Income Statement

ACI Pharmaceuticals Limited

For the year ended 31st December
Financial Statements in BDT

Particulars 2012 A 2013 A 2014 A

 Title 2012(as of 31 december)
Assets Taka
Property, plant and equipment 2,975,419,918
Intangible assets 1,297,337
Long-term investments 1,407,597,771
Non-current assets 4,384,315,026
Inventories 2,128,984,396
Trade receivables 1,292,368,456
Other receivables 107,406,234
Advances, deposits and
460,184,564
prepayments
Inter-company receivables 4,033,776,402
Cash and cash equivalents 161,461,711
Current assets 8,184,181,763
Total assets 12,568,496,789
Equity
Share capital 237,738,330
Share premium 321,892,801
Capital reserve 1,671,386
Retained earnings 3,484,501,642
Total equity 4,045,804,159
Liabilities
Employee Benefit
Long-term liabilities 917,187,439
Deferred tax liabilities 106,310,663
Non-current liabilities 1,023,498,102
Bank overdrafts 1,374,097,512
Loans and borrowings 4,170,476,960
Trade 318,773,624
Other payables 856,449,976
Inter-company payables 172,929,856
Current tax liability 208,193,234
Current liabilities 7,100,921,162
Total liabilities 8,124,419,264
Total equity and liabilities 12,170,223,423
 Balance Sheet
2013(as of 31 december) 2014(as of 31 december)
Taka2 Taka3
3,384,489,286 3,799,146,712
1,358,905 825,571
1,846,292,287 1,799,058,949
5,232,140,478 5,599,031,232
2,553,330,342 2,961,175,971
5,796,239,556 5,802,572,938

728,000,934 700,887,177

384,201,664 462,525,465
9,461,772,496 9,927,161,551
14,693,912,974 15,526,192,783

285,820,824 343,944,021
333,302,465 351,340,343
1,005,465,390 1,049,866,633
4,012,663,572 4,861,534,405
5,637,252,251 6,606,685,402

340,664,767 441,858,763
519,789,367 56,114,163
94,711,720 62,743,398
955,165,854 560,716,324
741,441,244 427,836,789
5,059,890,494 5,916,571,029
1,833,527,360 1,624,157,078

466,635,771 390,226,161
8,101,494,869 8,358,791,057
9,056,660,723 8,919,507,381
14,693,912,974 15,526,192,783
 2016(as of 31 december) 2017(as of 30 june) 2018(as of 30 june)
Taka4 Taka5 Taka6
6,540,146,827 7,882,028,036 8,670,230,840
322,505 703,033 Err:507
1,858,500,465.00 2,068,658,731 2,275,524,604
8,398,969,797 9,951,389,800 Err:507
3,949,039,201 4,812,712,892 5,293,984,181
1,950,274,156.00 3,424,250,145 3,766,675,160
264,994,676.00 671,756,230 738,931,853
1,255,666,334.00
2,252,581,504 2,477,839,654
3,013,956,327.00 5,244,723,445 5,769,195,790
525,674,020 699,121,707 769,033,878
10,959,604,714.00 17,105,145,923.00 18,815,660,515
19,358,574,511 27,056,535,723 Err:507

398,367,290.00 438,204,010 482,024,411

402,310,367 402,310,367 442,541,404
3,267,777,314 3,378,793,454 3,716,672,799
7,646,699,029 8,773,168,786 9,650,485,665
11,715,154,000 12,992,476,617 14,291,724,279

547,555,895 714,518,731 785,970,604

42,522,004 8,849,819 9,734,801
505,368,235 453,162,012 498,478,213
1,095,446,134 1,176,530,562 1,294,183,618
622,572,152 536,895,307 590,584,838
2,824,962,899 7,271,860,274 7,999,046,301
756,742,199 667,713,019 734,484,321
1,442,310,177.00 1,756,008,202 1,931,609,022
118,788,291.00 1,478,731,674 1,626,604,841
782,598,660 1,176,320,068 1,293,952,075
6,547,974,378 12,887,528,544 14,176,281,398
7,643,420,512 14,064,059,106 15,470,465,017
19,358,574,512 27,056,535,723 29,762,189,295
Growth rate 1.10
 Pro-forma(2018-2022)
2019(as of 30 june) 2020(as of 30 june) 2021(as of 30 june) 2022(as of 30 june)
Taka7 Taka8 Taka9 Taka10
9,537,253,924 10,490,979,316 11,540,077,248 12,694,084,972
Err:507 Err:507 Err:507 Err:507
2,503,077,065 2,753,384,771 3,028,723,248 3,331,595,573
Err:507 Err:507 Err:507 Err:507
5,823,382,599 6,405,720,859 7,046,292,945 7,750,922,240
4,143,342,675 4,557,676,943 5,013,444,637 5,514,789,101
812,825,038 894,107,542 983,518,296 1,081,870,126

2,725,623,620 2,998,185,982 3,298,004,580 3,627,805,038

6,346,115,368 6,980,726,905 7,678,799,596 8,446,679,555
845,937,265 930,530,992 1,023,584,091 1,125,942,500
20,697,226,567 22,766,949,224 25,043,644,146 27,548,008,560
Err:507 Err:507 Err:507 Err:507

530,226,852 583,249,537 641,574,491 705,731,940

486,795,544 535,475,098 589,022,608 647,924,869
4,088,340,079 4,497,174,087 4,946,891,496 5,441,580,646
10,615,534,231 11,677,087,654 12,844,796,420 14,129,276,062
15,720,896,707 17,292,986,377 19,022,285,015 20,924,513,516

864,567,665 951,024,431 1,046,126,874 1,150,739,561

10,708,281 11,779,109 12,957,020 14,252,722
548,326,035 603,158,638 663,474,502 729,821,952
1,423,601,980 1,565,962,178 1,722,558,396 1,894,814,235
649,643,321 714,607,654 786,068,419 864,675,261
8,798,950,932 9,678,846,025 10,646,730,627 11,711,403,690
807,932,753 888,726,028 977,598,631 1,075,358,494
2,124,769,924 2,337,246,917 2,570,971,609 2,828,068,769
1,789,265,326 1,968,191,858 2,165,011,044 2,381,512,148
1,423,347,282 1,565,682,011 1,722,250,212 1,894,475,233
15,593,909,538 17,153,300,492 18,868,630,541 20,755,493,595
17,017,511,518 18,719,262,670 20,591,188,937 22,650,307,831
32,738,408,225 36,012,249,047 39,613,473,952 43,574,821,347
1.10 1.10 1.10 1.10
 ACI pharmaceuticals
Ratio Analysis
Particulars 2012 2013 2014 2016
Current Ratio 1.15 1.17 1.19 1.67
Quick Ratio 0.85 0.85 0.83 1.07
Net Working Capital 0.09 0.09 0.10 0.23
Long-Term Debt Ratio 0.20 0.14 0.08 0.09
Debt to Equity Ratio 2.01 1.61 1.35 0.65
Inventory Turnover 2.86 2.52 2.41 2.10

Net Working Capital

0.25

0.20

0.15

0.10

0.05

0.00
2012 2013 2014 2016 2017

Long-Term Debt Ratio

0.25

0.20

0.15

0.10

0.05

0.00
2012 2013 2014 2016 2017
 Debt to Equity Ratio
2.50

2.00

1.50

1.00

0.50

0.00
2012 2013 2014 2016 2017
 Current Ratio
2017 1.80
1.33 1.60
1.67
0.95
1.40
0.16 1.33
1.20 1.17 1.19
0.08 1.15
1.08 1.00
2.10 0.80
0.60
0.40
0.20
0.00
2012 2013 2014 2016 2017

Quick Ratio
1.20
1.07
1.00
0.95
0.85 0.85 0.83
0.80

0.60

0.40
2017
0.20

0.00
2012 2013 2014 2016 2017

Inventory Turnover
3.50

3.00

2.50

2.00

1.50

1.00
2017
0.50

0.00
2012 2013 2014 2016 2017
 1.00

0.50

0.00
2012 2013 2014 2016 2017

2017
 Dividend payout Return on
Year ratio Retention ratio equity Growth
2012 0.5233 0.4767 10.73% 5.11%
2013 0.4715 0.5285 13.56% 7.17%
2014 0.4788 0.5212 14.38% 7.49%
2015 0.1719 0.8281 27.17% 22.50%
2016 0.0000 1.0000 11.37% 11.37%
2017 0.4164 0.5836 9.57% 5.59%

Average growth rate 4.71%

 BANGLADESH DSE
BROAD (DSEX) - DSEX Percentage
Date PRICE INDEX change (DSE) ACI ACI percentage change (V)
18-Nov-18 BDT 5,305.95 1.17% BDT 335.90 -2.54%
11-Nov-18 BDT 5,244.62 -0.28% BDT 344.64 -1.03%
4-Nov-18 BDT 5,259.11 0.01% BDT 348.21 2.91%
28-Oct-18 BDT 5,258.47 -0.45% BDT 338.36 0.72%
21-Oct-18 BDT 5,282.04 -1.85% BDT 335.94 -0.15%
14-Oct-18 BDT 5,381.51 -0.98% BDT 336.43 -4.34%

7-Oct-18 BDT 5,435.01 0.31% BDT 351.69 5.14%

30-Sep-18 BDT 5,418.27 1.41% BDT 334.49 -0.29%
23-Sep-18 BDT 5,342.88 -2.27% BDT 335.46 -3.72%
16-Sep-18 BDT 5,467.05 -0.61% BDT 348.41 -2.43%
9-Sep-18 BDT 5,500.61 -1.32% BDT 357.10 -1.47%
2-Sep-18 BDT 5,574.24 -0.47% BDT 362.42 2.35%
26-Aug-18 BDT 5,600.64 0.53% BDT 354.11 0.61%
19-Aug-18 BDT 5,571.19 1.89% BDT 351.98 0.36%
12-Aug-18 BDT 5,467.74 1.12% BDT 350.73 -0.55%
5-Aug-18 BDT 5,407.00 0.13% BDT 352.66 0.89%
29-Jul-18 BDT 5,399.79 1.78% BDT 349.56 -4.19%
22-Jul-18 BDT 5,305.17 -0.60% BDT 364.83 -2.20%
15-Jul-18 BDT 5,337.42 -0.40% BDT 373.04 13.46%
8-Jul-18 BDT 5,358.90 -0.06% BDT 328.79 1.28%
1-Jul-18 BDT 5,362.27 -0.80% BDT 324.64 -3.39%
24-Jun-18 BDT 5,405.46 -0.67% BDT 336.04 0.93%
17-Jun-18 BDT 5,441.75 1.43% BDT 332.95 0.41%
10-Jun-18 BDT 5,365.22 -0.03% BDT 331.59 0.38%
3-Jun-18 BDT 5,366.66 0.43% BDT 330.34 1.39%
27-May-18 BDT 5,343.87 -1.58% BDT 325.80 -4.50%
20-May-18 BDT 5,429.69 -0.25% BDT 341.16 -3.92%
13-May-18 BDT 5,443.30 -2.58% BDT 355.07 4.70%
6-May-18 BDT 5,587.21 -1.96% BDT 339.13 -4.36%
29-Apr-18 BDT 5,698.68 -1.98% BDT 354.59 -7.02%
22-Apr-18 BDT 5,813.79 -0.51% BDT 381.35 -2.25%
15-Apr-18 BDT 5,843.46 0.52% BDT 390.14 0.15%
8-Apr-18 BDT 5,813.13 -0.48% BDT 389.56 -0.86%
1-Apr-18 BDT 5,841.19 4.35% BDT 392.95 1.91%
25-Mar-18 BDT 5,597.44 0.30% BDT 385.60 -1.58%
18-Mar-18 BDT 5,580.58 -2.45% BDT 391.79 3.68%
11-Mar-18 BDT 5,720.59 -1.84% BDT 377.88 0.44%
4-Mar-18 BDT 5,827.98 -0.73% BDT 376.23 -4.06%
25-Feb-18 BDT 5,870.83 -0.61% BDT 392.17 1.63%
18-Feb-18 BDT 5,906.98 -2.37% BDT 385.89 -6.05%
11-Feb-18 BDT 6,050.19 1.42% BDT 410.73 -1.07%
4-Feb-18 BDT 5,965.62 -0.93% BDT 415.17 -0.49%
28-Jan-18 BDT 6,021.44 -3.13% BDT 417.20 -4.32%
21-Jan-18 BDT 6,215.80 1.53% BDT 436.04 0.92%
 14-Jan-18 BDT 6,122.23 -0.92% BDT 432.08 -3.52%
7-Jan-18 BDT 6,179.32 -1.96% BDT 447.83 0.35%
31-Dec-17 BDT 6,302.84 0.93% BDT 446.28 0.46%
24-Dec-17 BDT 6,244.52 1.00% BDT 444.25 -0.58%
17-Dec-17 BDT 6,182.78 -0.76% BDT 446.86 -0.35%
10-Dec-17 BDT 6,230.01 -0.29% BDT 448.41 0.65%
3-Dec-17 BDT 6,248.22 -0.93% BDT 445.51 -1.98%
26-Nov-17 BDT 6,306.86 -0.25% BDT 454.49 -0.86%
19-Nov-17 BDT 6,322.51 0.64% BDT 458.45 -1.58%
12-Nov-17 BDT 6,282.09 1.43% BDT 465.80 -7.63%
5-Nov-17 BDT 6,193.56 1.55% BDT 504.26 -0.71%
29-Oct-17 BDT 6,099.02 1.34% BDT 507.86 1.85%
22-Oct-17 BDT 6,018.25 -0.35% BDT 498.64 -8.58%
15-Oct-17 BDT 6,039.55 -0.41% BDT 545.46 1.89%
8-Oct-17 BDT 6,064.40 -2.22% BDT 535.35 6.82%
1-Oct-17 BDT 6,202.31 1.80% BDT 501.19 -1.47%
24-Sep-17 BDT 6,092.84 -1.26% BDT 508.65 0.64%
17-Sep-17 BDT 6,170.47 -0.54% BDT 505.40 -2.95%
10-Sep-17 BDT 6,203.90 1.45% BDT 520.77 1.80%
3-Sep-17 BDT 6,114.98 1.81% BDT 511.55 4.08%
27-Aug-17 BDT 6,006.43 2.06% BDT 491.52 1.19%
20-Aug-17 BDT 5,885.42 0.41% BDT 485.73 7.97%
13-Aug-17 BDT 5,861.11 -0.69% BDT 449.89 -0.76%
6-Aug-17 BDT 5,901.80 0.36% BDT 453.32 -0.19%
30-Jul-17 BDT 5,880.44 1.12% BDT 454.19 0.80%
23-Jul-17 BDT 5,815.07 0.56% BDT 450.59 0.71%
16-Jul-17 BDT 5,782.47 -0.90% BDT 447.43 -0.24%
9-Jul-17 BDT 5,834.86 1.48% BDT 448.49 -0.60%
2-Jul-17 BDT 5,749.65 1.66% BDT 451.21 -0.54%
25-Jun-17 BDT 5,656.04 1.02% BDT 453.67 -0.08%
18-Jun-17 BDT 5,599.07 2.39% BDT 454.02 1.65%
11-Jun-17 BDT 5,468.32 -0.14% BDT 446.64 -0.70%
4-Jun-17 BDT 5,475.74 0.68% BDT 449.80 0.10%
28-May-17 BDT 5,438.70 0.46% BDT 449.36 -1.48%
21-May-17 BDT 5,413.81 0.26% BDT 456.13 1.37%
14-May-17 BDT 5,399.66 -1.76% BDT 449.98 0.67%
7-May-17 BDT 5,496.20 -0.80% BDT 446.99 3.22%
30-Apr-17 BDT 5,540.71 0.11% BDT 433.03 1.09%
23-Apr-17 BDT 5,534.42 0.23% BDT 428.37 -2.46%
16-Apr-17 BDT 5,521.66 -2.20% BDT 439.18 -0.48%
9-Apr-17 BDT 5,645.86 -1.58% BDT 441.28 0.32%
2-Apr-17 BDT 5,736.40 0.29% BDT 439.88 4.44%
26-Mar-17 BDT 5,719.61 -0.12% BDT 421.17 0.34%
19-Mar-17 BDT 5,726.23 0.44% BDT 419.76 0.80%
12-Mar-17 BDT 5,701.27 0.52% BDT 416.43 -2.27%
5-Mar-17 BDT 5,671.61 1.52% BDT 426.09 3.39%
26-Feb-17 BDT 5,586.74 -0.69% BDT 412.12 -0.40%
19-Feb-17 BDT 5,625.33 0.62% BDT 413.79 -2.38%
12-Feb-17 BDT 5,590.66 1.42% BDT 423.89 -0.02%
5-Feb-17 BDT 5,512.46 2.75% BDT 423.98 6.18%
29-Jan-17 BDT 5,365.13 -4.51% BDT 399.30 -5.92%
22-Jan-17 BDT 5,618.64 1.53% BDT 424.42 14.64%
15-Jan-17 BDT 5,534.06 3.58% BDT 370.22 -0.43%
8-Jan-17 BDT 5,342.87 3.10% BDT 371.81 4.16%
1-Jan-17 BDT 5,182.24 2.90% BDT 356.96 5.42%
25-Dec-16 BDT 5,036.05 1.60% BDT 338.60 -1.36%
18-Dec-16 BDT 4,956.73 0.63% BDT 343.26 1.22%
11-Dec-16 BDT 4,925.72 0.67% BDT 339.13 -4.22%
4-Dec-16 BDT 4,892.81 1.45% BDT 354.06 -1.95%
27-Nov-16 BDT 4,823.02 0.66% BDT 361.09 1.51%
20-Nov-16 BDT 4,791.33 1.97% BDT 355.73 -0.59%
13-Nov-16 BDT 4,698.54 0.46% BDT 357.84 -1.21%
6-Nov-16 BDT 4,677.13 0.09% BDT 362.23 0.93%
30-Oct-16 BDT 4,672.87 0.79% BDT 358.89 -3.50%
23-Oct-16 BDT 4,636.23 -1.20% BDT 371.89 5.45%
16-Oct-16 BDT 4,692.43 -0.19% BDT 352.66 -6.39%
9-Oct-16 BDT 4,701.31 -0.47% BDT 376.72 -0.23%
2-Oct-16 BDT 4,723.72 0.61% BDT 377.60 -1.60%
25-Sep-16 BDT 4,695.18 0.64% BDT 383.75 -0.66%
18-Sep-16 BDT 4,665.35 1.40% BDT 386.30 2.09%
4-Sep-16 BDT 4,601.08 0.00% BDT 378.39 -1.15%
28-Aug-16 BDT 4,601.08 1.14% BDT 382.79 -1.80%
21-Aug-16 BDT 4,549.04 -0.11% BDT 389.81 -1.27%
14-Aug-16 BDT 4,554.27 -0.67% BDT 394.82 -0.18%
7-Aug-16 BDT 4,585.08 0.23% BDT 395.52 1.08%
31-Jul-16 BDT 4,574.36 -0.07% BDT 391.31 -1.57%
24-Jul-16 BDT 4,577.57 0.87% BDT 397.54 -1.72%
17-Jul-16 BDT 4,538.26 -0.34% BDT 404.48 -1.73%
10-Jul-16 BDT 4,553.78 0.35% BDT 411.59 2.96%
26-Jun-16 BDT 4,537.91 0.67% BDT 399.74 3.86%
19-Jun-16 BDT 4,507.58 2.88% BDT 384.89 -2.25%
12-Jun-16 BDT 4,381.46 -0.31% BDT 393.76 0.09%
5-Jun-16 BDT 4,395.27 -0.54% BDT 393.41 -2.20%
29-May-16 BDT 4,418.98 -0.61% BDT 402.28 -2.49%
22-May-16 BDT 4,446.08 1.32% BDT 412.56 0.97%
15-May-16 BDT 4,388.00 -0.11% BDT 408.59 0.67%
8-May-16 BDT 4,392.87 2.19% BDT 405.88 0.26%
1-May-16 BDT 4,298.65 -0.19% BDT 404.84 -3.48%
24-Apr-16 BDT 4,306.79 2.65% BDT 419.45 -10.21%
17-Apr-16 BDT 4,195.69 -3.33% BDT 467.12 3.85%
10-Apr-16 BDT 4,340.34 -1.55% BDT 449.80 -1.16%
3-Apr-16 BDT 4,408.64 -0.77% BDT 455.06 4.99%
27-Mar-16 BDT 4,443.06 1.96% BDT 433.43 -0.29%
20-Mar-16 BDT 4,357.53 -0.30% BDT 434.70 -1.64%
13-Mar-16 BDT 4,370.49 -1.70% BDT 441.97 -0.97%
6-Mar-16 BDT 4,446.28 -0.85% BDT 446.28 -0.92%
28-Feb-16 BDT 4,484.52 0.26% BDT 450.43 1.64%
21-Feb-16 BDT 4,472.83 -2.07% BDT 443.17 -0.57%
14-Feb-16 BDT 4,567.56 -0.44% BDT 445.72 -2.16%
7-Feb-16 BDT 4,587.66 0.14% BDT 455.54 0.78%
31-Jan-16 BDT 4,581.34 0.22% BDT 452.03 3.25%
24-Jan-16 BDT 4,571.11 -0.05% BDT 437.82 -0.33%
17-Jan-16 BDT 4,573.58 -1.81% BDT 439.25 -0.92%
10-Jan-16 BDT 4,657.94 -0.79% BDT 443.33 -0.48%
3-Jan-16 BDT 4,694.95 0.40% BDT 445.48 -0.66%
27-Dec-15 BDT 4,676.08 1.55% BDT 448.44 1.91%
20-Dec-15 BDT 4,604.91 -0.07% BDT 440.05 9.43%
13-Dec-15 BDT 4,608.32 1.93% BDT 402.12 -2.42%
6-Dec-15 BDT 4,520.87 -1.36% BDT 412.11 -0.96%
29-Nov-15 BDT 4,583.41 -1.24% BDT 416.10 1.92%
22-Nov-15 BDT 4,641.03 1.47% BDT 408.27 -3.62%
15-Nov-15 BDT 4,573.75 0.93% BDT 423.60 -0.13%
8-Nov-15 BDT 4,531.62 2.21% BDT 424.16 -1.99%
1-Nov-15 BDT 4,433.57 -1.52% BDT 432.79 -2.52%
25-Oct-15 BDT 4,502.16 -1.37% BDT 443.97 -2.52%
18-Oct-15 BDT 4,564.48 -1.79% BDT 455.46 3.01%
11-Oct-15 BDT 4,647.67 -0.62% BDT 442.13 -2.60%
4-Oct-15 BDT 4,676.62 -2.19% BDT 453.95 -2.54%
27-Sep-15 BDT 4,781.36 -1.56% BDT 465.76 2.37%
20-Sep-15 BDT 4,856.96 0.08% BDT 454.99 2.30%
13-Sep-15 BDT 4,853.29 0.70% BDT 444.76 -1.47%
6-Sep-15 BDT 4,819.45 1.25% BDT 451.39 2.06%
30-Aug-15 BDT 4,760.14 -0.12% BDT 442.29 -0.02%
23-Aug-15 BDT 4,765.72 -0.98% BDT 442.37 0.47%
16-Aug-15 BDT 4,812.82 -0.56% BDT 440.29 -2.63%
9-Aug-15 BDT 4,840.15 0.65% BDT 452.19 -1.51%
2-Aug-15 BDT 4,808.87 -1.14% BDT 459.14 -1.74%
26-Jul-15 BDT 4,864.45 1.51% BDT 467.28 0.74%
19-Jul-15 BDT 4,792.30 -0.33% BDT 463.85 -0.09%
12-Jul-15 BDT 4,808.39 3.27% BDT 464.25 -2.68%
5-Jul-15 BDT 4,656.13 1.22% BDT 477.02 11.70%
28-Jun-15 BDT 4,599.91 0.60% BDT 427.04 10.72%
21-Jun-15 BDT 4,572.58 2.63% BDT 385.68 -2.85%
14-Jun-15 BDT 4,455.28 -1.43% BDT 397.01 -0.84%
7-Jun-15 BDT 4,519.85 0.10% BDT 400.37 -2.11%
31-May-15 BDT 4,515.13 -1.66% BDT 408.99 -1.95%
24-May-15 BDT 4,591.42 1.03% BDT 417.14 11.98%
17-May-15 BDT 4,544.70 1.37% BDT 372.50 -4.17%
10-May-15 BDT 4,483.28 3.90% BDT 388.71 5.11%
3-May-15 BDT 4,314.88 4.67% BDT 369.81 -0.26%
26-Apr-15 BDT 4,122.32 1.85% BDT 370.78 1.00%
19-Apr-15 BDT 4,047.28 -3.46% BDT 367.10 -3.10%
12-Apr-15 BDT 4,192.20 -4.14% BDT 378.84 -2.55%
5-Apr-15 BDT 4,373.33 0.63% BDT 388.76 8.46%
29-Mar-15 BDT 4,345.89 -2.82% BDT 358.42 0.92%
22-Mar-15 BDT 4,472.13 -0.82% BDT 355.16 11.32%
15-Mar-15 BDT 4,509.30 0.92% BDT 319.05 1.19%
8-Mar-15 BDT 4,468.02 -1.95% BDT 315.30 8.66%
1-Mar-15 BDT 4,556.94 -2.31% BDT 290.17 -4.15%
22-Feb-15 BDT 4,664.91 -2.06% BDT 302.74 13.19%
15-Feb-15 BDT 4,763.21 -0.52% BDT 267.46 -1.21%
8-Feb-15 BDT 4,788.23 -1.10% BDT 270.73 7.26%
1-Feb-15 BDT 4,841.72 3.34% BDT 252.40 2.11%
25-Jan-15 BDT 4,685.03 -0.83% BDT 247.19 -1.68%
18-Jan-15 BDT 4,724.04 -1.54% BDT 251.42 -2.77%
11-Jan-15 BDT 4,797.95 -3.19% BDT 258.57 -3.60%
4-Jan-15 BDT 4,956.09 -0.25% BDT 268.23 -0.26%
28-Dec-14 BDT 4,968.71 0.55% BDT 268.92 3.78%
21-Dec-14 BDT 4,941.51 2.45% BDT 259.13 0.65%
14-Dec-14 BDT 4,823.57 -0.68% BDT 257.46 -1.96%
7-Dec-14 BDT 4,856.41 -1.55% BDT 262.60 -2.22%
30-Nov-14 BDT 4,933.03 -0.58% BDT 268.57 0.34%
23-Nov-14 BDT 4,961.84 3.97% BDT 267.67 -4.18%
16-Nov-14 BDT 4,772.55 -2.59% BDT 279.34 -3.39%
9-Nov-14 BDT 4,899.60 -1.70% BDT 289.13 -1.68%
2-Nov-14 BDT 4,984.46 -0.81% BDT 294.06 -6.65%
26-Oct-14 BDT 5,025.10 -2.86% BDT 315.02 -4.37%
19-Oct-14 BDT 5,173.23 0.37% BDT 329.40 -1.31%
12-Oct-14 BDT 5,154.10 -2.49% BDT 333.77 2.82%
28-Sep-14 BDT 5,285.83 0.92% BDT 324.61 -8.80%
21-Sep-14 BDT 5,237.72 4.19% BDT 355.92 10.50%
14-Sep-14 BDT 5,026.92 3.30% BDT 322.11 22.18%
7-Sep-14 BDT 4,866.19 4.07% BDT 263.64 9.99%
31-Aug-14 BDT 4,675.91 0.72% BDT 239.69 1.71%
24-Aug-14 BDT 4,642.37 1.41% BDT 235.66 -0.47%
17-Aug-14 BDT 4,577.99 0.68% BDT 236.77 8.01%
10-Aug-14 BDT 4,547.05 -0.16% BDT 219.21 -0.60%
3-Aug-14 BDT 4,554.51 1.52% BDT 220.53 19.13%
20-Jul-14 BDT 4,486.19 1.33% BDT 185.11 2.46%
13-Jul-14 BDT 4,427.15 0.80% BDT 180.67 0.12%
6-Jul-14 BDT 4,392.15 0.67% BDT 180.46 1.72%
29-Jun-14 BDT 4,363.08 -1.65% BDT 177.41 -3.47%
22-Jun-14 BDT 4,436.20 0.61% BDT 183.79 1.42%
15-Jun-14 BDT 4,409.42 1.87% BDT 181.22 4.31%
8-Jun-14 BDT 4,328.40 -1.82% BDT 173.73 -1.61%
1-Jun-14 BDT 4,408.80 0.28% BDT 176.57 5.83%
25-May-14 BDT 4,396.54 -0.77% BDT 166.85 18.49%
18-May-14 BDT 4,430.47 1.06% BDT 140.81 0.39%
11-May-14 BDT 4,384.06 -0.74% BDT 140.26 -1.26%
4-May-14 BDT 4,416.95 -3.03% BDT 142.05 1.78%
27-Apr-14 BDT 4,555.11 -0.26% BDT 139.56 15.41%
20-Apr-14 BDT 4,566.85 -2.88% BDT 120.93 11.94%
13-Apr-14 BDT 4,702.45 2.25% BDT 108.03 0.87%
6-Apr-14 BDT 4,598.91 0.13% BDT 107.10 0.92%
30-Mar-14 BDT 4,592.73 -0.62% BDT 106.12 -0.06%
23-Mar-14 BDT 4,621.22 2.51% BDT 106.18 1.33%
16-Mar-14 BDT 4,508.05 -1.12% BDT 104.79 -5.43%
9-Mar-14 BDT 4,558.93 -1.65% BDT 110.81 5.16%
2-Mar-14 BDT 4,635.33 -1.37% BDT 105.37 -1.30%
23-Feb-14 BDT 4,699.62 -1.06% BDT 106.76 1.21%
16-Feb-14 BDT 4,749.86 -0.24% BDT 105.48 -1.30%
9-Feb-14 BDT 4,761.18 0.04% BDT 106.87 2.61%
2-Feb-14 BDT 4,759.32 -1.77% BDT 104.15 0.73%
26-Jan-14 BDT 4,845.08 1.93% BDT 103.40 -1.11%
19-Jan-14 BDT 4,753.17 1.07% BDT 104.56 2.90%
12-Jan-14 BDT 4,702.66 4.06% BDT 101.61 1.33%
5-Jan-14 BDT 4,519.35 2.53% BDT 100.28 2.07%
29-Dec-13 BDT 4,407.82 2.17% BDT 98.25 1.92%
22-Dec-13 BDT 4,314.09 2.69% BDT 96.40 -3.09%
15-Dec-13 BDT 4,200.96 -1.03% BDT 99.47 -0.34%
8-Dec-13 BDT 4,244.63 -1.28% BDT 99.81 -0.92%
1-Dec-13 BDT 4,299.58 0.52% BDT 100.74 0.93%
24-Nov-13 BDT 4,277.39 1.10% BDT 99.81 0.17%
 Symbol Benchmark
V DSE

Co-variance of V and
Variance of V
DSE
0.0019528103 0.0001159272

Beta of V
0.0593643

DSEX
Weekly retun 0.09699219%
Weekly Standard deviation 1.62916409%
Annualized Return 24.93%
Annualized Standard deviation 26.12%
Weeks Traded 257
 Calculating CAPM
Risk free rate, Rf 7.15% 10 Year T bond Cut off Yield
Beta 0.059364311386543
Expected return on the market portfolio, E(Rm) 24.93% DSEX 6 years annualized return
CAPM(without country risk premium) 8.21%
Country Risk Premium 4.15%
CAPM(with country risk premium) 8.54%

Formula for CAPM with country risk premium Rf + β(Rm – Rf + CRP)

Computing the value of Equity, E
Shares outstanding 43,820,401
Share price (31 December 2017) BDT 446.28
Equity value (market cap) 19,556,168,558.28

Computing the value of Debt, D

Year 2012 2013
Cash and cash equivalents 767,514,218 384,201,664
Marketable Securities 0 0
Short term debt 248,000,000 4,677,922,468
Long term debt 28,261,833.00 860,454,134.00
Total non current debt 99,671,817 955,165,854
Deffered tax liability 71,409,984 94,711,720
Net debt (491,252,385) 5,154,174,938

Computing the Tax rate, T

Tax rate 25%

Computing cost of debt, Rd

Net Debt (491,252,385) 5,154,174,938
Net Interest 248,088,826
Implied cost of debt, Rd 10.64%

Computing cost of equity, Re

Cost of equity, Re 8.54%

We 0.77
Wd 0.23
Re 8.54%
Rd 1.75%
WACC 6.89%
 2014 2015 2016 2017
462,525,465 1,103,095,240 1,249,939,473 1,511,754,437
0 0 0 0
5,572,662,756 2,782,510,815 2,934,991,336 7,269,570,229
497,972,926.00 42,522,004 53,115,317 8,849,819
560,716,324 148,973,603 156,537,309 167,437,475
62,743,398 144,754,722 151,220,746 158,505,209
5,608,110,217 1,721,937,579 1,738,167,180 5,766,665,611

5,608,110,217 1,721,937,579 1,738,167,180 5,766,665,611

136,592,850 280,527,866 137,066,072 65,498,322
2.54% 7.65% 7.92% 1.75%
Expected return (k) 8.54%

Current
2017 2018 2019 2020 2021
Dividend BDT 11.82 BDT 12.38 BDT 12.96 BDT 13.57 BDT 14.21
Growth rate in dividends na 4.71% 4.71% 4.71% 4.71%

Terminal Value

PV of Cash Flows BDT 11.40 BDT 11.00 BDT 10.61 BDT 10.24
PV of Terminal Value

Intrinsic Value BDT 323.29

Price on 31st Dec 2017 BDT 446.28
Decision Overvalued
 2022 2023
Sensitivity Analysis
BDT 14.88 BDT 15.58
4.71%
BDT 323.29 7.00%
BDT 406.94 3.50%
4.00%
Change in Growth Rate
BDT 9.88 4.50%
BDT 270.16 6.00%
6.50%
Sensitivity Analysis
Change in k
8.00% 9.00% 10.00% 11.00%
 2018E 2019E
FREE CASH FLOW TO FIRM
EBIT 1,287,592,404 1,170,672,707
EBIT (1-Tax) 965,694,303 878,004,530
(+) Depreciation
(-) Change in NWC (Without Cash) 3,518,495,672 3,870,345,239
FCFF 4,484,189,975 4,748,349,769
Terminal Value
Total 4,484,189,975 4,748,349,769

Tax rate 25.00%

Enterprise Value 437,367,321,636
(+) Cash and cash equivalent 769,033,878
(-) Interest bearing debt BDT 7,999,046,301.40
Value of equity 430,137,309,212
Number of ordinary shares 498,895,270
WACC 6.89%
Terminal growth rate 3.50%

Value per share BDT 862.18

Price on 31st Dec 2017 BDT 474.50
Comment Undervalued
 2020E 2021E 2022E

5,528,897,867 10,600,914,238 16,638,740,662

4,146,673,400 7,950,685,678 12,479,055,496

4,257,379,763 4,683,117,739 5,151,429,513

8,404,053,163 12,633,803,418 17,630,485,010
537,947,435,360.94
8,404,053,163 12,633,803,418 555,577,920,371
 2017A 2018 E
Current Assets BDT 17,105,145,923.00 BDT 18,815,660,515.30
Cash and Cash Equivalents BDT 699,121,707.00 BDT 769,033,877.70
Current Asset (Without Cash) BDT 16,406,024,216.00 BDT 18,046,626,637.60
Current Liabilities BDT 12,887,528,544.00 BDT 14,176,281,398.40
Working Capital (Without Cash) BDT 3,518,495,672.00 BDT 3,870,345,239.20
Changes in Working Capital (Without Cash) 351,849,567

FCF Growth Rate

Sensitivity Analysis

BDT 862.18 8.50%

2.50%
3.50%
Change in Growth Rate
4.50%
5.50%
6.50%
 2019 E 2020 E 2021 E 2022 E
BDT 20,697,226,566.83 BDT 22,766,949,223.51 BDT 25,043,644,145.86 BDT 27,548,008,560.45
BDT 845,937,265.47 BDT 930,530,992.02 BDT 1,023,584,091.22 BDT 1,125,942,500.34
BDT 19,851,289,301.36 BDT 21,836,418,231.50 BDT 24,020,060,054.65 BDT 26,422,066,060.11
BDT 15,593,909,538.24 BDT 17,153,300,492.06 BDT 18,868,630,541.27 BDT 20,755,493,595.40
BDT 4,257,379,763.12 BDT 4,683,117,739.43 BDT 5,151,429,513.38 BDT 5,666,572,464.71
387,034,524 425,737,976 468,311,774 515,142,951

5.89% 76.99% 50.33% 39.55%

Sensitivity Analysis

Change in WACC
9.00% 9.50% 10.00% 10.50%
Company Name P/E Ratio P/S Ratio Industray Average(P/E) Industray Average(P/S)
ACMELAB 10.08 1.35 23.93 2.94
AFCAGRO 9.08 3.62
AMBEEPHA 256.61 3.57
BEACONPHAR 25.33 1.69
BEXIMCOPHAR 9.99 2.11
CENTRALPHAL 11.21 3.10
FARCHEM 9.94 1.93
GHCL 37.70 5.44
GLAXOSMITH 25.81 2.78
IBNSINA 24.10 2.18
IBP 27.26 1.56
IMAMBUTTON -14.52 0.84
JMISMDL 63.80 1.53
KEYACOSMET 5.70 1.36
KOHINOOR 34.98 1.98
LIBRAINFU 114.15 3.25
MARICO 18.40 5.28
ORIONPHARMA 9.21 0.80
PHARMAID 33.47 12.08
RECKITTBEN 40.96 3.37
RENATA 23.76 5.35
SILVAPHAR 16.25 10.15
SQURPHARMA 14.41 5.50
WATACHEM 35.17 6.54
 P/E Ratio Of ACI Limited

Market Value Per Share( Average) Earning Per Share P/E Ratio
447 28 16.25

P/S Ratio Of ACI Limited

Price Per Share( Average) Sales Per Share P/S Ratio

447 332 1.35

Comparison

Industry Average ACI Limited Comment

(P/E) 23.93 16.25 Under Valued
(P/S) 2.94 1.35 Under Valued