity Ratio (1.63),
high Profit Margin (12.94%), exceptional Return on Assets (14.99%), and an impressive
Return on Equity (35.56%), though with a relatively higher Price Earnings Ratio
(30.81). Puma follows with a moderate Debt to Equity Ratio (1.67), decent Profit Margin
(10.16%), and respectable Return on Equity (4.73%), positioning it as a strong
contender. Apex, while exhibiting a high Debt to Equity Ratio (5.82), lags behind with
the lowest Profit Margin (1.06%) and Return on Equity (4.62%), indicating potential
financial challenges. Bata holds a low Debt to Equity Ratio (1.17), a moderate Profit
Margin (4.16%), and a competitive Return on Equity (11.88%). Therefore, the ranking
from 1 to 4, with 1 being the best, is as follows: Nike, Puma, Bata, and Apex.
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Qualitative Analysis (Industry)
Among all (eight) companies:
Performance
40
35
30
25
20
15
10
5
0
DBBL BRAC JP BANK OF NIKE PUMA APEX BATA
MORGAN AMERICA
Debt to Equity Ratio Profit Margin Return on Assets

Return on Equity Price Earning Ratio
In a qualitative analysis of the eight companies spanning the banking and footwear
industries, a few key observations can be made. In the banking sector, JP Morgan and
Bank of America exhibit strong financial performance with competitive Profit Margins,
Return on Assets, and Return on Equity. However, Bank of America has a slightly higher
Price Earnings Ratio, suggesting a somewhat higher valuation. DBBL, while having a
lower Profit Margin, stands out with a lower Price Earnings Ratio, indicating potential
undervaluation. In the footwear industry, Nike demonstrates exceptional financial
strength, boasting the lowest Debt to Equity Ratio, high Profit Margin, and outstanding
Return on Equity. Puma follows as a strong competitor with a balanced performance.
Apex, with the highest Debt to Equity Ratio and the lowest Profit Margin, faces
challenges, while Bata shows consistent and moderate performance.
19 | P a g e
RATINGS
Ratings and Comments:
Company Rank Comments

Name
JP Morgan & 1st Strong financials, but slightly higher valuation compared to
Co. Bank of America and DBBL.
NIKE 2nd Solid performance in profitability and efficiency. But P/E

ratio, more than 30 is bad.
Bank of 3rd Competitive performance, but a slightly higher Price

America Earnings Ratio.
BRAC Bank 4th Good financials, but lower Return on Equity compared to
Ltd. others in the banking sector.
DBBL 5th Attractive price-earnings ratio compensates for weaker

profitability.
BATA 6th Consistent performance in the footwear industry.
PUMA 7th Moderate performance with a relatively high price-

earnings ratio.
APEX 8th Faces challenges with the highest Debt to Equity Ratio and
Footwear Ltd. the lowest Profit Margin.
20 | P a g e
References:
https://www.thedailystar.net/business/news/bata-shoe-returns-profit-3298071
https://www.tbsnews.net/tags/apex-footwear
https://www.tbsnews.net/economy/stocks/brac-banks-half-yearly-profit-jumps-75-684174
https://www.tbsnews.net/tags/dbbl
https://finance.yahoo.com/m/b84f8642-78cd-3037-b1c9-ae1ca8782409/bank-of-america-stock-
is.html
https://finance.yahoo.com/news/jpmorgan-chase-co-nyse-jpm-140012870.html
https://finance.yahoo.com/news/returns-puma-etr-pum-arent-050902880.html
https://www.dutchbanglabank.com/
https://www.bracbank.com/en/
https://www.bankofamerica.com/
https://www.jpmorgan.com/global
https://www.apex4u.com/
https://www.batabd.com/
https://us.puma.com/us/en
https://www.nike.com/
21 | P a g e
Appendix:
22 | P a g e
23 | P a g e
24 | P a g e
25 | P a g e
26 | P a g e
27 | P a g e
28 | P a g e
29 | P a g e
30 | P a g e
31 | P a g e

FIN433 Ahm BEST REPORT Alif Akhi Samia Julfiqure

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FIN433 Ahm BEST REPORT Alif Akhi Samia Julfiqure

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Final Report on

Financial Market and Institutions:

Submission Date: 18th November, 2023

Group Work Contribution Form

Name ID Report Sign

Md. Moinuddin Shah Julfiquar 1912220630 BATA, APEX Footwear

Samia Akter 2013713030 BRAC Bank, JP Morgan & Co.

MD. Al-Alif Hossain 2121332630 DBBL, Bank of America,

Jannatul Mawya Akhi 2121332630 NIKE, PUMA

18th November, 2023

No. Ratio Formula Calculation Findings

2 Profit Margin 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 529.251 16.75%

BRAC Bank Ltd.

No. Ratio Formula Calculation Findings

2 Profit Margin 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 576 21.67%

J.P. Morgan & Co.

No. Ratio Formula Calculation Findings

2 Profit Margin 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 37676 29.28%

No. Ratio Formula Calculation Findings

2 Profit Margin 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 27528 28.99%

No. Ratio Formula Calculation Findings

2 Profit Margin 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 6046 12.94%

No. Ratio Formula Calculation Findings

2 Profit Margin 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 117 10.16%

No. Ratio Formula Calculation Findings

1 Debt-Equity Ratio 𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡 402,2236091 1.1660

2 Profit Margin 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 410,111,333 4.16%

3 Return on Asset 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 410,111,333 5.48%

4 Return on Equity 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 410,111,333 11.88%

No. Ratio Formula Calculation Findings

1 Debt-Equity Ratio 𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡 17414.26 5.8281

2 Profit Margin 𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 138.23 1.06%

BANK INDUSTRY FOOTWEAR INDUSTRY

BANK INDUSTRY FOOTWEAR INDUSTRY

BANK INDUSTRY FOOTWEAR INDUSTRY

BANK INDUSTRY FOOTWEAR INDUSTRY

DBBL BRAC JP MORGAN BANK of NIKE PUMA Apex BATA

Price Earnings Ratio:

BANK INDUSTRY PRICE FOOTWEAR INDUSTRY

DBBL BRAC JP MORGAN BANK of NIKE PUMA Apex BATA

DBBL BRAC JP MORGAN BANK OF AMERICA

In a qualitative analysis of the financial performance of JP Morgan, Bank of America,

NIKE PUMA APEX BATA

Debt to Equity Ratio Profit Margin Return on Assets

Company Rank Comments

NIKE 2nd Solid performance in profitability and efficiency. But P/E

Bank of 3rd Competitive performance, but a slightly higher Price

DBBL 5th Attractive price-earnings ratio compensates for weaker

BATA 6th Consistent performance in the footwear industry.

PUMA 7th Moderate performance with a relatively high price-

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