This project is designed for the course Derivative Securities (FIN 480) where we are to choose two different companies, one is overvalued and the other is undervalued, from Dhaka Stock Exchange (DSEX index) and validate our reasoning of choice with the help of fundamental analysis additionally supported by technical analysis. We used three models namely Dividend Discount Model (DDM), Free Cash Flow to the Firm (FCFF) and Relative Valuation (Market Multiplier Model) in order to reach the conclusion of which stock is overvalued or undervalued. After the valuation process, we assumed to issue a call option on the undervalued stock as the underlying and issued a put option on the overvalued stock as the underlying. Then we used Binomial Model for Option Pricing to calculate the call and put option price. Furthermore, we used Black Scholes Merton Model to calculate the call and put option price. All the calculations that have been used in this report are done in excel sheets based on the financial statements of the company. Majority of the information is collected from Dhaka Stock Exchange, Bangladesh Bank’s website, company website, different news portal, etc.

1. ………………………………………………………………………………………………......
GROUP PROJECT
Name of the students participated on the project:
1. Mehnaz Ahmed Khan (1610168030)
2. Md. Tanzirul Amin (1611676030)
3. Md. Nazmul Alam Anik (1511708030)
Course: FIN 480
Semester: Spring 2019
Faculty: Farhana Zahir (FZh)
Senior Lecturer, Department of Accounting and Finance.
Date of submission: 15/04/2019

2. Executive summary
This project is designed for the course Derivative Securities (FIN 480) where we are to choose
two different companies, one is overvalued and the other is undervalued, from Dhaka Stock
Exchange (DSEX index) and validate our reasoning of choice with the help of fundamental
analysis additionally supported by technical analysis. We used three models namely Dividend
Discount Model (DDM), Free Cash Flow to the Firm (FCFF) and Relative Valuation (Market
Multiplier Model) in order to reach the conclusion of which stock is overvalued or undervalued.
After the valuation process, we assumed to issue a call option on the undervalued stock as the
underlying and issued a put option on the overvalued stock as the underlying. Then we used
Binomial Model for Option Pricing to calculate the call and put option price. Furthermore, we
used Black Scholes Merton Model to calculate the call and put option price. All the calculations
that have been used in this report are done in excel sheets based on the financial statements of
the company. Majority of the information is collected from Dhaka Stock Exchange,
Bangladesh Bank’s website, company website, different news portal, etc.

3. Table of Contents
Introduction..............................................................................................................................1
Company profile of BSRM Steels Limited ............................................................................2
Fundamental analysis (BSRM Steels Limited)..................................................................4
Technical Analysis (BSRM Steels Limited):......................................................................6
Company Profile of APEX Foods Limited ..........................................................................10
Fundamental analysis (Apex Foods Limited) ..................................................................12
Technical analysis (Apex Foods Limited) ........................................................................15
Binomial option pricing model .............................................................................................19
Black Scholes Merton Model ................................................................................................22
Conclusion ..............................................................................................................................26
References...............................................................................................................................27

4. Page | 1
Introduction
For this project, we chose two companies, which are BSRM Steels Limited from Engineering
sector and APEX Foods Limited from Food and Allied sector. In the first part, we chose these
two companies based on their unusual P/E ratios and after that we did valuation of the company
stocks using the three models namely Dividend Discount Model (DDM), Free Cash Flow to
the Firm (FCFF) and Market Multiplier Model. We also used fundamental analysis along with
technical analysis to support our findings. Additionally, we took stock data of 5 years for our
analysis to be more accurate. For each stock, we calculated annualized return, annualized
variance and standard deviations. We plotted the price volume chart, did the regression analysis
for each stock, distribution of the actual returns using histogram, and calculated the skewness
and kurtosis of the two distributions using Excel functions SKEW and KURT. We also
prepared a company profile for each stock where relevant information is provided along with
a brief company description. In the second part of the project, we took the undervalued stock
as an underlying of a call option and overvalued stock as an underlying of a put option. Then
we calculated the option price by two period Binomial Option Pricing Model and the Black
Scholes Merton Model. All the calculations are done using Microsoft Excel 2016.

5. Page | 2
Company profile of BSRM Steels Limited
BSRM Steels Limited mainly engaged in the production and supply of “Xtreme 500W” (the
only EMF (Elongation at Maximum Force) tested and Fatigue ductile rod in Bangladesh)
deformed bars of reinforced steel. Xtreme500W also demonstrated superior yield strength and
ductility compared to the traditional Grade 60 rebar. This reduced the quantity of steel
consumed in any building by 15%. It was incorporated in July 2002, commenced its
commercial operation from April 2008. The main purpose of the Company is to manufacture
M.S. products by setting up rolling and re-rolling mills and marketing the same. The Company
launched ‘BSRM Maxima’ which is the first Rebar of the country designed specifically for the
mega projects. The company got listed on Dhaka Stock Exchange in 2009. The paid up capital
of the company is 3,417.75 million. The current capacity is 700000 MT.
Stock Statistics
Market Cap 21,466,888,000 BDT
Shareholder’s equity 13,258,559,602 BDT
Book value per share 35.27
P/B ratio 1.70
Forward P/E 15.7
EPS 5.21
P/E ratio 11.50
Price to sales 0.39
Price to cash flows -145.29
5 years CAGR earnings growth 8.66 %
5 years CAGR revenue growth 14.30 %
Paid up capital 3,759,530,000 BDT

6. Page | 3
Composition of shareholdings
Particulars Total Holdings In percentage
Sponsor shareholders 57,591,975 16.85 %
Foreign shareholders 944,268 0.28 %
Other shareholders (related parties) 183,458,793 53.68 %
Other shareholders (general) 99,779,964 29.19 %
Total 341,775,000 100 %
Free float: 944,268 + 183,458,793 + 99,779,964 = 284,183,025
Dividend yield
2014 2015 2016 2017 2018
1.63 % 3.09 % 1.24 % 2.97 % 1.67 %
Ratio
Last years revenue growth 55.19 %
Last 5 years revenue growth 10.01 %
Last years operating profit growth 70.06 %
Last 5 years operating profit growth 9.80 %
Last years net profit growth 83.18 %
Last 5 years net profit growth 2.96 %
ROE 14.78 %
ROA 3.52 %
Debt to equity 3.19

7. Page | 4
How and why we selected the company (BSRM Steels Limited)
For the project, we had to choose a company, which is undervalued right now. Therefore, we
initially looked for DS30 index where usually the undervalued companies right now are placed.
Moreover, as a primary indicator we looked on the P/E ratio of BSRM Steels Ltd. Based on
the P/E ratio of BSRM of 13.6 we initially chose it as an undervalued company. We have also
seen the future prospects of the company, which gave us some sort of basic understanding that
the stock price of the company might increase.
Fundamental analysis (BSRM Steels Limited)
BSRM steels Ltd. is a cash dividend paying company and has been maintaining a dividend
payout ratio of 40% over the last 5 years. Its growth in earnings per share (EPS) has been
calculated as 13.16% over the same period. And the required rate of return on its stock has been
calculated to be 12.72% using the CAPM approach. Since, the growth rate is greater than its
required rate of return i.e.; (g>r), we cannot use constant growth rate model. So, we have used
here multistage model and then have been used a multiplier model for finding its terminal
value.
Name Value Weight Re and Rd
Equity 22218792750.00 44.58% 18.88%
Net Debt 27626490057.00 55.42% 7.77%
Total 49845282807.00 100%
12.72%
Risk-Free Rate 3.99%
Beta 1.2205
Market Return 7.17%
Inflation 6.00%
Market Risk Premium 3.18%
Country Risk Premium 5.00%
Required Rate of Return 18.88%
Risk free rate 6.44%
Average credit spread 4.15%
Tax rate 26%
Required Rate of Return 7.87%
Average of corporate tax rate and BSRMSteels YOY implied tax rate
(Risk Free Rate + Credit Spread)*(1-Tax Rate)
Calculated
Average of DSEX Return
Required Rate of Return (Debt) Details
T-bill 5 year rate
Bangladesh bank
Market Return - Risk Free Rate
Risk Free Rate + Country Risk Premium + Beta*Market Risk Premium
BSRM STEELS
Required Rate of Return (Equity) Details
10 years T-bill Rate (Bangladesh Bank, 92 days)
WACC

8. Page | 5
The pro forma financial statements were developed using a sales growth is estimated average
of the growth of GDP, Real Estate sector, Per capita consumption of steel, Import of Iron scrap,
GDP from construction sector and the sales of BSRM steels. Running regression of these major
determining factors with the annual sales of BSRM gave R-square of over 90%. Therefore,
based on forecasted discounted values of the cash dividends including the terminal value, we
have calculated stock to be undervalued by 58.47% since its intrinsic value is greater than its
current market price, we buy the stock.
Year Eps Div PV
1 2019 5.90 2.44 2.162
2 2020 6.67 2.76 2.170
3 2021 7.55 3.12 2.178
4 2022 8.54 3.53 2.187
5 2023 9.67 4.00 2.195
Terminal value
ending eps * avg PE
5 Price 233.4564714 128.29
Intrinsic value 139.18
Market price 14/4/2019 57.8
-58.47%
So the stock is undervalued by
58.47% and we will buy

9. Page | 6
Market multiplier model
BSRM Steels Limited
P/E ratio EPS
Revenue
growth
Operating
profit
growth ROA ROE
BSRMLTD 13.91 12.95 40.55% 50.27% 13.47% 20.33%
BSRMSTEEL 14.21 5.21 55% 9.58% 11.34% 15%
GPHISPAT 18.76 1.97 25.18% 16.57% 2.83% 11.64%
RSRMSTEEL 19.3 7.05 2.28% 0.19% 10.68% 15.75%
SSSTEEL 14.74 1.2 45.00% 22.0% 13.26% 7.76%
Apollo Ispat 18.3 0.5 -0.32% -106.00% 0.16% 0.27%
Industry average 16.184 5.68 33.60% 19.72% 10.32% 14.05%
Company average 14.21 5.21 55.00% 9.58% 11.34% 14.78%
Intrinsic value 84.329
Price on 14/4/2019 59.9
Difference -28.97%
The stock is undervalued by
28.97% , so we will buy
We also used market multiplier model to calculate the intrinsic value. We took all the steel
companies listed on DSE to compare the ratios of BSRM steel with the industry. We found
Apollo Ispat is an outlier, therefore, we excluded it. According to market multiplier method,
the stock is undervalued by 28.97% and hence we will buy.
Technical Analysis (BSRM Steels Limited):
RSI: 37.148 Figure: Real time chart of BSRM Steels Limited

10. Page | 7
Figure: Engineering sector chart
Price Volume Chart:
The BSRM Steels share price maintained stable price across the range of 80-60 BDT over the
year. However, trade volumes increased suddenly before and after the dividend announcement
times, which correspondingly caused the share price to increase greatly. However, eventually
the price returned to its stable range over time. We can see that the stock is not much traded
round the year but is highly in demand of trade during its dividend announcement period. Since,
0
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Volume
Price
Time period
1yr Price Volume chart of BSRM Steels
Volume Price

11. Page | 8
the BSRM Steels has an below average industry P/E ratio so it is an undervalued share, which
means it can be highly profitable to invest in this share during the normal periods and gain high
profit by selling of during/after the dividend is announced.
Kurtosis (distribution or volatility of skew): The kurtosis of BSRM Steels return distribution
is 57.6787. The distribution is longer and the tails are flatter. The peak of the return distribution
is higher than normal distribution, this means the returns are heavily tailed and there are a lot
return outliers. The outliers stretch the horizontal axis so this makes the returns appear in a
narrow and high vertical range, and the distribution can be addressed as a leptokurtic
distribution.
0
100
200
300
400
500
600
700
800
900
1000
Return %
BSRM Steels Return Distribution
Frequency Freq. Double
BSRM Steels
Skewness 2.507766329
Kurtosis 57.67865628
Count 1276
Max 34.89%
Min -23.76%
Range 0.58653862
Bin 19
Width per Bin 0.030870454

12. Page | 9
Skewness (measure of asymmetry in the distribution): The skewness for the return
distribution of BSRM Steels is 2.5078, which means the return distribution is highly positively
skewed. The median will be greater than the mode as there is asymmetry in the return
distribution. Thus, the BSRM Steels stocks will provide high returns to the investors.
We derived the above scatter plot from the six-month regression analysis of BSRM Steels with
DSEX, here the beta is 1.3051, which implies that the stock has positive relationship with the
market and the market risk of the stock is high. The investors may need to be rational to invest
in this company’s stock as it moves along with market. However, the R-square value is 0.034,
which is a very low magnitude and this states that the stock does not necessarily have a good
correlation with the market. Thus, this method is not much effective to explain the correlation
between BSRM Steels and the market.
y = 1.3051x - 0.0002
R² = 0.034
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
-1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50%
6 months Regression model BSRM Steels vs DSEX
BSRM Steels vs DSEX Linear (BSRM Steels vs DSEX)

13. Page | 10
Company Profile of APEX Foods Limited
Apex Foods Limited (AFL) was incorporated on 21.03.1979 under the Companies Act 1913
(Repealed in 1994). AFL is a 100% export oriented value-added shrimp processing Company.
It is the single largest processor & exporter of frozen seafood in Bangladesh and is one of the
most modern seafood processing plants in Asia, equipped with the latest processing, freezing
and storage machinery. Its high quality products are well known in the international seafood
market and it has built a blue chip customer base with a regular order flow. AFL has received
numerous commendations and trophies for product quality and export turnover from the
Government of Bangladesh as well as from abroad. AFL strictly adheres to HACCP (Food
Safety System of FDA) based quality assurance program in its production process. In addition,
AFL has 2 Star BAP Certification and BRC-Global Standard for Food Safety (Issue 6). The
products of the Company are exported to the markets in North America, EU countries,
Australia and Russia.
Stock Statistics
Market Cap 902,120,000 BDT
Shareholder’s equity 783,569,959 BDT
Book value per share 137.41
P/B ratio 1.52
Forward P/E 1.95
EPS 1.81
P/E ratio 115.84
Price to sales 0.62
Price to cash flows -108.72
5 years CAGR earnings growth -9.57%

14. Page | 11
5 years CAGR revenue growth -12.95%
Paid up capital 57,020,000 BDT
For APEX Foods Limited we have chosen 2 year CAGR growth for both revenue and earnings
as the company was having a negative Net profit for the fiscal year 2016.
2 years CAGR earnings growth 0.5%
2 years CAGR revenue growth 8.17%
Composition of shareholdings
Particulars Total Holdings In percentage
Sponsors and directors 2,221,450 38.96
Institution 210,392 3.69
General shareholders 3,270,558 57.35
Free float: 210,392 + 3,270,558 = 3,480,950
Dividend yield
2014 2015 2016 2017 2018
1.94% 2% 1.72% 1.36% 0.96%
Ratio
Last years revenue growth 17.01 %
Last 5 years revenue growth -10.28 %
Last years operating profit growth 1 %

15. Page | 12
Last 5 years operating profit growth 37.73 %
Last years net profit growth 15.56 %
Last 5 years net profit growth -49.54 %
ROE 1.32 %
ROA 0.55 %
Debt to equity 1.39
How and why we selected the company (Apex Foods Limited)
For choosing the overvalued company, we have decided to take a company under food and
allied industry. We have seen that Apex Foods Ltd has a higher P/E ratio than the other related
companies do in the industry. Moreover, we have studied some news regarding the company’s
decreasing profitability. Based on the information we chose the company as the overvalued
company.
Name Value Weight Re and Rd
Equity 968267520.00 87.30% 16.77%
Debt 140904992.00 12.70% 7.94%
Total 1109172512.00 100%
15.65%
Risk-Free Rate 3.99%
Beta 0.5590
Market Return 7.17%
Inflation 6.00%
Market Risk Premium 3.18%
Country Risk Premium 5.00%
Required Rate of Return 16.77%
Risk free rate 6.44%
Average credit spread 4.15%
Tax rate 25%
Required Rate of Return 7.94%
T-bill 5 year rate
Bangladesh bank
(Risk Free Rate + Credit Spread)*(1-Tax Rate)
Average of DSEX Return
Market Return - Risk Free Rate
Risk Free Rate + Country Risk Premium + Beta*Market Risk Premium
Corporate tax rate
Required Rate of Return (Debt) Details
Required Rate of Return (Equity) Details
10 years T-bill Rate (Bangladesh Bank, 92 days)
Calculated
Apex foods
WACC

16. Page | 13
Fundamental analysis (Apex Foods Limited)
Based on the pro forma income statement and balance sheet for the next five years we have
calculated free cash flow to the firm till 2023. The pro forma financial statements were
developed based on the revenue growth model with an annual growth rate of 5.19% for the
following five years. We took the average of last two year CAGR (revenue) 8.17% of APEX
Foods and the overall export growth 2.20% of Bangladesh. We used this process because the
net profit of APEX Foods has been negative for several past years due to the issue to trade
sanctions implied by foreign countries on the shrimp export from Bangladesh, however APEX
Foods has improved its product quality and started to increase the shrimp exports over the past
two years. And from next five years the terminal growth rate is 4.5%. This growth rate is based
on average CAGR (revenue) for the last five years. After calculating the enterprise value, we
calculated the value of equity by subtracting net debt from enterprise value. We calculate the
intrinsic value to be 126.74 per share which is less than current market price per share.
Therefore, the stock is overvalued by 27.34% and we will sell.
Enterprise value $863,647,993.65
Net debt 140904992
Value of equity $722,743,001.65
No of shares 5702400
WACC 16.08%
Terminal growth rate 4.5%
Value per share 132.86
Price on 14/4/19 161.4
Overvalued by 21.48%
So we will sell the stock

17. Page | 14
Market Multiplier model
Apex foods limited
P/E
ratio EPS
Revenue
growth
Operating
profit
growth ROA ROE
APEXFOODS 134.77 1.81 17.01% 1% 0.55% 1.32%
AMCL (PRAN) 29.99 6.94 6.63% -6.54% 3.88% 9.21%
FUWANGFOOD 18.5 3.31 9.34% 16.70% 6.67% 1338%
GEMINISEA 152.28 0.7 -41.29% -27.42% 0.52% 5.74%
GHAIL 19.94 2.04 22.54% 25.28% 5.35% 10.30%
FINEFOODS 587.88 0.076 -3.42% -88% 0.66% 0.69%
Industry average 71.096 2.96 0.02846 0.018034
0.0339
4
2.7291
4
Company 134.77 1.81 0.1701 0.01 0.0055 0.0132
Intrinsic value 128.684
Price 14/04/2019 161.4
Difference 25.42%
The stock is overvalued
by 25.42%, so we will
sell
We took similar food companies into the calculation. We identified fine foods as an outlier in
the industry hence we excluded the company from our calculation. According to the model, the
company is overvalued by 25.42%. Therefore, we will sell the stock.

18. Page | 15
Technical analysis (Apex Foods Limited)
RSI: 34.438 Figure: Real time chart of APEX Foods Limited
Figure: Food and Allied Sector Chart

19. Page | 16
Price Volume Chart:
We can see a positive relation between the price and volume of the APEX Foods share, as the
company gives regular dividends to its common shareholders, so the share is more traded
during the June-July periods and prices are also higher during those periods. The shares are
also traded in high volumes during the beginning of the year this maybe because of the January
effect anticipation or due to recent political stability after the national election. However, as
the APEX Foods stock has an above average industry P/E ratio and determined as an
overvalued share, so the trading amount is decreasing gradually which correspondingly causes
the price to decrease.
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Volume
Price
Time period
1yr Price Volume chart of APEX Foods
Volume Price

20. Page | 17
Kurtosis (distribution or volatility of skewness): The kurtosis of the return distribution of
APEX Foods is 2.6394 which is very close to the kurtosis of 3 in normal distribution. Since the
kurtosis is below 3 so this distribution is platykurtic as the distribution is shorter, peak is smaller
and the tails are thinner compared to normal distribution. There are very few outliers present
in the return distribution.
Skewness (measure of asymmetry in the distribution): The skewness of APEX Foods return
distribution is 0.9398 which is very close to 1, that means the return distribution of the company
0
50
100
150
200
250
300
350
Return %
APEX Foods Return Distribution
Frequency Freq. Double
APEX Foods
Skewness 0.939820279
Kurtosis 2.639375844
Count 1276
Max 10.00%
Min -8.73%
Range 0.187322462
Bin 19
Width per Bin 0.009859077

21. Page | 18
is almost fairly positively skewed. However the amount of return is lower due to the platykurtic
curve so the amount of possible positive return for the investors is not much high.
The six months regression analysis of APEX Foods with DSEX generates a beta of 1.1788, this
implies that the stock has positive relationship with the market and the market risk of this stock
is also very high. Here, the R-square (0.0583) is also very low, so this means that the stock
necessarily may have little or no correlation with the market. Thus, this method is not much
effective to explain the correlation between APEX Foods and the market.
y = 1.1788x + 0.0016
R² = 0.0583
-8.00%
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
-1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50%
6 months Regression model APEX Foods vs DSEX
APEX Foods vs DSEX Linear (APEX Foods vs DSEX)

22. Page | 19
Binomial option pricing model
According to our analysis, the stock of BSRM Steels Limited is undervalued and the stock of
APEX Foods Limited is overvalued. We know undervalued stocks are suitable as an
underlying for a call option and overvalued stocks are preferred as an underlying for a put
option. We are going to price a call option and a put option whose underlying asset is the
stock of BSRM Steels Limited and APEX Foods Limited respectively by using Binomial
option pricing model. The pricing follows all the assumptions of the model. A two period call
option pricing with the tree diagram is shown below:
A/ Call option (stock of BSRM Steels Limited):
Stock price (So) 59.1
Upward 20 %
Downward 20 %
Exercise price (X) 67.965
Risk free rate, rf 3.99 %
Risk neutral probability of stock price going up 59.98 %
Risk neutral probability of stock price going down 40.03 %
Formulas
Risk neutral probability of stock price going up, 𝜋 𝑢 =
1+𝑟 𝑓−𝑑
𝑢−𝑑
Risk neutral probability of stock price going down, 𝜋 𝑑 = 1 - 𝜋 𝑢

23. Page | 20
A/ Put option (stock of APEX Foods Limited):
Stock price (So) 169.8
Upward 20 %
Downward 20 %
Exercise price (X) 144.33
Risk free rate, rf 3.99 %
Risk neutral probability of stock price going up 59.98 %
Risk neutral probability of stock price going down 40.03 %

24. Page | 21
Formulas
Risk neutral probability of stock price going up, 𝜋 𝑢 =
1+𝑟 𝑓−𝑑
𝑢−𝑑
Risk neutral probability of stock price going down, 𝜋 𝑑 = 1 - 𝜋 𝑢

25. Page | 22
Black Scholes Merton Model
This is a continuous option-pricing model. This is actually the model that is used to price
options all over the world. However, people actually don’t use it for the purpose of pricing
options, but to measure the implied volatility by taking the trading price of options. Here we
will calculate the price for call and put option using the Black Scholes Merton Model where
the risk free rate and the return on the company’s stock are compounded continuously.
Black Scholes Merton Option Pricing Model
BSRM (Call option) APEX (Put option)
So (Price of the underlying) = 59.1 So (Price of the underlying)
X (Exercise price) = 67.965 X (Exercise price)
T (Time to expiration) = 2 T (Time to expiration) = 2
Annualized std. deviation, σ (Volatility) = 0.354 Annualized std. deviation, σ (Volatility) =
0.4193
σ2
= 0.125316 σ2
= 0.17581249
Risk free rate, Rf = 3.99 % Risk free rate, Rf = 3.99 %
Continuously compounded risk free rate, rc =
0.03912
Continuously compounded risk free rate, rc =
0.03912
d1 = 0.12745 d1 = 0.70252
d2 = -0.5806 d2 = -0.1361
N(d1) = 0.5507 N(d1) = 0.7589
N(d2) = 0.2808 N(d2) = 0.4459
Option price, co = 14.90043873 Option price, po = 33.00485569

26. Page | 23
Formulas
1. Call option price 𝐶 𝑜 = 𝑆 𝑜 𝑁(𝑑1) − 𝑋𝑒−𝑟𝑐 𝑇
𝑁(𝑑2)
2. Put option price 𝑃𝑜 = 𝑋𝑒−𝑟𝑐 𝑇
(1 − 𝑁(𝑑2)) − 𝑆 𝑜(1 − 𝑁(𝑑1))
3. d1 =
ln(
𝑆 𝑜
𝑋
)+[𝑟𝑐+(
𝜎2
2
)] 𝑋 𝑇
𝜎 √𝑇
4. d2 = 𝑑1 − 𝜎√𝑇
5. N(d1) = NORMSDIST (d1 )
6. N(d2) = NORMSDIST (d2 )
Comparing Black Scholes Price with Intrinsic Value of stocks using What
if analysis:
Comparing Black Scholes to the
intrinsic value of BSRM Steels
Stock
price
Call
price
Intrinsic
value
14.90044 0
30 1.632289 0
35 3.006761 0
40 4.824651 0
45 7.036301 0
50 9.582671 0
55 12.40821 0
60 15.46628 0
65 18.72005 0
70 22.1414 2.035
75 25.70902 7.035
80 29.4066 12.035
85 33.22131 17.035
90 37.14268 22.035
95 41.16179 27.035
100 45.27079 32.035
105 49.46252 37.035
110 53.73036 42.035
115 58.0681 47.035
120 62.46991 52.035
125 66.93029 57.035
130 71.44409 62.035
135 76.00647 67.035
140 80.61296 72.035

27. Page | 24

28. Page | 25
Comparing Black Scholes to the
intrinsic value of APEX Foods
Stock
price Put price
Intrinsic
value
33.004856 0
70 71.588635 74.33
75 68.517477 69.33
80 65.631108 64.33
85 62.915914 59.33
90 60.358357 54.33
95 57.945412 49.33
100 55.664841 44.33
105 53.505342 39.33
110 51.456616 34.33
115 49.509369 29.33
120 47.655276 24.33
125 45.886921 19.33
130 44.197722 14.33
135 42.58185 9.33
140 41.034149 4.33
145 39.550056 0
150 38.125533 0
155 36.756992 0
160 35.441242 0
165 34.17543 0
170 32.956998 0
175 31.783639 0
180 30.653259 0

29. Page | 26
Conclusion
The capital market in Bangladesh does not have any derivative securities. The purpose of this
project is to make the students familiar with how options can be issued and priced using
different models. On that process of issuing options, the valuation of the underlying asset plays
a very important role. How to make certain assumptions on the valuation process, justifying
those assumptions and realizing the impact of such assumptions on pricing of derivative
securities such as options was something we contemplated upon while preparing the project,
which allowed us a different perspective altogether. Finally, we would like to conclude with a
fact that this project was enormously helpful both for our academic and hopefully for our
practical work life. We would like to thank our course instructor to provide us with such an
opportunity to work on this project.

30. Page | 27
References
Display Company Information. (2019). Retrieved from
https://www.dsebd.org/displayCompany.php?name=BSRMSTEEL
Display Company Information. (2019). Retrieved from
https://www.dsebd.org/displayCompany.php?name=APEXFOODS
Desk, S. (2019). Food industry in Bangladesh. Retrieved from
https://www.thedailystar.net/food-industry-in-bangladesh-6622
Share Market Analysis Portal For Dhaka Stock Exchange-Bangladesh. (2019). Retrieved
from https://stockbangladesh.com/dse/stock/apexfoods/apex-foods-
limited/trade/details
TA Chart : Bsrm Steels Limited (BSRMSTEEL). (2019). Retrieved from
https://stockbangladesh.com/dse/stock/bsrmsteel/bsrm-steels-limited/chart/technical-
analysis?fbclid=IwAR3OFHY3C933UZMNO87ij7yGg2VkHkrmhCV05KlFVMWO
XC2-JwXBrajbmE4
Yeahia, M. (2019). Apex Foods Limited - Shareholding Details. Retrieved from
https://www.apexfoods.com/investors-info/shareholding-details

31. Appendix
Date Price Change
19-Mar 5,491.90 -0.039
19-Feb 5,711.82 -0.019
19-Jan 5,821.01 0.081
18-Dec 5,385.64 0.020
18-Nov 5,281.25 -0.001
18-Oct 5,284.12 -0.016
18-Sep 5,368.95 -0.041
18-Aug 5,600.64 0.056
18-Jul 5,302.63 -0.019
18-Jun 5,405.46 0.012
18-May 5,343.87 -0.069
18-Apr 5,739.22 0.025
18-Mar 5,597.44 -0.036
18-Feb 5,804.94 -0.039
18-Jan 6,039.78 -0.033
17-Dec 6,244.52 -0.010
17-Nov 6,306.86 0.048
17-Oct 6,019.59 -0.012
17-Sep 6,092.84 0.014
17-Aug 6,006.43 0.025
17-Jul 5,860.64 0.036
17-Jun 5,656.04 0.047
17-May 5,403.11 -0.013
17-Apr 5,475.55 -0.043
17-Mar 5,719.61 0.019
17-Feb 5,612.69 0.026
17-Jan 5,468.34 0.086
16-Dec 5,036.05 0.049
16-Nov 4,801.24 0.046
16-Oct 4,592.17 -0.022
16-Sep 4,695.18 0.037
16-Aug 4,526.57 0.000
16-Jul 4,525.34 0.004
16-Jun 4,507.58 0.020
16-May 4,419.39 0.053
16-Apr 4,195.69 -0.037
16-Mar 4,357.53 -0.034
16-Feb 4,511.96 -0.006
16-Jan 4,540.89 -0.014
15-Dec 4,604.91 0.005
15-Nov 4,580.99 0.004
15-Oct 4,564.48 -0.059
15-Sep 4,852.08 0.017
15-Aug 4,768.66 -0.005
15-Jul 4,792.30 0.046
15-Jun 4,583.10 -0.001
15-May 4,586.95 0.133
15-Apr 4,047.28 -0.107
15-Mar 4,530.48 -0.049
15-Feb 4,763.21 0.008
15-Jan 4,724.04 -0.029
14-Dec 4,864.96 0.020
14-Nov 4,769.42 -0.078
14-Oct 5,173.23 0.019
14-Sep 5,074.30 0.115
14-Aug 4,549.51 0.028
14-Jul 4,427.15 -0.012
14-Jun 4,480.52 0.011
14-May 4,430.47 -0.030
14-Apr 4,566.85 0.017
14-Mar 4,491.98 -0.054
14-Feb 4,749.86 -0.001
14-Jan 4,753.17 0.114
13-Dec 4,266.55 0.008
13-Nov 4,230.72 0.066
13-Oct 3,967.72 0.008
13-Sep 3,937.68 -0.046
13-Aug 4,127.48 0.047
13-Jul 3,940.80 -0.040
13-Jun 4,104.64 0.058
13-May 3,878.07
Average monthly return 0.006
Average annualized return 7.2%
Variance 0.00205
Standard deviation 0.04527
Annual standard deviation 0.15682
Beta 1

32. BSRM Steels Income statement 2018 2019E 2020E 2021E 2022E 2023E
Revenue 58,372,407,184 66869238919 76602890463 87753396363 100526997436 115159955425
Cost of sales (52,911,534,499) -60613468121 -69436514220 -79543864696 -91122466068 -104386477247
Gross profit 5,460,872,685 6255770798 7166376244 8209531666 9404531368 10773478178
Selling and distribution costs (1,344,485,740) -1540192404 -1764386614 -2021215087 -2315428146 -2652467585
Administrative costs (442,821,958) -442821958 -442821958 -442821958 -442821958 -442821958
Other operating income 19,569,215 22417758 25680943 29419124 33701444 38607110
Profit from operating activities/EBIT 3,693,134,202 4295174194 4984848614 5774913745 6679982709 7716795745
Finance costs (2,705,588,387) -3099420514 -3550579818 -4067410984 -4659473370 -5337717820
Finance income 1,462,311,066 1675168676 1919010365 2198346252 2518342962 2884919182
Profit before WPPF and Welfare Fund 2449856881 2870922356 3353279161 3905849014 4538852300 5263997106
Contribution to WPPF and Welfare fund (161,299,331) -184778460 -211675269 -242487244 -277784286 -318219252
Profit on bargain purchase -
Share of profit/(loss) of associate (Net of tax) 281,267,990 322210053 369111744 422840561 484390277 554899322
Profit before income tax 2,569,825,540 3008353949 3510715637 4086202332 4745458291 5500677177
Income tax expenses: (610,873,085) -752088487 -877678909 -1021550583 -1186364573 -1375169294
Current tax (624,830,108) -752088487 -877678909 -1021550583 -1186364573 -1375169294
Deferred tax 13,957,023 0 0 0 0 0
Depreciation -548958402 -628866142 -720405451 -825269447 -945397706
Profit after tax 1,958,952,455 2,256,265,462 2,633,036,728 3,064,651,749 3,559,093,719 4,125,507,882
Other comprehensive income:
Acturial (loss)/ gain on defined benefit plans (3,392,066) 0 0 0 0 0
Total comprehensive income 1,955,560,389 2,256,265,462 2,633,036,728 3,064,651,749 3,559,093,719 4,125,507,882
Dividends 433011347 505319431 588152859 683043725 791747139
Retained Earnings 1823254115 2127717296 2476498890 2876049994 3333760743
Depreciation 479204248 548958402 628866142 720405451 825269447 945397706
Number of shares 375952500 375952500 375952500 375952500 375952500 375952500
BSRM Steels Balance sheet 2018 2019E 2020E 2021E 2022E 2023E
ASSETS
Non-current assets 15,576,744,606 17,840,064,746 20,432,839,355 23,403,024,639 26,805,557,427 30,703,371,290
Property, plant and equipment 17,668,362,090 20240212506 23186427820 26561501510 30427859261 34857013594
Capital work in progress
Accumulated depreciation (3,743,335,312) (4,292,293,714) (4,921,159,856) (5,641,565,307) (6,466,834,754) (7,412,232,460)
Intangible assets 25,484,116 29193646.86 33443146.18 38311213.13 43887887.91 50276317.26
Investment in subsidiary
investment in associate 1,626,233,712 1862952307 2134128245 2444777223 2800645032 3208313839
Current assets 40,002,278,335 45,630,406,404 52,432,365,939 60,263,501,309 69,273,621,892 79,634,343,687
Short term investment 319,833,530 366389288.4 419721818 480817562.3 550806554 630983316.2
Inventories 16,753,099,378 19191721894 21985316325 25185553260 28851624585 33051338306
Trade and other receivables 9,911,646,856 11354410648 13007186701 14900544917 17069505031 19554184334
Current account with related companies 7,374,991,691 8448513693 9678300209 11087097488 12700962776 14549746282
Advances, deposits and prepayments 4,623,327,397 5296310350 6067254363 6950418891 7962139028 9121127646
Cash and cash equivalents 1,019,379,483 973,060,531 1,274,586,523 1,659,069,192 2,138,583,918 2,726,963,802
Total Assets 55,579,022,941 63,470,471,151 72,865,205,294 83,666,525,948 96,079,179,319 110,337,714,977
EQUITY AND LIABILITIES
Shareholders equity 13,258,559,602 15,461,300,011 18,023,742,563 20,998,246,391 24,444,792,151 28,432,091,433
Share capital 3,759,525,000 3,759,525,000 3,759,525,000 3,759,525,000 3,759,525,000 3,759,525,000
Retained earnings 6,892,000,691 8,715,254,806 10,842,972,102 13,319,470,992 16,195,520,986 19,529,281,730
Revaluation reserve 2,607,033,911 2986520205 3421245461 3919250399 4489746165 5143284704
Non currents liabilities 5,376,120,480 6,134,573,327 7,003,428,443 7,998,756,255 9,138,966,441 10,445,148,438
Long term borrowings- non current portion 4,072,406,248 4,665,195,758 5,344,273,173 6,122,198,773 7,013,361,144 8,034,243,311
Retirement benefit obligations - Gratuity 165,623,229 165,623,229 165,623,229 165,623,229 165,623,229 165,623,229
Deferred tax liability 1,138,091,003 1303754340 1493532041 1710934253 1959982068 2245281898
Current liabilities 36,944,342,859 41,874,597,813 47,838,034,288 54,669,523,302 62,495,420,727 71,460,475,106
Trade payable 9,030,450,761 10344945474 11850781283 13575810271 15551938738 17815717344
Short term borrowings 23,882,556,282 27358960150 31341397950 35903529230 41129735605 47116681486
Current portion of long term borrowings 690,907,010 791477140.5 906686507.6 1038666035 1189856827 1363055325
Current account with related companies 275,429,270 0 0 0 0 0
Liabilities for expenses 887,392,682 1016563752 1164537282 1334050205 1528237847 1750691922
Current tax liabilities 1,109,937,984 1271503298 1456586458 1668610779 1911497885 2189740237
Provision for WPPF and Welfare Fund 161,299,331 184778460 211675269 242487244 277784286 318219252
Other liabilities 906,369,539 906,369,539 906,369,539 906,369,539 906,369,539 906,369,539
Total Liabilities 42,320,463,339 48,009,171,140 54,841,462,731 62,668,279,557 71,634,387,168 81,905,623,544
Total Equity and Liabilities 55,579,022,941 63,470,471,151 72,865,205,294 83,666,525,948 96,079,179,319 110,337,714,977
EFN 0 0 0 0 0 0
BSRM Steels ProForma Income statement
BSRM Steels ProForma Balance sheet

33. APEX Foods Income Statement 30-Jun-18 2019E 2020E 2021E 2022E 2023E
Revenue 1922167738 2021832499 2126664897 2236932874 2352918267 2474917525
Cost of goods sold -1712436974 -1801227155 -1894621124 -1992857588 -2096187631 -2204875357
Gross profit 209730764 220605344 232043773 244075286 256730636 270042168
Operating expenses:
Administrative & selling overhead -107315995 -107315995 -107315995 -107315995 -107315995 -107315995
Operating profit/EBIT 102414769 113289349 124727778 136759291 149414641 162726173
Financial expenses -85778333 -90225956 -94904189 -99824989 -105000933 -110445252
Other income 19080109 20069416 21110019 22204578 23355889 24566897
Profit before PPF & WF 35716545 43132809 50933608 59138880 67769597 76847818
Provision for contribution to PPF & WF -1785827 -1878422 -1975819 -2078266 -2186024 -2299370
Profit before tax 33930718 41254387 48957789 57060615 65583573 74548448
Tax expenses: -23623002 -10313597 -12239447 -14265154 -16395893 -18637112
Current tax -23403275 -10313597 -12239447 -14265154 -16395893 -18637112
Deferred tax (expenses)/income -219727 0 0 0 0 0
Depreciation -24259063 -25516900 -26839956 -28231613 -29695427
Net profit/loss after tax 10307716 30940790 36718342 42795461 49187680 55911336
Other comprehensive income:
Fair valuation surplus/(deficit) of investments128345170 134999891 141999661 149362371 157106838 165252857
Fair valuation surplus/(deficit) during the year142605744 149999879 157777401 165958189 174563153 183614285
Less: Deferred tax -14260574 0 0 0 0 0
Total comprehensive income 266998056 315940560 336495404 358116021 380857670 404778478
Dividends 11404800 34233920 40626395 47350322 54422886 61862163
Retained Earnings -3293130 -3908053 -4554861 -5235206 -5950827
Depreciation 23063230 24259063 25516900 26839956 28231613 29695427
Number of shares 5702400 5702400 5702400 5702400 5702400 5702400
APEX Foods Balance sheet 30-Jun-18 2019E 2020E 2021E 2022E 2023E
Assets
Non current assets 518562581 498127856 523955880 551123091 579698928 609756427
Property, plant & equipment 103204859 108556050.5 114184702.2 120105200.7 126332678.1 132883051.3
Accumulated depreciation -47322293 -49775963 -52356856 -55071569 -57927040
Investments 409943370 431199011.3 453556761.7 477073765.7 501810130.7 527829081
Immovable properties (at cost) -
Security deposits 5414352 5695087.176 5990378.524 6300980.785 6627687.831 6971334.7
Current assets 1353620387 1443761447 1490809872 1539853591 1590996062 1644346106
Inventories 880408407 926057749.6 974074019.2 1024579941 1077704605 1133583793
Trade receivables 24577415 25851758.62 27192177.2 28602096.73 30085120.86 31645040.08
Advance, deposits and prepayments 45804763 48179748.63 50677877.72 53305535.27 56069437.37 58976648.31
Other receivables 183263253 192765487.4 202760414.4 213273580.2 224331855.8 235963504.9
Short term investments 212153262 223153448.8 234723997.4 246894481.1 259696006.6 273161293.8
Cash and cash equivalents 7413287 27753254 1381386 -26802044 -56890964 -88984174
Total assets 1872182968 1941889304 2014765751 2090976682 2170694990 2254102533
Equity and liabilities
Shareholders equity 783569959 797295323.9 811288177.2 825562388.3 840132545.5 855013993.7
Share capital 57024000 57024000 57024000 57024000 57024000 57024000
Share premium 209088000 209088000 209088000 209088000 209088000 209088000
Reserve and surplus 189233610 185940480 182032427 177477566 172242360 166291533
Fair valuation surplus 328224349 345242843.6 363143750.4 381972822.6 401778185.8 422610460.8
Non current liabilities 41133736 43266528 45509905.67 47869602.89 50351650.86 52962393.49
Deferred tax liabilities 38752739 40762075.85 42875597.2 45098705.03 47437081.43 49896703.08
Long term loan 2380997 2504452.145 2634308.463 2770897.856 2914569.434 3065690.411
Current liabilities 1047479273 1101327452 1157967668 1217544691 1280210794 1346126146
Working capital loan (secured) 762783215 802333669.1 843934821.7 887693002 933720052.2 982133613.7
Long term loan - current maturity 593836 624626.509 657013.5118 691079.7867 726912.4045 764602.9503
Short term loan 145343446 152879531.2 160806363.8 169144204.2 177914363.2 187139256.7
Trade payables 64708622 68063776.3 71592895.99 75305001.2 79209579.77 83316611.47
Other payables 22923522 24112110.96 25362328.47 26677370.01 28060596.69 29515543.94
Current tax liability 42181245 44368350.54 46668857.91 49088647.03 51633902.67 54311130.3
Other liabilities 8945387 8945387 8945387 8945387 8945387 8945387
Total liabilities 1088613009 1144593980 1203477574 1265414294 1330562445 1399088539
Total Equity and Liabilities 1872182968 1941889304 2014765751 2090976682 2170694990 2254102533
EFN 0 0 0 0 0 0
APEX Foods ProForma Balance sheet
APEX Foods ProForma Income Statement

34. BSRM Steels Financial Ratios 2014 2015 2016 2017 2018
Current Ratio 1.01 1.06 1.15 1.03 1.08
Quick Ratio 0.40 0.57 0.69 0.61 0.63
Cash (Coverage) Ratio 0.03 0.03 0.01 0.02 0.03
Inventory Turnover 3.17 4.06 2.66 2.51 3.16
Total Asset Turnover 1.42 1.31 0.92 0.82 1.05
Fixed Asset Turnover 4.51 3.34 3.22 2.92 3.75
CapEx to Operating Cashflow Ratio -17.25 9.65 0.47 0.19 -0.05
Cash EPS (Operating Cashflow/share) -8.76 16.87 2.69 4.33 -0.41
Price to Cashflow ratio -10.47 5.75 34.86 18.15 -145.29
Account Receivable Turnover 12.97 14.38 8.00 6.02 5.89
Average Collection Period (Days) 28.15 25.39 45.60 60.63 61.98
Average Payment Period (Days) 0.54 0.44 0.38 29.46 62.29
Gross Profit Margin 7.28% 13.52% 17.61% 9.65% 9.36%
Operating Profit Margin 4.91% 10.08% 13.77% 5.77% 6.33%
Net Profit Margin 2.82% 6.44% 7.84% 2.84% 3.36%
Basic Earning Power (BEP ratio) 0.07 0.13 0.13 0.05 0.07
Return On Asset (ROA) 4.00% 8.42% 7.22% 2.34% 3.52%
Return On Equity (ROE) 14.49% 22.93% 23.14% 9.22% 14.78%
Net Asset Value per share(NAV) 21.93 26.57 30.69 33.94 35.27
Retention ratio 0.53 0.51 0.84 0.25 0.81
Dividend Payout Ratio 0.47 0.49 0.16 0.75 0.19
Number of shares 341775000 341775000 341775000 341775000 375952500
Market price per share 91.8 97 93.9 78.5 59.9
Dividend Per Share 1.5 3.0 1.2 2.3 1.0
EBITDA margin to Sales 4.98% 10.18% 14.64% 9.97% 7.15%
Book Value Per Share 21.93 26.57 30.69 33.94 35.27
Earnings Per Share (EPS) 3.18 6.09 7.10 3.13 5.21
Debt-to-Asset Ratio 0.72 0.63 0.69 0.75 0.76
Debt-to-Equity Ratio 2.62 1.72 2.20 2.95 3.19
Equity multiplier 3.62 2.72 3.20 3.95 4.19
Times Interest Earned Ratio (times) 3.89 4.84 11.61 4.28 1.37
P/E Ratio 28.88 15.92 13.22 25.09 11.50
P/B Ratio 4.19 3.65 3.06 2.31 1.70
P/S Ratio 0.81 1.03 1.04 0.71 0.39
M/B Ratio 4.19 3.65 3.06 2.31 1.70
MARKET Value RATIO
BSRM Steels Financial Ratios
LIQUIDITY RATIO
ASSET MANAGEMENT RATIOS
PROFITABILITY RATIO
DEBT MANAGEMENT RATIO
Depreciation 24608523 30278614 269533886 1,579,172,204 479,204,248
CapEx 173597358 597819687 1978301629 7623695689 3362314104
EBITDA 1917442373 3288210161 4532138206 3750794939 4172338450
Number of shares 341775000 341775000 341775000 341775000 375952500
Market price per share 91.8 97 93.9 78.5 59.9
Market Capitalization 31374945000 33152175000 32092672500 26829337500 22519554750
Total Book value 7495091260 9080618705 10487744649 11601302603 13258559602
Dividends 512662500 1025325000 398737500 797475000 375952500
5yr Compound Annual Growth Rate (2014-2018):CAGR(Revenue) 8.66% CAGR(EBIT) 14.30%
Sustainable Growth Rate 7.65% 11.64% 19.34% 2.34% 11.94%

35. APEX Foods Financial Ratios 2014 2015 2016 2017 2018
Current Ratio 1.27 1.31 1.34 1.27 1.29
Quick Ratio 0.49 0.49 0.60 0.46 0.45
Cash (Coverage) Ratio 0.23 0.00 0.01 0.01 0.01
Inventory Turnover 4.37 2.79 2.80 1.65 1.95
Total Asset Turnover 2.27 1.55 1.31 0.93 1.03
Fixed Asset Turnover 10.32 8.32 5.65 4.26 3.71
CapEx to Operating Cashflow Ratio 1.98 -2.07 21.05 -20.18 -0.83
Cash EPS (Operating Cashflow/share) 19.66 -6.64 23.39 -25.57 -1.93
Price to Cashflow ratio 5.25 -15.07 4.98 -5.76 -108.72
Account Receivable Turnover 128.54 #DIV/0! 52.61 26.34 78.21
Average Collection Period (Days) 2.84 0.00 6.94 13.86 4.67
Average Payment Period (Days) 6.61 8.91 5.50 26.37 13.79
Gross Profit Margin 7.75% 7.89% 9.43% 11.92% 10.91%
Operating Profit Margin 3.52% 1.75% 3.74% 6.17% 5.33%
Net Profit Margin 0.44% 3.08% -0.65% 0.54% 0.54%
Basic Earning Power (BEP ratio) 0.08 0.03 0.05 0.06 0.05
Return On Asset (ROA) 1.01% 4.77% -0.86% 0.51% 0.55%
Return On Equity (ROE) 3.03% 13.63% -2.14% 1.36% 1.32%
Net Asset Value per share(NAV) 98.56 109.16 108.61 115.10 137.41
Retention ratio 0.33 0.87 1.86 -0.28 -0.11
Dividend Payout Ratio 0.67 0.13 -0.86 1.28 1.11
Number of shares 5702400 5702400 5702400 5702400 5702400
Market price per share 103.2 100.1 116.4 147.4 209.4
EBITDA margin to Sales 4.54% 3.04% 5.22% 7.72% 6.53%
Book Value Per Share 98.56 109.16 108.61 115.10 137.41
Earnings Per Share (EPS) 2.99 14.88 -2.32 1.56 1.81
Debt-to-Asset Ratio 0.67 0.65 0.60 0.63 0.58
Debt-to-Equity Ratio 2.01 1.86 1.50 1.68 1.39
Equity multiplier 3.01 2.86 2.50 2.68 2.39
Times Interest Earned Ratio (times) 1.30 0.47 0.79 1.05 1.19
P/E Ratio 34.53 6.73 -50.18 94.24 115.84
P/B Ratio 1.05 0.92 1.07 1.28 1.52
P/S Ratio 0.15 0.21 0.33 0.51 0.62
M/B Ratio 1.05 0.92 1.07 1.28 1.52
DEBT MANAGEMENT RATIO
MARKET Value RATIO
APEX Foods Financial Ratios
LIQUIDITY RATIO
ASSET MANAGEMENT RATIOS
PROFITABILITY RATIO
Depreciation 38959773 35284955 30048979 25450642 23063230
CapEx 56502539 18338490 6336897 7223398 13190515
EBITDA 174409130 83524785 106134727 126855866 125477999
Number of shares 5702400 5702400 5702400 5702400 5702400
Market price per share 103.2 100.1 116.4 147.4 209.4
Market Capitalization 588487680 570810240 663759360 840533760 1194082560
Total Book value 562051615 622483325 619359418 656321873 783569959
Dividends 11404800 11404800 11404800 11404800 11404800
Compound Annual Growth Rate (2014-2018): CAGR(Revenue) last 2yr 8.17% CAGR(EBIT) last 2yr 0.50%
Sustainable Growth Rate 1.00% 11.80% -3.98% -0.38% -0.14%
BSRM Steels APEX Foods
Intercept(Alpha) -0.000135808 0.000680875
Slope(Beta) 1.220458695 0.558950575
R Square 0.132751359 0.019848283
BSRM Steels APEX Foods
Avg Daily retun 0.01% 0.08%
Daily variance 0.05% 0.07%
Daily Standard deviation 2.24% 2.65%
Annualized Return 3.07% 19.98%
Annualized variance 12.53% 17.58%
Annualized Standard deviation 35.40% 41.93%