This Report was prepared by Team FInalyst from University of Dhaka (consisting of Kausar Ahmed Pranto, Ashik Muntakim, Taj-E-Nur, Md. Abdul Mukit) four the first round of Optimity 2018 (A investment and portfolio management competition organised by North South University Finance Club) We looked into the cement industry of Bangladesh and found a optimum investment opportunity and suggested one stock with a buy recommendation from LafargeHolcim Bangladesh Limited and Heidelberg Bangladesh Limited.

1. FindingtheRightInvestmentOpportunityin
aGrowingCementIndustry

2. Executive Summary
DEAL SNAPSHOT
Buy: LafargeHolcim Bangladesh Limited
Return: 14.63%
Holding Period: 11 Months
LafargeHolcim Bangladesh Limited
Current Market Price BDT 54.4
Target Price BDT 63.16
Return: 14.63%
Heidelberg Bangladesh Limited
Current Market Price BDT 353
Target Price BD 350.01
Return: 2.42%
The objective of the report is to find a right investment opportunity for “Meridian Finance & Investment
Limited” for an investment of 50 million BDT. Upon conducting both absolute and relative valuation on
LafargeHolcim and Heidelberg Bangladesh Limited we believe the 50 million BDT should be invested in
LafargeHolcim Bangladesh limited. It will generate holding period return of 14.63% return for the investor
which will generate a proceed of BDT 6.71 million.
Firstly, we did industry analysis and found that there will be a compounded annual growth rate of 15% which
is mainly driven by the urbanization. We saw that within 2030 45.6% of the population will be urbanized
resulting a huge cement demand. The per capita cement consumption is 137kg which is far below the world
average and thus likely to increase. The major growth driver of the industry is government expenditure,
urbanization and real estate growth.
We valued LafargeHolcim Bangladesh Limited with absolute and relative technique and found a target price
of 63.16 BDT. For absolute valuation we used Free Cash Flow to Firm and for relative valuation we used P/E
and EV/EBITDA method where we emphasize more on FCFF. After adjusting tax on capital gain and dividend
we found that this investment would generate a return of 14.63% for 11 months.
We also valued Heidelberg Bangladesh Limited with absolute and relative technique and found a target price
of 350.1 BDT. For absolute valuation we used Free Cash Flow to Firm and for relative valuation we used P/E
and EV/EBITDA method where we emphasize more on FCFF. After adjusting tax on capital gain and dividend
we found that this investment would generate a return of 2.42% for 11 months.
So Meridian Finance should invest in LafargeHolcim Bangladesh Limited. We believe there are four reasons
behind it: meeting return objective of the investor, strong operational efficiency, favorable financial position
and strong management quality.

3. Table of Contents
Executive Summary ............................................................................................................................................ 2
Cement Industry of Bangladesh ......................................................................................................................... 5
Company Specific Factors of LafargeHolcim Bangladesh Limited..................................................................... 8
Company Overview ......................................................................................................................................... 8
Revenue Decomposition ................................................................................................................................. 8
Revenue Drivers: ............................................................................................................................................. 8
Cost Composition of LafargeHolcim Bangladesh Limited................................................................................ 9
Cost Drivers ..................................................................................................................................................... 9
SWOT Analysis................................................................................................................................................. 9
Corporate Governance.................................................................................................................................. 10
Management Quality..................................................................................................................................... 10
Competitive advantage ................................................................................................................................. 10
Brand Image .................................................................................................................................................. 11
Future Prospect............................................................................................................................................. 11
Financial Analysis of LafargeHolcim Bangladesh Limited................................................................................ 11
Valuation Techniques for LafargeHolcim Bangladesh Ltd............................................................................... 13
Key Assumptions Underlying the Valuation.................................................................................................. 13
Discounted Cash Flow Valuation................................................................................................................... 13
Relative Valuation.......................................................................................................................................... 14
Identification of risk: Qualitative and Quantitative....................................................................................... 14
Calculation of Expected Return..................................................................................................................... 15
Company Specific Factors of Heidelberg Cement Bangladesh........................................................................ 15
Company Overview ....................................................................................................................................... 15
Revenue Drivers ............................................................................................................................................ 16
Revenue Growth............................................................................................................................................ 16
Cost Driver..................................................................................................................................................... 16
SWOT Analysis............................................................................................................................................... 16
Corporate Governance.................................................................................................................................. 17
Management Quality..................................................................................................................................... 18

4. Competitive Advantage................................................................................................................................. 18
Financial Analysis of Heidelberg Bangladesh Limited ................................................................................... 184
Valuation Techniques for Heidelberg Bangladesh Ltd .................................................................................... 19
Key Assumptions Underlying the Valuation.................................................................................................. 19
Discounted Cash Flow Valuation................................................................................................................... 19
Relative Valuation.......................................................................................................................................... 20
Identification of risk: Qualitative and Quantitative....................................................................................... 20
Calculation of Expected Return..................................................................................................................... 20
Decision Making & Justification ....................................................................................................................... 21
Conclusion......................................................................................................................................................... 22

5. Cement Industry of Bangladesh
Cement as a Building Block of the Nation
The advancement of concrete industry in
Bangladesh goes back to the mid-fifties. Till 1990
around 95% of the nation's interest for cement had
been met through import. Some eager
entrepreneurs wandered into setting up cement
plants amid 1997 to 2000 which opened a new era in
this sector.
Cement is a major ingredient for the construction
industry. The process of producing cement is highly
energy intensive. The process requires procuring
limestone, shell, and clay. Afterwards, the raw
materials are crushed and heated at a temperature
in excess of 1,000 degree Celsius to produce clinker.
For producing final grade of cement, clinker is mixed
with gypsum and grounded to fine powder. The cost
of the whole process amounts to 29% energy, 27%
raw materials, 32% labor, and 12% depreciation.
Due to the development, improved living standard
and increasing purchasing power, the construction
sector of Bangladesh is passing a growth phase.
Construction and real estate activities are the two
major drivers of cement consumption.
Although the growth in the demand of cement has
been increasing in Bangladesh, it is far below than
that of many developing countries. So, there is a
broader scope of growth for cement sector of
Bangladesh. Average per capita cement
consumption in the world is 500 kg while that of
Bangladesh is only 137 kg1
. However, per capita
cement consumption in Bangladesh witnessed
lucrative growth over the last few years.
1
EBLSL Research
Demand Drivers for Cement in Bangladesh
Urbanization and Cement
The country’s increasing urbanization has stimulated
the growth for building materials and has generated
considerable needs for cement. Urban population
has grown at a great speed over the years. By the
end of year 2016, the urban population stands at
35.0% of total population and the number will get
bigger in the upcoming years as expected growth for
2020 is at 38.2%, 2025 is at 42.0% and 2030 is at
45.6%. With the growth in urbanization, more and
more people will move into urban areas and hence,
the demand for construction materials from real
estate and individual homebuilders will increase.
The demand for cement is closely linked with the
growth of construction sector as when the
construction sector found strong, then demand of
cement increased. Construction and real estate
activities are the two major drivers of cement
consumption.
Government as a Driver in the Industry
Current and upcoming government development
projects is contributing towards the highest demand
for cement in Bangladesh market.
For the time being demand for cement will be mainly
fuelled by the Government projects which is taking a
big shape. The ongoing Government projects that
hasn’t been completed yet and upcoming
Government infrastructural projects will drive the
growth for cement consumption. Use of Cement is
an indicator of the rate of development pace of a
country. The countries that are concentrating on
development projects are on high end of cement
uses.
1581
700
310
230
202
137
129
500
China
Malaysia
Sri Lanka
India
Indonesia
Bangladesh
Pakistan
World Average
Per Capita Cement Consumption (in KG)
30.5%
31.2%
32.0%
32.8%
33.5%
34.3%
35.0%
38.2%
42.0%
45.6%
2010
2011
2012
2013
2014
2015
2016
2020
2025
2030
URBAN POPULATION (% OF TOTAL)

6. Mega projects contribute heavily towards the
increasing demand for cement and there are some
big projects that are ongoing and expected to initiate
soon. In the recent budget (2017-18) Government
has allocated BDT 306 billion which is one-fifth of
total ADP for six mega projects.
Mega Projects which are/will be contributing
towards increasing cement demand
Project Completion
Date
Cost
Padma Bridge Year 2018 USD 3.7 B
Rooppur Nuclear
Power
Year 2020 USD 12.7 B
Rampal Power Project Year 2018 USD 1.5 B
Matarbari Coal Power Year 2022 USD 4.6 B
Metro Rail Year 2019 USD 2.7 B
Deep Sea Port Year 2023 USD 15.0 B
Production Capacity & Capacity Utilization
Currently the industry is experiencing overcapacity
of cement production. It has been found that there
is production capacity of 40 million tons, whereas
actual production is hovering around 32 million
tons.2
The machineries and equipment and
manufacturing sites are not being utilized fully by
the cement manufacturing companies. On an
average the utilization rate of cement
manufacturing companies is currently around 75 -
80%. There are currently 34 companies who are
operating as cement producer.
Though there is over-capacity in the sector, the
market demand is almost equal to the effective
capacity during peak season. Present installed
capacity of the industry is 40 million MT. However,
due to interruption in power supply and other
constraints, effective capacity is much lower. The
hidden capacity is there but it’s not actually hidden
as there are around 12% wastage. Cement
manufactures calls it waste because of production
error.
Seasonality in Cement Market
Cement sector in Bangladesh experiences high
seasonality. Peak season is considered during the
2
Report by Cement Manufacturer’s Association
winter season (November to April) while demand for
cement goes slow during the monsoon (June to
October) period. The demand for cement sharply
declines during the monsoons due to slowdown in
construction activities. According to the industry
personnel, 60% of the total yearly sales are
generated in the first half of the year and rest 40%
sales are generated in the second half of the year
due to seasonality.
Peak Season November to April/ May
Off-Peak Season
June to October (Dependent
on monsoon in BD)
Though the yearly capacity of cement sector was
saturated with overcapacity, market demand gets
matched or cross the effective capacity during the
peak season. Furthermore, the cement industry, like
most other capital intensive industries, is cyclical in
nature with respect to supply.
Competition of the Cement Mongers
Only 32 factories are in operation in Bangladesh. Top
10 manufactures occupy a massive chunk of 81% of
Market Share. Among the top 10 cement market
players in Bangladesh, 8 are local and 2 are
multinational. There is only one integrated cement
plant (Lafarge-Holcim Bangladesh Limited) and rest
of all are Grinding Projects. Multinational cement
companies are facing intensive competition with
local companies which are grabbing the top slot of
the industry by operating in economies of scale and
with deft marketing strategy. MNCs now hold only
around 15% of the total market share.
14.00%
10.10%
8.97%
8.11%
6.48%
6.03%
5.65%
4.96%
4.23%
SHAHCEMENT
BASHUNDHARA
LAFARGEHOLCIM
SEVENCIRCLE
FRESHCEMENT
PREMIERCEMENT
HEIDELBERG
CEMENT
M.I.CEMENT
AKIJCEMENT
MARKET SHARE

7. Industry Concerns
Although a booming sector with great potentiality,
cement industry has also some risk factors.
Firstly, it is threatened by over supply resulting from
huge capacity expansion by almost all leading
industry players. Roughly, 40% capacity is likely to be
added to currently capacity by the end of the next
year. However, since it takes 2-2.5 years to build a
cement plant, it is likely that before completion,
demand could decrease or stagnate, or the capacity
additions could exceed demand.
Secondly, almost all raw materials of cement are
imported, if the supplies of the same are cut-off due
to adverse political cause or other disturbance, the
industry may face serious challenges, even the risk
of shut down. Besides, following the high
contribution of raw materials in the cost structure,
any movement in the price of clinker and other raw
materials will eventually affect the profitability and
performance of the cement manufacturer.
Outlook of the Industry
The future potential of the country’s cement
industry is strong. According to the industry
specialists, the outlook for cement in 2017-2021
remains promising with an expected CAGR of 15%
mainly driven by the residential sector. The trend of
demand for cement is expected to continue till FY
2035.

8. Company Specific Factors of
LafargeHolcim Bangladesh Limited
LafargeHolcim Bangladesh Limited
DSE: LHBL
Target Price: BDT 63.16 (11 Month Holding Period)
Current Price: BDT 54.4
Valuation Date: 22nd
July, 2018
Company Overview
Company Fundamentals
Sector Cement
Market Cap (BDT mn) 66,082.2
Shareholders’ Equity (BDT mn) 15,273.7
Paid-Up Capital (BDT mn) 11,613.7
No. of Share Outstanding (mn) 1,161.4
Type of Instrument Equity
Book Value Per Share (BDT) 13.15
Forward P/E 68.38
EPS (BDT) 0.69
Market Category A
AGM Date Jun 7, 2018
CompanyProfile
LafargeHolcim Bangladesh Limited (LHBL),
the only cross border commercial venture
between Bangladesh and India, was
incorporated in Bangladesh November 11,
1997. In February 2017, the Company has
changed its name from “Lafarge Surma
Cement Limited” to “LafargeHolcim
Bangladesh Limited” through merger of
Lafarge group and Holcim group in the
global level. In January 2018, the Company
completed the acquisition of 100% of the
shares of Holcim Cement (Bangladesh)
Limited (HBL) with the remittance of BDT
5,047.82 million.
The Company is engaged in manufacturing
and marketing of cement and clinker in the
local market. The combined manufacturing
plant of the Company is located at
Sunamganj, Narayangong and Mongla.
Board Members
Chairman Mr. Christof Hassig
Director & CEO Mr. Rajesh K Surana
Director Mr. Manzurul Islam
Director Ms. Johanna Leffler
Independent Director Tufail K Haider
Revenue Decomposition
Major revenue source for LafargeHolcim Bangladesh
Limited are sale of cement clinker and sale of gray
cement where bulk of the revenue comes from the
sale of cement. Over the years the company had
maintained an 80/20 ratio of Cement to Clinker
sales.
Figure 1: Revenue Mix (LafargeHolcim)
Revenue Drivers:
Urbanization
By 2020, the urban population in Bangladesh would
be 38.2% and it will be around 45.2% by 2030. This
increasing trend of urban population will drive the
demand for increase in demand of cement thus
driving the revenue. Per capita cement
consumption which is currently 120kg is likely to
increase as it is far below global average of 50kg.
Real Estate Growth
Real estate sector of Bangladesh has experienced a
growth of 4.2% in last year. With the expectation of
increase in urban population, real estate growth is
likely to continue which means more construction
activity will be taking place. Thus, the demand for
cement will increase.
GDP Growth
Over the last few years, the GDP of Bangladesh has
been growing at around 7%. According to the World
Bank and Bangladesh Bank estimates, the growth
will be around 6.8% to 7% till 2020. The per capita
GDP will also rise which will increase the demand of
0% 20% 40% 60% 80% 100%
2013
2014
2015
2016
2017
Revenue Mix
Cement Clinker

9. Cement as people will be more likely initiate
construction activity.
Remittance Growth
Remittance is one of major sources inflow for
Bangladesh and it has been increasing lately.
Monthly remittance inflow is likely to increase to
1600USD million in 2020 from 1482USD million right
now. And people are more likely spend on building
their houses which will drive the demand for the
cement.
Cost Composition of LafargeHolcim
Bangladesh Limited
The major cost of production involves raw material
costs, production and maintenance costs, and power
and fuel costs. Raw material cost, production and
maintenance cost, and power and fuel cost
constitute around 32.2%, 20.0%, and 18.9% of total
COGS.
Major raw material required for LHBL to produce
clinker and cement is limestone. The cost of
limestone covers around 69% of the cost of total raw
materials. Other raw materials include clay, gypsum,
iron ore, sand, and slag. Power and fuel cost has
gone up due to the price hike in both power and fuel.
Cost Drivers
Clinker – The Major Cost
Since 42.2% of the cost of goods sold is raw material
cost and around 70% of the raw material cost lies in
the supply of clinker, the supply of clinker is a major
cost driver. Here major risk lies in the Company’s
cross border operation. Any interruption of
limestone supply from its Indian subsidiary company
causes a business continuity issue.
Energy – Secondary Cost
Energy cost is as a sole component of COGS holds
around 14% of cost. Energy is mainly derived from
natural gas and LHBL has a Gas Sales Agreement
(GSA) with Jalalabad Gas T&D System Ltd.
(“Jalalabad Gas”) under which the Company is
entitled to get supply of gas until end of 2025 at a
price which is capped by a Ceiling Price. Despite the
binding terms of the GSA, Jalalabad Gas is
contemplating to increase the price of gas supplied
to the Company beyond the Ceiling Price. This poses
significant financial risks to the Company.
SWOT Analysis
Strength
 Customer Loyalty
 Brand Image
 Self-clinker production
 15-20 years management experience
Weakness
 Revenue Structure
 Cost structure
Opportunity
 Emerging market
 Fragmented market
Threat
 Political risk
 Volatile currency
 Intense competition
42.20%
13.90%
14.70%
29.20%
Cost Composition
Raw materials
costs
Power and fuel
costs
Production and
maintenance
costs
Other cost

10. Corporate Governance
LafargeHolcim is committed to good corporate
governance, which promotes the long-term interests
of shareowners, strengthens Board and
management accountability and helps build public
trust in the Company.
Board Composition
The board is composed of 12 members that works
within the framework of the Memorandum&
Articles of Association of the Company, as approved
by the shareholders.
Roles & Responsibility
The roles and responsibilities of the boards and the
management is defined through the corporate
governance guideline. The in compliance of the
clause 6 of the notification of the BSEC, the rules and
regulations are clearly defined for the Chairman and
the CEO.
Transparency
LafargeHolcim, ensures transparency via publishing
regular annual reports. In compliance with the
clause 3, the company has audit committee and in
compliance with clause 4, appoints a statutory audit
committee. The Audit Committee recommends and
the Board endorses the appointment of the
Statutory Auditor which is approved by the
Shareholders at the Annual General Meeting. Along
with the appointment, the Shareholders also x the
remuneration of the auditors. The Statutory Auditor
can continue in office for maximum three
consecutive years.
Organizational structure & rights:
The organizational structure is strictly maintained
and the bodies are given proper authority and
autonomy. However, corporate governance
guideline and the company rules and regulations
ensures the organizational structure is strictly
followed.
Corporate Citizenship
The Company’s focus on sustainable development,
its customer centric approach in creating value for
the customers by ensuring product quality and
innovative service offerings coupled with its
outreach to the communities it impacts through CSR
activities and programs has enabled your Company
to earn the trust and goodwill of its investors,
business partners, employees and other
stakeholders
Management Quality
We will look into the experience, background and
education of the chairman, board of directors,
management and sourcing capability of the
company to reflect on the management quality.
Experience
The chairman, Christof Hässig, and the CEO, Mr.
Rajesh Kumar Surana have an experience of 25 years
and 15 years respectively. The chairman is
specialized in merger and acquisition having
completed a number of successful M&A. This would
help LafargeHolcim grow after the restructure.
Besides, the CEO has experience in leading
multinational companies in the past for more than a
decade.
Background
The background of the board of directors and
management is diverse with relevant background.
The CEO and the Chairman alongside the directors
have been involved with a number of successful
mergers and accusations which will initiate the
success of incorporating Heidelberg into the
business. Besides, the directors have been involved
with the similar industries. Moreover, the directors,
chairman and CEO has been involved in operation in
various countries for instance, India, Columbia,
Tunisia, Pakistan and many other countries.
Succession
One of the greatest advantage of being a
multinational company is that LafargeHolcim can
hire or bring employees from the global business
operation they have. The company has access to the
global employee base which can help them during
the tough time of the company.
Competitive advantage
 LafargeHolcim Bangladesh is the only
integrated cement manufacturer having its

11. own clinker production mine in Meghalaya
and from where the raw material is
transported through a conveyor belt in its
factory in Chatak. Other cement
manufacturers are just grinders.
 Thanks to its self-clinker production and
strategic position of factories its profitability
margin is highest in the sector with 35%
gross profit margin comparing to its local
competitor.
Brand Image
LHBL being the top MNCs in cement industry has
established its footprint well in our country. Its
brands such as Supercrete, Holcim Red, Holcim Grey
and recent state of the art innovation in plastering
work Plastercrete is a trusted product in consumer
circle. Being the only integrated cement
manufacturer LHBL is a trusted name which tops
“Best Brand Award" several times in recent years.
Future Prospect
The economy of Bangladesh is entering its next
growth stage, led by power and infrastructure
investment. GDP growth is consistently around 7%
for the last several years and is expected to remain
on a high level in the foreseeable future creating
sustainable business environment. The cement
demand curve is consistently rising, representing
Bangladesh as one of the most attractive market in
the region. On the backdrop of the positive GDP
growth as well as significant infrastructure
investments we can safely forecast that the market
for building materials in Bangladesh will continue to
augment in the coming years
The country's strategic location on the Indian Ocean
has led to increasing levels of infrastructure
investment from China, India and Japan as they seek
to gain market share and influence.
The Bangladesh cement market grew more than 10%
on average for the last 5 years and it is expected that
high growth rates of a compounded annual growth
rate of 15% will continue on the backdrop of the
positive GDP development in next 5 years.
Financial Analysis of LafargeHolcim
Bangladesh Limited
Profitability Ratio
2013 2014 2015 2016 2017
Profitability
GPM 32% 39% 36% 35% 24%
NPM 18% 24% 21% 21% 7%
ROE 17% 21% 16% 14% 5%
The GPM had increased in a stable manner till 2017
when Lafarge Bangladesh acquired Holcim
Bangladesh, which resulted in a fall of GPM from
35% to 24% in 2017.
The price of cement in the market kept falling in the
above period, which resulted in a lower revenue
(Volume X Price = Revenue) starting from 2014 till
2017. It was the same in the case of Net Profit
Margin.
Liquidity Ratio
2013 2014 2015 2016 2017
Liquidity
Current Ratio 127% 142% 199% 255% 224%
Quick Ratio 82% 108% 163% 216% 190%
The current ratio is more than 100% and keeps
growing over the period of time signifies a sound
current asset to current liability ratio.
Quick Ratio signifies that LafargeHolcim can meet its
short time liabilities without any problem.
Efficiency Ratio
2013 2014 2015 2016 2017
Efficiency
Inventory
Turnover
4.8x 4.6x 4.7x 5.2x 6.4x
Operating
Cycle
20.7 51.2 40.5 50.9 41.7
According to the ratios calculated above, it can be
safe to assume that the company is being efficient
in handling its inventory year by year.
Leverage Ratio
2013 2014 2015 2016 2017
Leverage
Debt/Asset 23% 23% 19% 15% 18%

12. Debt/Equity 32% 34% 27% 21% 26%
The company’s Debt to Asset and Debt to Equity is
decreasing over time, which means the dependence
on interest rate changes will effect less as well as the
chance of financial distress will also be lower.
Z-Score of LafargeHolcim
Total Asset 21550657000
Working Capital 4941762000
Retained Earnings 3132305000
EBIT 1355822000
Equity 15273703000
Total Liabilities 6276954000
Sales 10819131000
Factor
A 0.2293091111 1.2
B 0.1453461488 1.4
C 0.1253170888 3.3
D 2.433298539 0.6
E 0.5020325366 .999
Z Score 2.8537
Z-Score Zones
Z > 2.99 – “Safe” Zone
1.81 < Z < 2.99 – “Gray” Zone
Z < 1.81 – “Distress” Zone
LafargeHolcim has a Z-Score value of 2.85 which falls
in the Gray Zone. This was primarily because of the
acquisition of Holcim in the last quarter of 2017.
Dupont Analysis
2013 2014 2015 2016 2017
NPM 18.3% 24.34% 20.87% 20.75% 7.44%
TAT 63.53% 57.93% 53.00% 51.14% 50.20%
EM 1.43 1.51 1.44 1.36 1.41
ROE
(3-
factor)
16.64% 21.27% 15.94% 14.48% 5.27%
DuPont analysis is a useful technique used to
decompose the different drivers of the return on
equity (ROE). Decomposition of ROE allows investors
to focus their research on the distinct company
performance indicators otherwise cursory
evaluation.
The main driver of ROE for LafargeHolcim is its Equity
Multiplier. Due to debt being present in the
company structure, even though the Total Asset
Turnover is decreasing the NPM is increasing.

13. Valuation Techniques for
LafargeHolcim Bangladesh Ltd
Key Assumptions Underlying the Valuation
Revenue
Revenue is estimated on the basis of volume
demand drivers, volume supply drivers, weighted
growth, and oil price as a proxy of clinker price.
The Volume Demand Drivers included,
Urbanization, Government Expenditure and Real
Estate Growth.
Sales Growth Calculation
Cement First Three Years
Volume Demand Drivers Growth weight
Real Estate Growth 4.90% 0.20
Govt Expenditure 15% 0.20
Urbanization 3% 0.20
Volume Supply Drivers
Cement Production Growth
Effect
14% 0.4
Weighted Growth 10.3%
Less: Price Fall -1.29%
Expected Growth Rate 8.982%
Clinker Sales Growth
Projection
Price: Oil Price expectations
over coming years
0.40%
Volume: Clinker production
growth effect
0.07933532
6
Total 8.33%
Cement last two Years
Volume Demand Drivers Growth Weight
Real Estate Growth 4.90% 0.20
Govt Expenditure 15% 0.20
Urbanization 3% 0.20
Volume Supply Drivers
Cement Production Growth
Effect
14% 0.40
Weighted growth 10.3%
less: Price fall 0.5%
Expected Growth 9.77%
We also assumed that the Clinker production is to
grow to 1.9 million from 1.4 million in four years.
Cement Production to grow from 3.7 million from
2.2 million in the coming years.
First year growth is taken down by 2% due to the
upcoming election.
Income Tax
Income Tax expense has risen in the recent times
due to the imposition of tax on LUMPL net income.
The forecasted effective tax rate has been held at
24.73%.
Financial Expense
Financial expense has been on an average 11.44% of
Interest bearing liabilities over the last 5 years.
Depreciation Expense
The PPE Carrying amount was decreasing due to a
steady depreciation rate of 4.81%.
Discounted Cash Flow Valuation
Our DCF analysis with a discount rate of 10.22% & terminal growth rate of 3% gives us Net Present Value (PV)
of Free Cash Flow to Firm (FCFF) of BDT 47.72 billion as of July, 2018 on a consolidated basis. The fair value
using DCF method stands at BDT 58 per share for the company, which implies an upside of 6.6% from current
market price.
Free Cash Flow
2018 2019 2020 2021 2022 Terminal
EBIT (1-tax rate) 3,856,544,948 4,199,242,604 4,572,413,328 5,009,545,114 5,488,585,936
Add: Depriciation and ammortization 553,976,978 555,066,957 556,159,079 557,253,351 558,349,776
less: investment in NWC 244,459,231 19,629,218 21,374,671 25,038,267 27,438,755
less: Capital expenditure 576,603,323 577,737,820 578,874,549 580,013,514 581,154,721
Free Cash Flow 3,589,459,372 4,156,942,522 4,528,323,188 4,961,746,684 5,438,342,236
Discount Factor 1 0.823 0.747 0.678 0.615
Present value of adjusted FCF to the firm 3,256,708,700 3,421,950,825 3,382,104,576 3,362,281,551 3,343,612,161 47,716,971,142
Enterprise Value 64,483,628,955
Add: Cash and Cash Equivalent 3,632,655,000.00
less: interest bearing debt 558839000
Equity Value 67557444955
Number of shares 1,161,373,500
Value per share 58

14. Relative Valuation
Valuation is derived based on relative valuation
methodologies calculated over projected 2018 EPS
estimates and industry multiples. For multiples,
average historical P/E multiple, and Peer Companies’
(HEIDELBCEM, SHAH) average P/E (based on TTM
EPS) has been considered.
Relative Valuation (EV/EBITDA) Multiples
EV/EBITDA Multiple Valuation EV/EBITDA
EV/EBITDA 13.15 Heidelberg 12.3
EBITDA
(2018)
5,914,489,239 Sector 14
EV 77,775,533,487 Average 13.15
Cash 3,632,655,000.00
less:
Interest
debt
558839000
Equity
Value
80,849,349,486.52
Value Per
Share
69.61528697
Relative Valuation (P/E) Multiples
P/E Ratio
Forward
EPS
3.32 Heidelberg 25.05
P/E 21.58 Shah 18.11
Price 71.66 Average 21.58
As part of relative valuation, EV/EBITDA multiple has
been calculated. The EV/EBITDA multiple has been
derived by peer companies’ EV/EBITDA calculated
on recent year-end financial statements. For this
relative valuation, PREMIERCEM and HEIDELBCEM
has been selected for their close proximity to the
EV/EBITDA of LAFSURCEML.
Identification of risk: Qualitative and
Quantitative
Identification of Risk:
1. Energy contract: LafargeHolcim has a Gas
Sales Agreement (GSA) with Jalalabad Gas
T&D System Ltd. (“Jalalabad Gas”) under
which the Company is entitled to get supply
of gas until end of 2025 at a price which is
capped by a Ceiling Price. Despite the
binding terms of the GSA, Jalalabad Gas is
contemplating to increase the price of gas
supplied to the Company beyond the
Ceiling Price. This poses significant financial
risks to the Company. Since energy
constitutes around 15% of the COGS of the
LHBL, it will affect the bottom line very
much.
2. Cross border operation: Another major risk
lies in the Company’s cross border
operation. Any interruption of limestone
supply from its Indian subsidiary company
causes a business continuity issue. Clinker
constitutes 70% of the raw material cost of
cement and the cross border disruption
may hurdle the competitive edge LHBL gets
in terms of raw material cost.
3. Overcapacity: Bangladesh is a cement
capacity surplus market. Despite this fact
new capacity is being added at a higher rate
than demand growth. This may further
intensify competition in the market
resulting in pressure on price. Now
comparing to a demand of 27.5 MN MT the
effective production is 50 MN MT. Thus
over capacity is a major risk.

15. Calculation of Expected Return
We recommend a higher weight of 60% on value
that we derived from DCF valuation and lower
weight of 20% on relative price-earnings based
valuation, 20% on EV/EBITDA based valuation. Based
on the weighted average of the DCF and relative
valuation we get a target price (11 Months) of BDT
63.16 for the company. At current market price,
LAFSURCEML’s shares have a P/E multiple of 82.46x
for 2017 annual earnings. With our recommended
target price the stock represents a total of 14.63%
appreciation on the price, which is higher than our
required rate of return.
Determination of Target Price
Valuation Method
Estimated
Value
Weight
DCF (FCFF) 58 0.6
P/E 71.66 0.2
EV/EBITDA 69.62 0.2
Target Price 63.16
Determination of Return
Current Price 54.4
Target Price 63.16
Expected Capital Gain 8.76
Net of 10% tax 7.88
Target Holding Period 11 Months
Expected Dividend Gain 1
Net of 20% tax 0.8
Total 11 Months Return 14.63%
Company Specific Factors of
Heidelberg Cement Bangladesh
Heidelberg Cement Bangladesh Limited
DSE: HEIDELBCEM
Target Price: BDT 350.01 (11 Month Holding Period)
Current Price: BDT 353
Valuation Date: 22nd
July, 2018
Company Overview
Company Fundamentals
Sector Cement
Market Cap (BDT mn) 20,273.5
Shareholders’ Equity (BDT mn) 4,699.7
Paid-Up Capital (BDT mn) 565.04
No. of Share Outstanding 56,503,590
Type of Instrument Equity
Book Value Per Share (BDT) 83.17
Forward P/E 18.46
EPS (BDT) 14.21
Market Category A
AGM Date Jun 7, 2018
CompanyProfile
HeidelbergCement Bangladesh Limited is
one of the largest producers of cement in
Bangladesh and a member of
HeidelbergCement Group, Germany. Sale of
Portland Composite Cement (PCC) through
two brands namely Scan Cement and Ruby
Cement is the key revenue driver of this
company. Its manufacturing units are
situated in Chittagong and Kanchpur having
a total installed capacity of 2.1 million MT.
Recently, additional capacity of grinding
unit of 750,000 MT/year in Chittagong had
started its commercial operation since
January 12, 2012.
Board Members
Chairman Kevin Gerard Gluskie
Managing Director Jose Marcelino Ugarte
Director Sim Soek Peng
Director Fong Wei Kurk
Director Juan-Fransisco Defalque
Independent Director Golam Farook
Independent Director Abdul Awal Mintoo
Director & CFO Jashim Uddin
Chowdhury, FCA

16. Revenue Drivers
Urbanization
By 2020, the urban population in Bangladesh would
be 38.2% and it will be around 45.6% by 2030. This
increasing trend of urban population will drive the
demand for increase in demand of cement thus
driving the revenue. Per capita cement consumption
which is currently 137kg is likely to increase as it is
far below global average of 500kg.
Real Estate Growth
Real estate sector of Bangladesh has experienced a
growth of 4.2% in last year. With the expectation of
increase in urban population, real estate growth is
likely to continue. This will lead to a growth more
real estate to be built which ultimate means a higher
demand for cement.
GDP Growth
The GDP of Bangladesh has been growing at around
7%. According to the World Bank and Bangladesh
Bank estimates, the growth will be around 6.8% to
7% till 2020. The per capita GDP will also rise which
will increase the demand of Cement as people will
be more likely initiate construction activity.
Remittance Growth
Remittance is one of major sources inflow for
Bangladesh and it has been increasing lately.
Monthly remittance inflow is likely to increase to
1600USD million in 2020 from 1482USD million right
now. The major use of the remitted money is to build
houses which will drive the demand for the cement.
Revenue Growth
The Revenue growth has been projected on the basis
of weight of drivers impacting the total revenue and
the price fall over the years and the expectations of
oil prices over coming years.
Cost Driver
The cost structure of HeidelbergCement is mainly
divided into 4 parts;
Costs Percentage of COGS
Raw Materials 83.4%
Energy 8.28%
Depreciation Expense 2.91%
Labor 0.88%
Other Costs 4.53%
Raw Materials – The Main Driver
The major cost driver for HeidelbergCement is its
Raw Materials consumption at 83.4% of COGS,
which can be further decomposed into;
Raw Materials Items Percentage of RM
Clinker 65.7%
Iron Slag 11.5%
Packing Materials 7.9%
Fly Ash 7.7%
Limestone & Others 3.9%
Gypsum 3.2%
From this, we can assume that the international
Clinker Market is a huge driver for the cost of
Heidelberg Cement, as they import all of the
required Raw Materials (Clinker, Iron Slag,
Limestone, etc.) from other countries.
Energy is Power
The fuel and power cost comes in second in our
cost driver analysis. The world oil market is a
significant player in this sector and electricity being
a major contributor as well. We can also see in the
industry that, due to power constraints the total
capacity cannot be fully utilized. The Electricity and
Power board will be a very important cost driver for
Heidelberg.
SWOT Analysis
Strength
 Strategic location of factory in Dhaka &
Chittagong
9802M
10128M
10465M
10814M
11174M
11546M
2017 2 0 1 8 2019 2020 2021 2022
TOTAL REVENUE IN MILLION

17.  Port facility of Chittagong
 Strong brand equity of Scan and Ruby with
Premium Price
 Strong sales force and dealer network
 Strong relationship with corporate customer
and large end user.
 Consistent quality
 Organizational positioning as “Quality
Leader”
 Operations in more than 40 countries
 More than 100 years of existence
Weakness
 Intense competition from the local
companies
 Price is expensive than consumer’s
perceived value.
 No conveyor belt: Expensive coaster
delivery
 One product line
 High production cost
 Selective distribution
Opportunities
 Growth of cement market in Bangladesh due
to development work.
 Demand for quality cement
 Affiliations with regular customers through
seminars and during AGM
 Scan/Ruby Cement has its unique quality
product and brand image, which is quite
important to establish new clients both in
Government and Private sector.
 Recent trend in falling clinker price.
Threats
 Strong competition from local brands is a
threat to HeidelbergCement
 Other popular brands offer lower price
 Sudden change in price for raw materials as
all Raw Materials are imported.
 Falling revenue in 2017.
 Cyclicality of the business.
Corporate Governance
HeidelbergCement Bangladesh Limited (HCBL)’s
ethos is simple: best practice in corporate
governance is best practice in business. This has
been the way HC Group operates to ensure that the
Group meets its long-term objectives to enhance
shareholders’ value on sustainable basis.
Board Composition:
The board is composed of 8 members that works
within the framework of the Memorandum &
Articles of Association of the Company, as approved
by the shareholders.
Roles & Responsibility:
Heidelberg Cement’s Corporate Governance
Framework is developed based on the following
statutory requirements, best practices and
guidelines –
1. Companies Act 1994 (CA 1994)
2. Stock Exchanges Listing Requirements
3. Bangladesh Securities and Exchange
Commission (BSEC) Corporate Governance
Guidelines of 2012, &
4. Other applicable rules, laws and regulations.
Transparency:
Heidelberg, ensures transparency via publishing
regular annual reports. The Board is committed to
ensuring that a clear, balanced and meaningful
assessment of the Company’s financial performance
and prospects through the audited financial
statements and quarterly announcement of results
are provided to shareholders and regulatory bodies.
Organizational structure & rights:
The organizational structure is strictly maintained
and the bodies are given proper authority and
autonomy. However, corporate governance
guideline and the company rules and regulations
ensures the organizational structure is strictly
followed.
Corporate Citizenship:
The Company’s focus on sustainable development,
its customer centric approach in creating value for
the customers by ensuring product quality and
innovative service offerings coupled with its
outreach to the communities it impacts through CSR
activities and programs has enabled your Company
to earn the trust and goodwill of its investors,

18. business partners, employees and other
stakeholders.
Management Quality
We will look into the experience, background and
education of the chairman, board of directors,
management and sourcing capability of the
company to reflect on the management quality.
Experience
The Chairman, Mr. Gluskie completed his Bachelor
of Engineering (Honors) with a major in Civil
Engineering. He held a number of operation roles
throughout Australia in the ready-mix concrete and
aggregates businesses.
With an experience of 25+ years, he was appointed
to the Managing Board of HeidelbergCement AG in
February 2016 and assumed responsibility from April
2016.
Background
The background of the board of directors and
management is diverse with relevant background.
The CEO and the Chairman alongside the directors
have relevant education, experience in similar
businesses and industry all over the world.
Moreover, the directors, chairman and CEO has
been involved in operation in various countries for
instance, Australia, Philippines, Belgium, Malaysia,
Singapore, China and many other countries.
Succession
A great advantage of being a multinational company
is that HeidelbergCement can hire or bring
employees from the global business operation they
have. The company has access to the global
employee base which can help them if or when they
face a tough time of the company.
Competitive Advantage
 HeidelbergCement has a factory in
Chittagong, which can supply all the export
requirements at cheaper transportation
cost as they can use the port facility of
Chittagong.
 HeidelbergCement provides its dealers and
supply chain with sufficient motivation for
their hard work.
 As a step of its commitment to innovation,
introduction of WEB and SMS enabled
services is being successful for
HeidelbergCement.
Financial Analysis of Heidelberg
Bangladesh Limited
Profitability Ratio
2013 2014 2015 2016 2017
Profitability
NPM 15% 11% 13% 14% 8%
ROE 20% 18% 24% 27% 17%
The price of cement in the market kept falling in the
above period, which resulted in a lower revenue
(Volume X Price = Revenue) starting from 2014 till
2017. It was the same in the case of Net Profit
Margin.
Liquidity Ratio
2013 2014 2015 2016 2017
Liquidity
Current Ratio 291% 233% 196% 173% 159%
Quick Ratio 246% 196% 165% 134% 124%
The current ratio is more than 150% over the 5-year
period of time signifies a sound current asset to
current liability ratio.
Quick Ratio signifies that Heidelberg can meet its
short time liabilities without any problem. Although
it was decreasing over time.
Efficiency Ratio
2013 2014 2015 2016 2017
Efficiency
Inventory
Turnover
6.9x 8.3x 8.1x 5.3x 6.7x
Fixed Asset
Turnover
2.7x 2.8x 2.9x 3.0x 2.8x
According to the ratios calculated above, it can be
safe to assume that the company is being efficient
in handling its inventory year by year. And it has a
healthy fixed asset turnover.

19. Leverage Ratio
In Heidelberg’s capital structure there is no debt.
Z-Score of LafargeHolcim
Total Asset 8,730,499,000
Working Capital 1,962,338,000
Retained Earnings 3,505,370,000
EBIT 1,155,495,000
Equity 4,699,663,000
Total Liabilities 4,030,836,000
Sales 9,801,506,000
Factor
A 0.22 1.2
B 0.40 1.4
C 0.13 3.3
D 1.17 0.6
E 1.12 0.999
Z Score 3.09
Z-Score Zones
Z > 2.99 – “Safe” Zone
1.81 < Z < 2.99 – “Gray” Zone
Z < 1.81 – “Distress” Zone
LafargeHolcim has a Z-Score value of 3.09 which falls
in the Safe Zone.
DuPont Analysis
2013 2014 2015 2016 2017
NPM 14.80% 11.23% 13.37% 14.22% 8.19%
TAT 0.93 1.03 1.07 1.04 1.12
EM 1.43 1.56 1.69 1.82 1.86
ROE
(3-
factor)
19.676% 18.080% 24.261% 26.967% 17.090%
DuPont analysis is a useful technique used to
decompose the different drivers of the return on
equity (ROE). Decomposition of ROE allows investors
to focus their research on the distinct company
performance indicators otherwise cursory
evaluation.
The main driver of ROE for LafargeHolcim is its Equity
Multiplier. Due to debt being present in the
company structure, even though the Total Asset
Turnover is decreasing the NPM is increasing.
Valuation Techniques for Heidelberg
Bangladesh Ltd
Key Assumptions Underlying the Valuation
Revenue
Revenue is estimated on the basis of volume
demand drivers, volume supply drivers, weighted
growth, and oil price as a proxy of clinker price.
The Volume Demand Drivers included,
Urbanization, Government Expenditure and Real
Estate Growth.
Sales Growth Calculation
Cement First Five Years
Volume Demand Drivers Growth Weight
Real Estate Growth 4.90% 0.40
Govt Expenditure 15% 0.10
Urbanization 3% 0.50
Volume Supply Drivers
Weighted Growth 5.2%
Less: Price Fall -1.29%
Expected Growth Rate 3.870%
Discounted Cash Flow Valuation
Enterprise value 10212718734
Less: Interest bearing debt 0
Plus: Cash & cash equivalent 2790303000
Equity value 13003021734
Number of stocks outstanding 56503580
Value per share (FCF) 230.1273961
Market value per share 353
Decision Overvalued
Speculative value per share 223.0621008

20. Relative Valuation
According to the Relative Valuation model, we
could determine that the Value per Share for
Heidelberg was BDT 596.99
For multiples, average historical P/E multiple, and
Peer Companies’ (LAFARGEHOLCIM, SHAH) average
P/E (based on TTM EPS) has been considered.
Relative Valuation (EV/EBITDA) Multiples
EV/EBITDA Multiple Valuation EV/EBITDA
EV/EBITDA 20.3 LafargeHolcim 26.6
EBITDA
(2018)
1524237211 Sector 14
EV 30,942,015,391 Average 20.3
Cash 2,790,303,000.00
less: Interest
debt
0
Equity Value 33,732,318,391.00
Value Per
Share
596.99
Relative Valuation (P/E) Multiples
P/E Ratio
Forward EPS 19 Sector 31.7
P/E 24.905 Shah 18.11
Price 483.88 Average 24.91
As part of relative valuation, EV/EBITDA multiple has
been calculated. The EV/EBITDA multiple has been
derived by peer companies’ EV/EBITDA calculated
on recent year-end financial statements. For this
relative valuation, SHAH and LAFARGEHOLCIM has
been selected for their close proximity to the
EV/EBITDA of LAFSURCEML.
Identification of risk: Qualitative and
Quantitative
1. Industry-specific risks: Private residential
construction primarily depends on access to
affordable loans, the trend in house prices,
and the available household income, which
is in turn influenced by the rate of
unemployment and inflation. The
development of this construction sector is
mostly subject to country-specific risks and
uncertainties. The weather is a major
industry-specific risk, mainly because of the
seasonal nature of demand. Harsh winters
with extremely low temperatures or high
precipitation negatively impact construction
activity and therefore demand for building
materials.
2. Sales market risk: We counteract weather-
related fluctuations in sales volumes and
risks from trends in sales markets with
regional diversification, increased customer
focus, the development of special products,
and, to the extent possible, with operational
measures: for example, we adjust the
production level to the demand situation
and use flexible working time models, or we
close individual locations if the local
construction industry remains consistently
weak.
3. Volatility of energy and raw material prices:
For an energy-intensive company such as
Heidelberg Cement, price trends in energy
markets, which are extremely volatile,
represent a considerable risk. In 2017,
average annual energy prices were
significantly above the previous year. After
reaching its low point at the start of 2016,
the oil price doubled by year end and
stabilised in 2017. Along with energy price
the oil price which works as the proxy of
clinker price is supposed to be increased by
0.04%.
Calculation of Expected Return
We recommend a higher weight of 60% on value
that we derived from DCF valuation and lower
weight of 20% on relative price-earnings based
valuation, 20% on EV/EBITDA based valuation. Based
on the weighted average of the DCF and relative
valuation we get a target price (11 Months) of BDT
63.16 for the company. At current market price,
LAFSURCEML’s shares have a P/E multiple of 82.46x
for 2017 annual earnings. With our recommended
target price the stock represents a total of 14.63%

21. appreciation on the price, which is higher than our
required rate of return.
Determination of Target Price
Valuation Method Estimated Value Weight
DCF (FCFF) 223 0.6
P/E 483.88 0.2
EV/EBITDA 596.99 0.2
Target Price 350.01
Determination of Return
Current Price 353
Target Price 350.01
Expected Capital Gain (2.99)
Net of 10% tax (2.69)
Target Holding Period 11 Months
*Expected Dividend Gain 15
Net of 20% tax 12
Total 11 Months Return 2.42%
*Company pays 150% Dividend
Decision Making & Justification
Decision: Invest in LafargeHolcim Bangladesh
Limited
Return Potential: 14.63% (during the investment
horizon of 11 months)
50 million BDT should be invested in LafargeHolcim
Bangladesh Limited as it meets the investor’s
objective of generating a minimum return of 14%.
There are three major reasons based on which we
believe, LafargeHolcim should be selected.
1. Risk and return tradeoff: LafargeHolcim is
expected to generate a return of 14.63%
whereas the Heidelberg would only be able
to generate a return of 2.42% during the
investment horizon. We realize that higher
return comes with higher risk. The investor
will be exposed to the risk of falling clinker
price, higher energy cost, and cross-border
operations. However, LafargeHolcim has
strong management capability coupled with
the operational capability will help the
company succeed within the investment
horizon.
2. Management Capability: the chairman and
CEO of the company has more than 25 and
15 years of experience across sectors.
Besides, most of the directors and the
chairman had been involved in successful
mergers and acquisitions which reflects the
strengths of the management. We believe
they will be able to maintain the second
position in the industry perhaps increase the
market share as well with their prudential
management.
3. Financial Strengths: we see that
LafargeHolcim has been able to maintain a
strong profit margin over the years which its
competitors couldn’t do. Moreover, the
revenue stream of the company is
diversified as it sells clinker as well which no
other company in the industry does.

22. However, we see the Z score of the
Heidelberg is slightly better than
LafargeHolcim which is completely
understandable as the company is going
through a merger and acquisition situation.
And Lafarge is capable enough to maintain
its financial strengths as it excels in both
operation and resources.
4. Operational Excellence and Brand Image:
LafargeHolcim has received awards for
being one of the most successful cement
brand in the country by Bangladesh Brand
Forum from 2012-2017. Besides, the
company has maintained its capital
structure and utilized its resources properly
which is the reason behind the success of
the company.
Conclusion
Meridian Finance Investment Limited should buy the
shares of LafargeHolcim Bangladesh Limited, as this
will give them a return of 14.63% for the investor
which will as a result generate a proceed of BDT 6.71
million.
We believe there are four reasons behind this
decision: meeting return objective of the investor,
strong operational efficiency, favorable financial
position and strong management quality.

23. Appendix
Sale Growth and Forecast of LafargeHolcim Bangladesh Limited
Sales Projections Actual
Revenue Mix 2013 2014 2015 2016 2017
Total Revenue 11,330,374,000 11,583,029,000 10,967,952,000 10,728,855,000 10,819,131,000
Solo 10,700,233,472
Holcim 6,356,122,032
0.753 0.807 0.82 0.827 0.729
Cement Revenue 8,531,771,622 9,347,504,403 8,993,720,640 8,872,763,085 7,887,146,499
Growth Rate 10% -4% -1% -11%
Clinker 0.247 0.193 0.18 0.173 0.271
Clinker Revenue 2,798,602,378 2,235,524,597 1,974,231,360 1,856,091,915 2,931,984,501
Clinker revenue growth -20% -12% -6% 58%
Total Revenue
Sales Projections Projected
Revenue Mix 2018 2019 2020 2021 2022
Total Revenue
Solo 11,233,356,102 12,242,374,990 13,342,027,443 14,645,709,038 16,076,776,497
Holcim 6,672,806,010 7,272,180,519 7,925,392,919 8,699,802,125 9,549,880,717
Cement Revenue 17,906,162,112.24 19,514,555,508.89 21,267,420,361.91 23,345,511,162.67 25,626,657,214.27
Growth Rate 4.982% 8.982% 8.982% 9.771% 9.771%
Clinker
Clinker Revenue 3,117,682,693.93 3,377,495,796.25 3,658,960,508.04 3,963,881,173.23 4,294,212,501.31
Clinker revenue
growth
6.33% 8.33% 8.33% 8.33% 8.33%
Total Revenue 21,023,844,806.17 22,892,051,305.14 24,926,380,869.95 27,309,392,335.90 29,920,869,715.58