The document contains a financial model for Bamburi Cement Limited including an income statement, balance sheet, cash flow statement, assumptions, and notes. It shows projected growth in revenue, earnings, and cash flows over the period 2017-2021. Key assumptions include revenue growth of 5% annually, declining cost of goods sold as a percentage of revenue, and increasing SG&A expenses. The model indicates increasing profitability, cash flows, and dividends over the projection period.
Zee TV is an India-based satellite television channel owned by Zee Entertainment Enterprises based in Mumbai, Maharashtra,[1] which broadcasts various programmes in Hindi and other regional languages of India. Broadcasting is also present in various nations of South Asia, Europe, the Middle East, Africa, East Asia, Australasia and North America. It is a part of the Essel Group.
We at JM financial provides m&a advisory on corporate mergers, acquisitions and divestitures as well as debt and equity financing. To explore more about our financial services, click on our website jmfl.com
'CEO Dashboard'. Present monthly business performance to your CEO in a world-class, dynamic, and flexible dashboard. Ready dashboard, just plug your data. More: https://www.bizinfograph.com/dashboard-templates/50
Zee TV is an India-based satellite television channel owned by Zee Entertainment Enterprises based in Mumbai, Maharashtra,[1] which broadcasts various programmes in Hindi and other regional languages of India. Broadcasting is also present in various nations of South Asia, Europe, the Middle East, Africa, East Asia, Australasia and North America. It is a part of the Essel Group.
We at JM financial provides m&a advisory on corporate mergers, acquisitions and divestitures as well as debt and equity financing. To explore more about our financial services, click on our website jmfl.com
'CEO Dashboard'. Present monthly business performance to your CEO in a world-class, dynamic, and flexible dashboard. Ready dashboard, just plug your data. More: https://www.bizinfograph.com/dashboard-templates/50
'CFO Dashboard'. Dynamic and flexible dashboard for CFO to monitor the progress of profitability, cash flow, and balance sheet indicators. Ready dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/51
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Example Presentation Of Financial Reports PowerPoint Presentation Slides SlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
The Fiancial model of Nestle India Ltd Include:
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- Ratio Analysis
- Scenerio Analysis
- WACC calculation
- Discounted Cash Flow Model
- Financial Dashboard etc,
**Disclaimer: This financial model only for education purpose not for any investment/trade recommendation.
please due your own due diligence before investment/trade in financial market.
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'CFO Dashboard'. Dynamic and flexible dashboard for CFO to monitor the progress of profitability, cash flow, and balance sheet indicators. Ready dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/51
'Financial Dashboard'. Dynamic and flexible dashboard for the finance team to monitor the progress of financial indicators. Ready dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/52
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Example Presentation Of Financial Reports PowerPoint Presentation Slides SlideTeam
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The Fiancial model of Nestle India Ltd Include:
- Income Statement, Balance sheet, Cash Flow Statement
- Ratio Analysis
- Scenerio Analysis
- WACC calculation
- Discounted Cash Flow Model
- Financial Dashboard etc,
**Disclaimer: This financial model only for education purpose not for any investment/trade recommendation.
please due your own due diligence before investment/trade in financial market.
'Cash Flow Dashboard'. Keep focusing on the indicators that matter to your cash flow management. Dynamic and flexible dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/53
Name: Date:
Target Corporation Case
Answers and Analysis
Target Corporation (Target) operates large general merchandise and food discount stores in all of the
United States, with the exception of Alaska Hawaii, and Vermont. The company also has its own credit
card operations and operates a fully integrated online business, target.com. Although the online portion of
target’s business is small relative to the overall size of target, sales are growing at a more rapid pace in the
online business compared to the in-store sales. The company’s philosophy is to offer their customers a
delightful shopping experience and their team members a preferred place to work, and to invest in the
communities in which target conducts business to improve quality of life. Selected information from the
2007 form 10-k of Target Corporation is on pages 228-237.
Required:
1. Analyze the firm’s financial statements and supplementary information. Your analysis should include
the preparation of common-size financial statements, key financial ratios, and an evaluation of
short-term liquidity, operating efficiency, capital structure and long-term solvency, profitability, and
market measures.
2. Identify the strengths and weaknesses of the company.
3. What is your opinion of the investment potential and the creditworthiness of Target Corporation?
Company Overview:
Target Corporation (Target or ‘the company’) operates large format general merchandise and food
discount stores in the US, which include Target and Super Target stores. The company offers both
everyday essentials and fashionable merchandise. Target is headquartered in Minneapolis, Minnesota
and employs 366,000 people. The company recorded revenues of $63,367 million in the fiscal year
ended January 2008, an increase of 6.5% over 2007. The operating profit of the company was $5,272
million in the fiscal year 2008, an increase of 4% over 2007. The net profit was $2,849 million in the
fiscal year 2008, an increase of 2.2% over 2007.
Target Corporation
Consolidated Balance Sheets and common-size Balance Sheets
(In millions, except share and per share date)
Period End Date
2008
02/02/2008
2007
02/03/2007
Assets
Cash and Short Term Investments 2,450.00 12.96% 813 5.53%
Cash & Equivalents 599 3.17% 813 5.53%
Short Term Investments 1,851.00 9.79% 0 0.00%
Total Receivables, Net 8,651.00 45.76% 6,757.00 45.95%
Accounts Receivable - Trade, Net 8,054.00 42.60% 6,194.00 42.12%
Accounts Receivable - Trade, Gross 8,624.00 45.62% 6,711.00 45.63%
Provision for Doubtful Accounts -570 -3.01% -517 -3.52%
Receivables - Other 597 3.16% 563 3.83%
Total Inventory 6,780.00 35.86% 6,254.00 42.53%
Prepaid Expenses 0 0.00% 0 0.00%
Other Current Assets, Total 1,025.00 5.42% 882 6.00%
Total Current Assets 18,906.00 100.00% 14,706.00 100.00%
Property/Plant/Equipment, Total - Net 24,095.00 127.45% 21.
Name: Date:
Target Corporation Case
Answers and Analysis
Target Corporation (Target) operates large general merchandise and food discount stores in all of the
United States, with the exception of Alaska Hawaii, and Vermont. The company also has its own credit
card operations and operates a fully integrated online business, target.com. Although the online portion of
target’s business is small relative to the overall size of target, sales are growing at a more rapid pace in the
online business compared to the in-store sales. The company’s philosophy is to offer their customers a
delightful shopping experience and their team members a preferred place to work, and to invest in the
communities in which target conducts business to improve quality of life. Selected information from the
2007 form 10-k of Target Corporation is on pages 228-237.
Required:
1. Analyze the firm’s financial statements and supplementary information. Your analysis should include
the preparation of common-size financial statements, key financial ratios, and an evaluation of
short-term liquidity, operating efficiency, capital structure and long-term solvency, profitability, and
market measures.
2. Identify the strengths and weaknesses of the company.
3. What is your opinion of the investment potential and the creditworthiness of Target Corporation?
Company Overview:
Target Corporation (Target or ‘the company’) operates large format general merchandise and food
discount stores in the US, which include Target and Super Target stores. The company offers both
everyday essentials and fashionable merchandise. Target is headquartered in Minneapolis, Minnesota
and employs 366,000 people. The company recorded revenues of $63,367 million in the fiscal year
ended January 2008, an increase of 6.5% over 2007. The operating profit of the company was $5,272
million in the fiscal year 2008, an increase of 4% over 2007. The net profit was $2,849 million in the
fiscal year 2008, an increase of 2.2% over 2007.
Target Corporation
Consolidated Balance Sheets and common-size Balance Sheets
(In millions, except share and per share date)
Period End Date
2008
02/02/2008
2007
02/03/2007
Assets
Cash and Short Term Investments 2,450.00 12.96% 813 5.53%
Cash & Equivalents 599 3.17% 813 5.53%
Short Term Investments 1,851.00 9.79% 0 0.00%
Total Receivables, Net 8,651.00 45.76% 6,757.00 45.95%
Accounts Receivable - Trade, Net 8,054.00 42.60% 6,194.00 42.12%
Accounts Receivable - Trade, Gross 8,624.00 45.62% 6,711.00 45.63%
Provision for Doubtful Accounts -570 -3.01% -517 -3.52%
Receivables - Other 597 3.16% 563 3.83%
Total Inventory 6,780.00 35.86% 6,254.00 42.53%
Prepaid Expenses 0 0.00% 0 0.00%
Other Current Assets, Total 1,025.00 5.42% 882 6.00%
Total Current Assets 18,906.00 100.00% 14,706.00 100.00%
Property/Plant/Equipment, Total - Net 24,095.00 127.45% 21 ...
Name: Date:
Target Corporation Case
Answers and Analysis
Target Corporation (Target) operates large general merchandise and food discount stores in all of the
United States, with the exception of Alaska Hawaii, and Vermont. The company also has its own credit
card operations and operates a fully integrated online business, target.com. Although the online portion of
target’s business is small relative to the overall size of target, sales are growing at a more rapid pace in the
online business compared to the in-store sales. The company’s philosophy is to offer their customers a
delightful shopping experience and their team members a preferred place to work, and to invest in the
communities in which target conducts business to improve quality of life. Selected information from the
2007 form 10-k of Target Corporation is on pages 228-237.
Required:
1. Analyze the firm’s financial statements and supplementary information. Your analysis should include
the preparation of common-size financial statements, key financial ratios, and an evaluation of
short-term liquidity, operating efficiency, capital structure and long-term solvency, profitability, and
market measures.
2. Identify the strengths and weaknesses of the company.
3. What is your opinion of the investment potential and the creditworthiness of Target Corporation?
Company Overview:
Target Corporation (Target or ‘the company’) operates large format general merchandise and food
discount stores in the US, which include Target and Super Target stores. The company offers both
everyday essentials and fashionable merchandise. Target is headquartered in Minneapolis, Minnesota
and employs 366,000 people. The company recorded revenues of $63,367 million in the fiscal year
ended January 2008, an increase of 6.5% over 2007. The operating profit of the company was $5,272
million in the fiscal year 2008, an increase of 4% over 2007. The net profit was $2,849 million in the
fiscal year 2008, an increase of 2.2% over 2007.
Target Corporation
Consolidated Balance Sheets and common-size Balance Sheets
(In millions, except share and per share date)
Period End Date
2008
02/02/2008
2007
02/03/2007
Assets
Cash and Short Term Investments 2,450.00 12.96% 813 5.53%
Cash & Equivalents 599 3.17% 813 5.53%
Short Term Investments 1,851.00 9.79% 0 0.00%
Total Receivables, Net 8,651.00 45.76% 6,757.00 45.95%
Accounts Receivable - Trade, Net 8,054.00 42.60% 6,194.00 42.12%
Accounts Receivable - Trade, Gross 8,624.00 45.62% 6,711.00 45.63%
Provision for Doubtful Accounts -570 -3.01% -517 -3.52%
Receivables - Other 597 3.16% 563 3.83%
Total Inventory 6,780.00 35.86% 6,254.00 42.53%
Prepaid Expenses 0 0.00% 0 0.00%
Other Current Assets, Total 1,025.00 5.42% 882 6.00%
Total Current Assets 18,906.00 100.00% 14,706.00 100.00%
Property/Plant/Equipment, Total - Net 24,095.00 127.45% 21.
Name: Date:
Target Corporation Case
Answers and Analysis
Target Corporation (Target) operates large general merchandise and food discount stores in all of the
United States, with the exception of Alaska Hawaii, and Vermont. The company also has its own credit
card operations and operates a fully integrated online business, target.com. Although the online portion of
target’s business is small relative to the overall size of target, sales are growing at a more rapid pace in the
online business compared to the in-store sales. The company’s philosophy is to offer their customers a
delightful shopping experience and their team members a preferred place to work, and to invest in the
communities in which target conducts business to improve quality of life. Selected information from the
2007 form 10-k of Target Corporation is on pages 228-237.
Required:
1. Analyze the firm’s financial statements and supplementary information. Your analysis should include
the preparation of common-size financial statements, key financial ratios, and an evaluation of
short-term liquidity, operating efficiency, capital structure and long-term solvency, profitability, and
market measures.
2. Identify the strengths and weaknesses of the company.
3. What is your opinion of the investment potential and the creditworthiness of Target Corporation?
Company Overview:
Target Corporation (Target or ‘the company’) operates large format general merchandise and food
discount stores in the US, which include Target and Super Target stores. The company offers both
everyday essentials and fashionable merchandise. Target is headquartered in Minneapolis, Minnesota
and employs 366,000 people. The company recorded revenues of $63,367 million in the fiscal year
ended January 2008, an increase of 6.5% over 2007. The operating profit of the company was $5,272
million in the fiscal year 2008, an increase of 4% over 2007. The net profit was $2,849 million in the
fiscal year 2008, an increase of 2.2% over 2007.
Target Corporation
Consolidated Balance Sheets and common-size Balance Sheets
(In millions, except share and per share date)
Period End Date
2008
02/02/2008
2007
02/03/2007
Assets
Cash and Short Term Investments 2,450.00 12.96% 813 5.53%
Cash & Equivalents 599 3.17% 813 5.53%
Short Term Investments 1,851.00 9.79% 0 0.00%
Total Receivables, Net 8,651.00 45.76% 6,757.00 45.95%
Accounts Receivable - Trade, Net 8,054.00 42.60% 6,194.00 42.12%
Accounts Receivable - Trade, Gross 8,624.00 45.62% 6,711.00 45.63%
Provision for Doubtful Accounts -570 -3.01% -517 -3.52%
Receivables - Other 597 3.16% 563 3.83%
Total Inventory 6,780.00 35.86% 6,254.00 42.53%
Prepaid Expenses 0 0.00% 0 0.00%
Other Current Assets, Total 1,025.00 5.42% 882 6.00%
Total Current Assets 18,906.00 100.00% 14,706.00 100.00%
Property/Plant/Equipment, Total - Net 24,095.00 127.45% 21.
Presentation on Private Equity Valuation of Bkash. This presentation was performed for a National Financial Modeling Competition called " Blueprints," organized by NSU Finance Club
Merger and Acquisition PowerPoint Presentation Slides SlideTeam
Mergers and acquisitions are a very complex process, our Merger And Acquisition PowerPoint Presentation Slides can help you to explain this complex process in a simpler way. The merger is a consolidation of two companies into one, whereas acquisition takes place when one company takes over another company. Business valuation PowerPoint compete deck helps you portray the entire process as it contains a set of slides such as key steps, company overview, business, and financial overview, determining new growth market, types of inorganic opportunities, M&A criteria, identify targets, balance sheet KPIs, cash flow statement, financial projections, key financial ratios, liquidity and profitability ratios, activity and solvency ratios, M&A synergy framework, company valuation methodologies, valuation results, business due diligence process, post-merger integration framework, challenges and performance tracker etc. This strategic alliance Presentation template is useful for business as well as educational purposes. Download M&A valuation PPT slide to give a presentation in top-level organizational meetings. Spray your thoughts with our Merger And Acquisition PowerPoint Presentation Slides. Your audience will swoon with their heady aroma.
Merger And Acquisition Powerpoint Presentation SlidesSlideTeam
Mergers and acquisitions are a very complex process, our Merger And Acquisition PowerPoint Presentation Slides can help you to explain this complex process in a simpler way. The merger is a consolidation of two companies into one, whereas acquisition takes place when one company takes over another company. Business valuation PowerPoint compete deck helps you portray the entire process as it contains a set of slides such as key steps, company overview, business, and financial overview, determining new growth market, types of inorganic opportunities, M&A criteria, identify targets, balance sheet KPIs, cash flow statement, financial projections, key financial ratios, liquidity and profitability ratios, activity and solvency ratios, M&A synergy framework, company valuation methodologies, valuation results, business due diligence process, post-merger integration framework, challenges and performance tracker etc. This strategic alliance Presentation template is useful for business as well as educational purposes. Download M&A valuation PPT slide to give a presentation in top-level organizational meetings. Spray your thoughts with our Merger And Acquisition Powerpoint Presentation Slides. Your audience will swoon with their heady aroma. https://bit.ly/3y8H2MI
Similar to Muthengi mike bamburi financial model - enhancement (20)
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
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Even tho Pi network is not listed on any exchange yet.
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US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
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what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
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1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
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This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
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USDA Loans in California: A Comprehensive Overview.pptx
Muthengi mike bamburi financial model - enhancement
1. Income Statement
Balance Sheet
Cash Flow Statement
Debt Schedule
Interest Schedule
Discounted Cash Flow Analysis
WACC
Comparative Analysis
Credit and Leverage Statistics
IRR Analysis
Illustrative Reference Range
Football Field
Illustrative Graphs
Historical Statement
DISCLAIMER:
The content provided on this document is provided as general information on research and does not constitute advice or
recommendation by Muthengi Mike and should not be relied upon for investment decisions or any other matter and that this
document does not constitute a distribution recommending the purchase or sale of any security or portfolio. Please note that past
performance is no indication of future results. The ideas expressed in the document are solely the opinions of the author at the
time of publication and are subject to change without notice. Although the author has made every effort to provide accurate
information at the date of publication all information available in this report is provided without any express or implied warranty of
any kind as to its correctness. You should consult your own independent financial adviser to obtain professional advice before
exercising any decisions based on the information present in this document. Any action that you take as a result of this
information, analysis, or advertisement is ultimately your responsibility.
Bamburi Cement Limited Financial Model
Muthengi Mike
mmusimi@gmail.com
TABLE OF CONTENTS
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Bamburi Cement Limited Base Case
Income Statement
(All figures in millions, except per share data)
Actual Estimated Projected
Fiscal 2013 2014 2015 2016 2017 2018 2019 2020 2021
Net Revenue 28,075 KES 33,928 KES 36,029 KES 39,200 KES 38,034 KES 39,936 KES 41,932 KES 44,029 KES 46,231 KES 48,542
Cost of Sales (25,411) (26,683) (26,663) (24,790) (25,950) (27,163) (28,433) (29,763) (31,154)
Gross Profit KES 8,517 KES 9,346 KES 12,537 KES 13,244 KES 13,986 KES 14,769 KES 15,596 KES 16,468 KES 17,388
SG&A Expenses (3,353) (3,818) (4,302) (5,342) (5,689) (6,057) (6,448) (6,863) (7,303)
Investment Income 473 349 374 369 350 611 756 914 1,086
Operating Income 5,637 5,877 8,609 8,271 8,647 9,323 9,904 10,519 11,171
Interest Expense (121) (76) - - - - - - -
Pre-Tax Income KES 5,516 KES 5,801 KES 8,609 KES 8,271 KES 8,647 KES 9,323 KES 9,904 KES 10,519 KES 11,171
Income Taxes (1,843) (1,898) (2,631) (2,381) (2,594) (2,797) (2,971) (3,156) (3,351)
Minority Interest (210) (205) (345) (612) (647) (686) (727) (771) (817) (866)
Net Income KES 3,468 KES 3,558 KES 5,366 KES 5,243 KES 5,367 KES 5,799 KES 6,162 KES 6,547 KES 6,954
Diluted Shares Outstanding 363.0 363.0 363.0 363.0 363.0 363.0 363.0 363.0 363.0
Diluted Earnings per Share KES 9.55 KES 9.80 KES 14.78 KES 14.45 KES 14.79 KES 15.98 KES 16.98 KES 18.04 KES 19.16
EBITDA KES 7,172 KES 7,511 KES 10,249 KES 9,868 KES 10,324 KES 11,084 KES 11,753 KES 12,460 KES 13,209
EBITDA Margin 21.1% 20.8% 26.1% 25.9% 25.9% 26.4% 26.7% 27.0% 27.2%
Income Statement Assumptions
SCENARIO Base Case
Net Revenue Growth (9.5)% 6.2% 8.8% (3.0)% 5.0% 5.0% 5.0% 5.0% 5.0%
Upside Case 8.0% 8.0% 8.0% 8.0% 8.0%
Base Case 5.0% 5.0% 5.0% 5.0% 5.0%
Downside 2.0% 2.0% 2.0% 2.0% 2.0%
COGS, % of Revenue -0.20% 74.9% 74.1% 68.0% 65.2% 65.0% 64.8% 64.6% 64.4% 64.2%
SG&A Expenses, % of Revenue 0.20% 9.9% 10.6% 11.0% 14.0% 14.2% 14.4% 14.6% 14.8% 15.0%
Minority Interest Growth (56.0)% 68.3% 77.4% 5.7% 6.0% 6.0% 6.0% 6.0% 6.0%
Effective Tax Rate 33.4% 32.7% 30.6% 28.8% 30.0% 30.0% 30.0% 30.0% 30.0%
Depreciation & Amortization KES 1,535 KES 1,634 KES 1,640 KES 1,597 KES 1,677 KES 1,761 KES 1,849 KES 1,941 KES 2,038
D&A, % of Revenue 4.5% 4.5% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2%
Note: Fiscal year ends December 31 of each year.
Mike Muthengi:
Decrease in COGS due to economies of scale.
Mike Muthengi:
One time Restructuring
charges of Kes. 192M
normalized. AR p 57.
Bad debt recoveries of 48M
adjusted. AR P 113.
Mike Muthengi:
Adjustments for above
Inventory write down,
Restructuring charges, Bad
debts recovery effected in
Income Taxes.
Mike Muthengi:
One time Inventory write
down of Kes. 7M normalized.
AR Pg 112
Mike Muthengi:
SG&A exhibiting diseconomies of scale, thus
increasing overtime.
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Bamburi Financial Model - Enhancements - V2.xlsx: BS 7/18/2017
Bamburi Cement Limited Base Case
Balance Sheet
(Kes. in millions)
Actual Estimated Projected
Fiscal 2014 2015 2016 2017 2018 2019 2020 2021
ASSETS
Current Assets
Cash & Equivalents KES 7,644 KES 8,453 KES 6,972 KES 12,160 KES 15,052 KES 18,195 KES 21,608 KES 25,305
Trade & other Receivables, net 2,209 2,945 5,529 3,282 3,447 3,619 3,800 3,990
Inventories 5,585 6,604 6,331 6,627 6,937 7,261 7,601 7,956
Corporate Tax Recoverable 107 131 168 168 168 168 168 168
Total Current Assets KES 15,545 KES 18,133 KES 19,000 KES 22,237 KES 25,603 KES 29,244 KES 33,177 KES 37,419
Net PPE KES 24,263 KES 22,897 KES 21,093 KES 19,916 KES 18,655 KES 17,307 KES 15,866 KES 14,327
Goodwill 217 217 217 217 217 217 217 217
Prepaid Operating Lease Rentals 186 164 145 145 145 145 145 145
Intangible Assets 118 84 78 78 78 78 78 78
Other Equity Investments 662 535 278 278 278 278 278 278
TOTAL ASSETS KES 40,991 KES 42,030 KES 40,811 KES 42,871 KES 44,977 KES 47,269 KES 49,760 KES 52,465
LIABILITIES
Current Liabilities
Trade & Other Payable KES 6,414 KES 6,803 KES 6,883 KES 7,227 KES 7,589 KES 7,968 KES 8,366 KES 8,785
Accrued Liabilities & Others 354 890 163 399 419 440 462 485
Revolver - - - - - - - -
Short Term & Current Portion of Long-Term Debt - - - - - - - -
Total Current Liabilities KES 6,768 KES 7,693 KES 7,046 KES 7,627 KES 8,008 KES 8,408 KES 8,829 KES 9,270
Long-Term Debt KES 0 KES 0 KES 0 KES 0 KES 0 KES 0 KES 0 KES 0
Deferred Tax Liability 3,955 3,365 2,674 2,674 2,674 2,674 2,674 2,674
Provisions 457 620 695 695 695 695 695 695
Employee's Benefit Liabilities 692 646 577 577 577 577 577 577
TOTAL LIABILITIES KES 11,872 KES 12,324 KES 10,992 KES 11,573 KES 11,954 KES 12,354 KES 12,775 KES 13,216
SHAREHOLDERS' EQUITY
Minority Interest KES 2,391 KES 2,817 KES 3,414 KES 4,100 KES 4,827 KES 5,597 KES 6,414 KES 7,280
Share Capital 1,815 1,815 1,815 1,815 1,815 1,815 1,815 1,815
Retained Earnings 17,220 18,348 19,148 19,942 20,939 22,060 23,315 24,712
Accumulated Other Comp. Income 7,693 6,726 5,442 5,442 5,442 5,442 5,442 5,442
TOTAL SHAREHOLDERS' EQUITY KES 29,119 KES 29,706 KES 29,819 KES 31,299 KES 33,023 KES 34,914 KES 36,986 KES 39,249
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY KES 40,991 KES 42,030 KES 40,811 KES 42,871 KES 44,977 KES 47,269 KES 49,760 KES 52,465
Check o.k o.k o.k o.k o.k o.k o.k o.k
Net Revenue KES 36,029 KES 39,200 KES 38,034 KES 39,936 KES 41,932 KES 44,029 KES 46,231 KES 48,542
Cost of Sales 26,683 26,663 24,790 25,950 27,163 28,433 29,763 31,154
SG&A Expenses before D&A 2,184 2,662 3,745 4,012 4,297 4,599 4,922 5,265
Days Receivable Outstanding 22.4 27.4 53.1 30.0 30.0 30.0 30.0 30.0
Days Inventories Outstanding 76.4 90.4 93.2 93.2 93.2 93.2 93.2 93.2
Days Payable Outstanding 81.1 84.7 88.0 88.0 88.0 88.0 88.0 88.0
Accrued Liabilities & Others, % of Revenue 1.0% 1.1% 0.4% 1.0% 1.0% 1.0% 1.0% 1.0%
Note: Fiscal year ends December 31 of each year.
Mike Muthengi:
DSO AR16, P100.
Mike Muthengi:
SG&A before D&A and
Interest.
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Bamburi Cement Limited Base Case
Cash Flow Statement
(Kes. in millions)
Estimated Projected
Fiscal 2017 2018 2019 2020 2021
Cash From Operating Activities:
Net Income KES 6,053 KES 6,526 KES 6,933 KES 7,363 KES 7,820
Plus: Depreciation & Amortization 1,677 1,761 1,849 1,941 2,038
Changes in Working Capital:
(Increase)/Decrease in Trade & other Receivables, net KES 2,247 (KES 164) (KES 172) (KES 181) (KES 190)
(Increase)/Decrease in Inventories (296) (310) (324) (339) (355)
Increase/(Decrease) in Trade & Other Payable 344 361 379 398 418
Increase/(Decrease) in Accrued Liabilities & Others 236 20 21 22 23
Total Change in Working Capital KES 2,531 (KES 93) (KES 96) (KES 100) (KES 104)
Total Cash From Operating Activities KES 10,261 KES 8,194 KES 8,685 KES 9,205 KES 9,754
Cash From Investing Activities:
(Increase)/Decrease in Capital Expenditures (897) (407) (500) (500) (500) (500) (500)
Total Cash From Investing Activities (KES 500) (KES 500) (KES 500) (KES 500) (KES 500)
Net D in PPE
Cash From Financing Activities:
Issuance of Common Stock KES 0 KES 0 KES 0 KES 0 KES 0
Common Stock Dividends (4,573) (4,802) (5,042) (5,292) (5,557)
Cash Available / (Required) Before Debt KES 5,188 KES 2,892 KES 3,144 KES 3,413 KES 3,697
Debt Borrowing / (Repayment) - - - - -
Total Cash From Financing Activities (KES 4,573) (KES 4,802) (KES 5,042) (KES 5,292) (KES 5,557)
Beginning Cash Balance KES 6,972 KES 12,160 KES 15,052 KES 18,195 KES 21,608
Change in Cash 5,188 2,892 3,144 3,413 3,697
Ending Cash Balance KES 12,160 KES 15,052 KES 18,195 KES 21,608 KES 25,305
Average Cash Balance 9,566 13,606 16,624 19,902 23,457
Dividends Estimate
Dividends per Share KES 13.00 KES 12.00 KES 12.60 KES 13.23 KES 13.89 KES 14.58 KES 15.31
Dividends per Share Growth 5.0% 5.0% 5.0% 5.0% 5.0%
Basic Shares Outstanding 363.0 363.0 363.0 363.0 363.0 363.0 363.0
Total Dividends KES 4,764 KES 4,573 KES 4,802 KES 5,042 KES 5,292 KES 5,557
Note: Fiscal year ends December 31 of each year.
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Bamburi Financial Model - Enhancements - V2.xlsx: Debt Sweep 7/18/2017
Bamburi Cement Limited Base Case
Debt Schedule
(Kes. in millions)
Estimated Projected
Fiscal 2017 2018 2019 2020 2021
Cash Available/(Required) Before Debt KES 5,188 KES 2,892 KES 3,144 KES 3,413 KES 3,697
Plus: Beginning Cash on Balance Sheet 6,972 12,160 15,052 18,195 21,608
Less: Minimum Cash Balance (5,000) (5,000) (5,000) (5,000) (5,000)
Mandatory Debt Repayment - - - - -
Cash Before Discretionary Debt Repayment / (Borrowing) KES 7,160 KES 10,052 KES 13,195 KES 16,608 KES 20,305
Tranche 1
Beginning Balance KES 0 KES 0 KES 0 KES 0 KES 0
Mandatory Debt Repayment - - - - -
Ending Balance KES 0 KES 0 KES 0 KES 0 KES 0 KES 0
Average Balance KES 0 KES 0 KES 0 KES 0 KES 0
Tranche 2
Beginning Balance KES 0 KES 0 KES 0 KES 0 KES 0
Mandatory Debt Repayment - - - - -
Ending Balance KES 0 KES 0 KES 0 KES 0 KES 0 KES 0
Average Balance KES 0 KES 0 KES 0 KES 0 KES 0
Commercial Paper
Beginning Balance KES 0 KES 0 KES 0 KES 0 KES 0
Mandatory Debt Repayment - - - - -
Ending Balance KES 0 KES 0 KES 0 KES 0 KES 0 KES 0
Average Balance KES 0 KES 0 KES 0 KES 0 KES 0
Revolver
Beginning Balance KES 0 KES 0 KES 0 KES 0 KES 0
Discretionary Sweep - - - - -
Ending Balance KES 0 KES 0 KES 0 KES 0 KES 0 KES 0
Average Balance KES 0 KES 0 KES 0 KES 0 KES 0
Total Debt, Beginning Balance KES 0 KES 0 KES 0 KES 0 KES 0
Less: Mandatory Debt Repayment - - - - -
Revolver Debt Borrowing / (Repayment) - - - - -
Total Debt, Ending Balance KES 0 KES 0 KES 0 KES 0 KES 0
Less: Current Portion - - - - -
Less: Commercial Paper - - - - -
Less: Revolver - - - - -
Total Debt, less Current Portion KES 0 KES 0 KES 0 KES 0 KES 0
Beginning Cash Balance KES 6,972 KES 12,160 KES 15,052 KES 18,195 KES 21,608
Ending Cash Balance 12,160 15,052 18,195 21,608 25,305
Average Cash Balance 9,566 13,606 16,624 19,902 23,457
Note: Fiscal year ends December 31 of each year.
Mike:
Amount paid off in 2017.
That’s already gone.
Mike:
This is next year's
mandatory payment…as
@ the end of 2017 which
is due.
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Bamburi Financial Model - Enhancements - V2.xlsx: Debt Sweep 7/18/2017
Bamburi Cement Limited
Interest Schedule
(Kes. in millions)
Estimated Projected
Fiscal Year Ending December 31, 2017 2018 2019 2020 2021
Interest Rates
Cash & Cash Equivalents 10.1% 10.1% 10.1% 10.1% 10.1% 10.1%
Tranche 1 14.0% 14.0% 14.0% 14.0% 14.0% 14.0%
Tranche 2 14.0% 14.0% 14.0% 14.0% 14.0% 14.0%
Commercial Paper 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Revolver 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
Interest Income 1 (1 = Beginning balance
Cash & Cash Equivalents 2 = Average Balance) KES 350 KES 611 KES 756 KES 914 KES 1,086
Interest Expense
Tranche 1 KES 0 KES 0 KES 0 KES 0 KES 0
Tranche 2 - - - - -
Commercial Paper - - - - -
Revolver - - - - -
Total Interest Expense - KES 0 KES 0 KES 0 KES 0 KES 0
Net Interest Expense (KES 350) (KES 611) (KES 756) (KES 914) (KES 1,086)
Note: Fiscal year ends December 31 of each year.
Mike Muthengi:
WA of Interest Rates earned
on cash deposited & loan to
Subsidiary, AR p 114/130.
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Bamburi Financial Model - Enhancements - V2.xlsx: WACC 7/18/2017
Bamburi Cement Limited Base Case
Weighted Average Cost Of Capital
(All figures in millions, except per share data)
WACC CALCULATION
I. Cost of Debt (Kd):
Estimated All-In Cost for Company 13.3%
Tax Rate (T) 30.0%
Kd = Cost of Debt * (1-T) = 9.3%
II. Cost of Equity (Ke):
Risk Free Rate (10-year T-Note) (rf) (a)
13.3%
Target Beta
(b)
0.60 1.07
Market Risk Premium (rm) (c)
6.0%
Ke = rf + beta * rm = 16.9%
III. Weighted Average Cost of Capital (WACC): D/E Ratio
Target Debt to Cap. Ratio 20.0 16.7% 20.0%
Implicit Equity to Cap. Ratio 100.0 83.3%
WACC = (Kd * wd) + (Ke * we) 120.0 15.6%
CALCULATION OF BETA
Peer Companies Ticker Total Debt Preferred Equity Value
Debt to
Equity
Preferred
to Equity
Marginal
Tax Rate
Levered
Beta (d)
Unlevered
Beta (e)
Adjusted
Beta (f)
Trailing
P/E
Athi River Mining ARM KES 24,381 - KES 15,849 153.8% 0.0% 18.0% 1.62 0.72 0.81 NA
EA. Portland Cement PORT KES 5,592 - KES 2,925 191.2% 0.0% 30.0% 0.48 0.21 0.47 NA
Anhui Conch Cement Ltd 0914 ¥13,898 - ¥107,001 13.0% 0.0% 23.4% 1.48 1.35 1.23 12.8x–
Shree Cement Limited SHCM 717 - 597,360 0.1% 0.0% 27.3% 1.25 1.25 1.17 59.5x–
Cementos Argos SA CCB_p $ 2,248,795 $ 1,610,823 $ 15,886,730 14.2% 10.1% 27.3% 0.83 0.69 0.79 24.2x–
Asia Cement Corp 1102 $ 135 - $ 99,330 0.1% 0.0% 17.8% 0.97 0.97 0.98 52.7x–
Lafarge Surma Cement Ltd Taka 943 - Taka 88,381 1.1% 0.0% 32.0% 1.21 1.20 1.13 47.0x–
Average 1.12 0.91 0.94 39.2x–
Median 1.21 0.97 0.98 47.0x–
- -
Bamburi Cement Limited BAMB KES 0 KES 0 KES 60,251 0.0% 0.0% 30.0% 0.52 0.52 0.68 12.2x–
(a) 10 year Kenya Government Bond as of August 1, 2016.
(b) Target beta equals average unlevered beta for comparable group * [1+(1- tax rate) * (target debt to equity ratio) + target preferred to equity ratio].
Assumes any preferred stock is not tax-deductible.
(c) Source: Moodys.com. Long-horizon expected equity risk premium of 12.71% (.i.e 6.71% + CRP of 6%).
(d) Two year weekly beta vs. Nairobi All Share Index, as of August 1, 2016.
(e) Unlevered beta equals [levered beta / [1+(1-tax rate) x (debt to equity ratio) + (preferred to equity ratio)].
(f) All beta should gravitate towards 1.
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Bamburi Financial Model - Enhancements - V2.xlsx: DCF 7/18/2017
Bamburi Cement Limited Base Case
Discounted Cash Flow Analysis
(All figures in millions, except per share data)
Estimated Projected
Fiscal 2017 2018 2019 2020 2021
EBITDA KES 10,324 KES 11,084 KES 11,753 KES 12,460 KES 13,209
EBIT 8,647 9,323 9,904 10,519 11,171
Less: Cash Taxes @ 30.0% (2,594) (2,797) (2,971) (3,156) (3,351)
Tax-effected EBIT KES 6,053 KES 6,526 KES 6,933 KES 7,363 KES 7,820
Plus: Depreciation & Amortization 1,677 1,761 1,849 1,941 2,038
Less: Capital expenditures (500) (500) (500) (500) (500)
Plus / (Less): Change in net working capital 2,531 (93) (96) (100) (104)
Unlevered free cash flow KES 9,761 KES 7,694 KES 8,185 KES 8,705 KES 9,254
WACC @ 16%
NPV of Unlevered free cash flow @ 16.0% KES 28,590
EBITDA MULTIPLE METHOD
Terminal Value Undiscounted Discounted Implied Perpetual Growth Rate
EBITDA Multiple 6.0x KES 79,255 KES 37,734 5.6%
6.5x 85,860 40,879 6.3%
DCF Range (Implied Enterprise Value) KES 66,324 KES 69,469
Equity Value
(a)
KES 69,882 KES 73,027
Implied Price per Share (b)
KES 193 KES 201
PERPETUITY GROWTH METHOD
Terminal Value Undiscounted Discounted Implied EBITDA Multiple
Perpetuity Growth Rate 5.0% KES 74,643 KES 35,538 5.7
6.0% 82,889 39,464 6.3
DCF Range (Implied Enterprise Value) KES 64,128 KES 68,054
Equity Value (a)
KES 67,686 KES 71,612
Implied Price per Share (b)
KES 186 KES 197
EBITDA MULTIPLE METHOD
Terminal EBITDA Multiple
192.54 4.0x 5.0x 6.0x 7.0x 8.0x
14.0% KES 167.97 KES 186.87 KES 205.78 KES 224.68 KES 243.58
15.0% 162.81 180.90 199.00 217.09 235.18
16.0% 157.88 175.21 192.54 209.86 227.19
17.0% 153.18 169.78 186.38 202.98 219.58
18.0% 148.69 164.60 180.50 196.41 212.32
19.0% 144.40 159.65 174.90 190.15 205.40
20.0% 140.30 154.92 169.55 184.18 198.80
21.0% 136.38 150.41 164.44 178.47 192.50
PERPETUITY GROWTH METHOD
Perpetuity Growth Rate
186.48 4.0% 5.0% 6.0% 7.0% 8.0%
14.0% KES 208.74 KES 222.91 KES 240.63 KES 263.41 KES 293.78
15.0% 191.70 202.90 216.59 233.70 255.69
16.0% 177.47 186.48 197.30 210.52 227.05
17.0% 165.39 172.76 181.47 191.93 204.70
18.0% 155.01 161.12 168.24 176.66 186.76
19.0% 145.99 151.11 157.01 163.90 172.04
20.0% 138.07 142.40 147.35 153.06 159.72
21.0% 131.07 134.76 138.95 143.74 149.26
Note: Fiscal year ends December 31 of each year.
Note: Present Values as of January 1, 2017.
(a) Assumes KES -3,558M of net debt.
(b) Assumes 363.0M shares outstanding.
WACCWACC
–
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–
–
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–
–
–
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Bamburi Financial Model - Enhancements - V2.xlsx: Ratios 7/18/2017
Bamburi Cement Limited Base Case
Credit and Leverage Statistics
(Kes. in millions)
Actual Estimated Projected
Fiscal 2016 2017 2018 2019 2020 2021
Tranche 1 KES 0 KES 0 KES 0 KES 0 KES 0 KES 0
Tranche 2 - - - - - -
Commercial Paper - - - - - -
Revolver - - - - - -
Total Debt - - - - - -
Less: Cash (6,972) (12,160) (15,052) (18,195) (21,608) (25,305)
Total Net Debt (Cash) (6,972) (12,160) (15,052) (18,195) (21,608) (25,305)
Preferred Debt - - - - - -
Total S/H Equity 29,819 31,299 33,023 34,914 36,986 39,249
Total Net Capital 22,847 19,139 17,971 16,719 15,378 13,943
Total Capital 29,819 31,299 33,023 34,914 36,986 39,249
EBITDA 9,868 10,324 11,084 11,753 12,460 13,209
EBIT 8,271 8,647 9,323 9,904 10,519 11,171
Total Capex 407 500 500 500 500 500
Total Interest Expense - - - - - -
Net Interest Expense - - - - - -
Total Assets 40,811 42,871 44,977 47,269 49,760 52,465
RATIOS
Total Debt / EBITDA 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Net Debt / EBITDA -0.7x -1.2x -1.4x -1.5x -1.7x -1.9x
Total Debt / (EBITDA - Total Capex) 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
(Total Debt + Preferred Stock) / EBITDA 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
(Total Debt + Preferred Stock) / (EBITDA-Total capex) 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
EBITDA / Total Interest Expense NA NA NA NA NA NA
(EBITDA-Total Capex) / Total Interest Expense NA NA NA NA NA NA
EBIT / Total Interest Expense NA NA NA NA NA NA
(EBIT-Total Capex) / Total Interest Expense NA NA NA NA NA NA
Total Debt / Total Capitalization 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
(Total Debt + Preferred) / Total Capitalization 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA / Total Assets 24.2% 24.1% 24.6% 24.9% 25.0% 25.2%
Net Debt / Net Capitalization (30.5)% (63.5)% (83.8)% (108.8)% (140.5)% (181.5)%
(Net Debt + Preferred) / Net Capitalization (30.5)% (63.5)% (83.8)% (108.8)% (140.5)% (181.5)%
Note: Excludes future lease payments.
Note: Fiscal year ends December 31 of each year.
S&P Median Industrial Rating Statistics ('02-'04)
AAA AA A BBB BB B CCC
2017
EBIT Interest Coverage NA 23.8x 19.5x 8.0x 4.7x 2.5x 1.2x 0.4x
EBITDA Interest Coverage NA 25.5x 24.6x 10.2x 6.5x 3.5x 1.9x 0.9x
Total Debt / EBITDA 0.0x 0.4x 0.9x 1.6x 2.2x 3.5x 5.3x 7.9x
Total Debt / Total Capital 0.0% 12.4% 28.3% 37.5% 42.5% 53.7% 75.9% 113.5%
S&P Median Industrial Rating Statistics ('01-'03)
AAA AA A BBB BB B CCC
2017
EBIT Interest Coverage NA 23.8x 13.6x 6.9x 4.2x 2.3x 0.9x 0.4x
EBITDA Interest Coverage NA 25.3x 17.1x 9.4x 5.9x 3.1x 1.6x 0.9x
Total Debt / EBITDA 0.0x 0.2x 1.1x 1.7x 2.4x 3.8x 5.6x 7.4x
Total Debt / Total Capital 0.0% 6.2% 34.8% 39.8% 45.6% 57.2% 74.2% 101.2%
Mike:
CapEx is still a cash
outflow.
Thus we remove the
outflow effect
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Bamburi Financial Model - Enhancements - V2.xlsx: Ratios 7/18/2017
Bamburi Cement Limited
Common Ratios
(Kes. in millions)
Actual Estimated Projected
Fiscal Year Ending December 31, 2016 2017 2018 2019 2020 2021
Total Assets KES 40,991 KES 42,030 KES 40,811 KES 42,871 KES 44,977 KES 47,269 KES 49,760 KES 52,465
Shareholders' Equity 26,728 26,889 26,405 27,199 28,196 29,317 30,572 31,969
Net Revenue 36,029 39,200 38,034 39,936 41,932 44,029 46,231 48,542
Gross Profit 9,346 12,537 13,244 13,986 14,769 15,596 16,468 17,388
Net Income 5,859 4,882 3,673 3,903 5,978 5,890 6,053 6,526 6,933 7,363 7,820
FCFF 9,761 9,761 7,694 8,185 8,705 9,254
Common Stock Dividends 4,764 4,573 4,802 5,042 5,292 5,557
Gross Profit Margin 34.8% 35.0% 35.2% 35.4% 35.6% 35.8%
EBITDA Margin 25.9% 25.9% 26.4% 26.7% 27.0% 27.2%
EBIT Margin 21.7% 21.7% 22.2% 22.5% 22.8% 23.0%
Net Profit Margin 15.5% 15.2% 15.6% 15.7% 15.9% 16.1%
ROA 14.0% 14.8% 15.2% 15.4% 15.6% 15.7%
ROE 21.9% 22.9% 24.0% 24.6% 25.1% 25.6%
Dividend Payout Ratio 0.8x 0.8x 0.7x 0.7x 0.7x 0.7x
Retetion ration (b) 0.2x 0.2x 0.3x 0.3x 0.3x 0.3x
Sustainable growth rate 4.2% 5.6% 6.3% 6.7% 7.1% 7.4%
Net Income Growth Rate (16.7)% (24.8)% 6.3% 53.2% (1.5)% 2.8% 7.8% 6.2% 6.2% 6.2%
FCFF Growth Rate - (21.2)% 6.4% 6.3% 6.3%
Mike Muthengi:
Ratios before effects of Minority
Interest. i.e. Non Controling
Interest is inclusive in the ratios.
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Bamburi Financial Model - Enhancements - V2.xlsx: IRR 7/18/2017
Bamburi Cement Limited Base Case
IRR Simulation Analysis
(All figures in millions, except per share data)
Estimated Projected
Fiscal 2017 2018 2019 2020 2021
Sponsor Equity Investment 30,040
Ownership 100.0%
EBITDA KES 10,324 KES 11,084 KES 11,753 KES 12,460 KES 13,209
Exit EBITDA Multiple Implied Total Enterprise Value
3.0x KES 30,973 KES 33,251 KES 35,258 KES 37,381 KES 39,628
4.0x 41,297 44,335 47,011 49,842 52,837
5.0x 51,621 55,418 58,763 62,302 66,046
Less: Net Debt & Preferred KES 12,160 KES 15,052 KES 18,195 KES 21,608 KES 25,305
Exit EBITDA Multiple Implied Total Equity Value
3.0x KES 43,133 KES 48,303 KES 53,453 KES 58,989 KES 64,933
4.0 53,457 59,387 65,206 71,450 78,142
5.0 63,781 70,470 76,959 83,910 91,351
Exit EBITDA Multiple Implied Equity Value to Financial Sponsor
3.0x KES 43,133 KES 48,303 KES 53,453 KES 58,989 KES 64,933
4.0 53,457 59,387 65,206 71,450 78,142
5.0 63,781 70,470 76,959 83,910 91,351
Exit EBITDA Multiple Implied IRR to Financial Sponsor
3.0x 44% 27% 21% 18% 17%
4.0 78% 41% 29% 24% 21%
5.0 112% 53% 37% 29% 25%
Exit EBITDA Multiple Financial Sponsor Multiple of Capital
3.0x 1.4x 1.6x 1.8x 2.0x 2.2x
4.0 1.8x 2.0x 2.2x 2.4x 2.6x
5.0 2.1x 2.3x 2.6x 2.8x 3.0x
Enterprise Value Current Transaction
Share price 6/16/2017 KES 170 KES 204
Transaction premium 20.0%
Diluted shares outstanding 362.959 362.959
Equity value KES 61,703 KES 74,044
Plus: Existing debt and preferred stock - -
Plus: Minority Interest 3,414 3,414
Less: Cash (6,972) (6,972)
Enterprise value KES 58,145 KES 70,486
Uses of Funds
Purchase Equity KES 74,044
Total Transaction Costs 705
Total Financing Fees 352
Total Uses of Funds KES 75,101
Sources of Funds
New Equity KES 30,040
New Debt 45,061
Total Sources of Funds KES 75,101
Equity Sources
% Rollover Amount Ownership
Management 0.0% - -
Rollover equity 0.0% - -
Financial sponsor 30,040 100.0%
Total equity sources KES 30,040 100.0%
Note: Fiscal year ends December 31 of each year.
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Bamburi Financial Model - Enhancements - V2.xlsx: Ref Range 7/18/2017
Bamburi Cement Limited Base Case
Illustrative Reference Range
(All figures in millions, except per share data)
Relevant Multiple Implied Enterprise Implied Equity Implied Price per
Methodology Statistic Range Value Value Share
Analysis of Selected Publicly Traded Construction Companies
Net Revenue 2016A KES 38,034 1.50x – 1.55x KES 57,051 – KES 58,953 KES 60,609 – KES 62,511 KES 166.99 – KES 172.23
2017E 39,936 1.45x – 1.50x 57,907 – 59,904 61,465 – 63,462 169.34 – 174.84
2018P 41,932 1.40x – 1.45x 58,705 – 60,802 62,263 – 64,360 171.54 – 177.32
EBITDA 2016A KES 9,868 6.5x – 7.0x KES 64,142 – KES 69,076 KES 67,700 – KES 72,634 KES 186.52 – KES 200.12
2017E 10,324 6.0x – 6.5x 61,946 – 67,108 65,504 – 70,666 180.47 – 194.69
2018P 11,084 5.5x – 6.0x 60,960 – 66,502 64,518 – 70,060 177.76 – 193.02
EBIT 2016A KES 8,271 7.5x – 8.0x KES 62,033 – KES 66,168 KES 65,591 – KES 69,726 KES 180.71 – KES 192.10
2017E 8,647 7.0x – 7.5x 60,532 – 64,856 64,090 – 68,414 176.58 – 188.49
2018P 9,323 6.5x – 7.0x 60,599 – 65,261 64,157 – 68,819 176.76 – 189.60
EPS 2016A KES 14.45 12.0x – 13.0x KES 59,358 – KES 64,601 KES 62,916 – KES 68,159 KES 173.34 – KES 187.79
2017E 14.79 12.0x – 13.0x 60,851 – 66,218 64,409 – 69,776 177.45 – 192.24
2018P 15.98 12.0x – 13.0x 66,031 – 71,831 69,589 – 75,389 191.73 – 207.71
Reference Range KES 60,000 – KES 65,000 KES 65,000 – KES 70,000 KES 180.00 – KES 190.00
KES 61,000 KES 65,000 KES 64,000 KES 69,000 KES 177.00 KES 189.00
Analysis of Selected Construction Acquisitions
LTM Net Revenue KES 38,034 1.70x – 1.90x KES 64,658 – KES 72,265 KES 68,216 – KES 75,823 KES 188 – KES 209
EBITDA 9,868 6.5x – 7.0x 64,142 – 69,076 67,700 – 72,634 186.52 – 200.12
EBIT 8,271 8.0x – 8.5x 66,168 – 70,304 69,726 – 73,862 192.10 – 203.50
EPS 14.45 13.5x – 14.5x 67,223 – 72,466 70,781 – 76,024 195.01 – 209.45
Reference Range KES 70,000 – KES 80,000 KES 75,000 – KES 85,000 KES 190.00 – KES 210.00
KES 66,000 KES 71,000 KES 69,000 KES 75,000 KES 190.00 KES 205.00
Analysis of Selected Premiums Paid
Stock Price 4 Weeks Prior KES 160.00 20.0% – 25.0% KES 66,130 – KES 69,034 KES 69,688 – KES 72,592 KES 192.00 – KES 200.00
1 Day Prior 175.00 5.0% – 15.0% 63,136 – 69,488 66,694 – 73,046 183.75 – 201.25
Reference Range KES 60,000 – KES 65,000 KES 65,000 – KES 70,000 KES 190.00 – KES 200.00
KES 65,000 KES 69,000 KES 68,000 KES 73,000 KES 188.00 KES 201.00
Discounted Cash Flow Analysis
EBITDA Multiple Method 6.0x – 7.0x KES 66,493 – KES 69,397 KES 70,051 – KES 72,955 KES 193.00 – KES 201.00
Perpetuity Growth Method 6.0% – 7.0% 63,952 – 67,945 67,510 – 71,503 186.00 – 197.00
Reference Range KES 55,000 – KES 60,000 KES 60,000 – KES 65,000 KES 190.00 – KES 200.00
KES 65,000 KES 69,000 KES 69,000 KES 72,000 KES 190.00 KES 199.00
Note: Fiscal year ends December 31 of each year.
6/15/2017
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Bamburi Financial Model - Enhancements - V2.xlsx: Football 7/18/2017
Bamburi Cement Limited Base Case
Illustrative Reference Range
min Range max
52-week Trading Range KES 140.00 39.00 KES 179.00
Analysis of Selected Publicly Traded Construction Companies KES 180.00 10.00 KES 190.00
Analysis of Selected Acquisitions KES 190.00 20.00 KES 210.00
Analysis of Selected Premiums Paid KES 190.00 10.00 KES 200.00
Discounted Cash Flow Analysis KES 190.00 10.00 KES 200.00
Reference Range KES 188.00 12.00 KES 200.00
Current Stock Price KES 167.00 0
167.00 1
KES 140.00
KES 180.00
KES 190.00
KES 190.00
KES 190.00
KES 188.00
KES 179.00
KES 190.00
KES 210.00
KES 200.00
KES 200.00
KES 200.00
120 140 160 180 200 220 240 260
52-week Trading Range
Analysis of Selected Publicly
Traded
Construction Companies
Analysis of Selected Acquisitions
Analysis of Selected Premiums
Paid
Discounted Cash Flow Analysis
Reference Range
Bamburi Price Per Share
METHODOLOGY
Bamburi Cement Limited
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Bamburi Financial Model - Enhancements - V2.xlsx: Graphs 7/18/2017
Bamburi Cement Limited Base Case
Illustrative Graphs
KES 0.00
KES 5.00
KES 10.00
KES 15.00
KES 20.00
2013 2014 2015 2016 2017 2018 2019 2020 2021
AmountPerShare
Fiscal Year
Earnings / Dividends Per Share
Basic & Diluted Earnings per Share Dividends per Share
KES 3,000
KES 3,500
KES 4,000
KES 4,500
KES 5,000
KES 5,500
KES 6,000
KES 6,500
KES 7,000
KES 7,500
2013 2014 2015 2016 2017 2018 2019 2020 2021
AmountinMillions
Fiscal Year
Profit (Loss) for the Year
Net Income % Change
KES 0
KES 10,000
KES 20,000
KES 30,000
KES 40,000
KES 50,000
2013 2014 2015
2016
2017
2018
2019
2020
2021
AmountinMillions
Fiscal Year
REVENUE BREAKDOWN
Net Revenue EBITDA Operating Income Net Income
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Bamburi Financial Model - Enhancements - V2.xlsx: Historicals 7/18/2017
Bamburi Cement Limited
Historical Statement
(All figures in millions, except per share data)
Notes Actual CAGR/
Fiscal 2011 2012 2013 2014 2015 2016 Avg
Revenue 4 KES 28,075 KES 35,884 KES 37,491 KES 33,928 KES 36,029 KES 39,200 KES 38,034 1.2%
Cost of sales 5 (25,920) (27,635) (25,411) (26,683) (26,670) (24,790) (0.9)%
Gross profit KES 9,964 KES 9,856 KES 8,517 KES 9,346 KES 12,530 KES 13,244 5.9%
Investment income 6 342 657 473 349 374 369 1.5%
Other gains and losses 7 544 (71) (78) 253 997 33 (42.9)%
Distribution costs (213) (115) (73) (223) (1,115) (1,405) 45.8%
Marketing expenses (94) (154) (168) (190) (205) (209) 17.3%
Administration expenses 8 (1,151) (1,363) (1,435) (1,721) (2,287) (2,069) 12.4%
Other expenses 9(a) (552) (1,383) (1,599) (1,937) (1,644) (1,682) 25.0%
Restructuring costs 9(b) - - - - (192) -
Finance costs 10 (374) (251) (121) (76) - -
Profit before tax 11(a) KES 8,466 KES 7,176 KES 5,516 KES 5,801 KES 8,458 KES 8,271 (0.5)%
Tax expense 12(a) (2,607) (2,294) (1,843) (1,898) (2,586) (2,381) (1.8)%
Profit for the year KES 5,859 KES 4,882 KES 3,673 KES 3,903 KES 5,872 KES 5,890 0.1%
Earnings per share – basic and diluted 13 KES 14.02 KES 14.44 KES 12.17 KES 9.55 KES 9.80 KES 14.49 KES 14.44 -
Dividends 8.50 10.00 11.00 11.00 12.00 13.00 12.00 3.7%
Dividend Growth 17.6% 10.0% - 9.1% 8.3% (7.7)% 6.2%
Dividend Payout Rate 69.3% 90.4% 115.2% 122.4% 89.7% 83.1% 95.0%
Retention Ratio 30.7% 9.6% (15.2)% (22.4)% 10.3% 16.9% 5.0%
Net Sales Growth 27.8% 4.5% (9.5)% 6.2% 8.8% (3.0)% 5.8%
EPS Growth 3.0% (15.7)% (21.5)% 2.6% 47.9% (0.3)% 2.6%
NON-CURRENT ASSETS
Property, plant and equipment 15(a) KES 25,572 KES 25,651 KES 24,263 KES 22,897 KES 21,093 (4.7)%
Prepaid operating lease rentals 16 175 206 186 164 145 (4.6)%
Intangible assets 17 160 118 118 84 78 (16.4)%
Other equity investments 19(a) 452 787 662 535 278 (11.4)%
Goodwill 20 217 217 217 217 217 -
KES 26,576 KES 26,979 KES 25,446 KES 23,897 KES 21,811 (4.8)%
CURRENT ASSETS
Inventories 21 5,606 5357 5,585 6,604 6,331 3.1%
Trade and other receivables 22(a) 1,712 1,487 2,209 2,945 5,529 34.1%
Corporate tax recoverable 12(c) 375 317 107 131 168 (18.2)%
Cash and cash equivalents 23(a) 8,769 8876 7,644 8,453 6,972 (5.6)%
KES 16,462 KES 16,037 KES 15,545 KES 18,133 KES 19,000 3.6%
TOTAL ASSETS KES 43,038 KES 43,016 KES 40,991 KES 42,030 KES 40,811 (1.3)%
EQUITY AND LIABILITIES
EQUITY
Share capital 24 1,815 1.815 1,815 1,815 1,815 -
Asset revaluation reserve 25(a) 8,307 7.963 7,683 7,424 7,163 (3.6)%
Available-for-sale reserve 25(b) 249 584 459 332 75 (25.9)%
Translation reserve 25(c) (860) ,3116, (449) (1,030) (1,796) 20.2%
Retained earnings 18,875 18,874 17,220 18,348 19,148 0.4%
Equity attributable to owners of the Company KES 28,386 KES 28,930 KES 26,728 KES 26,889 KES 26,405 (1.8)%
Non-controlling interests 2,475 2580 2,391 2,817 3,414 8.4%
Total equity KES 30,861 KES 31,510 KES 29,119 KES 29,706 KES 29,819 (0.9)%
NON-CURRENT LIABILITIES
Deferred tax liability 26 4,033 4,191 3,955 3,365 2,674 (9.8)%
Provisions 27 556 1,025 457 620 695 5.7%
Employees' benefit liabilities 28 - - 692 646 577
Term loan 577 309 - - -
CURRENT LIABILITIES KES 5,166 KES 5,525 KES 5,104 KES 4,631 KES 3,946 (6.5)%
Unclaimed dividends 14(a) 23 37 25 6 6 (28.5)%
Dividend payable 14(d) - - - 91 -
Provisions 27 505 410 316 284 59 (41.5)%
Employees’ benefit liabilities 28 - - 13 37 98
Trade and other payables 30 6,195 5236 6,414 6,803 6,883 2.7%
Corporate tax payable 12(c) - - - 472 -
Term loan 28(a) 288 309 - - -
KES 7,011 KES 5,981 KES 6,768 KES 7,693 KES 7,046 0.1%
TOTAL EQUITY AND LIABILITIES KES 43,038 KES 43,016 KES 40,991 KES 42,030 KES 40,811 (0.8)%
Note: Fiscal year ends December 31 of each year.
mmusimi@gmail.com 14 of 14 Muthengi Mike