Marico Banglad

Statement of profit or loss and o

Revenue
Cost of sales
Gross profit

Other income
General and administrative expenses
Marketing, selling and distribution expenses
Other expenses
Operating profit

Finance income
Finance costs
Net finance income
Profit before contribution to WPPF

Contribution to W'PPF
Profit before tax

Income tax expense

Profit for the year

Other comprehensive income

Remeasurements of defined benefit liabilities
Related tax

Other comprehensive income/(loss) for the year. net of tax

Total comprehensive income for the gear

Earnings Per Share
Basic and diluted earnings per share (oer value of Tk 10)
 Marico Bangladesh Limited
ent of profit or loss and other comprehensive income
For the year ended 31 March
Amount in Taka
2018 2019 2020
7,814,663,479.00 8,768,160,138.00 9,795,911,357.00
(4,229,519,648.00) (4,472,697,423.00) (4,133,231,362.00)
3,585,143,831.00 4,295,462,715.00 5,662,679,995.00

1,749,599.00 9,781,005.00
(579,697,303.00) (931,650,175.00) (955,785,373.00)
(860,442,410.00) (773,733,918.00) (1,147,745,067.00)
(8,961,977.00) (281,155.00) (2,087,838.00)
2,136,042,141.00 2,591,547,066.00 3,566,842,722.00

107,703,132.00 181,672,610.00 239,693,041.00

(23,475,331.00) (46,447,617.00)
107,703,132.00 158,197,279.00 193,245,424.00
2,243,745,273.00 2,749,744,345.00 3,760,088,146.00

(188,004,407.00)
2,243,745,273.00 2,749,744,345.00 3,572,083,739.00

(601,117,912.00) (726,352,523.00) (925,845,292.00)

1,642,627,361.00 2,023,391,822.00 2,646,238,447.00

(205,229.00) (11,721,987.00) (21,693,272.00)

2,554,304.00 2,879,190.00 5,423,318.00

2,349,075.00 (8,842,797.00) (16,269,954.00)

1,644,976,436.00 2,014,549,025.00 2,629,968,493.00

52.15 64.23 84.01
come

in Taka
2021 2022
11,306,519,256.00 13,032,188,243
(4,638,784,672.00) -5960795907
6,667,734,584.00 7,071,392,336

63,392,805.00 17,087,007
(1,087,380,800.00) (1,190,388,541)
(1,358,266,457.00) (1,253,654,958)
(788,185.00) (92,020)
4,284,691,947.00 4,644,343,824

149,398,274.00 126,636,587
(18,912,816.00) -37,014,899
130,485,458.00 89,621,688
4,415,177,405.00 4,733,965,512

(220,758,870.00) 236,698,275
4,194,418,535.00 4,497,267,237

(1,085,738,503.00) -943,410,886
3,108,680,032.00 3,553,856,351

(13,931,056.00) 18,628,563
(10,856,817.00) -

(24,787,873.00) 18,628,563

3,083,892,159.00 3,572,484,914
98.69 112.82
 Marico Ba
Statem

Property, plant and equipment

Intangible assets
Right-of-use assets
Deferred tax assets
Advances deposits and prepayments
Other financial assets

Total non-current assets

Inventories
Advances, deposits and prepayments
Other financial assets
Cash and cash equivalents
Assets held for sale

Total current assets

Total Assets

Share capital
Share premium
Retained earninqs

Total equity

Employee benefits
Provition for leave encashment
Provision for gratuity
 Lease liabilities

Total non-current liabilities

Loans and borrowings

Employee benefits
Trade and Other payables
Lease liabilities
Provition for leave encashment
Provision for gratuity
Current tax labilities
Total current liabilities

Total liabilities

Total Equity and Liabilities

Marico Bangladesh Limited
Statement of Financial Position

2018 2019
Assets
511,585,227 468,716,557
6,188,057 3,647,084
58,510,013
11,504,048 47,513,604
28,563,337 51,127,555
4,921,872

616,350,682 575,926,672

1,717,322,020 1,091,494,753
610,794,216 435,633,515
1,244,197,702 2,090,631,890
269,743,772 382,661,779

3,842,057,710 4,000,421,937

4,458,408,392 4,576,348,609

Equity
315,000,000 315,000,000
252,000,000 252,000,000
925,586,729 735,135,754

1,492,586,729 1,302,135,754

Liabilities
64,907,949
10,878,348
33,417,772
 44,296,120 64,907,949

300,000,000 200,000,000
6,984,584 9,665,787
2,222,763,532 2,539,270,784

386,211,784 460,368,335
2,915,959,900 3,209,304,906

2,960,256,020 3,274,212,855

4452842749 4576348609
ted

2020 2021 2022

646,996,533 771,868,265 981,096,486

1,629,290 226,084 51,883
175,398,286 164,593,633 292,715,995
47,345,641 19,167,902 13,850,105
22,687,928 412,773,542 73,743,809
449,448 304,664,442 13,551,735

894,507,126 1,673,293,868 1,375,010,013

1,632,102,325 1,980,451,778 2,332,427,872

601,458,728 133,405,058 748,075,043
1,423,654,628 1,574,484,466 2,086,909,585
420,407,014 396,404,261 505,194,161
35,865,465 35,865,465 -

4,113,488,160 4,120,611,028 5,672,606,660

5,007,995,286 5,793,904,896 7,047,616,674

315,000,000 315,000,000 315,000,000

252,000,000 252,000,000 252,000,000
820,680,232 1,069,572,396 2,122,057,310

1,387,680,232 1,636,572,396 2,689,057,310

85,861,639 32,262,856 43,669,953

 167,728,340 122,256,724 78,641,492

253,589,979 154,519,580 122,311,445

250,000,000 -
6,516,576 21,018,917 24,414,204
2,711,929,259 3,082,900,365 3,548,037,256
42,836,393 44,634,210 49,476,669

605,442,847 604,259,428 614319789

3,366,725,075 4,002,812,920 4,236,247,919

3,620,315,054 4,157,332,500 4,358,559,364

5007995286 5793904896 7,047,616,674

 Marico Ba

Cash flows from operating activities

Collection from customers and others
Payment to suppliers and for operating expenses
Cash generated from operating activities
Interest paid
Interest received
Income tax paid
Net cash from operating activities

Cash flows from investing activities

Acquisition of property, plant and equipment
Proceeds from sole Of property, plant and equipment
Net proceeds from Investments in treasurg bond
(Investment in)/encashment of fixed deposit
Net cash from/(used in) investing activities

Cash flows from financing activities

Net proceeds/(repayment) of loans and borrowings
Payment of lease liabilities
Dividend paid
Net cash used in financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at 1 April
Effect of movement In exchange rate on cash held
Cash and cash equivalents at 31 March
Marico Bangladesh Limited
Statement of cash flows
For the year ended 31 March
Amount in Taka
2018 2019 2020 2021

7,747,157,791.00 8,822,012,157.00 9,712,840,558.00 11,385,285,072.00

(5,761,396,296.00) (5,601,612,652.00) (6,099,313,985.00) (7,177,510,122.00)
1,985,761,495.00 3,220,399,505.00 3,613,526,573.00 4,207,774,950.00
(3,288,784.00) (13,791,469.00) (18,266,324.00) (2,111,958.00)
134,627,224.00 160,886,164.00 184,735,625.00 168,546,826.00
(576,023,154.00) (638,320,374.00) (767,038,160.00) (1,069,600,995.00)
1,541,076,781.00 2,729,173,826.00 3,012,957,714.00 3,304,608,823.00

(83,293,327.00) (88,842,501.00) (320,280,709.00) (241,574,664.00)

(871,000.00) 1,229,955.00 1,142,977.00 459,660.00
5,650,074.00 11,334,400.00
72,847,496.00 (805,949,140.00) 741,184,316.00 (447,974,722.00)
(5,666,757.00) (893,561,686.00) 422,046,584.00 (677,755,326.00)

300,000,000.00 (100,000,000.00) (200,000,000.00) 250,000,000.00

(47,728,849.00) (66,040,838.00)
(1,732,500,000.00) (1,631,700,000.00) (3,150,000,000.00) (2,835,000,000.00)
(1,432,500,000.00) (1,731,700,000.00) (3,397,728,849.00) (2,651,040,838.00)

102,910,024.00 103,912,140.00 37,275,449.00 (24,187,341.00)

166,833,748.00 279,189,737.00 382,661,779.00 420,407,014.00
469,786.00 184,588.00
269,743,772.00 383,101,877.00 420,407,014.00 396,404,261.00
 2022

13,062,730,254
(8,604,981,806)
4,457,748,448
(8,627,922)
84,266,200
(928,032,728)
3,605,353,998

(313,759,008)
37,481
-
(184,197,196)
(499,118,723)

(250,000,000)
(2,520,000,000)
(227,445,375)
(2,997,445,375)

108,789,900
396,404,261
-
505,194,161
 Growth rate for Pro Forma
Sales Revenue
2018
Sales Revenue 782.00
Sales Revenue growth rate
Weight
Implied growth rate 14.31%

COGS
2018
Cost of goods sold -423.00
COGS growth rate
Weight
Implied growth rate 15.52%

Other income
2019
Other income 1,749,599
Other income growth rate
Weight
Implied growth rate 20%
Other expenses
2018
Other expenses 8,961,977.0
Other expenses growth rate
Weight
Implied growth rate 30%

General and admin expenditure

2018
General and admin expenditure -76.00
General and admin expenditure
growth rate
Implied growth rate 12%
 Mkt. selling and distribution expenditure
2018
Mkt. selling and distribution expenditure -58.00
Mkt. selling and distribution expenditure
growth rate
Weight
Implied growth rate 25.45%

Net finance cost

2018
Net finance cost 11.00
Net finance cost growth rate
Weight
Implied growth rate -11.010%

Contribution to WPPF
2018
Contribution to WPPF -12.00
Growth rate
Weight
Implied growth rate 17.80%

Income tax expense

2018
Income tax expense -60.00
Sales Revenue 782.00
Percentage of tax -8%
Constant tax rate 7%
th rate for Pro Forma
Sales Revenue
2019 2020 2021 2022 In 2021-2022 session,
877.00 980.00 1131.00 1303.00 Economic Zone which
12% 12% 15% 15% The number of middle
expected to be 3.4 cro
0.2 0.1 0.3 0.4 indicator for furure sa
has slowed down the
forecasts predict that
emerging markets will
Hence, we will put the
in the covid year as it
COGS
2019 2020 2021 2022
-447.00 -412.00 -464.00 -596.00
6% -8% 13% 28%
0.2 0.1 0.3 0.4
Owing to escalated ra
higher US dollar price
raw materials will incr
increasing inflation ra
her income So, we have put the h
2020 2021 2022 anomaly and 2019 wa
weight in those years.
9,781,005 63,392,805 17,087,007
459% 548% -73%
0.25 0.25 0.5

Other expenses The "other income" o

2019 2020 2021 2022 claim. So, it is hard to
281,155.0 2,087,838.0 788,185.0 92,020.0
-97% 643% -62% -88%

The "other expense"

insurance claim. So, i
expense.

al and admin expenditure

2019 2020 2021 2022
-79.00 -96.00 -109.00 -119.00
General and admin e
4% 22% 14% 9% thing. Marico's gener
compny overhead co

We can see that the a

manufacturiung plan
expenses the cost is d
in this section.
 We can see that the a
manufacturiung plan
expenses the cost is d
in this section.

lling and distribution expenditure

2019 2020 2021 2022
-77.00 -115.00 -136.00 -125.00

33% 49% 18% -8%

0.2 0.35 0.2 0.25 Due to higher inflatio
cost in their Mkt. selli
Mkt. selling and distri
but in the year 2022 t
trying to reduce their
significant amount of

Net finance cost

2019 2020 2021 2022
16.00 19.00 13.00 9.00
45% 19% -32% -31%
0.1 0.25 0.3 0.35 Due to high inflation ra
decreased and resulted
the upcoming years infl
Therefore we will put h
weight in 2019 and 201

ontribution to WPPF
2019 2020 2021 2022
-15.00 -19.00 -22.00 -24.00
25% 27% 16% 9%
0.20 0.20 0.30 0.30
The labour law requir
Profit to the Workers
Bangladesh Worker’s
We have put the mos

ncome tax expense

2019 2020 2021 2022
-73.00 -93.00 -109.00 -94.00
877.00 980.00 1131.00 1303.00
-8% -9% -10% -7% According to the 2022-2
been reduced to 20% fro
Finance Minister AHM M
parliament that Banglad
future to attract FDI.
So, we will keep the tax
total sales revenue.
According to the 2022-2
been reduced to 20% fro
Finance Minister AHM M
parliament that Banglad
future to attract FDI.
So, we will keep the tax
total sales revenue.
In 2021-2022 session, marico planned to invest Tk. 227 in the Mirsarai
Economic Zone which will boost thier revenue for the next five years.
The number of middle and affluent was around 1.2 crore which is
expected to be 3.4 crore by the year 2025 and it is also an important
indicator for furure sales in the FMCG industry. The Covid-19 pandemic
has slowed down the economic gorwth in the year 2019-2020. Global
forecasts predict that FMCG market will grow at a CAGR of 5.4% and
emerging markets will continue to drive the growth.
Hence, we will put the highest weight in the recent year. Lowest weight
in the covid year as it was an anomaly.

Owing to escalated raw material costs in the global markets and the
higher US dollar price, FMCG products have become dearer. The cost of
raw materials will increase in the next five years as well due to the
increasing inflation rate in Bangladesh and due to the Ukrain-Russia war.
So, we have put the highest weight in the recent year. 2020 is an
anomaly and 2019 was covid period that is why we have put the lowest
weight in those years.

The "other income" of Marico depends on gain on PPE sale and insurance
claim. So, it is hard to predict the implied growth rate of other income.

The "other expense" of Marico depends on gain on PPE sale and

insurance claim. So, it is hard to predict the implied growth rate of other
expense.

General and admin expenditure generally do not depend on sales or any other
thing. Marico's general and admin expenditure consists of WPPF contribution,
compny overhead costs, contribution to CSR activities etc.

We can see that the average growth rate is between 12%. Due to building a
manufacturiung plant the rate is 14% in 2021 and due to increased covid
expenses the cost is deviated in 2020. We will just take the average growth rate
in this section.
 We can see that the average growth rate is between 12%. Due to building a
manufacturiung plant the rate is 14% in 2021 and due to increased covid
expenses the cost is deviated in 2020. We will just take the average growth rate
in this section.

Due to higher inflation and price hike of raw materials Marico tried to cut
cost in their Mkt. selling and distribution expenditure. The company's average
Mkt. selling and distribution expenditure from year 2018 to 2021 was 33%
but in the year 2022 they cut off their 33% marketing expense. As marico is
trying to reduce their cost by cutting marketing expense we have put a
significant amount of weight in the year 2022.

Due to high inflation rates and higher interest rates, the net finance income of Marico
decreased and resulted in negative growth in 2021 and in 2022. We assume that, in
the upcoming years inflation rate is estimated to increase.
Therefore we will put higher weight in the recent years 2021 and 2022 and lower
weight in 2019 and 2018.

The labour law requires a company to pay five percent (5%) of its Net
Profit to the Workers Profit Participation Fund, Welfare Fund and
Bangladesh Worker’s Welfare Foundation Fund at the ratio of 80:10:10.
We have put the most weight in the most recent years.

According to the 2022-2023 FY proposed budget, corporate tax rate has

been reduced to 20% from 22.5% for listed companies. furthermore,
Finance Minister AHM Mustafa Kamal said while placing the budget at the
parliament that Bangladesh will reduce the corporate tax more in the
future to attract FDI.
So, we will keep the tax rate constant for the next five years which is 7% of
total sales revenue.
According to the 2022-2023 FY proposed budget, corporate tax rate has
been reduced to 20% from 22.5% for listed companies. furthermore,
Finance Minister AHM Mustafa Kamal said while placing the budget at the
parliament that Bangladesh will reduce the corporate tax more in the
future to attract FDI.
So, we will keep the tax rate constant for the next five years which is 7% of
total sales revenue.
Year Sales Revenue COGS
2018 #REF! 423
2019 447
2020 412
2021 464
2022 596

COGS ASSUMPTION
700

600

500 f(x) = 36.3 x + 359.5

R² = 0.598917331781903

400

300

200

100

0
0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5
 Net Profit WPPF
Err:508 Err:508

f(x) = NaN x + NaN

R² = 0 WPPF Assumption

12

10

4
10

0
0 1 2 3 4 5 6 7
Revenue
Cost of sales
Gross profit

Other income
General and administrative expenses
Marketing, selling and distribution expenses
Other expenses
Operating profit

Finance income
Finance costs
Net finance income
Profit before contribution to WPPF

Contribution to W'PPF
Profit before tax

Income tax expense

Profit for the year
 Pro Forma Income Statement
2022 2023
13,032,188,243 14,897,053,612
(5,960,795,907) (6,885,760,750)
7,071,392,336 8,011,292,862

17,087,007 20,504,408
(1,190,388,541) (1,333,777,788)
(1,253,654,958) (1,572,767,392.97)
(92,020) (119,626)
4,644,343,824 5,125,132,464

126,636,587
(37,014,899)
89,621,688 79,754,376
4,733,965,512 5,204,886,839

(236,698,275) (278,824,528)
4,497,267,237 4,926,062,311

(943,410,886) (1,009,449,648)
3,553,856,351 3,916,612,663
ma Income Statement
2024 2025
17,028,775,381 19,465,539,867
(7,954,256,755) (9,188,556,329)
9,074,518,626 10,276,983,538

24,605,290 29,526,348
(1,494,439,106) (1,674,453,018)
(1,973,108,514.90) (2,475,354,733.95)
(155,514) (202,168)
5,631,420,782 6,156,499,966

70,973,450 63,159,302
5,702,394,232 6,219,659,268

(328,448,179) (386,903,573)
5,373,946,054 5,832,755,695

(1,080,111,123) (1,155,718,902)
4,293,834,930 4,677,036,793
 2026 2027
22,250,997,728 25,435,045,895
(10,614,387,996) (12,261,472,694)
11,636,609,732 13,173,573,201

35,431,618 42,517,941
(1,876,150,656) (2,102,143,951)
(3,105,445,550.82) (3,895,923,253.68)
(262,818) (341,664)
6,690,182,325 7,217,682,273

56,205,487 50,017,286
6,746,387,812 7,267,699,559

(455,762,536) (536,876,637)
6,290,625,276 6,730,822,922

(1,236,619,225) (1,323,182,571)
5,054,006,051 5,407,640,351
Key Financials 2023 2024 2025 2026 2027

Revenue Growth 14% 14% 14% 14% 14%

EBITDA margin 34% 33% 32% 30% 28%

EBITDA Growth 10% 10% 9% 9% 8%

Net Profit Margin 49% 47% 46% 43% 41%

ROA

EPS
 2018
Sales Revenue 7,814,663,479.00
Cost of goods sold 4229519648.000
Profit for the year 1,642,627,361

Non-current assets
Property, plant and equipment
PPE schedule 2018
Capital expenditure 1,658,430,686
Accumulated depreciation
& impairement loss 1,146,845,459
Beginning PPE
Closing PPE

2018
Capex % sales 21%
Accumulated depreciation
& impairement loss % sales 15%
Implied growth rate
Capital Expenditure 19%
Accumulated depreciation
& impairement loss 12%

Intangible assets
2018
Gross carrying amount 6,188,057
Addiotion to intangibles -2,930,365
Addiotion to intangibles % sales -0.04%
Average -0.02%
Beginning net intangibles
Additions to intangibles
Ammortization 15,873,818
Ammortization % sales 0.20%
Ending net intangibles

Assumptions
Implied growth rate of addition to intangibles -0.02%
Implies growth rate of amortization 0.20%

2018
Expense on assets
Depreciation
Beginning Balance
Closing Balance
 2018
expense on asset % sales
Depreciation % sales
Implied growth rate of expense on assets 2.69%
Weight
implied growth rate on depreciation 0.77%
Weight

2018
Deferred tax assets 58,510,013
Deferred tax assets % of COGS 1.38%
Average tax asset 0.85%

2018
Advances deposits and prepayments for non-current ass 34,928,937
Advances, deposits and prepayments for current asset 613,570,086
Total 648,499,023
Total advances, deposits and prepayments % sales 8.30%
Implied rate 6.27%
proportion of Advances deposits and prepayments for non- 5.39%
proportion of Advances, deposits and prepayments 95%
Weight 0.1
Weighted average proportion for non-current advances 10.79%
average Proportion of current advances 89%
Classification of current and non-current finanial assets
2018
Current 1,241,421,832
Non-current 5,138,448
total financial assets 1246560280.00
Proportion of current financial assets 99.59%
Proportion of non-current financial assets 0.41%
average Proportion of current financial assets 96.61%
average Proportion of non-current financial assets 3.39%
Financial asset classification 2018
Fixed deposit 1,237,525,917
Trade recievables
Loans to employes 9,034,363
accured interest
1,246,560,280
Fixed deposit % sales 15.84%
Loans to employes % sales 0.12%
accured interest % sales

Implied rates for financial Assets

Fixed deposit 16.49%
loans to employees 0.06%
accured interest 0.65%
trade recievables 45,935,165
Day per year 365
2018
Accounts receivable days
Average accounts recievable day 1.55

Current assets
2018
Inventories 1,717,322,020
Inventory growth rate
Inventories days outstanding
Average inventories days outstanding 127.26
Day per year 365
Weight
Implied growth rate 19.95%
2018
Cash and cash equivalents 279,189,737
Current liability 2,925,405,865
Cash and cash equivalents % current liability 10%
Average 11%
Current liability
Equity 2018
Share capital 315,000,000
Implied growth rate for share capital 0%
Share premium 252,000,000
Implied growth rate for share premium 0%
2018
Retained earninqs 925,586,729
Retained earninqs % of net profit 56.35%
Average retained earnings percentage 43.56%

Liabilities - non current

2018
Employee benefits 49,861,763
Growth rate
Weight
Implied growth rate 9.26%
2018
 Lease liabilities
Growth rate
Weight
Implied growth rate -31.39%
Current Liabilities
2018
Loans and borrowings 300,000,000
2018
Employee benefits 6,984,584
Growth rate
Weight
Implied growth rate 21.17%

2018
Cost of goods sold 4,229,519,648
Inventories 1,717,322,020
Purchase
2018
Trade and Other payables 2,232,209,497
Payable days outstanding
Average payable days outstanding 209
Day per year 365

2018
Lease liabilities
Growth rate
Implied growth rate 8.19%

2018
Current tax labilities 386,211,784
Current tax labilities % of COGS 9.13%
Average tax liabilty 11.48%
 2019 2020 2021
8,768,160,138.00 9,795,911,357.00 11,306,519,256.00
4472697423.000 4133231362.000 4638784672.000
2,023,391,822 2,646,238,447 3,108,680,032

Property, plant and equipment

2019 2020 2021
1,661,988,741 1,773,541,458 2,010,516,166

1,193,272,184 1,126,544,925 1,238,647,901

Matrics and Assumption

2019 2020 2021
19% 18% 18%

14% 12% 11%

Intangible assets
2019 2020 2021
3,647,084 1,629,290 226,084
-2,540,973 -2,017,794 -1,403,206
-0.03% -0.02% -0.01%

18,414,791 20,432,585 21,835,791

0.21% 0.21% 0.19%

Right-of-use assets
2019 2020 2021
212,831,176 241,332,175
37,432,890 76,738,542
 Matrics and assumption
2019 2020 2021
2.17% 2.13%
0.38% 0.68%

0.2 0.3

0.2 0.3

2019 2020 2021

47,513,604 47,345,641 19,167,902
1.06% 1.15% 0.41%

2019 2020 2021

51,127,555 22,687,928 133,405,058
435,633,515 601,458,728 412,773,542
486,761,070 624,146,656 546,178,600
5.55% 6.37% 4.83%

10.50% 3.64% 24.43%

89% 96% 76%
0.1 0.2 0.2

2019 2020 2021

2,090,631,890 1,423,654,628 2,086,909,585
4,921,872 449,448 726,325
2095553762.00 1424104076.00 2087635910.00
99.77% 99.97% 99.97%
0.23% 0.03% 0.03%

2019 2020 2021

2,031,184,316 1,290,000,000 1,737,974,722
22,521,632 43,955,943 65,033,298
8,330,529 1,673,431 6,814,738
33,517,285 88,474,702 69,326,150
2,095,553,762 1,424,104,076 1,879,148,908
23.17% 13.17% 15.37%
0.10% 0.02% 0.06%
0.38% 0.90% 0.61%
2019 2020 2021
1.24 1.76

2019 2020 2021

1,091,494,753 1,632,102,325 1,980,451,778
-36% 50% 21%
114.61 120.26 142.13

0.1 0.2 0.35

2019 2020 2021

382,661,779 420,407,014 396,404,261
3,209,304,906 3,366,725,075 4,002,812,920
12% 12% 10%

2019 2020 2021

315,000,000 315,000,000 315,000,000

252,000,000 252,000,000 252,000,000

2019 2020 2021

735,135,754 820,680,232 1,069,572,396
36.33% 31.01% 34.41%

2019 2020 2021

64,907,949 85,861,639 32,262,856
30% 32% -62%
0.20 0.20 0.25

2019 2020 2021

 167,728,340 122,256,724
-27.11%
0.5

2019 2020 2021

200,000,000 250,000,000
2019 2020 2021
9,665,787 6,516,576 21,018,917
38% -33% 223%
0.2 0.2 0.05

2019 2020 2021

4,472,697,423 4,133,231,362 4,638,784,672
1,091,494,753 1,632,102,325 1,980,451,778
3,846,870,156 4,673,838,934 4,987,134,125
2019 2020 2021
2,539,270,784 2,711,929,259 3,082,900,365
226 205 212

2019 2020 2021

42,836,393 44,634,210
4.20%
0.4

2019 2020 2021

460,368,335 605,442,847 604,259,428
10.29% 14.65% 13.03%
 2022 2023E 2024E 2025E
13,032,188,243 14,897,053,612 17,028,775,381 19,465,539,867
5960795907.000 6885760750.118 7954256754.906 9188556329.361
3,553,856,351 3,894,046,146 4,242,282,576 4,588,709,725

2022 2023E 2024E 2025E

2,357,120,127 $ 2,805,133,010.58 $ 3,235,467,322.44 $ 3,698,452,574.76

1,376,023,640 $ 1,787,646,433.43 $ 2,043,453,045.75 $ 2,335,864,784.06

$ 981,096,486.00 $ 1,998,583,063.15 $ 3,190,597,339.84
$ 1,998,583,063.15 $ 3,190,597,339.84 $ 4,553,185,130.55

trics and Assumption

2022 2023E 2024E 2025E
18% 19% 19% 19%

11% 12% 12% 12%

2022 2023E 2024E 2025E

51,884
-174,200 -$2,979,410.72 -$3,405,755.08 -$3,893,107.97
-0.001% -0.02% -0.02% -0.02%

51,883
-$2,974,897.42 -$3,395,444.61 -$3,875,442.56
22,209,991 $ (29,794,107) $ (34,057,551) $ (38,931,080)
0.17% 0.20% 0.20% 0.20%
51,883 26,871,093 30,662,106 35,055,637

Right-of-use assets
2022 2023E 2024E 2025E
420,063,229 $ 400,730,742 $ 458,074,058 $ 523,623,022
127,347,234 $ 114,707,313 $ 131,121,570 $ 149,884,657
$ 292,715,995 $ 578,739,424 $ 905,691,912
$ 578,739,424 $ 905,691,912 $ 1,279,430,277
trics and assumption
2022 2023E 2024E 2025E
3.22% 2.69% 2.69% 2.69%
0.98% 0.77% 0.77% 0.77%

0.5

0.5

2022 2023E 2024E 2025E

13,850,105 $ 13,967,463 $ 14,085,816 $ 14,205,171
0.23%

2022 2023E 2024E 2025E

73,743,809 $ 100,812,683.11 $ 115,238,662.69 $ 131,728,954.82
748,075,043 $ 833,476,131.96 $ 952,743,959.08 $ 1,089,078,639.15
821,818,852 $ 934,288,815.07 $ 1,067,982,621.77 $ 1,220,807,593.97
6.31%

8.97%
91%
0.4

2022 2023E 2024E 2025E

1,574,484,466 $ 2,546,966,049.18 $ 2,897,600,767.91 $ 3,326,066,528.45
304,664,442 $ 89,242,673.53 $ 101,528,498.76 $ 116,541,431.50
1879148908.00 $ 2,636,208,722.72 $ 2,999,129,266.67 $ 3,442,607,959.95
83.79%
16.21%

2022 2023E 2024E 2025E

1,942,382,196 $ 2,456,407,913.99 $ 2,807,912,202.10 $ 3,209,715,654.21
52,229,788 $ 74,016,384.68 $ 70,295,220.37 $ 94,666,923.91
1,537,577 $ 8,931,397.14 $ 10,209,452.13 $ 11,670,392.79
91,486,259 $ 96,853,026.91 $ 110,712,392.08 $ 126,554,989.04
2,087,635,820
14.90%
0.01%
0.70%
2022
1.64

2022 2023E 2024E 2025E

2,332,427,872 $ 2,469,108,278.69 $ 3,077,504,905.61 $ 3,329,802,433.28
18%
132.05

0.35

2022 2023E 2024E 2025E

505,194,161 637195360.037592 742611214.504848 779192194.959644
4,236,247,919
12%

5711385471.84464 6656261435.27107 6984148443.58674

2022 2023E 2024E 2025E
315,000,000 315,000,000 315,000,000 315,000,000

252,000,000 252,000,000 252,000,000 252,000,000

2022 2023E 2024E 2025E

2,122,057,310 1,696,326,561 1,848,025,510 1,998,936,298
59.71%

2022 2023E 2024E 2025E

43,669,953 47,713,924 52,132,379 56,959,996
35%
0.35

2022 2023E 2024E 2025E

 78,641,492 53,953,806 37,016,251 25,395,851
-35.68%
0.5

2022 2023E 2024E 2025E

250,000,000 250,000,000 250,000,000
2022 2023E 2024E 2025E
24,414,204 29,583,417 35,847,105 43,437,003
16%
0.55

2022 2023E 2024E 2025E

5,960,795,907 6,885,760,750 7,954,256,755 9,188,556,329
2,332,427,872 2469108278.68705 3077504905.61081 3329802433.27586
6,312,772,001 7,022,441,157 8,562,653,382 9,440,853,857
2022 2023E 2024E 2025E
3,548,037,256 4,486,057,465.81 5,310,132,605.93 5,490,771,588.00
192

2022 2023E 2024E 2025E

49,476,669 53527967.6319199 57910998.7942774 62652925.7455111
10.85%
0.6

2022 2023E 2024E 2025E

614,319,789 790548891.656474 913222095.530079 1054931079.61594
10.31%
 2026E 2027E
22,250,997,728 25,435,045,895
10614387996.184 12261472694.413
4,919,486,105 5,215,574,162

2026E 2027E
$ 4,227,689,568.33 $ 4,832,658,720.06

$ 2,670,119,727.36 $ 3,052,205,507.41
$ 4,553,185,130.55 $ 6,110,754,971.51
$ 6,110,754,971.51 $ 7,891,208,184.16

2026E 2027E
19% 19%

12% 12%

2026E 2027E

-$4,450,199.55 -$5,087,009.18
-0.02% -0.02%

-$4,423,295.56 -$5,048,595.94
$ (44,501,995) $ (50,870,092)
0.20% 0.20%
40,078,700 45,821,496

2026E 2027E
$ 598,551,839 $ 684,202,735
$ 171,332,683 $ 195,849,853
$ 1,279,430,277 $ 1,706,649,433
$ 1,706,649,433 $ 2,195,002,315
 2026E 2027E
2.69% 2.69%
0.77% 0.77%

2026E 2027E
$ 14,325,538 $ 14,446,925

2026E 2027E
$ 150,578,956.17 $ 172,126,333.74
$ 1,244,922,385.44 $ 1,423,066,884.30
$ 1,395,501,341.61 $ 1,595,193,218.04

2026E 2027E
$ 3,788,188,088.50 $ 4,344,094,108.59
$ 132,733,623.59 $ 152,211,912.07
$ 3,920,921,712.09 $ 4,496,306,020.66

2026E 2027E
$ 3,669,015,923.37 $ 4,194,040,624.20
$ 93,900,787.17 $ 121,650,373.47
$ 13,340,389.48 $ 15,249,357.49
$ 144,664,612.07 $ 165,365,665.50
 2026E 2027E
$ 4,071,757,035.69 $ 4,478,337,360.47

2026E 2027E
1023088809.53268 989169312.210632

9170271677.47589 8866240392.30457
2026E 2027E
315,000,000 315,000,000

252,000,000 252,000,000

2026E 2027E
2,143,029,290 2,272,011,335

2026E 2027E
62,234,666 67,997,786

2026E 2027E
 17,423,408 11,953,731

2026E 2027E
250,000,000 250,000,000
2026E 2027E
52,633,907 63,778,069

2026E 2027E
10,614,387,996 12,261,472,694
4071757035.69366 4478337360.46675
11,356,342,599 12,668,053,019
2026E 2027E
7,501,566,844.36 6,991,447,141.02

2026E 2027E
67783135.953449 73333423.2202706

2026E 2027E
1218629715.8017 1407730242.22168
$ 411,622,793.43 $ 255,806,612.32 $ 292,411,738.31
$ 334,254,943.30 $ 382,085,780.04
 DCF Valuation (PRO FORMA)
2023 2024 2025
Profit after tax 3,894,046,146 4,242,282,576 4,588,709,725
Add back Depreciation 408,914,811 252,328,312 287,998,773
Substract increase in current asset (114,125,947) 576,316,100 (86,299,774)
Add back increase in current liability 1,373,469,823 957,395,064 334,679,791
Substract increase in fixed asset 1,142,889,037 507,739,712 558,304,789
Add back after-tax interest paid 787,962,155 912,120,422 1,055,842,161
Substract after-tax interest received 68,418,024.56 68,418,024.56 68,418,024.56
Free cash flow 5,367,211,821 5,211,652,538 5,726,807,410

WACC 11.18%
Long-term cash flow growth rate 3.50%
2023 2024 2025
Free cash flow 5,367,211,821 5,211,652,538 5,726,807,410
Terminal value
Total 5,367,211,821 5,211,652,538 5,726,807,410

Enterprise value 71,580,391,976

Add in cash & mkt. sec 505,194,161
Asset value 72,085,586,137
Substract debt 810,522,108
Equity value 71,275,064,029
Per share 2,263
Closing price (May 26, 2023) 2,492

2018 2019 2020

Interest paid 3,288,784 13,791,469 18,266,324
Interest received 134,627,224 160,886,164 184,735,625
Income tax paid 576,023,154 638,320,374 767,038,160
Cash generated from operating activities 1,985,761,495 3,220,399,505 3,613,526,573
Income tax paid % of net operating activities 22% 17% 18%
Average income tax rate 19%
Growth rate 62% 12%
Weight 0.10 0.25
Implied growth rate for operating activities 16%
A)
2026 2027
4,919,486,105 5,215,574,162
328,711,798 375,180,231
1,719,402,316 (701,146,168)
2,188,821,007 (171,150,929)
608,116,136 659,564,168
1,222,209,965 1,414,792,148
68,418,024.56 68,418,024.56
6,263,292,398 6,807,559,587

2026 2027
6,263,292,398 6,807,559,587
91,742,502,240
6,263,292,398 91,742,502,240

2021 2022 2023 2024 2025

2,111,958 8,627,922 8,627,922 8,627,922 8,627,922
168,546,826 84,266,200 84,266,200 84,266,200 84,266,200
1,069,600,995 928,032,728 970,483,684 1,123,401,654 1,300,414,727
4,207,774,950 4,457,748,448 5,160,150,613 5,973,229,458 6,914,424,178
20% 17%

16% 6%
0.25 0.40
 2026 2027
8,627,922 8,627,922
84,266,200 84,266,200
1,505,319,542 1,742,510,966
8,003,921,840 9,265,090,364
 Pro
2018 2019 2020
Assets
Property, plant and equipment 511,585,227 468,716,557 646,996,533
Intangible assets 6,188,057 3,647,084 1,629,290
Right-of-use assets 175,398,286
Deferred tax assets 58,510,013 47,513,604 47,345,641
Advances deposits and prepayments 34,928,937 51,127,555 22,687,928
Investment property
Other financial assets 5,138,448 4,921,872 449,448

Total non-current assets 616,350,682 575,926,672 894,507,126

Inventories 1,717,322,020 1,091,494,753 1,632,102,325

Advances, deposits and prepayments 613,570,086 435,633,515 601,458,728
Other financial assets 1,241,421,832 2,090,631,890 1,423,654,628
Cash and cash equivalents 279,189,737 382,661,779 420,407,014
Assets held for sale 35,865,465

Total current assets 3,851,503,675 4,000,421,937 4,113,488,160

Total Assets 4,467,854,357 4,576,348,609 5,007,995,286

Equity
Share capital 315,000,000 315,000,000 315,000,000
Share premium 252,000,000 252,000,000 252,000,000
Retained earninqs 925,586,729 735,135,754 820,680,232

Total equity 1,492,586,729 1,302,135,754 1,387,680,232

Liabilities
Employee benefits 49,861,763 64,907,949 85,861,639
Lease liabilities 167,728,340

Total non-current liabilities 49,861,763 64,907,949 253,589,979

Loans and borrowings 300,000,000 200,000,000

Employee benefits 6,984,584 9,665,787 6,516,576
Trade and Other payables 2,232,209,497 2,539,270,784 2,711,929,259
Lease liabilities 42,836,393
Current tax labilities 386,211,784 460,368,335 605,442,847
Total current liabilities 2,925,405,865 3,209,304,906 3,366,725,075

Total liabilities 2,975,267,628 3,274,212,855 3,620,315,054

Total Equity and Liabilities 4,467,854,357 4,576,348,609 5,007,995,286

Pro Forma Balance Sheet
2021 2022 2023E 2024E

771,868,265 981,096,486 1,696,326,561 1,848,025,510

226,084 51,883 26,825,960 30,559,001
164,593,633 292,715,995 578,306,147 904,268,829
19,167,902 13,850,105 13,850,105 13,850,105
133,405,058 73,743,809 100,659,969 114,889,793
12,825,500 12,825,500 12,825,500
304,664,442 726,235 89,104,808 101,220,023

1,393,925,384 1,375,010,013 2,517,899,050 3,025,638,762

1,980,451,778 2,332,427,872 2,469,108,279 3,077,504,906

412,773,542 748,075,043 832,213,557 949,859,653
1,574,484,466 2,086,909,585 89,104,808 101,220,023
396,404,261 505,194,161 2,132,188,606 1,970,346,766
35,865,465 35,865,465 35,865,465

4,399,979,512 5,672,606,661 5,558,480,714 6,134,796,813

5,793,904,896 7,047,616,674 8,076,379,763 9,160,435,575

315,000,000 315,000,000 315,000,000 315,000,000

252,000,000 252,000,000 252,000,000 252,000,000
1,069,572,396 2,122,057,310 1,696,326,561 1,848,025,510

1,636,572,396 2,689,057,310 2,263,326,561 2,415,025,510

32,262,856 43,669,953 47,713,924 52,132,379

122,256,724 78,641,492 53,953,806 37,016,251

154,519,580 122,311,445 101,667,730 89,148,630

250,000,000 250,000,000 250,000,000

21,018,917 24,414,204 29,583,417 35,847,105
3,082,900,365 3,548,037,256 4,486,057,466 5,310,132,606
44,634,210 49,476,669 53,527,968 57,910,999
604,259,428 614,319,789 790,548,892 913,222,096
4,002,812,920 4,236,247,919 5,609,717,742 6,567,112,805

4,157,332,500 4,358,559,364 5,711,385,472 6,656,261,435

5,793,904,896 7,047,616,674 8,076,379,763 9,160,435,575

2025E 2026E 2027E

1,998,936,298 2,143,029,290 2,272,011,335

34,878,983 39,809,660 45,437,363
1,276,311,315 1,700,947,688 2,185,612,899
13,850,105 13,850,105 13,850,105
131,131,220 149,668,621 170,826,566
12,825,500 12,825,500 12,825,500
116,010,129 131,928,823 151,060,087

3,583,943,550 4,192,059,687 4,851,623,855

3,329,802,433 4,071,757,036 4,478,337,360

1,084,136,823 1,237,396,121 1,412,320,962
116,010,129 131,928,823 151,060,087
1,482,682,189 2,290,951,910 989,169,312
35,865,465 35,865,465 35,865,465

6,048,497,039 7,767,899,355 7,066,753,186

9,632,440,589 11,959,959,042 11,918,377,042

315,000,000 315,000,000 315,000,000

252,000,000 252,000,000 252,000,000
1,998,936,298 2,143,029,290 2,272,011,335

2,565,936,298 2,710,029,290 2,839,011,335

56,959,996 62,234,666 67,997,786

25,395,851 17,423,408 11,953,731

82,355,848 79,658,074 79,951,517

250,000,000 250,000,000 383,173,798

43,437,003 52,633,907 63,778,069
5,490,771,588 7,501,566,844 6,991,447,141
62,652,926 67,783,136 73,333,423
1,054,931,080 1,218,629,716 1,407,730,242
6,901,792,596 9,090,613,603 8,919,462,674

6,984,148,444 9,170,271,677 8,999,414,190

9,632,440,589 11,959,959,042 11,918,377,042

Cashflow Statement 2018 2019
Cash flows from operating activities
Collection from customers and others 7,747,157,791.00 8,822,012,157.00
Growth Rate 14%
Weight 0.1
Implied Growth Rate 14.47%

Payment to suppliers and for operating expenses (5,761,396,296.00) (5,601,612,652.00)

Growth Rate -3%
Weight 0.05
Implied Growth Rate 16.44%

Cash generated from operating activities

Interest paid (3,288,784.00) (13,791,469.00)
Growth Rate 319%
Weight
Implied Growth Rate 10.00%

Interest received 134,627,224.00 160,886,164.00

Growth Rate 20%
Weight 0.2
Implied Growth Rate -10.76%

Income tax paid (576,023,154.00) (638,320,374.00)

Growth Rate 11%
Weight 0.25
Implied Growth Rate 17.19%

Cash flows from investing activities

Acquisition of property, plant and equipment (83,293,327.00) (88,842,501.00)

Growth Rate 7%
Weight 0.3
Implied Growth Rate -6.58%

Proceeds from sole Of property, plant and equipment (871,000.00) 1,229,955.00

Growth Rate -241%
Weight
Implied Growth Rate -30.00%

Net proceeds from Investments in treasurg bond 5,650,074.00

Growth Rate
Weight -
Implied Growth Rate 34%

(Investment in)/encashment of fixed deposit 72,847,496.00 (805,949,140.00)

Growth Rate -1206%
Weight
Implied Growth Rate 20.00%

Cash flows from financing activities

Net proceeds/(repayment) of loans and borrowings 300,000,000.00 (100,000,000.00)
Growth Rate -133%
Weight
Implied Growth Rate -10.00%

Payment of lease liabilities

Growth Rate
Weight
Implied Growth Rate 5.00%

Dividend paid (1,732,500,000.00) (1,631,700,000.00)

Growth Rate -6%
Weight 0.4
Implied Growth Rate -6.22%

Cash & Cash Equivalents at April 1 166,833,748.00 279,189,737.00

Growth Rate 67%
Weight 0.1
Implied Growth Rate 14.82%
2020 2021 2022

9,712,840,558.00 11,385,285,072.00 13,062,730,254

10% 17% 15%
0.2 0.3 0.4

(6,099,313,985.00) (7,177,510,122.00) (8,604,981,806)

9% 18% 20%
0.15 0.3 0.5

(18,266,324.00) (2,111,958.00) (8,627,922)

32% -88% 309%

184,735,625.00 168,546,826.00 84,266,200

15% -9% -50%
0.2 0.3 0.3

(767,038,160.00) (1,069,600,995.00) (928,032,728)

20% 39% -13%
0.1 0.4 0.25

(320,280,709.00) (241,574,664.00) (313,759,008)

261% -25% 30%
0.3 0.4

1,142,977.00 459,660.00 37,481

-7% -60% -92%

11,334,400.00 -

- - -

741,184,316.00 (447,974,722.00) (184,197,196)

-192% -160% -59%
 (200,000,000.00) 250,000,000.00 (250,000,000)
100% -225% -200%

(47,728,849.00) (66,040,838.00) (2,520,000,000)

38% 3716%

(3,150,000,000.00) (2,835,000,000.00) (227,445,375)

93% -10% -92%
0.1 0.4 0.1

382,661,779.00 420,407,014.00 396,404,261

37% 10% -6%
0.2 0.3 0.4
Cash flows from operating activities
Collection from customers and others
Payment to suppliers and for operating expenses
Cash generated from operating activities
Interest paid
Interest received
Income tax paid
Net cash from operating activities

Cash flows from investing activities

Acquisition of property, plant and equipment
Proceeds from sole Of property, plant and equipment
Net proceeds from Investments in treasurg bond
(Investment in)/encashment of fixed deposit
Net cash from/(used in) investing activities

Cash flows from financing activities

Net proceeds/(repayment) of loans and borrowings
Payment of lease liabilities
Dividend paid
Net cash used in financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at 1 April
Effect of movement In exchange rate on cash held
Cash and cash equivalents at 31 March
 Marico
Statemen
For the yea
Amount in Taka
2018 2019 2020

$ 7,747,157,791.00 $ 8,822,012,157.00 $ 9,712,840,558.00

$ (5,761,396,296.00) $ (5,601,612,652.00) $ (6,099,313,985.00)
$ 1,985,761,495.00 $ 3,220,399,505.00 $ 3,613,526,573.00
$ (3,288,784.00) $ (13,791,469.00) $ (18,266,324.00)
$ 134,627,224.00 $ 160,886,164.00 $ 184,735,625.00
$ (576,023,154.00) $ (638,320,374.00) $ (767,038,160.00)
$ 1,541,076,781.00 $ 2,729,173,826.00 $ 3,012,957,714.00

$ (83,293,327.00) $ (88,842,501.00) $ (320,280,709.00)

$ (871,000.00) $ 1,229,955.00 $ 1,142,977.00
$ 5,650,074.00
$ 72,847,496.00 $ (805,949,140.00) $ 741,184,316.00
$ (5,666,757.00) $ (893,561,686.00) $ 422,046,584.00

$ 300,000,000.00 $ (100,000,000.00) $ (200,000,000.00)

$ (47,728,849.00)
$ (1,732,500,000.00) $ (1,631,700,000.00) $ (3,150,000,000.00)
$ (1,432,500,000.00) $ (1,731,700,000.00) $ (3,397,728,849.00)

$ 102,910,024.00 $ 103,912,140.00 $ 37,275,449.00

$ 166,833,748.00 $ 279,189,737.00 $ 382,661,779.00
$ 469,786.00
$ 269,743,772.00 $ 383,101,877.00 $ 420,407,014.00
 Marico Bangladesh Limited
Statement of cash flows
For the year ended 31 March
aka
2021 2022 2023E

$ 11,385,285,072.00 $ 13,062,730,254.00 $ 14,952,388,246.55

$ (7,177,510,122.00) $ (8,604,981,806.00) $ (10,019,755,835.86)
$ 4,207,774,950.00 $ 4,457,748,448.00 $ 4,932,632,410.69
$ (2,111,958.00) $ (8,627,922.00) $ (9,490,714.20)
$ 168,546,826.00 $ 84,266,200.00 $ 75,195,361.46
$ (1,069,600,995.00) $ (928,032,728.00) $ (1,087,557,926.99)
$ 3,304,608,823.00 $ 3,605,353,998.00 $ 3,910,779,130.96

$ (241,574,664.00) $ (313,759,008.00) $ (293,117,614.87)

$ 459,660.00 $ 37,481.00 $ 26,236.70
$ 11,334,400.00 - $ 15,135,437.21
$ (447,974,722.00) $ (184,197,196.00) $ (221,036,635.20)
$ (677,755,326.00) $ (499,118,723.00) $ (498,992,576.15)

$ 250,000,000.00 $ (250,000,000.00) $ (225,000,000.00)

$ (66,040,838.00) $ (2,520,000,000.00) $ (2,646,000,000.00)
$ (2,835,000,000.00) $ (227,445,375.00) $ (213,298,325.06)
$ (2,651,040,838.00) $ (2,997,445,375.00) $ (3,084,298,325.06)

$ (24,187,341.00) $ 108,789,900.00 $ 327,488,229.75

$ 420,407,014.00 $ 396,404,261.00 $ 455,160,543.36
$ 184,588.00 - -
$ 396,404,261.00 $ 505,194,161.00 $ 782,648,773.11
ted

2024E 2025E 2026E

$ 17,115,404,661.07 $ 19,591,323,598.73 $ 22,425,409,620.81

$ (11,667,137,627.20) $ (13,585,371,005.25) $ (15,818,987,591.26)
$ 5,448,267,033.86 $ 6,005,952,593.49 $ 6,606,422,029.55
$ (10,439,785.62) $ (11,483,764.18) $ (12,632,140.60)
$ 67,100,953.70 $ 59,877,868.79 $ 53,432,313.16
$ (1,274,504,884.22) $ (1,493,587,292.77) $ (1,750,329,111.13)
$ 4,230,423,317.72 $ 4,560,759,405.33 $ 4,896,893,090.98

$ (273,834,165.57) $ (255,819,324.49) $ (238,989,633.19)

$ 18,365.69 $ 12,855.98 $ 8,999.19
$ 20,211,167.74 $ 26,989,065.18 $ 36,039,958.14
$ (265,243,962.24) $ (318,292,754.69) $ (381,951,305.63)
$ (518,848,594.38) $ (547,110,158.02) $ (584,891,981.49)

$ (202,500,000.00) $ (182,250,000.00) $ (164,025,000.00)

$ (2,778,300,000.00) $ (2,917,215,000.00) $ (3,063,075,750.00)
$ (200,031,218.37) $ (187,589,322.66) $ (175,921,310.00)
$ (3,180,831,218.37) $ (3,287,054,322.66) $ (3,403,022,060.00)

$ 530,743,504.97 $ 726,594,924.65 $ 908,979,049.49

$ 522,625,866.11 $ 600,091,110.50 $ 689,038,496.29
- - -
$ 1,053,369,371.08 $ 1,326,686,035.15 $ 1,598,017,545.79
 2027E

$ 25,669,475,271.87
$ (18,419,840,600.28)
$ 7,249,634,671.59
$ (13,895,354.66)
$ 47,680,589.62
$ (2,051,203,844.66)
$ 5,232,216,061.90

$ (223,267,123.73)
$ 6,299.43
$ 48,126,104.92
$ (458,341,566.75)
$ (633,476,286.12)

$ (147,622,500.00)
$ (3,216,229,537.50)
$ (164,979,045.04)
$ (3,528,831,082.54)

$ 1,069,908,693.24
$ 791,169,942.47
-
$ 1,861,078,635.71
Net Working Capital is the difference
between operational current assets
and operational current liabilities.
Starting off with the inventories,
Advances, deposits and prepayments
and other financial assets which are
the components of operational
current assets less the trade payables
which is the part of current
operational liabilities.
 Enterprise Book Value (2022)
Operating Items Financial Items
Net working Capital 1,619,375,244 Total Financial Debt

Total Cash & Cash Equivalents

Net Financial Debt

Property, plant and equipment 981,096,486

Intangible assets 51,883
Right-of-use assets 292,715,995
Deferred tax assets 13,850,105
Advances deposits and prepayments 73,743,809 Share capital
Other financial assets 13,551,735 Share premium
Retained earninqs
Total Non-Current Assets 1,375,010,013 Total Equity

Enterprise Book Value 2,994,385,257 Enterprise Book Value

Enterprise Book Value 2,994,385,257 0

No. of shares 31,500,000
EBV per share 95.06
 The difference between
total liabilities and trade
payables gives the Total
Financial Debt

Net financial debt shows how much

cial Items cash would remain if all debts were
810,522,108 paid off and if a company has
enough liquidity to meet its debt
obligations. Net debt is calculated
505,194,161 by subtracting a company's total
305,327,947 cash and cash equivalents from its
total short-term and long-term
debt. Here cash and cash
equivalents were subtracted from
the total financial debt and positive
value of net financial debt was
obtained. This mean that after
paying of all the cash and cash
315,000,000 equivalents, the company will owe
252,000,000 some financial debts.
2,122,057,310
2,689,057,310

2,994,385,257
 Combine Cash & Cash Equiavalent

Cash and cash equivalents 505194161

Operational Current Liabilities

Trade payables & Other payables 3,548,037,256

Operational Current Assets

Inventories 2,332,427,872
Advances, deposits and prepayments 748,075,043
Other financial assets 2,086,909,585

Net Working Capital

Net Working Capital 1,619,375,244

Total financial debt

Total Current Liabilities 4,236,247,919

Total Non Current Liabilities 122,311,445
Total Financial Debt 810,522,108

Net Financial Debt

Net Financial Debt 305,327,947

Enterprise Market Value is the
measure of a company’s total
value. It looks at the entire market
value rather than just the equity
value, so all ownership interests
and asset claims from both debt
and equity are included. The
Enterprise market value is
calculated by adding net financial
debt with the market capitalization.
 Enterprise Market Value-(Fiscal year 2020)

Net working Capital 1,619,375,244 Total Financial Debt

Total Cash & Cash Equivalents

Net Financial Debt
Property, plant and equipment
Intangible assets
Right-of-use assets
72,874,752,703
Deferred tax assets
Advances deposits and prepayments
Other financial assets Market Cap

Enterprise Market Value 74,494,127,947 Enterprise Market Value

Enterprise Market Value 74,494,127,947

No. of shares 31,500,000
EMV per share 2,364.89
 810,522,108

505,194,161
305,327,947

Market cap—or market

capitalization—refers to
74,188,800,000 the total value of all a
company's shares of
stock. It is calculated by
multiplying the price of a
74,494,127,947 stock by its total number
of outstanding shares.
 Marico Bangladesh Limite

Enterprise Book Value

No. of shares
EBV per share

The Enterprise Market Value(EMV

Enterprise Book Value(EBV) per s
company is highly overvalued. It
the company has excellent future
and increased profits. However t
price decreasing in the near futur
co Bangladesh Limited Fundamental Valuation

2,994,385,257 Enterprise Market Value 74,494,127,947

31,500,000 < No. of shares 31,500,000
95.06 EMV per share 2,364.89

The Enterprise Market Value(EMV) per share is higher than the

Enterprise Book Value(EBV) per share. This states that the
company is highly overvalued. It indicates that investors believe
the company has excellent future prospects for growth, expansion,
and increased profits. However there is always the risk of stock
price decreasing in the near future
 Implied Cost of

Cash & Cash Equivalents

Total Liquid Assets

Loans and borrowings

Employee benefits
Provision for leave encashment
Provision for gratuity
Lease liabilities
Current tax liability
Non-Operational Current Liabilities

Employee benefits
Provision for leave encashment
Provision for gratuity
Lease liabilties
Long Term Debt

Total Financial Debt

Net Financial Debt

Interest Income
Interest Expense
Net Interest

Cost of Debt using NFD

Cost of Debt using TFD

Implied Cost of Debt using NFD

Implied Cost of Debt using TFD
Implied Cost of Debt (Commercial Lending Rates)

Implied Cost of debt

 Implied Cost of Debt
In Taka
2018 2019 2020 2021 2022

269,743,772 382,661,779 420,407,014 396,404,261 505,194,161

269,743,772 382,661,779 420,407,014 396,404,261 505,194,161

300,000,000 200,000,000 0 250,000,000 -

6,984,584 9,665,787 6,516,576 21,018,917 24,414,204

42,836,393 44,634,210 49,476,669

386,211,784 460,368,335 605,442,847 604,259,428 614319789
693,196,368 670,034,122 654,795,816 919,912,555 688,210,662

64,907,949 85,861,639 32,262,856 43,669,953

10,878,348 0
33,417,772 0
167,728,340 122,256,724 78,641,492
44,296,120 64,907,949 253,589,979 154,519,580 122,311,445

737,492,488 734,942,071 908,385,795 1,074,432,135 810,522,107

467,748,716 352,280,292 487,978,781 678,027,874 305,327,946

107,703,132 181,672,610 239,693,041 149,398,274 126,636,587

(23,475,331) (46,447,617) (18,912,816) -37,014,899
107,703,132 158,197,279 193,245,424 130,485,458 89,621,688

23.0% 44.9% 39.6% 19.2% 29.4%

14.6% 21.5% 21.3% 12.1% 11.1%

of Debt using NFD 31.23% 0.00

of Debt using TFD 16.12% 0.00
Commercial Lending Rates) 9.00% 0.00

0.00%

The whole weight to calculate the implied

cost of debt was given to commercial
lending rate. The reason for this is because
the implied cost of debt found using both
the net financial debt and total financial
The whole weight to calculate the implied
cost of debt was given to commercial
lending rate. The reason for this is because
the implied cost of debt found using both
the net financial debt and total financial
debt accounts for past events and is
subject to changes and fluctuations.
Wherease the commercial lending rate
accounts for present period and
somewhat remains the same unless there
is an inflation problem in the economy.
 Implied Tax Rate
2018 2019
Profit before tax 2,243,745,273.00 2,749,744,345.00

Income tax expense (601,117,912.00) (726,352,523.00)

Tax Rate 26.79% 26.42%

Weight 10% 10%

Implied Tax Rate 23.58%

Implied Tax Rate
2020 2021 2022
3,572,083,739.00 4,194,418,535.00 4,497,267,237.00

(925,845,292.00) (1,085,738,503.00) -943,410,886

25.92% 25.89% 20.98%

15% 15% 50%

The reason behind giving the

lowest weight to 2018 and the
highest to 2022 is because, five
years back the situation and the
economy of the country was
different compared to 2022
which is most recent. Also in
2018 the tax rate was high but
now tax rate is charged
considerably low to FMCG
industry which is quiet relatable
to 2022.
 ehind giving the
t to 2018 and the
22 is because, five
he situation and the
the country was
mpared to 2022
t recent. Also in
rate was high but
is charged
low to FMCG
ch is quiet relatable
 Dividend Per Share

Total Equity Payment

Growth Rate
Weight

Implied Dividend Growth Rate

Gordon Dividend Model

Current share price (as at 24 May 2023)
Cash dividend per share
Implied Growth Rate
Cost of Equity
 Gordon Dividend Growth Rate
2018 2019 2020 2021
60.00 65.00 95.00 90.00

1,732,500,000.00 1,631,700,000.00 3,150,000,000.00 2,835,000,000.00

8.33% 46.15% -5.26%

30% 20% 25%
100%

idend Growth Rate 8%

Dividend Model Gordon Total Equity Payout Model

2,421.50 Total Equity Pyment 2,520,000,000.00
80.00 Market Capitalization 74,494,127,947.00
8% Implied Growth Rate 8%
11.19% Cost of Equity 11.28%

Risk free rate, R 8.37%

Beta, B 0.20
Return on the Market, Rm 10.79%
Implied Tax Rate, Rm 23.58%
Rm-Rf 2.42%

Tax adjusted CAPM 6.76%

 There was substantial growth
2022 in DPS during the Covid
period which is not normal.
80.00 Hence least weight is given to
the growth rate in that
2,520,000,000 particular year. The dividend
payment has been decreasing
for the past two years and it
-11.11% is expected that it will not do
25% so in the upcoming fiscal year.
However as recent news
suggests that Marico has seen
an increase in profit with the
growth of its revenue, chance
are there that the DPS growth
may occur.

The risk free rate taken is the return a 10 years

government Treasury bonds generates.

The average of Beta is considered, which is found by averaging

three Beta values taken from three different sites
 Date Price Returns
1/31/2018 6039.78399 -3.33%
2/28/2018 5804.94333 3.64% Average Monthly returns
3/29/2018 5597.44378 -2.50%
4/30/2018 5739.22955 7.14% Average annualized returns
5/31/2018 5343.87807 -1.15%
6/28/2018 5405.46105 1.92% Weight
7/31/2018 5302.6374 -5.47% Implied Market Re
8/30/2018 5600.6401 4.22%
9/30/2018 5368.95714 1.59%
10/31/2018 5284.12752 0.05% Market Beta
11/29/2018 5281.25158 -1.96% Lankabangla
12/27/2018 5385.64133 -7.77% Amarstock
1/31/2019 5821.01017 1.89% Investing
2/27/2019 5711.82993 3.93%
3/31/2019 5491.90543 5.41%
4/30/2019 5202.85448 -3.31%
5/30/2019 5377.74607 -0.81%
6/30/2019 5421.6246 5.36%
7/31/2019 5138.79025 0.84%
return a 10 years 8/29/2019 5095.77666 2.95%
generates.
9/30/2019 4947.63949 5.50%
10/31/2019 4682.90238 -1.03%
11/28/2019 4731.43716 6.07%
12/30/2019 4452.93471 -0.37%
averaging 1/30/2020 4469.65654 -0.24%
2/27/2020 4480.22879 11.13%
3/25/2020 4008.28839 -1.29%
5/31/2020 4060.44779 1.77%
6/30/2020 3989.08858 -5.50%
7/30/2020 4214.42998 -14.65%
8/31/2020 4879.1481 -1.71%
9/30/2020 4963.29424 2.39%
10/29/2020 4846.1022 -0.43%
11/30/2020 4866.84227 -10.43%
12/30/2020 5402.06586 -4.48%
1/31/2021 5649.86185 4.43%
2/28/2021 5404.7995 2.37%
3/31/2021 5278.16392 -3.75%
4/29/2021 5479.61533 -8.92%
5/31/2021 5990.9879 -2.63%
6/30/2021 6150.48392 -4.37%
7/29/2021 6425.25664 -6.68%
 8/31/2021 6869.24734 -6.48%
9/30/2021 7329.03694 4.58%
10/31/2021 7000.94603 4.35%
11/30/2021 6703.25623 -0.79%
12/30/2021 6756.6568 -2.48%
1/31/2022 6926.29042 2.73%
2/28/2022 6739.44961 -0.27%
3/31/2022 6757.83526 1.52%
4/28/2022 6655.6665 4.03%
5/31/2022 6392.85911 0.25%
6/30/2022 6376.94392 3.88%
7/31/2022 6133.96031 -5.14%
8/31/2022 6457.21576 -0.86%
9/29/2022 6512.89201 3.21%
10/31/2022 6307.33999 1.14%
11/30/2022 6235.94586 #DIV/0!
 Gordon Dividend Growth Rate
2018 2019 2020 2021
-0.30% 2.44% -2.13% -1.70%

-3.61% 29.23% -25.56% -20.37%

20.00% 30.00% 5.00% 5.00%

Implied Market Return 10.79%

Market Beta
0.31
0.18
0.098
2022
1.05%

12.60%

40.00%
 Weighted Average Cost Of Capital
Market Capitalization
Net Financial Debt
Implied Tax Rate
Implied cost of debt

Implied cost of Equity, Re .

Gordon Dividend Model 11.19%
Gordon Total Equity Payout Model 11.28%
Tax adjusted CAPM 6.76%

WACC 11.18%
st Of Capital
74,494,127,947
305,327,947
23.58%
9.00%
WACC is the weighted average of a company’s debt
and its equity cost.
11.19% WACC is affected by five different variables which are
as follows. The market capitalization found while
calculating the EMV, the Net Financial Debt found
while calculating the EBV, the mplied tax rate, the
implied cost of debt and the implied cost of equity. In
case of Implied cost of equity, the Gordon Dividend
Model value was considered. This is because Marico
11.18% did not pay stock dividends for the past five years and
the CAPM more or less considers the market to be
perfect and the assumptions made by CAPM are pretty
unrealistic.
 Cashflow Statement
DCF Valuation
2,018.00
Cash flows from operating activities
Collection from customers and others 7,747,157,791.00
Payment to suppliers and for operating expenses (5,761,396,296.00)
Cash generated from operating activities 1,985,761,495.00
Interest paid (3,288,784.00)
Interest received 134,627,224.00
Income tax paid (576,023,154.00)
Net cash from operating activities 1,541,076,781.00
Cashflow from investing activities
Acquisition of property, plant and equipment (83,293,327.00)
Proceeds from sole Of property, plant and equipment (871,000.00)
Net cash from investing activities (84,164,327.00)

Free cash flow (FCF) before interest adjusted 1,456,912,454.00

Add back after-tax interest 2,549,293.37
Free cash Flow (FCF) 1,459,461,747.37

Supplememtal disclosure of cash flow information

Cash paid during the period
Income tax 576,023,154.00
interest 3,288,784.00
Income tax rate 0.22

Free cash flow year ending (2022) 3,298,773,701.71

Short-term growth rate
Weight
Implied short-term growth rate
Implied long-term growth rate
WACC

2,023.00
FCF 4,076,011,051.34
Terminal cashflow
Total cashflow 4,076,011,051.34

DCF enterprise value 98,683,986,893.35

Add cash and cash equivalent 505,194,161.00
Financial debt 810,522,107.00
Equity value 98,378,658,947.35
Enterprise DCF value per share 3,123.13
Closing price (May 26, 2023) 2,491.50
Cashflow Statement
DCF Valuation
2,019.00 2,020.00 2,021.00

8,822,012,157.00 9,712,840,558.00 11,385,285,072.00

(5,601,612,652.00) (6,099,313,985.00) (7,177,510,122.00)
3,220,399,505.00 3,613,526,573.00 4,207,774,950.00
(13,791,469.00) (18,266,324.00) (2,111,958.00)
160,886,164.00 184,735,625.00 168,546,826.00
(638,320,374.00) (767,038,160.00) (1,069,600,995.00)
2,729,173,826.00 3,012,957,714.00 3,304,608,823.00

(88,842,501.00) (320,280,709.00) (241,574,664.00)

1,229,955.00 1,142,977.00 459,660.00
(87,612,546.00) (319,137,732.00) (241,115,004.00)

2,641,561,280.00 2,693,819,982.00 3,063,493,819.00

11,510,045.13 15,067,885.35 1,683,913.38
2,653,071,325.13 2,708,887,867.35 3,065,177,732.38

638,320,374.00 767,038,160.00 1,069,600,995.00

13,791,469.00 18,266,324.00 2,111,958.00
0.17 0.18 0.20

0.82 0.02 0.13

0.20 0.10 0.30

2,024.00 2,025.00 2,026.00

5,036,376,421.36 6,223,017,341.73 7,689,247,505.67

5,036,376,421.36 6,223,017,341.73 7,689,247,505.67

 2,022.00

13,062,730,254.00
(8,604,981,806.00)
4,457,748,448.00
(8,627,922.00)
84,266,200.00
(928,032,728.00)
3,605,353,998.00
2020 was given the lowest weight because it was the Covid y
(313,759,008.00)
fully represent Marico's free cash flows. On the other hand,
most recent year and that is why it was given the most weigh
37,481.00 In 2019, the growth was abnormal hence we put only .20 in t
(313,721,527.00) in 2021-2022 session Marico took the initiative to invest in n
we put the most weight in those years.
3,291,632,471.00
7,141,230.71
3,298,773,701.71

928,032,728.00
8,627,922.00
0.17

0.08
0.40 Economy
0.24 The current GDP growth rate is 5.5%. The expected GDP gro
year is 6.5%. Also the per capita income of Bangladesh is cu
0.04 it is expected to increase to 2,728 dollar per person. While
0.11 and GDP is looking promising but the inflation rate in rect y
peaked all time high.
2,027.00
9,500,942,060.19
128,542,157,284.97
138,043,099,345.16

Industry
The number of middle and affluent was around 1.2 crore w
crore by the year 2025 and it is also an important indicator
FMCG industry. The Covid-19 pandemic has slowed down t
the year 2019-2020. Global forecasts predict that FMCG ma
of 5.4% and emerging markets will continue to drive the gr
urbanisation (rise in consumption in rural areas as a big dri
income and media proliferation there is a lot of potential fo
Bangladesh. The biggest local giants (Square and Bashundh
market after 2000 when they saw the opportunity to cash i
prospective opportunities it presented. So it could be said t
headroom for growth.
of 5.4% and emerging markets will continue to drive the gr
urbanisation (rise in consumption in rural areas as a big dri
income and media proliferation there is a lot of potential fo
Bangladesh. The biggest local giants (Square and Bashundh
market after 2000 when they saw the opportunity to cash i
prospective opportunities it presented. So it could be said t
headroom for growth.

Company
In 2021-2022 session, marico planned to invest Tk. 227 in t
which will boost thier revenue for the next five years. The
(factory for producing Cosmetics and PET bottles)at the Ba
Nagar (BSMSN) in Mirsarai, Chattogram as a part of their e
share of the inductry and this is the THIRD factory they hav
newly established factory started it's commercial operatio
company wants to invest more than Tk 2.2 billion to increa
determined to further strengthen the portfolio by producin
of the Marico's protfolio is manufuctured Locally in Bangla
top-notch products to their consumers because they take p
made in Bangladesh and they want to further capitalize th
Bangladesh to capture to.
 because it was the Covid year and it doest
flows. On the other hand, 2022 was the
t was given the most weight percentage.
l hence we put only .20 in that year. Also,
the initiative to invest in new factory. So,
years.

Economy
s 5.5%. The expected GDP growth rate for the next
ta income of Bangladesh is currently 2,469 dollar and
728 dollar per person. While the per capita income
but the inflation rate in rect years in Bangladesh

Industry
ffluent was around 1.2 crore which is expected to be 3.4
s also an important indicator for furure sales in the
pandemic has slowed down the economic gorwth in
recasts predict that FMCG market will grow at a CAGR
s will continue to drive the growth. ; With rapid
tion in rural areas as a big drive force), increasing
on there is a lot of potential for this market in
giants (Square and Bashundhara Group) entered the
saw the opportunity to cash in or capitalize the
resented. So it could be said that,the industry still has
s will continue to drive the growth. ; With rapid
tion in rural areas as a big drive force), increasing
on there is a lot of potential for this market in
giants (Square and Bashundhara Group) entered the
saw the opportunity to cash in or capitalize the
resented. So it could be said that,the industry still has

Company
planned to invest Tk. 227 in the Mirsarai Economic Zone
e for the next five years. The new manufacturing unit
tics and PET bottles)at the Bangabandhu Sheikh Mujib Shilpa
hattogram as a part of their expansion plan to grasp more
is the THIRD factory they have built in Bangladesh The
rted it's commercial operation in mid 2022. And the
re than Tk 2.2 billion to increase production and is
then the portfolio by producing products locally.(99 percent
anufuctured Locally in Bangladesh). Their goal is to deliver
onsumers because they take pride in representing the "
y want to further capitalize the growing economy of
MARICO
Long term Loans:
Long term Lease Liabilities 78,641,492
Employee Benefits 43,669,953
122,311,445
Non-operating Current Liabilities:
Loans & Borrowings -
Employee Benefit Obligation 24,414,204
Current Tax Liabilities 614,319,789
Lease Liabilities 49,476,669
688,210,662
Total Financial Debt 810,522,107
Less: Cash and Cash Equivalents 505,194,161
Net Financial Debt 305,327,946
Market Capitalization 74,188,800,000
Enterprise Market Value 74,494,127,946

ACI
Long Term Loans:
Long Term Lease Liabilities 305,309,929
Long Term Borrowings - Net of Current Maturity 1,068,989,867
Liability for Gratuity, Pension, WPPF & Welfare Funds 1,210,619,893

Non-operating Current Liabilities:

Unclaimed Dividend 82,815,625
Short Term Bank Loans 20,344,561,395
Current Maturity of Long Term Lease Liabilities 116,945,226
Bank Overdrafts 3,357,929,346

Total Financial Debt

Less: Cash & Cash Equivalents
Net Financial Debt
Market Capitalization
Enterprise Market Value
 RECKITT BENCKISER
Long Term Loans:
Long term Lease Liabilities 3,365,064
Employee Benefits 150,407,504
Deferred Tax Liabilities 1,699,732

Non-operating Current Liabilities:

Lease Liabilities 30,890,000
Employee Benefits 36,940,131
Current Tax Liabilities 143,751,375
Unclaimed Dividend 7,311,745

Total Financial Debt

Less: Cash & Cash Equivalents
Net Financial Debt
Market Capitalization
Enterprise Market Value

KOHINOOR
Long Term Loans:
Provision for gratuity 12,431,258
Loan Fund 326,089,784
2,584,919,689 Deferred Tax Liability 36,900,563
Lease liabilities for rent 6,433,915

Non-operating Current Liabilities:

Short Term Loans 947,579
Lease Liabilities 2,41,688
23,902,251,592 Employee benefits 33,366,305
26,487,171,281 Accrued Liabilities 575,847,511
794,546,169 Unclaimed Dividends 12,136,422
25,692,625,112
19,828,703,885 Total Financial Debt
45,521,328,997 Less: Cash & Cash Equivalents
Net Financial Debt
Market Capitalization
Enterprise Market Value
 UNILEVER
Long Term Loans:
Long Term Lease Liabilities 237,620,000

Non-operating Current Liabilities

155,472,300 Current Tax Liabilities 91,039,000
Unclaimed Dividend Payable 2,118,000
Lease Liabilities 66,367,000
Defined Benefit Liabilities 13,080

Total Financial Debt

218,893,251 Less: Cash & Cash Equivalents
374,365,551 Net Financial Debt
1,978,229,020 Market Capitalization
-1,603,863,469 Enterprise Market Value
22,727,250,000
21,123,386,531

381,855,520

622,297,817
1,004,153,337
226,411,891
777,741,446
13,915,340,842
14,693,082,288
 237,620,000

159,537,080
397,157,080
2,296,256,000
-1,899,098,920
24,815,684,940
22,916,586,020
Parameters 2018
Long Term Liabilities:
Employee Benefit Obligations 49,861,763
Lease Liabilities
Non-Operating S.T Liabilities:
Loans & Borrowings 300,000,000
Employee Benefits (S.T) 6,984,584
Current Tax Liabilities 386,211,784
Lease Liabilities (S.T)

Total Financial Debt 743,058,131

Less: Cash & Cash Equivalents 269,743,772
Net Financial Debt 473,314,359
Market Capitalization 38,260,000,000
Enterprise Market Value 38,733,314,359

EBITDA (fwd) 1,829,813,451

Y-o-Y Growth Rate
Implied Growth
Net Profit (fwd) 1,644,976,436
Y-o-Y Growth Rate
Implied Growth
EV/EVITDA (Fwd) 21.17
P/E (fwd) 23.26

EV/EVITDA (fwd)
Average 20.16
Median 20.66

Historical forward EV/EBITDA

multiple for MARICO shows an
average of 20.16x and median of
20.66x
 2019 2020 2021

9,665,787 85,861,639 32,262,856

167,728,340 122,256,724

200,000,000 250,000,000
9,665,787 6,516,576 21,018,917
460,368,335 605,442,847 604,259,428
42,836,393 44,634,210

679,699,909 908,385,795 1,074,432,135

383,101,877 420,407,014 396,404,261
296,598,032 487,978,781 678,027,874
45,260,000,000 49,220,000,000 65,430,000,000
45,556,598,032 49,707,978,781 66,108,027,874

2,108,407,546 2,762,104,929 3,199,543,872

15.23% 31.00% 15.84%

2,014,549,025 2,629,968,493 3,083,892,164

22.47% 30.55% 17.26%

21.61 18.00 20.66

22.47 18.72 21.22

P/E Multiple (fwd)

21.09 x
21.22 x

Historical forward P/E multiple

for MARICO shows and average
of 21.09x and median of 21.22x
 2022 2023E

43,669,953
78,641,492

24,414,204
614,319,789
49,476,669

810,522,107
505,194,161
305,327,946
74,188,800,000
74,494,127,946

3,847,929,180

20.26%
3,746,299,939

21.48%
19.36
19.80
Comparable Company Analysis

Company Ticker Share Price Shares Outstanding

Marico MARICO 2421.5 31,500,000
ACI ACI 260.2 76,205,626
Unilever UNILEVERCL 2060 12,046,449
Reckitt Benckiser RECKITTBEN 4810 4,725,000
Kohinoor KOHINOOR 454.2 30,637,034

Sensitivity for EV/EBITDA Multiple

Multiple 5% Premium 5% Discount
EV/EVITDA(x) 26.25 23.75
Enterprise Value $ 100,702,813,032 $ 91,082,990,082
Implied Price per Share 3,197 2,892

Sensitivity for P/E Multiple

Multiple 5% Premium 5% Discount
P/E (x) 25.2 22.8
Enterprise Value $ 94,406,758,459 $ 85,415,638,606
Implied Price Per Share $ 2,997.04 $ 2,711.61
Equity Value Net Debt Enterprise Market Value EVITDA
76277250000 305,327,946 76,582,577,946 3,199,543,872
19828703885.2 25,692,625,112 45,521,328,997 3,585,544,534
24815684940 -1,899,098,920 22,916,586,020 538,210,000
22727250000 -1,603,863,469 21,123,386,531 948,888,126
13915340842.8 777,741,446 14,693,082,289 340,046,069

2023E Financials Total

EBITDA $ 3,847,929,180
NET Profit $ 3,746,299,939
 Net Profit EV/EVITDA P/E
3,083,892,164 23.9354673696439 24.7340847032289
3,094,544,534 12.695792386775 6.40763242129512
527,621,000 42.5792646364802 47.0331638429858
801,836,265 22.2611980824808 28.3440036227346
317,079,069 43.2090932031918 43.8860278185061

Industry Average 28.94 30.08 x

Industry Median 23.94 28.34 x
Target 24.5 24 x
Implied Value of Square $ 94,274,264,913 $ 90,216,526,478
Net Debt 305,327,946 305,327,946
Implied Market Value $ 93,968,936,967 $ 89,911,198,532
Total Outs. Shares 31,500,000 31,500,000
Intrinsic Value $ 2,983.14 $ 2,854.32
Market Price 2421.5 2421.5
Upside Potential % 23.19% 17.87%
Valuation Summary
Enterprise Value from FCFF Weight (%)
MARICO

Method
DCF-Pro Forma
CCF
EV/EBITDA
P/E
One year target price
Current Price
Upside potential
 Enterprise Value from EV/EBITDA Weight (%) Enterprise Value from P/E
$ 93,968,936,967 $ 89,911,198,532

Weight Price
50% 2,263
10% 3,123
20% $ 2,983.14
20% $ 2,854.32
year target price 2611.1563495
2421.5
de potential 7.83%
For Valuation

Highest weight for DCF-Pro

2nd for CCF
3rd for EV/EVITDA (x)
4th for P/E (x)
For Valuation

Highest weight for DCF-Pro Forma

2nd for CCF
3rd for EV/EVITDA (x)
4th for P/E (x)
 Marico Bangladesh Limited
Ratios 2023 2024 2025 2026 2027
Liquidty Ratio
Current Ratio 0.990866 0.93417 0.876366 0.854497 0.792285
Quick Ratio 0.550718 0.465546 0.393911 0.406589 0.290199
Cash Ratio 0.380088 0.300032 0.214826 0.252013 0.1109
Receivables Turnover Ratio 59.00002 59.00002 59.00002 59.00002 59.00002
Profitability Ratio
Gross Profit Margin 53.71% 53.15% 52.58% 52.01% 51.43%

Operating Profit Margin 34.30% 32.87% 31.32% 29.64% 27.83%

Net Proft Margin 26.18% 24.99% 23.68% 22.24% 20.66%
EBITDA Margin 0.37 0.34 0.33 0.31 0.29
EBITDA Growth
ROE 39.31% 45.34% 46.06% 46.62% 47.00%
ROA 12.87% 12.31% 12.21% 11.39% 10.92%
Debt Ratio
Debt to Asset Ratio 0.707171 0.726632 0.725065 0.766748 0.755087
Financial Leverage 3.053882 3.684378 3.772941 4.092597 4.303147
Debt to Equity 2.523447 2.756187 2.721871 3.383828 3.169911
Time Interest Earned 538.29 591.40 646.72 703.32 759.82
Payable Turnover Ratio
Asset Management Ratio
Inventory Turnover 2.48 2.48 2.48 2.48 2.48
Total Asset Turnover 0.49 0.43 0.45 0.45 0.46
Fixed Asset Turnover 9.73 8.39 8.83 9.36 10.02

Market Value Ratio

EPS 123.6205 134.6756 145.6733 156.1742 165.5738
Book Value 71.85164 76.66748 81.4583 86.03268 90.12734