Lafarge

Surma
Cement Ltd.
Financial Statement
Analysis and Valuation

Company
description

Company
products

DSE, CSE :LAFSURCEML

Joint venture of Lafarge
Incorporated as private company in 1997
Listed in DSE and CSE in 2003

Supercrete
- Early strength and setting
Powercrete
- Extra fitness

Industry Structure

Industry
structure

Multinational companies; 27%

Local companies; 73%

Local companies
Multinational
companies

Marketing
mechanis
m

Focus on international roots

Brand re- enforcement
Awareness building programs
-outdoor advertisement
- retail outlet visibility
Nijer ekti bari project

Dividend
policy

Last 6 years no dividend

No dividends with accumulated loss

Distinguishable
feature

Fully integrated cement plant in Chattak

stringent quality control 24/7
own quarry in Meghalaya, India

Strength
Strong backward linkage
Merger agreement with Holcim
100% capacity utilization

Weakness
Accumulated loss
Marketing effort

Opportunity
Create monopoly
Positive earnings expectations

Threat
Homogenous product
Change in regulatory laws
Rise in LIBOR rate
fluctuation in foreign currency rate

Reformulated Balance sheet

LAFSURCEML
Particulars

2008

2009

2010

2011

2012

2013

17759.37

17203.78

17739.47

18294.60

18369.69

17823.64

1472.78

2218.13

2083.11

2286.23

3283.96

4266.45

16286.60

14985.65

15656.37

16008.37

15085.73

13557.19

70.78

87.84

175.33

264.78

153.68

1203.69

Total financial obligations

12931.10

10642.60

13063.22

9821.17

6858.67

3716.33

Net financial obligation

12860.32

10554.77

12887.89

9556.39

6704.98

2512.64

3426.27

4430.88

2768.48

6451.98

8380.75

11044.54

16286.60
0.00

14985.65
0.00

15656.37
0.00

16008.37
0.00

15085.73
0.00

13557.19
0.00

Total Operating asset

Total Operating liabilities
Net operating asset
Total financial assets

Total equity
Total Net financial obligation
and equity
MISMatch

MICEMENT
Particulars
Total operating assets
Total operating liabilities
Net operating asset
Total financial assets
Total financial lilabilities
Net financial obligation
Total shareholder's equity
Total Net financial obligation and equity

2010
2040.7
6
755.36
1285.3
9
241.68
191.07
(50.60)
1336.0
0
1285.3
9

2011

2012

2013

3944.46
797.05

6472.67
1054.69

6193.54
728.61

3147.41
3060.00
1178.91
(1881.08)

5417.98
3448.81
3465.91
17.10

5464.93
3589.86
3460.39
(129.47)

5028.49

5400.88

5594.40

3147.41

5417.98

5464.93

Common Size Balance Sheet

LAFSURCEM
L
Particulars

Particulars
Operating assets
Property, Plant & Equipment
Intangible assets
Deffered income tax assets
Inventories
Trade receivables
Advances, deposits and
prepayments
Cash
Total Operating assets

MICEMEN
T

Operating assets
71.61% Property, plant and equipment
5.54% Capital work in progress
0.00% Investment in Associate Companies
8.94% Inventories
4.49% Trade receivables
9.42% Other receivables
0.00% Advance, deposit & prepayments
100.00% Advance income tax
Cash
Total operating assets

Observati
on
LAFSURCEML has higher property, plant and equipment
MICEMENT has higher trade receivables

65.92%
1.49%
0.58%
6.99%
10.78%
1.77%
3.73%
7.99%
0.75%
100.00%

Common Size Balance Sheet

MICEMEN
T

LAFSURCEML
Operating Liabilities
Deferred income tax liabilities
Contribution to employee benefits
Provisions
Trade payables
Other payables
Current tax liabilities
Operating liabilities

Operating Liabilities
28.70% Liabilities for gratuity and WPPF
3.23% Liabilities for gratuity
0.54% Deferred tax liability
53.15% Trade payables
10.31% Other payables
4.06% Provision for tax liabilities
100.00% Liabilities for WPPF
Total operating liabilities

Observati
on
LAFSURCEML has higher trade payables and employee
related liabilities

0.00%
1.90%
31.33%
18.79%
8.92%
33.01%
6.05%
100.00%

Common Size Balance Sheet

Financial assets
Derivative
instrument
Cash equivalents
Total Financial
assets

LAFSURCEML Financial assets

0.00% Cash equivalent
100% Investment in shares
Current account with associate
companies
Total financial assets

Observati
on
Cash equivalents is the only financial assets of
LAFSURCEML

MICEMENT
78%
3%
19%
100%

Common Size Balance Sheet

LAFSURCEM
L
Shareholder's Equity
Share Capital
Retained earnings
Share money deposits
Foreign currency translation
Shareholder's equity-parent
company

105.15%
-9.02%
0.00%
3.87%

Shareholders' Equity
Share capital
Share premium
Retained earnings
Revaluation reserve

MICEMEN
T
26.54%
52.85%
16.67%
3.94%

100.00%

Total shareholders' equity

100.00%

Non-controlling interents

0.00%

Total equity

100.00%

Observati
on
LAFSURCEML has negative retained earnings and minority
interest

Common Size Balance Sheet

LAFSURCEM
L
Financial liabilities
Derivative instruments-liabilities
Current portion of long-term debt
Short-term debt
Long term debt
Derivative instruments
Total Financial obligations

Finacial liabilities
Long term borrowing net off current
1.30% maturity
11.01% Current portion of long term borrowings
74.32% Short term loan
13.37% Payable to IPO applicants
0.00% Unclaimed dividend
100.00% Total financial liabilities

Observati
on
LAFSURCEML has higher long term debt

MICEMEN
T
41.95%
14.45%
42.95%
0.37%
0.28%
100.00%

Trend analysis
LAFSURCEML
Particulars
Property, Plant & Equipment
Intangible assets
Deffered income tax assets
Inventories
Trade receivables
Advances, deposits and prepayments
Cash
Operating assets

2008
14961.78
217.34
81.77
1092.18
703.93
701.65
0.73
17759.37

2009
98%
104%
0%
115%
55%
95%
60%
97%

2010
96%
561%
0%
105%
19%
123%
109%
100%

Deferred income tax liabilities

Contribution to employee benefits
Trade payables
Other payables
Current tax liabilities
Operating liabilities
Derivative instrument
Cash equivalents
Financial assets
Derivative instruments-liabilities
Current portion of long-term debt
Short-term debt
Long term debt
Financial obligations
Share Capital
Retained earnings
Share money deposits
Foreign currency translation
Shareholder's equity-parent company
Non-controlling interents
Total equity

32.62
843.43
594.10
2.63
1472.78
1.96
68.82
70.78
79.69
1717.61
4728.87
6404.93
12931.10
5806.87
(2532.29)
0.40
150.93
3425.91
0.37
3426.27

138%
140%
102%
48%
151%
44%
126%
124%
1%
101%
89%
73%
82%
100%
61%
105%
106%
129%
96%
129%

172%
173%
66%
48%
141%
73%
253%
248%
23%
117%
134%
74%
101%
100%
125%
111%
90%
81%
99%
81%

2011
92%
595%
0%
144%
76%
154%
70%
103%

2012
89%
546%
0%
152%
101%
206%
66%
103%

2013
85%
454%
0%
146%
114%
239%
98%
100%

241%
349%
212%
231%
59%
80%
2364%
4397%
155%
223%
1013%
0%
356%
223%
374%
217%
54%
10%
161%
165%
66%
65%
61%
15%
76%
53%
199%
200%
212%
138%
9506% #VALUE!
131%
178%
188%
245%
83%
63%
188%
245%

423%
269%
74%
6591%
290%
0%
1749%
1701%
61%
24%
58%
8%
29%
200%
39%
0%
283%
322%
32%
322%

LAFSURCEML
Decrease
Decrease
Decrease
Decrease

in
in
in
in

Property plant & equipment

Deferred tax income assets
Derivative instrument
Accumulated loss

Trend analysis
MICEMENT

Particulars
Property, plant and equipment
Capital work in progress
Investment in Associate Companies
Inventories
Trade receivables
Other receivables
Advance, deposit & prepayments
Advance income tax
Cash
Total operating assets
Liabilities for gratuity and WPPF
Deferred tax liability
Trade payables
Other payables
Provision for tax liabilities
Liabilities for WPPF
Total operating liabilities
Cash equivalent
Current account with associate companies
Total financial assets
Long term borrowing net off current maturity
Current portion of long term borrowings
Short term loan
Total financial liabilities
Shareholders' Equity
Share capital
Retained earnings
Revaluation reserve
Total shareholders' equity

2010
1069.10
78.07
2.50
352.65
316.07
4.81
48.67
160.76
60.18
2092.81
2.45
48.85
359.12
28.59
316.36

2011
105%
1426%
808%
167%
109%
6%
563%
201%
272%
188%
100%
113%
31%
135%
175%

2012
259%
1749%
1060%
125%
239%
1272%
566%
446%
101%
309%
1548%
303%
41%
166%
210%

2013
382%
118%
1440%
123%
211%
2272%
475%
308%
78%
296%
0%
467%
38%
227%
76%

755.36
52.05
189.63
189.63
15.81
12.82
162.45
191.07

106%
5195%
188%
1614%
3249%
203%
374%
617%

140%
5461%
271%
1819%
11459%
2232%
832%
1814%

96%
5396%
364%
1893%
9184%
3902%
915%
1811%

700.00
364.50
271.50
1336.00

143%
220%
99%
376%

193%
239%
82%
404%

212%
256%
81%
419%

MICEMENT
Decrease in cash
Decrease in revaluation reserve

Reformulated Income Statement

LAFSURCEML
Particulars
Revenue

Cost of sales
Gross Margin
Total core operating expense
Net operating tax
core operating income after
tax
Total unusual items
Net fiancial expense after tax
Total comprehensive income
Comprehensive income to
common

2008

2009

2010

2011

6211.94

7543.73

5655.37

(3712.60)
2499.34
(459.79)
(735.14)

(4658.21)
2885.51
(552.47)
(706.31)

(5077.64)
577.74
(1693.03)
15.05

2012
10640.0
6098.48
6
(6450.94
(5538.14)
)
560.34 4189.12
(353.45) (853.03)
(585.79) (881.98)

2013
11330.3
7
(6627.04
)
4703.34
(717.63)
(881.43)

1304.40
4.02
(1127.87)
180.55

1626.73
9.02
(631.17)
1004.58

(1100.24)
(42.57)
(519.60)
(1662.40)

(378.90) 2454.11 3104.28

64.32
75.33 117.70
(1808.78) (600.67) (558.18)
(2123.36) 1928.76 2663.80

180.53

1004.54

(1662.43)

(2123.41) 1928.73 2663.77

MICEMENT
Particulars
Sales Revenue
Cost of sales
Gross profit
Total core operating expense
Tax on operating revenue
Operating income after tax
Other income after tax
Net financial (expense )income after tax
Total comprehensive income

2010
3127.35
(2425.81)
701.55
(130.62)
(210.14)
360.79
6.47
(35.15)
332.11

2011
4022.27
(3254.01)
768.26
(191.66)
(216.20)
360.40
142.55
(67.01)
435.94

2012
5657.60
(4911.28)
746.32
(208.61)
(127.43)
416.59
20.18
129.00
565.76

2013
6829.70
(5681.66)
1148.04
(369.62)
(190.09)
597.82
13.42
54.14
665.37

Common Size Income Statement

Particulars
Core Operating Revenue
Revenue
Cost of sales
Gross Margin

LAFSURCEML
100%
-58%
42%

Particulars
Core operating revenue
Sales Revenue
Cost of sales
Gross profit
Share of profit from
associates
Total core operating revenue

Observati
on
LAFSURCEML has Low cost of sales

MICEMENT
100%
-83%
17%
0%
17%

Common Size Income Statement

MICEMEN
T

LAFSURCEML
Core Operating Expense

Core operating expense

General and administrative expenses

Sales and marketing expenses

-7%
-1%

Other operating income/(loss)

Administrative expenses

0%
-2%

Other operating income/(expenses)

Total core operating expense

2%
-6%

Selling and distribution expenses

Total core operating expense

-3%
-5%

Core operating income before tax

Income tax benefit/ expense reported
Tax on financial items
Net operating tax
core operating income after tax

35%
-6%
-2%
-8%
27%

Core operating income before tax

Tax reported
tax on financial items
Tax on operating income
Operating income after tax

12%
-3%
0%
-3%
9%

Other income after tax

0%

Total operating income after tax

9%

Observati
on

LAFSURCEML has high general and administrative cost, high core

operating income before tax, high core operating income after tax

Common Size Income Statement

Unusual items items net of tax

Unusual items items net of

LAFSURCEML tax

Cash flow hedge instrument

0%

Actuarial loss
Exchange differences on translating foreign
operation
Non-controlling interest- currency transition
adjustment

0%

Total unusual items

1%

Total operating income

Observati
on

1%
0%

28%

MICEMENT has no unusual items

MICEMENT

Common Size Income Statement

Core financing expense

Finance cost
Financial income
Net fiancial expense before tax

LAFSURCEML
Core financing expense
MICEMENT
-7% Financial income(expenses)
1%
0% tax 27.5%
0%
Net financial (expense )income
-7% after tax
1%

Tax 27.5%

-2%

Net fiancial expense after tax

-5%

Total comprehensive income

24%

Minority interest
Comprehensive income to common

0%
24% Total comprehensive income

Observati
on

10%

LAFSURCEML has high financial cost, high comprehensive

income

Trend analysis
LAFSURCEML

Particulars

2008

2009

2010

2011

2012

2013

Core Operating Revenue

Revenue
Cost of sales
Gross Margin
General and administrative expenses
Sales and marketing expenses

6211.94
(3712.60)
2499.34
(411.53)
(131.58)

121%
125%
115%
105%
95%

91%
137%
23%
83%
71%

98%
149%
22%
91%
52%

171%
174%
168%
165%
116%

182%
179%
188%
179%
116%

Other operating income/(expenses)

Total core operating ex
Core operating income before tax
Income tax benefit/ expense reported
Tax on financial items
Net operating tax
core operating income after tax

83.31
(459.79)
2039.54
(307.33)
(427.81)
(735.14)
1304.40

6% -1509%
108%
-25%
120%
368%
77%
186%
114%
-55%
10%
164%
152%
-69%
-33%
213%
56%
46%
160%
53%
96%
-2%
80%
120%
125%
-84%
-29%
188%
224.30
- 1538.33 1769.78
4.02
% 596.94%
%
%

208%
156%
195%
218%
49%
120%
238%
3942.56
%

Exchange differences on translating foreign operation

Total unusual items
Total operating income
Finance cost
Financial income
Net fiancial expense before tax
Tax 27.5%
Net fiancial expense after tax
Total comprehensive income
Minority interest
Comprehensive income to common

4.02
224% -1059%
1600%
1308.42
125%
-87%
-24%
(1556.24)
61%
46%
160%
0.55 14226%
494%
90%
(1555.68) 55.96% 46.07% 160.37%
(427.81)
56%
46%
160%
(1127.87) 55.96% 46.07% 160.37%
180.55

1874%
193%
53%
138%
53.26%
53%
53.26%

2928%
246%
50%
390%
49.49%
49%
49.49%

556%
-921% -1176% 1068%
1475%
179.17
(0.02)
% 108.33% 179.17% 154.17% 116.67%
556.44
- 1176.21 1068.38 1475.53
180.53
% 920.87%
%
%
%

LAFSURCEML
Fluctuation in sales revenue
Fluctuation in general and administrative expenses
Fluctuation in sales and marketing expenses

Trend analysis
MICEMENT

Particulars
Sales Revenue
Cost of sales
Gross profit
Total core operating revenue
Other operating income/(loss)
Administrative expenses
Selling and distribution expenses
Total core operating expense
Core operating income before tax
Tax reported
tax on financial items
Tax on operating income
Operating income after tax
Other income after tax
Total operating income after tax
Financial income(expenses)
tax 27.5%
Net financial (expense )income after tax
Total comprehensive income

2010
3127.35

2011
-2.96%

2012
5.69%

2013
2.39%

(2425.81)
701.55
701.55
44.17
(47.72)
(127.07)
(130.62)
570.93
(196.81)
(13.33)
(210.14)
360.79
6.47
367.26
(48.48)
(13.33)

134%
110%
110%
142%
214%
120%
147%
101%
97%
191%
103%
100%
2203%
137%
191%
191%

202%
106%
107%
145%
265%
115%
160%
95%
90%
-367%
61%
115%
312%
119%
-367%
-367%

234%
164%
165%
-31%
327%
157%
283%
138%
107%
-154%
90%
166%
207%
166%
-154%
-154%

(35.15)
332.11

191%
131%

-367%
170%

-154%
200%

Reformulated Cash flow Statement

LAFSURCEML
Particulars
Cash flow from
operations
Cash investment
Free cash flow

Total Debt financing

Total equity financing
Free cash flow

Mismatch

2008

2009

2010

2011

2012

2013

2025.65 3177.62 (496.39) (202.94) 3606.99 4516.07

(241.42) (204.89) (1202.27) (217.12) (200.57) (148.40)
(1698.66
1784.23 2972.73
) (420.06) 3406.42 4367.66

1784.23
0.00

2972.73 (1698.66) 5339.46 3380.22 4367.66

0.00
0.00 (5759.53)
26.20
0.00
(1698.66
1784.23 2972.73
) (420.06) 3406.42 4367.66

0.00

0.00

0.00

0.00

0.00

0.00

MICEMENT
Decrease in tax on operating income

Profitability analysis
LAFSURCEML
Particulars
ROCE before minority interest
RNOA
Flev
NBC
ROOA
OLLEV
Profit margin
ATO

2008
5%
8%
3.753
-9%
7%
9%
21%
38%

2009
26%
10%
2.980
-5%
9%
12%
22%
50%

2010
-46%
-7%
3.256
-4%
-7%
14%
-20%
36%

2011
-46%
-2%
2.434
-16%
-2%
14%
-5%
38%

2012
26%
16%
1.096
-7%
13%
18%
24%
71%

2013
27%
22%
0.475
-12%
17%
26%
28%
84%

MICEMENT
Particulars
ROCE
RNOA
Flev
NBC
ROOA
OLLEV

2010
25%
29%
-0.038
69%
17%
0.588

2011
14%
13%
-0.161
13%
10%
0.218

2012
11%
9%
-0.127
-19%
7%
0.184

2013
12%
11%
-0.010
-96%
9%
0.164

Profit margin
ATO

12%
243%

13%
105%

8%
121%

9%
126%

Profitability analysis
ROCE

MICEMENT

LAFSURCEML

ROCE

ROCE before minority interest

0.26
0.05
2008

2009

2010

2011

0.26

0.27

2012

2013

0.25

0.14
0.11

-0.46

0.12

-0.46
2010

2011

2012

2013

Profitability analysis
RNOA

MICEMENT

LAFSURCEML
RNOA

RNOA
0.22

0.29

0.16
0.1
0.08

0.13
0.09

2008

2009

2010
-0.07

-0.02
2011

2012

0.11

2013
2010

2011

2012

2013

Profitability analysis
ROOA

MICEMENT

LAFSURCEML
ROOA

ROOA
0.17

0.17

0.13

0.07

2008

0.1

0.09

0.09
0.07

2009

2010
-0.07

2011

2012

2013

-2%
2010

2011

2012

2013

Profitability analysis
Flev

MICEMENT

LAFSURCEML
Flev

Flev
-0.01
2010

3.75
2.98

2011

2012

-0.04

3.26
2.43

-0.13

1.10
0.47
2008

2009

2010

2011

2012

2013

-0.16

2013

Profitability analysis
NBC

MICEMENT

LAFSURCEML
NBC
2008

2009
-0.05

2010

2011

NBC
2012

2013

-0.04

0.69

-0.07

-0.09

-0.12

2010

0.13
2011

2012

2013

-19%

-0.16
-0.96
NBC

Profitability analysis
Spread

MICEMENT

LAFSURCEML

Spread

Spread

1.08
0.08

0.1

0.05
2008
-1%

2009

2010

2011

2012

2013

0.29
2010

-0.12

-0.41
-0.19

2011
0

2012

2013

Profitability analysis
ATO

MICEMENT

LAFSURCEML

ATO

ATO
0.84
2.43

0.71
0.5
0.38

0.36

1.05

0.38

2010
2008

2009

2010

2011

2012

2013

2011

1.21

1.26

2012

2013

Growth and sustainable earning analysis

PM

MICEMENT

LAFSURCEML

Profit margin

Profit margin

0.21

0.24

0.22

0.28

0.12

0.13
0.09
0.08

2008

2009

2010

2011

2012

2013

-5%
-0.2
2010

2011

2012

2013

Growth and sustainable earning analysis

LAFSURCEML
Particulars
Change in ROCE
Change in RNOA
Change in financing

2008

2009

2010

2011

2012

2013

6% -150%

31%

103%

-4%

-12%

-97%

38%

49%

0%

18%

-53%

-7%

54%

-5%

MICEMENT
Particulars

2011

2012

2013

Change in ROCE

6%

-9%

3%

Change in RNOA

7%

-6%

1%

-2%

-4%

3%

Change in financing

2010

 LAFSURCEML
Proforma Consolidated Income Statement
Particulars
Revenue
Cost of sales

2013

2014

2015

2016

2017

2018

11330.37 15938.91 22421.92 31541.85 44371.23 57682.60

(13354.27 (18786.00 (26427.05 (34355.16
(6627.04) (9493.05)
)
)
)
)

Gross Profit
General and administrative
expenses

4703.34

6445.86

(738.67)

(994.74) (1399.34) (1968.51) (2769.18) (3599.93)

Sales and marketing expenses

(152.43)

(248.16)

(349.09)

(491.08)

173.47

(478.74)

(673.46)

(947.39) (1332.73) (1732.54)

Operating income

3985.71

4724.23

6645.77

9348.88 13151.46 17096.90

Finance cost

(772.05)

(782.30) (1054.11) (1436.48) (1974.38) (2532.48)

Other operating income/(expenses)

Financial income

9067.66 12755.85 17944.19 23327.44

3.69

(898.07)

2.15

2.46

2.82

Income before tax

3215.81

3944.40

5594.48

Income Tax income/(Expense)

(669.71) (1040.78) (1476.17) (2088.64) (2950.18) (3844.11)

Net Income/(loss) for the year

2546.10

2903.62

4118.31

5826.99

2.19

2.50

3.55

5.02

EPS

3.23

(690.82)

4.22

7915.63 11180.77 14568.64

8230.59 10724.52
7.09

9.23

 LAFSURCEML
Calculation of WACC
Risk-free rate

0.0725

Market return
Beta

0.15
0.96

Cost of equity
Cost of debt
Weight of equity
Weight of debt

0.15
0.18
0.91
0.09

WACC

0.15

 LAFSURCEML
Residual earning Model
Particulars
EPS
DPS
BPS (BPS t-1 +EPS t - DPS t)

2013
2.19
0
9.510

ROCE

Discount rate

1.150

2016
5.02
0
20.574

2017
7.09
0
27.660

2018
9.23
0
36.895

1.323

1.521

1.749

2.011

0.933616 1.319123 1.764702 2.287532 2.528276

2
5
2
2
7

PV of RE
8.833250
7

36.20490
8

CV
PV of CV

2015
3.55
0
15.556

26.29% 29.53% 32.25% 34.45% 33.38%

1.073658 1.744540 2.683891 4.000908 5.085267
6
8
5
1
4

RE

Total PV of RE

2014
2.50
0
12.010

18.00023
8

 LAFSURCEML
Abnormal earning growth model
Particulars
DPS
EPS
Dividends reinvested
Cum dividend earnings (Dividends
reinvested+EPS)

2013
0
2.19

2015
0
3.55
0

2016
0
5.02
0

2017
0
7.09
0

2018
0
9.23
0

3.55

5.02

7.09

9.23

Normal earnings (EPS t-1 *1.15)

2.88

4.08

5.77

8.15

Abnormal earning growth

0.67

0.94

1.32

1.08

Cum dividend earning growth

42%

41%

41%

30%

2014
0
2.50

Discount rate

1.150
1.323
1.521
1.749
0.58337 0.71028 0.86595 0.61998
59
4
98
6

PV of AEG
2.77960
57

Total PV of AEG

7.66509
66

CV
4.38254
39

PV of CV
Total earning to be capitalized

9.66

Capitalization rate

0.15

Value per share

64.415388

 LAFSURCEML
Relative Valuation Model

EPS
2.19

Sector P/E*
18.56

Value per share

40.6464

 LAFSURCEML
Free cash flow valuation Model

Particulars

2013

FCF

2015

2016

2017

2018

5022.81 5776.23 6642.67 7639.07 8784.93

6714196
6

CV

DR

1.150

PV FCF

1.323

1.521

1.749

2.011

4367.66 4367.66 4367.66 4367.66 4367.66

33381.4
2

PV of CV

Total PV of FCF

2014

55219.7
4

Outstading share

1161374

Value per share

47.55

Summary Valuation
Summary of Valuation
64.42
36.34

40.65

47.55

47.24