MUTUAL TRUST BANK LIMITED

2013 2014 2015

Balance Sheet
PROPERTY AND ASSETS
Cash 7,169 8,934 9,485
In hand (Including foreign currency) 1,716 1,593 1,664
Balance with Bangladesh Bank and its agent bank(s) (Including
5,453 7,341 7,821
foreign currency)
Balance with Other banks and financial institutions 1,634 2,174 3,140
In Bangladesh 1,321 1,899 2,464
Outside Bangladesh 313 275 676
Money at call on short notice 460 - 1,790
Investments 25,824 20,768 26,247
Government 23,806 18,482 23,543
Others 2,018 2,286 2,704
Loans and Advances 59,548 77,141 97,589
Loans, Cash Credits, Overdrafts etc. 57,954 74,941 95,054
Bills purchased & discounted 1,594 2,200 2,535
Fixed assets including premises, furniture and fixtures 2,458 2,489 3,182
Other assets 4,078 4,796 4,626
Non-banking assets - - -
Total Property and Assets 101,173 116,301 146,059
LIABILITIES AND CAPITAL
Liabilities
Borrowing from other banks, financial institutions and agents 2,638 3,744 5,082
Deposits and other accounts 84,373 96,065 118,405
Current Deposits & Other Accounts 11,509 8,224 9,580
Bills Payable 780 1,284 1,253
Savings Bank Deposits 11,098 14,384 17,908
Special Notice Deposits - 7,997 13,683
Fixed Deposits 48,281 49,412 55,708
Deposit Products 12,704 14,764 20,272
Other Liabilities 6,213 7,221 8,768
Subordinated Debts 2,500 2,500 4,875
Total Liabilities 95,723 109,530 137,130
Capital/Shareholders' Equity
Paid-up Capital 2,798 3,078 3,693
Statutory Reserve 1,917 2,276 2,721
Share Premium
Revaluation Reserve on Investment in Securities 162 520 1,312
Foreign Currency Translation gain/(loss) 1 2 3
General Reserve 277 277 447
Retained Earnings 294 617 753
Total Shareholders' Equity 5,449 6,770 8,929
Minority Interest 0 0 0
Total Liabilities and Shareholders' Equity 101,173 116,301 146,059
Net Asset Value (NAV) per share (BDT)

Income Statement
Particulars 2013 2014 2015
Interest Income 8,985 9,717 10,793
Less: Interest Paid on Deposits and Borrowings etc. 7,957 7,882 7,980
Net Interest Income 1,028 1,835 2,813
Investment Income 2,466 2,492 2,391
Commission, Exchange and Brokerage 767 941 975
Other Operating Income 358 422 401
3,591 3,855 3,767
Total Operating Income 4,619 5,690 6,580
Less: Operating Expenses:
Salary and Allowances 1,208 1,481 2,022
Rent, Tax, Insurance and Electricity etc. 477 528 551
Legal Expenses 2 3 3
Postage, Stamps and Telecommunication etc. 18 14 15
Stationery, Printing and Advertisements etc. 87 106 85
Managing Director's Remuneration 14 15 16
Directors' Fees 1 2 2
Auditors' Fees 1 1 1
Depreciation and Repair of Bank's Properties 270 305 364
Other Expenses 514 633 708
Total Operating Expenses 2,593 3,087 3,769
Profit Before Provision 2,026 2,603 2,811
Less: Provision for Loans, Investment & Other
Specific Provision for Loans & Advances 456 428 439
General Provision for Loans & Advances - - -
Provision for Off Balance Sheet Items - - -
Provision for Margin Loan & Investment in Shares 171 244 90
Provision for Other Asset - 2 8
Total Provision 627 674 537
Profit Before Tax 1,399 1,929 2,274
Less: Income Tax Expenses 826 968 907
Current Tax Expenses 864 807
Deferred Tax Expenses/(Income) 104 100
Net Profit After Tax 573 962 1,366
Shareholders' of the Bank 573 962 1,366
Minority Interest 0 0 0
Earnings Per Share (EPS) (2017 Restated) (BDT) 0.86 1.44 2.04
Cash Dividend (%) 7% 0% 0.0%
Cash Dividend
Cash Dividend to Net Income

Assumptions 2013 2014 2015

Nominal GDP 11,989 13,437 15,158
Growth (YoY) 12.1% 12.8%
Private Sector Credit 4,788 5,434 6,205
Growth (YoY) 13.5% 14.2%
Loan of MTB 59.55 77.14 97.59
Loan to Private Sector Credit 1.24% 1.42% 1.57%
Loans, Cash Credits, Overdrafts etc. as a % of Loan 97.3% 97.1% 97.4%
Bills purchased & discounted as a % of Loans 2.7% 2.9% 2.6%

Broad Money (M2) 6,540 7,412 8,381

Growth (YoY) 13.3% 13.1%
Deposits of MTB 84.37 96.06 118.40
Deposit as a % of Broad Money 1.29% 1.30% 1.41%
Borrowing from Otrhers 2.64 3.74 5.08
Borrowing as a % of Deposits 3.1% 3.9% 4.3%
Loan to Deposit and Borrowing Ratio 68.4% 77.3% 79.0%

Current Deposits & Other Accounts 11,509 8,224 9,580

Bills Payable 780 1,284 1,253
Savings Bank Deposits 11,098 14,384 17,908
Special Notice Deposits - 7,997 13,683
Fixed Deposits 48,281 49,412 55,708
Deposit Products 12,704 14,764 20,272
Total Deposit 84,373 96,065 118,405
Common Size of Deposits
Current Deposits & Other Accounts 13.6% 8.6% 8.1%
Bills Payable 0.9% 1.3% 1.1%
Savings Bank Deposits 13.2% 15.0% 15.1%
CASA 26.8% 23.5% 23.2%
Special Notice Deposits 0.0% 8.3% 11.6%
Fixed Deposits 57.2% 51.4% 47.0%
Deposit Products 15.1% 15.4% 17.1%
Total Deposit 100.0% 100.0% 100.0%
Other Liability as a % of Deposit 7.36% 7.52% 7.41%
Balance with other banks as a % of Deposit 2.48% 2.26% 4.16%
Investment 25,824 20,768 26,247
Government 23,806 18,482 23,543
Others 2,018 2,286 2,704
Investment as a % of Deposit
Government 28.2% 19.2% 19.9%
Others 2.4% 2.4% 2.3%
Fixed asset as a % of Deposit 2.9% 2.6% 2.7%
Other Asset as a % of Deposit 4.8% 5.0% 3.9%

Interest on Loan and Advances 8,538 9,023 10,351

Interest on Balance with Others 447 694 443
Loan and Advances 59,548 77,141 97,589
Balance with others 2,094 2,174 4,930
Lending Rate
Rate on Loans 13.2% 11.8%
Rate on Balance with Others 32.5% 12.5%
Interest on Deposits 7,549 7,700 7,860
Interest on Borrowing 408 182 121
Deposits 84,373 96,065 118,405
Borrowing from others (including bond) 5,138 6,244 9,957
Interest Rate on Deposit 8.5% 7.3%
Interest rate on Others borrwoing 3.2% 1.5%
Loan Deposit Spread 4.67% 4.52%
Spread 5.57% 4.95%

Investment Income
Income from treasury Securities 2,346 2,373 2,250
Income from Other Investment 120 120 141
Yield of Treasury Securities 11.22% 10.71%
Yield on Other Investment 5.56% 5.64%
Commission Income 767 941 975
Loan 59,548 77,141 97,589
Commission to Loan 1.38% 1.12%
Avergare Market Turnover 4,430 5,396 4,598
Commission to Market Turnover 19.2% 19.5%
Other Operating Income as a % of Loan 0.62% 0.46%

Cost to Income Ratio 56.1% 54.3% 57.3%

Provision as a % of Profit before provision 30.9% 25.9% 19.1%
Effective tax 40.8% 37.2% 32.3%

Interest Earning Assets 61,642 79,315 102,519

Interest Income 8,985 9,717 10,793
Net Interest Income 1,028 1,835 2,813
NIM 2.60% 3.09%
Interest Bearing Liabilities 89,511 102,309 128,362
Interest Expense 7,957 7,882 7,980
Average Loan rate 13.79% 11.87%
Average Deposit rate 8.22% 6.92%
Spread 5.57% 4.95%
Interest Earning Assets 61642 79315 102519
Investment 25824 20768 26247
Interest Bearing Liabilities 89510.70711 102309.1495 128361.5822
97.7% 97.8% 100.3%
 2016 2017 2018 2019E 2020E 2021E 2022E 2023E

11,263 13,077 12,301 18,582 21,086 26,915 35,954 42,583

1,987 2,191 2,521

9,276 10,886 9,780

8,148 2,798 3,177 5,120 5,971 6,983 8,138 9,462

7,287 1,030 862
862 1,768 2,315
990 4,690 1,580 310 310 310 310 310
21,942 25,106 27,388 29,807 32,241 34,882 37,499 40,067
19,627 22,703 24,421 26,586 28,504 30,531 32,444 34,203
2,315 2,402 2,967 3,220 3,736 4,351 5,055 5,863
114,356 145,607 166,145 188,284 218,862 252,573 289,130 335,286
112,072 143,429 163,394 184,293 214,223 247,220 283,001 328,179
2,284 2,178 2,751 3,991 4,639 5,353 6,128 7,107
3,141 3,211 3,128 3,745 4,474 5,357 6,391 7,602
5,530 7,264 8,726 9,923 10,951 12,114 13,347 14,659
- - - - - - - -
165,371 201,754 222,445 255,770 293,894 339,134 390,768 449,968

8,706 16,418 19,641 26,212 32,208 39,555 48,276 58,635

131,272 151,777 166,160 187,228 214,722 247,218 283,976 325,747
12,301 14,653 14,091 15,353 17,946 21,052 24,631 28,768
1,751 2,101 1,703 2,060 2,431 2,877 3,396 3,999
23,710 27,479 28,240 30,893 36,503 42,645 50,051 58,635
11,646 11,722 12,863 14,417 17,147 20,449 24,301 28,807
55,803 67,114 77,043 87,997 99,560 113,681 129,141 146,482
26,060 28,708 32,220 36,509 41,135 46,513 52,456 59,056
11,324 13,797 15,965 17,787 20,130 22,868 25,913 29,317
4,250 8,000 7,400 7,400 7,400 7,400 7,400 7,400
155,552 189,992 209,166 238,626 274,461 317,040 365,565 421,099

4,432 5,097 5,734 6,699 6,699 6,699 6,699 6,699

3,188 3,622 4,096 4380 4380 4380 4380 4380
519 519 519 519 519
732 696 480 423 423 423 423 423
9 8 6 5.5 5.5 5.5 5.5 5.5
617 617 787 787 787 787 787 787
841 1,722 2,176 4,019 6,309 8,970 12,079 15,746
9,818 11,762 13,279 16,833 19,123 21,784 24,893 28,559
 0 0 0
165,371 201,754 222,445 255,460 293,584 338,824 390,458 449,658

2016 2017 2018 2019E 2020E 2021E 2022E 2023E

11,381 12,161 15,687 18,710 21,079 24,164 27,353 31,052
7,503 7,853 10,436 12,713 13,568 15,467 17,120 18,898
3,878 4,308 5,251 5,998 7,512 8,697 10,233 12,154
2,011 2,127 2,343 2,199 2,723 2,862 2,974 3,189
1,228 1,578 1,683 2,675 2,832 3,106 3,387 3,654
398 474 552 627 721 835 959 1,105
3,637 4,179 4,578 5,501 6,275 6,803 7,320 7,948
7,515 8,487 9,829 11,499 13,787 15,500 17,553 20,102

2,256 2,403 2,712

602 664 696
3 4 3
10 11 15
83 109 125
17 18 19
3 3 3
3 2 2
391 430 464
739 927 905
4,107 4,571 4,945 5,738 6,952 7,897 9,036 10,453
3,408 3,916 4,884 5,761 6,835 7,603 8,518 9,649

722 445 2,224

43 909 1
100 137 5
71 155 103
11 10 10
947 1,656 2,342 2,592 2,854 2,927 3,003 3,088
2,461 2,259 2,542 3,168 3,981 4,676 5,515 6,561
998 279 807 1,325 1,692 2,015 2,406 2,895
961 1,180 1,048
37 (901) (241)
1,464 1,980 1,734 1,843 2,290 2,661 3,109 3,667
1,464 1,980 1,734 1,843 2,290 2,661 3,109 3,667
0 0 0 0 0 0 0 0
2.18 2.96 2.59 2.75 3.42 3.97 4.64 5.47
0.0% 0.0% 0.0%
 2016 2017 2018 2019E 2020E 2021E 2022E 2023E
17,329 19,758 22,505 25,642 29,218 33,138 37,442 42,148
14.3% 14.0% 13.9% 13.9% 13.9% 13.4% 13.0% 12.6%
7,170 8,470 9,588 10,821 12,418 14,150 16,063 18,124
15.6% 18.1% 13.2% 12.9% 14.8% 13.9% 13.5% 12.8%
114.36 145.61 166.15 188.28 218.86 252.57 289.13 335.29
1.59% 1.72% 1.73% 1.74% 1.76% 1.79% 1.80% 1.85%
98.0% 98.5% 98.3% 97.9% 97.9% 97.9% 97.9% 97.9%
2.0% 1.5% 1.7% 2.1% 2.1% 2.1% 2.1% 2.1%

9,541 10,560 11,553 12,824 14,363 16,158 18,145 20,359

13.8% 10.7% 9.4% 11.0% 12.0% 12.5% 12.3% 12.2%
131.27 151.78 166.16 187.23 214.72 247.22 283.98 325.75
1.38% 1.44% 1.44% 1.46% 1.50% 1.53% 1.57% 1.60%
8.71 16.42 19.64 26.21 32.21 39.55 48.28 58.63
6.6% 10.8% 11.8% 14.0% 15.00% 16.00% 17.00% 18.0%
81.7% 86.6% 89.4% 88.2% 88.6% 88.1% 87.0% 87.2%

12,301 14,653 14,091 15,353 17,946 21,052 24,631 28,768

1,751 2,101 1,703 2,060 2,431 2,877 3,396 3,999
23,710 27,479 28,240 30,893 36,503 42,645 50,051 58,635
11,646 11,722 12,863 14,417 17,147 20,449 24,301 28,807
55,803 67,114 77,043 87,997 99,560 113,681 129,141 146,482
26,060 28,708 32,220 36,509 41,135 46,513 52,456 59,056
131,272 151,777 166,160 187,228 214,722 247,218 283,976 325,747

9.4% 9.7% 8.5% 8.20% 8.36% 8.52% 8.67% 8.8%

1.3% 1.4% 1.0% 1.10% 1.13% 1.16% 1.20% 1.2%
18.1% 18.1% 17.0% 16.50% 17.00% 17.25% 17.63% 18.0%
27.4% 27.8% 25.5% 24.7% 25.4% 25.8% 26.3% 26.8%
8.9% 7.7% 7.7% 7.70% 7.99% 8.27% 8.56% 8.84%
42.5% 44.2% 46.4% 47.00% 46.37% 45.98% 45.48% 44.97%
19.9% 18.9% 19.4% 19.50% 19.16% 18.81% 18.47% 18.13%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
8.63% 9.09% 9.61% 9.50% 9.38% 9.25% 9.13% 9.00%
6.96% 4.93% 2.86% 2.90% 2.93% 2.95% 2.97% 3.00%
21,942 25,106 27,388 29,807 32,241 34,882 37,499 40,067
19,627 22,703 24,421 26,586 28,504 30,531 32,444 34,203
2,315 2,402 2,967 3,220 3,736 4,351 5,055 5,863

15.0% 15.0% 14.7% 14.20% 13.27% 12.35% 11.42% 10.5%

 1.8% 1.6% 1.8% 1.72% 1.74% 1.76% 1.78% 1.80%
2.4% 2.1% 1.9% 2.00% 2.08% 2.17% 2.25% 2.33%
4.2% 4.8% 5.3% 5.30% 5.10% 4.90% 4.70% 4.50%

10,938 11,744 15,416 18,430 20,764 23,807 26,950 30,596

443 417 272 280 315 356 403 456
114,356 145,607 166,145 188,284 218,862 252,573 289,130 335,286
9,138 7,488 4,757 5,430 6,281 7,293 8,448 9,772

10.3% 9.0% 9.9% 10.40% 10.20% 10.10% 9.95% 9.80%

6.3% 5.0% 4.4% 5.50% 5.38% 5.25% 5.13% 5.00%
7,377 7,468 9,858 12,015 12,661 14,320 15,670 17,072
126 385 578 698 906 1,147 1,450 1,826
131,272 151,777 166,160 187,228 214,722 247,218 283,976 325,747
12,956 24,418 27,041 33,612 39,608 46,955 55,676 66,035
5.9% 5.3% 6.2% 6.80% 6.30% 6.20% 5.90% 5.60%
1.1% 2.1% 2.2% 2.30% 2.48% 2.65% 2.82% 3.00%
4.41% 3.76% 3.69% 3.60% 3.90% 3.90% 4.05% 4.20%
4.57% 3.89% 4.03% 4.12% 4.35% 4.32% 4.41% 4.50%

1,892 1,854 2,062 2,168 2,479 2,620 2,716 2,916

119 273 281 31 243 243 259 273
8.76% 8.76% 8.75% 8.50% 9.00% 8.88% 8.63% 8.75%
4.74% 11.57% 10.47% 1.00% 7.00% 6.00% 5.50% 5.00%
1,228 1,578 1,683 2,675 2,832 3,106 3,387 3,654
114,356 145,607 166,145 188,284 218,862 252,573 289,130 335,286
1.16% 1.21% 1.08% 1.12% 1.10% 1.10% 1.11% 1.10%
4,598 8,748 5,510 5,200 5,500 5,600 5,600 5,500
26.7% 23.6% 23.6% 24.0% 23.6% 23.3% 22.9% 22.5%
0.38% 0.36% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35%

54.6% 53.9% 50.3% 49.90% 50.4% 51.0% 51.5% 52.0%

27.8% 42.3% 48.0% 45.0% 41.8% 38.5% 35.3% 32.0%
29.3% 7.1% 16.5% 23.0% 24.8% 26.5% 28.2% 30%

123,494 153,095 170,902 193,713 225,143 259,866 297,578 345,058

11,381 12,161 15,687 18,710 21,079 24,164 27,353 31,052
3,878 4,308 5,251 5,998 7,512 8,697 10,233 12,154
3.43% 3.11% 3.24% 3.29% 3.59% 3.59% 3.67% 3.78%
144,229 176,194 193,201 220,840 254,331 294,173 339,652 391,782
7,503 7,853 10,436 12,713 13,568 15,467 17,120 18,898
10.07% 8.79% 9.68% 10.26% 10.07% 9.96% 9.81% 9.66%
5.51% 4.90% 5.65% 6.14% 5.71% 5.64% 5.40% 5.17%
4.57% 3.89% 4.03% 4.12% 4.35% 4.32% 4.41% 4.50%
 123494 153095 170902 193713 225143 259866 297578 345058
21942 25106 27388 29807 32241 34882 37499 40067
144228.7897 176194.3727 193201.1135 220839.8265 254330.5409 294172.6419 339652.4998 391,782
100.8% 101.1% 102.6% 101.2% 101.2% 100.2% 98.7% 98.3%
Mutual Trust Bank Limited (MTB) 2016 2017 2018 2019E 2020E

Loan & Advances 114,356 145,607 166,145 188,284 218,862

Growth (YoY) 17.2% 27.3% 14.1% 13.3% 16.2%
Deposits 131,272 151,777 166,160 187,228 214,722
Growth (YoY) 10.9% 15.6% 9.5% 12.7% 14.7%
Net Interest Income 3,878 4,308 5,251 5,998 7,512
Growth (YoY) 37.9% 11.1% 21.9% 14.2% 25.2%
NIM 3.4% 3.1% 3.2% 3.3% 3.6%
Spread 4.57% 3.89% 4.03% 4.12% 4.35%
CASA 27.4% 27.8% 25.5% 24.7% 25.4%
Loan to Deposit Ratio 87.1% 95.9% 100.0% 100.6% 101.9%
Loan to Deposit and Borrowing Ratio 81.7% 86.6% 89.4% 88.2% 88.6%
Investment 21,942 25,106 27,388 29,807 32,241
Growth (YoY) -16.4% 14.4% 9.1% 8.8% 8.2%
Investment Income 2,011 2,127 2,343 2,199 2,723
Growth (YoY) -15.9% 5.8% 10.2% -6.2% 23.8%
Investment Yield 8.3% 9.0% 8.9% 7.7% 8.8%
Other Investment to Deposit Ratio 1.8% 1.6% 1.8% 1.7% 1.7%
Non-funded Income (NFI) 1,626 2,052 2,235 3,302 3,553
Growth (YoY) 18.2% 26.2% 8.9% 47.8% 7.6%
NFI as a % of Operating Income 21.6% 24.2% 22.7% 28.7% 25.8%
Operating Income 7,515 8,487 9,829 11,499 13,787
Growth (YoY) 14.2% 12.9% 15.8% 17.0% 19.9%
Operating Expense 4,107 4,571 4,945 5,738 6,952
Growth (YoY) 8.9% 11.3% 8.2% 16.0% 21.2%
Cost to Income Ratio 54.6% 53.9% 50.3% 49.9% 50.4%
Operating Profit 3,408 3,916 4,884 5,761 6,835
Growth (YoY) 21.3% 14.9% 24.7% 17.9% 18.6%
Provision 947 1,656 2,342 2,592 2,854
Provision as a % of Profit Before Provision 27.8% 42.3% 48.0% 45.0% 41.8%
Effective Tax Rate 29.3% 7.1% 16.5% 23.0% 24.8%
Net Income 1,464 1,980 1,734 1,843 2,290
Growth (YoY) 7.1% 35.3% -12.4% 6.3% 24.2%
Restated EPS (BDT) 2.18 2.96 2.59 2.75 3.42
Growth (YoY) 7.1% 35.3% -12.4% 6.3% 24.2%
ROA 0.9% 1.1% 0.8% 0.8% 0.8%
ROE 15.6% 18.4% 13.9% 12.2% 12.7%
NPL (%) 4.36% 4.30% 5.39%
CAR (%) 11.3% 13.8% 12.9%
 Historical Expected
FIve Five
2021E 2022E 2023E
Years Years
CAGR CAGR

252,573 289,130 335,286 22.8% 15.1%

15.4% 14.5% 16.0%
247,218 283,976 325,747 14.5% 14.4%
15.1% 14.9% 14.7%
8,697 10,233 12,154 38.6% 18.3%
15.8% 17.7% 18.8%
3.6% 3.7% 3.8% 3.1% 3.6%
4.32% 4.41% 4.50% 4.6% 4.3%
25.8% 26.3% 26.8%
102.2% 101.8% 102.9%
88.1% 87.0% 87.2%
34,882 37,499 40,067 1.2% 7.9%
8.2% 7.5% 6.8%
2,862 2,974 3,189 -1.0% 6.4%
5.1% 3.9% 7.2%
8.5% 8.2% 8.2% 9.4% 8.3%
1.8% 1.8% 1.8%
3,941 4,346 4,760 14.7% 16.3%
10.9% 10.3% 9.5%
25.4% 24.8% 23.7% 22.7% 25.7%
15,500 17,553 20,102 16.3% 15.4%
12.4% 13.2% 14.5%
7,897 9,036 10,453 13.8% 16.2%
13.6% 14.4% 15.7%
51.0% 51.5% 52.0% 54.1% 50.9%
7,603 8,518 9,649 19.2% 14.6%
11.2% 12.0% 13.3%
2,927 3,003 3,088 30.2% 5.7%
38.5% 35.3% 32.0%
26.5% 28.2% 30.0%
2,661 3,109 3,667 24.8% 16.2%
16.2% 16.8% 17.9%
3.97 4.64 5.47
16.2% 16.8% 17.9%
0.8% 0.9% 0.9% 1.0% 0.8%
13.0% 13.3% 13.7% 16.2% 13.0%
3.76%
 Index

RESIDUAL INCOME APPROACH 2009 2010 2011 2012 2013

Net Income(mn) 573
Book Value 5,449
ROE (Beginning Book Value) #DIV/0!
ROAE 10.52%
Equity Charge -
Residual Income (RI)
Terminal Value of RI
PV of RI
PV of TV
Value of The Firm
Number of Shares (mn)
Value Per Share (Year end)

Risk Free Interest Rate 9.27%

Equity Risk Premium 4.00%

Cost Of Equity 13.27%

Retention Rate 100%

Terminal Growth Rate 5.0%

10 Year Treasury Bond (Cut Off Yield) 2014 2015 2016 2017
January 0.1212 0.1088 0.0738 0.0677
February 0.1209 0.1085 0.0595 6.30%
March 0.117 0.1082 0.0664
April 0.1167 0.1071 0.0691
May 0.1166 0.1071 0.0702
June 0.1166 0.1071 0.0729 6.86%
July 0.1159 0.0975 0.0746 6.96%
August 0.1133 0.0839 0.071
September 0.1096 0.0818 0.071 6.99%
October 0.1092 0.0796 0.0689 7%
November 0.1092 0.0655 0.0677
December 0.1099 0.0723 0.0632 7.24%
Yearly Average 0.114675 0.09395 0.069025 6.87%
Average 8.7%
 0
1.00
2014 2015 2016 2017 2018 2019E 2020E
962 1,366 1,464 1,980 1,734 1,843 2,290
6,770 8,929 9,818 11,762 13,279 16,833 19,123
17.65% 20.18% 16.39% 20.17% 14.75% 13.88% 13.60%
15.74% 17.40% 15.61% 18.35% 13.85% 12.24% 12.74%
723.09 898.43 1,184.90 1,302.88 1,560.81 1,762.10 2,233.75
238.47 467.76 278.69 677.45 173.64 81.34 55.91

- 55.91

18,889.83 21,123.58
669.93 669.93
28.20 31.53
 1 2 3
0.88 0.78 0.69
###
2021E 2022E 2023E
2,661 3,109 3,667
21,784 24,893 28,559
13.91% 14.27% 14.73%
13.01% 13.32% 13.72%
2,537.59 2,890.70 3,303.26
123.33 218.28 363.42
2,138.80
108.88 170.13 250.07
1,471.72

Valuation as on December 2020

DCF Valuation

Residual Income Model

Multiple
P/E Based Valuation (LTM EPS)
(x)
3-Yr Median P/E 9.5x
Industry P/E 8.9x
Multiple
P/B Based Valuation
(x)
3-Yr Median P/B 1.5x
Industry P/B 0.9x
Target Price in BDT (Equal weight basis)
Current Price (BDT)
Upside Potential
n December 2020
Target Price
(BDT)
31.5
EPS Target Price
(BDT) (BDT)
3.42 32.5
3.42 30.4
NAVPS Target Price
(BDT) (BDT)
28.5 42.8
28.5 25.7
32.4
32.7
-0.9%