DATE

30-Jan-09
27-Feb-09
31-Mar-09
30-Apr-09
29-May-09
30-Jun-09
31-Jul-09
31-Aug-09
30-Sep-09
30-Oct-09
26-Nov-09
31-Dec-09
29-Jan-10
26-Feb-10
31-Mar-10
30-Apr-10
31-May-10
30-Jun-10
30-Jul-10
31-Aug-10
30-Sep-10
29-Oct-10
30-Nov-10
31-Dec-10
31-Jan-11
28-Feb-11
30-Mar-11
29-Apr-11

ICI pakistan

60.25
70.48
96.18
126.15
144.56
140.25
148.46
158.72
178.83
175.17
163.67
168.49
169.98
160.57
162.12
147.34
127.03
118.56
127.66
123.04
117.1
123.83
137.41
144.24
147.45
147.17
166.24
156.89

x
Ri

0
0.169793
0.364642
0.311603
0.145937
-0.029815
0.058538
0.06911
0.126701
-0.020466
-0.065651
0.02945
0.008843
-0.055359
0.009653
-0.091167
-0.137844
-0.066677
0.076754
-0.03619
-0.048277
0.057472
0.109666
0.049705
0.022255
-0.001899
0.129578
-0.056244

y
kse ^100 index Rm

5367
5727
6860
7196
7276
7169
7726
8675
9349
9151
9206
9386
9614
9657
10178
10428
9326
9721
10519
9813
10013
10598
11234
12022
12359
11289
11808
12057

0
0.067077
0.197835
0.04898
0.011117
-0.01471
0.077696
0.122832
0.077695
-0.02118
0.00601
0.019552
0.024291
0.004473
0.053951
0.024563
-0.10568
0.042355
0.08209
-0.06712
0.020381
0.058424
0.060011
0.070144
0.028032
-0.08658
0.045974
0.021087

X-

-0.025
0.1448
0.33965
0.28661
0.12094
-0.05481
0.03354
0.04411
0.10171
-0.04546
-0.09065
0.00445
-0.01615
-0.08036
-0.01534
-0.11616
-0.16284
-0.09167
0.05176
-0.06119
-0.07327
0.03248
0.08467
0.02471
-0.00274
-0.02689
0.10458
-0.08124

Y-

-0.0226759
0.0444006
0.1751589
0.0263036
-0.0115587
-0.0373818
0.0550197
0.100156
0.0550186
-0.0438547
-0.0166657
-0.0031235
0.0016156
-0.0182033
0.0312746
0.0018868
-0.128353
0.0196788
0.0594144
-0.0897926
-0.0022948
0.0357481
0.0373354
0.0474683
0.005356
-0.1092525
0.023298
-0.0015885

(Y-)

0.00051
0.00197
0.03068
0.00069
0.00013
0.0014
0.00303
0.01003
0.00303
0.00192
0.00028
9.8E-06
2.6E-06
0.00033
0.00098
3.6E-06
0.01647
0.00039
0.00353
0.00806
5.3E-06
0.00128
0.00139
0.00225
2.9E-05
0.01194
0.00054
2.5E-06

(X-)(Y-)

0.00057
0.00643
0.05949
0.00754
-0.0014
0.00205
0.00185
0.00442
0.0056
0.00199
0.00151
-1.4E-05
-2.6E-05
0.00146
-0.00048
-0.00022
0.0209
-0.0018
0.00308
0.00549
0.00017
0.00116
0.00316
0.00117
-1.5E-05
0.00294
0.00244
0.00013

Var=
Covar=
Beta=

0.0034
0.00463
1.36217

Ke=

32.41%

2009
2010
2011
Avg Rf

12.62%
12.63%
13.34%
12.86%

31-May-11
30-Jun-11
29-Jul-11
30-Aug-11
30-Sep-11
31-Oct-11
30-Nov-11
30-Dec-11

156.95
151.85
153.53
126.06
145.22
133.08
126
120.27

0.000382
-0.032494
0.011064
-0.178923
0.151991
-0.083597
-0.053201
-0.045476
0.024996

12123
12496
12190
11070
11760
11868
11550
11347

0.005474
0.030768
-0.02449
-0.09188
0.062331
0.009184
-0.02679
-0.01758
0.022676
0.272111

-0.02461
-0.05749
-0.01393
-0.20392
0.127
-0.10859
-0.0782
-0.07047

-0.0172019
0.008092
-0.0471638
-0.1145545
0.0396547
-0.0134923
-0.0494707
-0.0402517

0.0003
6.5E-05
0.00222
0.01312
0.00157
0.00018
0.00245
0.00162
0.0034

0.00042
-0.00047
0.00066
0.02336
0.00504
0.00147
0.00387
0.00284
0.00463

2009
Prov for income tax
EBT
tax rate
Finance Cost
Long term debt
Kd
Total debt
total equity
D+E
kd*(1-T)
Wd
We

2011

1078734000 1,322,928,000 1,101,460,000

3082098000 3,779,793,000 3,147,029,000
35.00%
35.00%
35.00%
0
0
0
0
0
0
0.00%
0.00%
0.00%
0
0
0
13017445000 14133269000 14355345000
13017445000 14133269000 14355345000
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
100.00%
100.00%

WACC(2009-2011)
Avg Tax rate
avg Finance Cost
avg Long term Debt
Avg Kd
Avg Total Debt
Avg Total Equity
Avg(D+E)
Avg Kd(1-T)
avg Wd
Avg We
avg Ke=
Avg WACC

2010

35.00%
0
0
0.00%
0
13835353000
13835353000
0.00%
0.00%
100.00%
0.00%
0.00%

years
sales
v.cost
Contribution margin ratio
EBIT
DOL
%CHANGE IN EBIT
%CHANGE IN SALES

2009

2010

2011

28,336,655,000 34,994,489,000 39,978,983,000

2648544000
2976494000
3335811000
25,688,111,000 32,017,995,000 36,643,172,000
3,118,439,000 3,835,846,000 3,157,640,000
8.237490296
8.347049126
11.60460724
24.71%
33.39%
58%
3%
4%
5%

DFL
Years
EBIT
EBT
DFL
%age change in EPS
%age change in EBIT

2009

2010

2011

3,118,439,000
3,082,098,000
1.011790994
25.00%
24.71%

3,835,846,000
3,779,793,000
1.014829648
33.88%
33.39%

3,157,640,000
3,147,029,000
1.003371752
58.22%
58.02%

Degree of Total leverage

year
DOL
DFL
DOL * DFL

2009

2010

2011

8.237490296
1.011790994
8.334618497

8.347049126
1.014829648
8.470832927

11.60460724
1.003371752
11.64373509