Two-stage Dividend Discount Model of SQUARE Ph

Assumptions:
The firm is ecpected to frow at a higher growth in the first period
The growth rate will drop at the end of first period at the stable growth rate
The dividend payout ratio is consistant with the growth rate

Current Earnings per share 2015-16

current Dividend per share

Enter length of extraordinary growth

Do you want to enter cost of equity direcly

If NO enter the input cost of equity

INPUT OF COST OF EQUITY

Beta of the stock
Risk free rate
Risk premium

Do you want use historical growth

If yes inter EPS from 5 year ago
Do you have a outside estimate growth
If yes inter the estimated growth

Do you eant to calculate the growth in fundamental

if yes inter following inputs
Net income currently
Book value of equity
Tax rate of income

The followung will be input for fundamental growth formatin

ROE
Retention

Do you want to change any of these inputs for high growth period
if yes specify the inputs
ROE
Retention

Do you want change any input for stable growth period

if yes specify the inputs
ROE

SPECIFY WEIGHT TO ASSIGN OF THSE INPUTS

Historical growth rate

outside prediction of growth
fundamental estimate of growth

Enter growth rate for stable growth period

Stable payout ratio from fundamental is

Do you want to change stable payout ratio
If yes inter stable payout ratio

will the beta change in stable period

if changes input the beta

Output from the program

Cost of equity

CURRENT Earnings per share

Growth rate in earnings per share

Historical growth
outside estimate
fundamental growth
Weighted Average

Payout ratio for high growth phase

The dividend for the high growth phase are given below

Dividend

Growth rate in stable phase =

payout ratio in stable phase
Cost of equity in stable phase
Price at the end of growth phase

present value of devidend in high growth phase

present value of terminal price
value of stock

Estimating the value of growth

value of Asset in place
value of stable growth
value of extraordinary growth
value of the stock

Growth rate extraordinary

1.70%
2.70%
3.70%
4.70%
5.70%
6.70%
7.70%
8.70%
9.70%
10.70%
11.70%
12.70%
13.70%
14.70%
15.70%
16.70%
17.70%
18.70%
19.70%
20.70%
21.70%
22.70%
23.70%
24.70%
25.70%
26.70%
27.70%
28.70%
29.70%
30.70%
31.70%
32.70%
33.70%
34.70%
35.70%
36.70%
37.70%
38.70%
39.70%
40.70%
41.70%
42.70%
Discount Model of SQUARE Pharmaceuticals Bangladesh Limited

INPUT TO THE MODEL

14.8
5.0000288557

5 (In year)

NO YES/NO
(In currency)

0.55 Average Mark 16.87%

7.75%
9.12%

Yes yes/no
10.94
yes yes/no
40% (in currency)

yes yes/no

9,226,615,000 last year

### 38,044,961,627
25%

24.25%
66.22%

yes yes/no

24.25%
66.22%

yes yes/no
 24.25%

40%
40%
20%

40%

-64.94%
NO YES/NO

NO YES/NO

ogram
12.77%

14.8

Growth rate Weight

6.23% 40%
15% 40%
16.06% 20%
11.70%

33.78%

1 2 3 4 5
5.59 6.24 6.97 7.78 8.70

10%
-64.94%
12.77%
-664.7027022

24.302546504
-364.5327623
-340.2302158

39.17
 159.68
-539.07
-340.23

Growth Growth period Value

-201.04৳ 0 -581.04৳
-201.57৳ 1 -572.49৳
-202.12৳ 2 -564.02৳
-202.70৳ 3 -555.62৳
-203.31৳ 4 -547.31৳
-203.96৳ 5 -539.07৳
-204.63৳ 6 -530.92৳
-205.34৳ 7 -522.84৳
-206.09৳ 8 -514.83৳
-206.86৳ 9 -506.90৳
-207.68৳ 10 -499.05৳
-208.53৳
-209.43৳
-210.36৳
-211.33৳
-212.35৳
-213.41৳
-214.51৳
-215.67৳
-216.86৳
-218.11৳
-219.41৳
-220.75৳
-222.16৳
-223.61৳
-225.12৳
-226.69৳
-228.31৳
-230.00৳
-231.75৳
-233.56৳
-235.43৳
-237.37৳
-239.38৳
-241.46৳
-243.61৳
-245.83৳
-248.13৳
-250.50৳
-252.95৳
-255.48৳
-258.09৳
 Two-stage Dividend Discount M

Assumptions:
The firm is ecpected to frow at a higher growth in the first period
The growth rate will drop at the end of first period at the stable growth rate
The dividend payout ratio is consistant with the growth rate

Current Earnings per share 2016

current Dividend per share

Enter length of extraordinary growth

Do you want to enter cost of equity direcly

If NO enter the input cost of equity

INPUT OF COST OF EQUITY

Beta of the stock
Risk free rate
Risk premium

Do you want use historical growth

If yes inter EPS from 5 year ago
Do you have a outside estimate growth
If yes inter the estimated growth

Do you eant to calculate the growth in fundamental

if yes inter following inputs
Net income currently
Book value of equity
Tax rate of income

The followung will be input for fundamental growth formatin

ROE
Retention

Do you want to change any of these inputs for high growth period
if yes specify the inputs
ROE
Retention

Do you want change any input for stable growth period

if yes specify the inputs
ROE

SPECIFY WEIGHT TO ASSIGN OF THSE INPUTS

Historical growth rate

outside prediction of growth
fundamental estimate of growth

Enter growth rate for stable growth period

Stable payout ratio from fundamental is

Do you want to change stable payout ratio
If yes inter stable payout ratio

will the beta change in stable period

if changes input the beta

Output from the program

Cost of equity

CURRENT Earnings per share

Growth rate in earnings per share

Historical growth
outside estimate
fundamental growth
Weighted Average

Payout ratio for high growth phase

The dividend for the high growth phase are given below

Dividend

Growth rate in stable phase =

payout ratio in stable phase
Cost of equity in stable phase
Price at the end of growth phase

present value of devidend in high growth phase

present value of terminal price
value of stock

Estimating the value of growth

value of Asset in place
value of stable growth
value of extraordinary growth
value of the stock

Growth rate extraordinary

-0.63%
0.37%
1.37%
2.37%
3.37%
4.37%
5.37%
6.37%
7.37%
8.37%
9.37%
10.37%
11.37%
12.37%
13.37%
14.37%
15.37%
16.37%
17.37%
18.37%
19.37%
20.37%
21.37%
22.37%
23.37%
24.37%
25.37%
26.37%
27.37%
28.37%
29.37%
30.37%
31.37%
32.37%
33.37%
34.37%
35.37%
36.37%
37.37%
38.37%
39.37%
40.37%
wo-stage Dividend Discount Model of City Bank

INPUT TO THE MODEL

4.64
1.2974784313

5 (In year)

NO YES/NO
(In currency)

0.59 Average Mark 16.87%

7.75%
9.12%

Yes yes/no
4.07
yes yes/no
40% (in currency)

yes yes/no

3,934,000,000 last year

### 24,583,637,433
37.5%

16.00%
72.04%

yes yes/no

16.00%
72.04%

yes yes/no
 16.00%

40%
40%
20%

40%

-149.96%
NO YES/NO

NO YES/NO

ogram
13.13%

4.64

Growth rate Weight

2.66% 40%
15% 40%
11.53% 20%
9.37%

27.96%

1 2 3 4 5
1.42 1.55 1.70 1.86 2.03

10%
-149.96%
13.13%
-382.5462338

5.868066396
-206.433245
-200.5651786

9.88
 35.71
-246.15
-200.57

Growth Growth period Value

-52.74৳ 0 -290.06৳
-53.21৳ 1 -280.68৳
-53.70৳ 2 -271.60৳
-54.21৳ 3 -262.83৳
-54.75৳ 4 -254.35৳
-55.31৳ 5 -246.15৳
-55.90৳ 6 -238.23৳
-56.50৳ 7 -230.56৳
-57.14৳ 8 -223.16৳
-57.80৳ 9 -216.00৳
-58.49৳ 10 -209.08৳
-59.20৳
-59.94৳
-60.71৳
-61.52৳
-62.35৳
-63.22৳
-64.11৳
-65.04৳
-66.01৳
-67.01৳
-68.05৳
-69.12৳
-70.23৳
-71.38৳
-72.57৳
-73.81৳
-75.08৳
-76.40৳
-77.76৳
-79.17৳
-80.62৳
-82.12৳
-83.67৳
-85.27৳
-86.92৳
-88.63৳
-90.38৳
-92.19৳
-94.06৳
-95.98৳
-97.97৳