Does something happen each and every year to account for large changes in the value of most companies?

“   A company as large as IBM or General Motors might have divided its ownership stake into something like a billion equal shares. That means
that  if at one  point during the year you can  purchase one share of General  Motors for $30  (and for our example we assume the ownership of
General Motors has been divided into one billion equal pieces, or shares), then the implied price to purchase the entire company (all one billion
shares)  would  be  $30  billion.  However,  if  at  some  point  during  the  same  year,  General  Motors  shares  could  have  been  purchased  for  $60
each, that would indicate that the cost to purchase all of General Motors would be $60 billion.
   So  I ask the question again:  How can this be? Can the value of General Motors, the largest car manufacturer in North America, change that
much within the same year? Can a company that large be worth $30 billion one day and then a few months later be worth $60 billion? Are they
selling  twice  as  many  cars,  making  twice  as  much  money,  or  doing  something  drastically  different  in  their  business  to justify  such  a  large
change  in  value?  Of  course,  it’s  possible.  But what  about  the  big  price  changes  in  IBM, Abercrombie  &  Fitch,  and  General  Electric?  Does
something happen each and every year to account for large changes in the value of most companies?
   Remember, every year the results are the same. For pretty much any company that my students name, the range of high and low prices, over
the course of only one year,  is  huge.  Does this  make sense? Well, to save the class time  (and since  my attention span  is  usually a  matter of
seconds),  I usually blurt out the answer. No!  It makes no sense that the values of most companies swing wildly from high to low, or low to high,
during  the  course  of  each  and  every  year.  On  the  other  hand,  it  seems  pretty  clear  that  the prices  of  the  shares  in  most  companies  swing
around wildly each and every year. All you have to do is look in the newspaper to see that that’s true. “

Does something happen each and every year to account for large changes in the value of most companies?

If You Only Know 5 Things About Investing, Make It These

If You Only Know 5 Things About Investing, Make It These

"The vast majority of financial products are sold by people whose only interest in your wealth is the amount of fees they can sucker you out of.

Someone once asked J.P. Morgan what the market will do. "It will fluctuate," he allegedly said. Truer words have never been spoken.

Most investors understand that stocks produce superior long-term returns, but at the cost of higher volatility.

Yet every time -- every single time -- there's even a hint of volatility, the same cry is heard from the investing public: "What is going on?!"

Nine times out of ten, the correct answer is the same: Nothing is going on. This is just what stocks do.

Investing is not like a computer: Simple and basic can be more powerful than complex and cutting-edge. And it's not like golf: The spectators have a pretty good chance of humbling the pros.

The single largest variable that affects returns is valuations -- and you have no idea what they'll do

Future market returns will equal the dividend yield + earnings growth +/- change in the earnings multiple (valuations). That's really all there is to it.

Warren Buffett is a great investor, but what makes him rich is that he's been a great investor for two thirds of a century. Of his current $60 billion net worth, $59.7 billion was added after his 50th birthday, and $57 billion came after his 60th. If Buffett started saving in his 30s and retired in his 60s, you would have never heard of him. His secret is time."

If You Only Know 5 Things About Investing, Make It These

Why Spotting Bubbles Is So Much Harder Than You Think

Why Spotting Bubbles Is So Much Harder Than You Think

"They make a forceful case with charts and ratios and historical data.

But they have been making the same argument for four years now, and they have been wrong all the way. Clearly, the world is more complicated than the pessimists assume.

The single most powerful variable when trying to predict the future is the "X" factor that represents human psychology, historical unknowns, and random chance. It doesn't care about your political views or what you think is a fair market value, and it's going to humiliate your predictions 90% of the time."

Why Spotting Bubbles Is So Much Harder Than You Think

LPCL - Lafarge Pakistan Cement Ltd - Ratios Analysis -24/05/2013

Valuation -- P/E Ratio (TTM) -- Company	10.99
Valuation -- P/E Ratio (TTM) -- Industry	20.96
Valuation -- P/E Ratio (TTM) -- Sector	21.75
Valuation -- P/E High - Last 5 Yrs. -- Company	0
Valuation -- P/E High - Last 5 Yrs. -- Industry	19.65
Valuation -- P/E High - Last 5 Yrs. -- Sector	36.99
Valuation -- P/E Low - Last 5 Yrs. -- Company	0
Valuation -- P/E Low - Last 5 Yrs. -- Industry	10.1
Valuation -- P/E Low - Last 5 Yrs. -- Sector	10.23
Valuation -- Beta -- Company	1.2
Valuation -- Beta -- Industry	0.99
Valuation -- Beta -- Sector	1.07
Valuation -- Price to Sales (TTM) -- Company	1.15
Valuation -- Price to Sales (TTM) -- Industry	5.16
Valuation -- Price to Sales (TTM) -- Sector	4.02
Valuation -- Price to Book (MRQ) -- Company	1.12
Valuation -- Price to Book (MRQ) -- Industry	5.28
Valuation -- Price to Book (MRQ) -- Sector	3.82
Valuation -- Price to Tangible Book (MRQ) -- Company	1.12
Valuation -- Price to Tangible Book (MRQ) -- Industry	5.48
Valuation -- Price to Tangible Book (MRQ) -- Sector	4
Valuation -- Price to Cash Flow (TTM) -- Company	6.57
Valuation -- Price to Cash Flow (TTM) -- Industry	18.11
Valuation -- Price to Cash Flow (TTM) -- Sector	15.99
Valuation -- Price to Free Cash Flow (TTM) -- Company	11.24
Valuation -- Price to Free Cash Flow (TTM) -- Industry	34.39
Valuation -- Price to Free Cash Flow (TTM) -- Sector	26.4
Valuation -- % Owned Institutions -- Company	0
Valuation -- % Owned Institutions -- Industry	0
Valuation -- % Owned Institutions -- Sector	0
Dividends -- Dividend Yield -- Company	3.73
Dividends -- Dividend Yield -- Industry	1.92
Dividends -- Dividend Yield -- Sector	1.88
Dividends -- Dividend Yield - 5 Year Avg. -- Company	0
Dividends -- Dividend Yield - 5 Year Avg. -- Industry	2.01
Dividends -- Dividend Yield - 5 Year Avg. -- Sector	2.34
Dividends -- Dividend 5 Year Growth Rate -- Company	0
Dividends -- Dividend 5 Year Growth Rate -- Industry	34.63
Dividends -- Dividend 5 Year Growth Rate -- Sector	14.79
Dividends -- Payout Ratio (TTM) -- Company	0
Dividends -- Payout Ratio (TTM) -- Industry	32.55
Dividends -- Payout Ratio (TTM) -- Sector	44.97
Growth Rates -- Sales (MRQ) vs Qtr. 1 Yr. Ago -- Company	16
Growth Rates -- Sales (MRQ) vs Qtr. 1 Yr. Ago -- Industry	21.74
Growth Rates -- Sales (MRQ) vs Qtr. 1 Yr. Ago -- Sector	17.35
Growth Rates -- Sales (TTM) vs TTM 1 Yr. Ago -- Company	27.88
Growth Rates -- Sales (TTM) vs TTM 1 Yr. Ago -- Industry	21.44
Growth Rates -- Sales (TTM) vs TTM 1 Yr. Ago -- Sector	11.47
Growth Rates -- Sales - 5 Yr. Growth Rate -- Company	0
Growth Rates -- Sales - 5 Yr. Growth Rate -- Industry	17.03
Growth Rates -- Sales - 5 Yr. Growth Rate -- Sector	11.75
Growth Rates -- EPS (MRQ) vs Qtr. 1 Yr. Ago -- Company	185.13
Growth Rates -- EPS (MRQ) vs Qtr. 1 Yr. Ago -- Industry	31.31
Growth Rates -- EPS (MRQ) vs Qtr. 1 Yr. Ago -- Sector	45.31
Growth Rates -- EPS (TTM) vs TTM 1 Yr. Ago -- Company	1006.36
Growth Rates -- EPS (TTM) vs TTM 1 Yr. Ago -- Industry	0
Growth Rates -- EPS (TTM) vs TTM 1 Yr. Ago -- Sector	0
Growth Rates -- EPS - 5 Yr. Growth Rate -- Company	0
Growth Rates -- EPS - 5 Yr. Growth Rate -- Industry	30.66
Growth Rates -- EPS - 5 Yr. Growth Rate -- Sector	13.16
Growth Rates -- Capital Spending - 5 Yr. Growth Rate -- Company	0
Growth Rates -- Capital Spending - 5 Yr. Growth Rate -- Industry	47.21
Growth Rates -- Capital Spending - 5 Yr. Growth Rate -- Sector	37.02
Financial Strength -- Quick Ratio (MRQ) -- Company	0.18
Financial Strength -- Quick Ratio (MRQ) -- Industry	2.84
Financial Strength -- Quick Ratio (MRQ) -- Sector	2.36
Financial Strength -- Current Ratio (MRQ) -- Company	0.93
Financial Strength -- Current Ratio (MRQ) -- Industry	3.35
Financial Strength -- Current Ratio (MRQ) -- Sector	2.92
Financial Strength -- LT Debt to Equity (MRQ) -- Company	52.56
Financial Strength -- LT Debt to Equity (MRQ) -- Industry	11.79
Financial Strength -- LT Debt to Equity (MRQ) -- Sector	17.73
Financial Strength -- Total Debt to Equity (MRQ) -- Company	67.16
Financial Strength -- Total Debt to Equity (MRQ) -- Industry	15.92
Financial Strength -- Total Debt to Equity (MRQ) -- Sector	26.14
Financial Strength -- Interest Coverage (TTM) -- Company	1.12
Financial Strength -- Interest Coverage (TTM) -- Industry	1.62
Financial Strength -- Interest Coverage (TTM) -- Sector	37.11
Profitability -- Gross Margin (TTM) -- Company	30.84
Profitability -- Gross Margin (TTM) -- Industry	46.27
Profitability -- Gross Margin (TTM) -- Sector	35.54
Profitability -- Gross Margin - 5 Yr. Avg. -- Company	11.52
Profitability -- Gross Margin - 5 Yr. Avg. -- Industry	45.41
Profitability -- Gross Margin - 5 Yr. Avg. -- Sector	36.87
Profitability -- EBITD Margin (TTM) -- Company	29.69
Profitability -- EBITD Margin (TTM) -- Industry	0
Profitability -- EBITD Margin (TTM) -- Sector	0
Profitability -- EBITD - 5 Yr. Avg. -- Company	10.85
Profitability -- EBITD - 5 Yr. Avg. -- Industry	34.43
Profitability -- EBITD - 5 Yr. Avg. -- Sector	29.59
Profitability -- Operating Margin (TTM) -- Company	22.84
Profitability -- Operating Margin (TTM) -- Industry	30.92
Profitability -- Operating Margin (TTM) -- Sector	21.37
Profitability -- Operating Margin - 5 Yr. Avg. -- Company	-13
Profitability -- Operating Margin - 5 Yr. Avg. -- Industry	29.87
Profitability -- Operating Margin - 5 Yr. Avg. -- Sector	24.37
Profitability -- Pre-Tax Margin (TTM) -- Company	10.73
Profitability -- Pre-Tax Margin (TTM) -- Industry	31.94
Profitability -- Pre-Tax Margin (TTM) -- Sector	21.88
Profitability -- Pre-Tax Margin - 5 Yr. Avg. -- Company	-13
Profitability -- Pre-Tax Margin - 5 Yr. Avg. -- Industry	30.67
Profitability -- Pre-Tax Margin - 5 Yr. Avg. -- Sector	24.81
Profitability -- Net Profit Margin (TTM) -- Company	10.62
Profitability -- Net Profit Margin (TTM) -- Industry	24.59
Profitability -- Net Profit Margin (TTM) -- Sector	16.48
Profitability -- Net Profit Margin - 5 Yr. Avg. -- Company	-11.93
Profitability -- Net Profit Margin - 5 Yr. Avg. -- Industry	23.11
Profitability -- Net Profit Margin - 5 Yr. Avg. -- Sector	18.51
Profitability -- Effective Tax Rate (TTM) -- Company	1.1
Profitability -- Effective Tax Rate (TTM) -- Industry	23.05
Profitability -- Effective Tax Rate (TTM) -- Sector	23.96
Profitability -- Effective Tax Rate - 5 Yr. Avg. -- Company	Error
Profitability -- Effective Tax Rate - 5 Yr. Avg. -- Industry	Error
Profitability -- Effective Tax Rate - 5 Yr. Avg. -- Sector	Error
Management Effectiveness -- Return On Assets (TTM) -- Company	5.17
Management Effectiveness -- Return On Assets (TTM) -- Industry	20.56
Management Effectiveness -- Return On Assets (TTM) -- Sector	13.85
Management Effectiveness -- Return On Assets - 5 Yr. Avg. -- Company	-4.05
Management Effectiveness -- Return On Assets - 5 Yr. Avg. -- Industry	21.15
Management Effectiveness -- Return On Assets - 5 Yr. Avg. -- Sector	16.14
Management Effectiveness -- Return On Investment (TTM) -- Company	7.8
Management Effectiveness -- Return On Investment (TTM) -- Industry	24.09
Management Effectiveness -- Return On Investment (TTM) -- Sector	16.52
Management Effectiveness -- Return On Investment - 5 Yr Avg -- Company	-5.59
Management Effectiveness -- Return On Investment - 5 Yr Avg -- Industry	24.99
Management Effectiveness -- Return On Investment - 5 Yr Avg -- Sector	19.52
Management Effectiveness -- Return On Equity (TTM) -- Company	10.89
Management Effectiveness -- Return On Equity (TTM) -- Industry	27.01
Management Effectiveness -- Return On Equity (TTM) -- Sector	18.82
Management Effectiveness -- Return On Equity - 5 Yr. Avg. -- Company	-8.62
Management Effectiveness -- Return On Equity - 5 Yr. Avg. -- Industry	27.76
Management Effectiveness -- Return On Equity - 5 Yr. Avg. -- Sector	22.18
Efficiency -- Revenue/Employee (TTM) -- Company	29240200
Efficiency -- Revenue/Employee (TTM) -- Industry	2.757E+09
Efficiency -- Revenue/Employee (TTM) -- Sector	3.057E+09
Efficiency -- Net Income/Employee (TTM) -- Company	3104031
Efficiency -- Net Income/Employee (TTM) -- Industry	683150911
Efficiency -- Net Income/Employee (TTM) -- Sector	458860413
Efficiency -- Receivable Turnover (TTM) -- Company	303.92
Efficiency -- Receivable Turnover (TTM) -- Industry	8.92
Efficiency -- Receivable Turnover (TTM) -- Sector	8.75
Efficiency -- Inventory Turnover (TTM) -- Company	3.44
Efficiency -- Inventory Turnover (TTM) -- Industry	5.84
Efficiency -- Inventory Turnover (TTM) -- Sector	5.95
Efficiency -- Asset Turnover (TTM) -- Company	0.49
Efficiency -- Asset Turnover (TTM) -- Industry	0.82
Efficiency -- Asset Turnover (TTM) -- Sector	0.84

LPCL - Lafarge Pakistan Cement Ltd - Ratios Analysis -24/05/2013

LPCL - Lafarge Pakistan Cement Ltd - Company Analysis -24/05/2013

Company	LPCL	Symbol
Company Name	Lafarge Pakistan Cement Ltd	Company Name
Sector	Construction and Materials (Cement)	Sector
Avg EPS	Rs -0.30	Average of past year end EPS's
Sector Average	Rs 0.50	Sector average of the above
Avg EPS FV	Rs -3.15	Fair Value (DCF) based on average of past year end EPS's
EPS	Rs 1.25	Last four quarters EPS
Sector Average	Rs 4.41	Sector average of the above
EPS FV	Rs 13.16	Fair Value (DCF) based on last four quarters EPS
Current Price	Rs 8.32	Last closing stock price
Updated	May 2013	Data Month/Year
Div	Rs 0.30	Total dividend paid during last four quarters
Sector Average	Rs 0.84	Sector average of the above
Div FV	Rs 3.16	Fair value (DD) based on total dividend paid during last four quarters
Avg Div	Rs 0.03	Average of yearly dividends paid (including currently paid ones)
Sector Average	Rs 0.66	Sector average of the above
Avg Div FV	Rs 0.35	Fair value (DD) based on Average of yearly dividends paid (including current)
Avg	Rs 4.28	Fair value (averaged of other fair values)
Upside	-48.54%	Upside potential (in percentage) based on the above Average.
Div Yield	3.61%	Dividend yield
Sector Average	#N/A	Sector average of the above
Book Value	Rs 7.21	Book Value
Sector Average	Rs 29.08	Sector average of the above
FV FCF/S	Rs 14.47	Fair Value based on free cash flow per share
Outstanding Shares	1,312,644,488	Number of  Outstanding Shares
Current Assets	Rs 2,594.00	Currency in Millions of Pakistan Rupees
Total Liabilities	Rs 9,456.00	Currency in Millions of Pakistan Rupees
NCAV/S	Rs -5.23	Net Current Asset Value / Share
Total Assets	Rs 18,924.00	Currency in Millions of Pakistan Rupees
Quarter	September 2012	Data Quarter
CfO	Rs 1,873.00	CASH FROM OPERATIONS (Millions of Rs)
FCF/S	Rs 1.37	Free Cash Flow per Share
FCF/S Sector Avg	3.07	Sector Average FCF/S
P/E	6.66	Price over earnings ratio
P/E Sector Avg	-2.12	Sector Average P/E
P/B	1.15	Price over book value ratio
P/B Sector Avg	1.08	Sector Average P/B
PR	24.00	Payout Ratio (in %)
PR Sector Avg	6.37	Sector average Payout Ratio (in %)
D/E Ratio	99.87	Debt / Equite ratio (%)
Sector D/E Ratio	110.22	Sector Debt / Equity ratio (%)
Price Performance
Last Trade Date	22/05/2013
Last Trade Price	Rs 8.32
3 Months Avg	Rs 6.37
6 Months Avg	Rs 5.75
9 Months Avg	Rs 5.67
12 Months Avg	Rs 5.41
Score	-13	cumulative +ve's, -ve's from above all

LPCL - Lafarge Pakistan Cement Ltd - Company Analysis -24/05/2013

Lafarge Pak. - FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 31/03/2013

Company Date Time Announcement
Lafarge Pak. 24APR2013 11:10:06 EPS = 0.25
Lafarge Pak. 24APR2013 11:10:06 PROFIT/LOSS AFTER TAXATION RS.
IN MILLION 330.136
Lafarge Pak. 24APR2013 11:10:06 PROFIT/LOSS BEFORE TAXATION RS.
IN MILLION 344.891
Lafarge Pak. 24APR2013 11:10:06 FINANCIAL RESULT FOR THE FIRST
QUARTER ENDED 31/03/2013

Lafarge Pak. - FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 31/03/2013

KASBSL - KASB Securities - Ratios Analysis -24/05/2013

Valuation -- P/E Ratio (TTM) -- Company	4.63
Valuation -- P/E Ratio (TTM) -- Industry	30.45
Valuation -- P/E Ratio (TTM) -- Sector	16.57
Valuation -- P/E High - Last 5 Yrs. -- Company	7.26
Valuation -- P/E High - Last 5 Yrs. -- Industry	152.44
Valuation -- P/E High - Last 5 Yrs. -- Sector	28.53
Valuation -- P/E Low - Last 5 Yrs. -- Company	4
Valuation -- P/E Low - Last 5 Yrs. -- Industry	16.45
Valuation -- P/E Low - Last 5 Yrs. -- Sector	14.75
Valuation -- Beta -- Company	1.44
Valuation -- Beta -- Industry	1.59
Valuation -- Beta -- Sector	1.32
Valuation -- Price to Sales (TTM) -- Company	1.55
Valuation -- Price to Sales (TTM) -- Industry	3.63
Valuation -- Price to Sales (TTM) -- Sector	5.03
Valuation -- Price to Book (MRQ) -- Company	0
Valuation -- Price to Book (MRQ) -- Industry	2.05
Valuation -- Price to Book (MRQ) -- Sector	2.92
Valuation -- Price to Tangible Book (MRQ) -- Company	0
Valuation -- Price to Tangible Book (MRQ) -- Industry	2.23
Valuation -- Price to Tangible Book (MRQ) -- Sector	3.02
Valuation -- Price to Cash Flow (TTM) -- Company	0
Valuation -- Price to Cash Flow (TTM) -- Industry	15.76
Valuation -- Price to Cash Flow (TTM) -- Sector	12.31
Valuation -- Price to Free Cash Flow (TTM) -- Company	0
Valuation -- Price to Free Cash Flow (TTM) -- Industry	7.23
Valuation -- Price to Free Cash Flow (TTM) -- Sector	8.71
Valuation -- % Owned Institutions -- Company	0
Valuation -- % Owned Institutions -- Industry	0
Valuation -- % Owned Institutions -- Sector	0
Dividends -- Dividend Yield -- Company	8.33
Dividends -- Dividend Yield -- Industry	1.76
Dividends -- Dividend Yield -- Sector	2.07
Dividends -- Dividend Yield - 5 Year Avg. -- Company	0
Dividends -- Dividend Yield - 5 Year Avg. -- Industry	2.26
Dividends -- Dividend Yield - 5 Year Avg. -- Sector	1.9
Dividends -- Dividend 5 Year Growth Rate -- Company	0
Dividends -- Dividend 5 Year Growth Rate -- Industry	-10.48
Dividends -- Dividend 5 Year Growth Rate -- Sector	6.87
Dividends -- Payout Ratio (TTM) -- Company	0
Dividends -- Payout Ratio (TTM) -- Industry	45.08
Dividends -- Payout Ratio (TTM) -- Sector	16.73
Growth Rates -- Sales (MRQ) vs Qtr. 1 Yr. Ago -- Company	95.79
Growth Rates -- Sales (MRQ) vs Qtr. 1 Yr. Ago -- Industry	38.04
Growth Rates -- Sales (MRQ) vs Qtr. 1 Yr. Ago -- Sector	20.05
Growth Rates -- Sales (TTM) vs TTM 1 Yr. Ago -- Company	83.36
Growth Rates -- Sales (TTM) vs TTM 1 Yr. Ago -- Industry	18.97
Growth Rates -- Sales (TTM) vs TTM 1 Yr. Ago -- Sector	12.17
Growth Rates -- Sales - 5 Yr. Growth Rate -- Company	0
Growth Rates -- Sales - 5 Yr. Growth Rate -- Industry	-3.13
Growth Rates -- Sales - 5 Yr. Growth Rate -- Sector	14.05
Growth Rates -- EPS (MRQ) vs Qtr. 1 Yr. Ago -- Company	193.38
Growth Rates -- EPS (MRQ) vs Qtr. 1 Yr. Ago -- Industry	222.37
Growth Rates -- EPS (MRQ) vs Qtr. 1 Yr. Ago -- Sector	52.92
Growth Rates -- EPS (TTM) vs TTM 1 Yr. Ago -- Company	162.56
Growth Rates -- EPS (TTM) vs TTM 1 Yr. Ago -- Industry	0
Growth Rates -- EPS (TTM) vs TTM 1 Yr. Ago -- Sector	0
Growth Rates -- EPS - 5 Yr. Growth Rate -- Company	0
Growth Rates -- EPS - 5 Yr. Growth Rate -- Industry	0.04
Growth Rates -- EPS - 5 Yr. Growth Rate -- Sector	27.21
Growth Rates -- Capital Spending - 5 Yr. Growth Rate -- Company	0
Growth Rates -- Capital Spending - 5 Yr. Growth Rate -- Industry	-1.14
Growth Rates -- Capital Spending - 5 Yr. Growth Rate -- Sector	26.85
Financial Strength -- Quick Ratio (MRQ) -- Company	0
Financial Strength -- Quick Ratio (MRQ) -- Industry	0.41
Financial Strength -- Quick Ratio (MRQ) -- Sector	0.14
Financial Strength -- Current Ratio (MRQ) -- Company	0
Financial Strength -- Current Ratio (MRQ) -- Industry	0.76
Financial Strength -- Current Ratio (MRQ) -- Sector	3.56
Financial Strength -- LT Debt to Equity (MRQ) -- Company	0
Financial Strength -- LT Debt to Equity (MRQ) -- Industry	174.75
Financial Strength -- LT Debt to Equity (MRQ) -- Sector	31.91
Financial Strength -- Total Debt to Equity (MRQ) -- Company	0
Financial Strength -- Total Debt to Equity (MRQ) -- Industry	816.32
Financial Strength -- Total Debt to Equity (MRQ) -- Sector	50.16
Financial Strength -- Interest Coverage (TTM) -- Company	-1.54
Financial Strength -- Interest Coverage (TTM) -- Industry	-45.69
Financial Strength -- Interest Coverage (TTM) -- Sector	4.46
Profitability -- Gross Margin (TTM) -- Company	0
Profitability -- Gross Margin (TTM) -- Industry	60.84
Profitability -- Gross Margin (TTM) -- Sector	6.26
Profitability -- Gross Margin - 5 Yr. Avg. -- Company	99.3
Profitability -- Gross Margin - 5 Yr. Avg. -- Industry	67.83
Profitability -- Gross Margin - 5 Yr. Avg. -- Sector	6.08
Profitability -- EBITD Margin (TTM) -- Company	26.63
Profitability -- EBITD Margin (TTM) -- Industry	0
Profitability -- EBITD Margin (TTM) -- Sector	0
Profitability -- EBITD - 5 Yr. Avg. -- Company	26.37
Profitability -- EBITD - 5 Yr. Avg. -- Industry	17.6
Profitability -- EBITD - 5 Yr. Avg. -- Sector	3.24
Profitability -- Operating Margin (TTM) -- Company	24.8
Profitability -- Operating Margin (TTM) -- Industry	17.01
Profitability -- Operating Margin (TTM) -- Sector	42.85
Profitability -- Operating Margin - 5 Yr. Avg. -- Company	6.79
Profitability -- Operating Margin - 5 Yr. Avg. -- Industry	4.92
Profitability -- Operating Margin - 5 Yr. Avg. -- Sector	37.02
Profitability -- Pre-Tax Margin (TTM) -- Company	22.3
Profitability -- Pre-Tax Margin (TTM) -- Industry	18.24
Profitability -- Pre-Tax Margin (TTM) -- Sector	44.37
Profitability -- Pre-Tax Margin - 5 Yr. Avg. -- Company	-12.27
Profitability -- Pre-Tax Margin - 5 Yr. Avg. -- Industry	5.87
Profitability -- Pre-Tax Margin - 5 Yr. Avg. -- Sector	133.37
Profitability -- Net Profit Margin (TTM) -- Company	34.05
Profitability -- Net Profit Margin (TTM) -- Industry	12.83
Profitability -- Net Profit Margin (TTM) -- Sector	35.09
Profitability -- Net Profit Margin - 5 Yr. Avg. -- Company	-15.16
Profitability -- Net Profit Margin - 5 Yr. Avg. -- Industry	1.25
Profitability -- Net Profit Margin - 5 Yr. Avg. -- Sector	123.72
Profitability -- Effective Tax Rate (TTM) -- Company	-52.7
Profitability -- Effective Tax Rate (TTM) -- Industry	27.9
Profitability -- Effective Tax Rate (TTM) -- Sector	20.72
Profitability -- Effective Tax Rate - 5 Yr. Avg. -- Company	Error
Profitability -- Effective Tax Rate - 5 Yr. Avg. -- Industry	Error
Profitability -- Effective Tax Rate - 5 Yr. Avg. -- Sector	Error
Management Effectiveness -- Return On Assets (TTM) -- Company	0
Management Effectiveness -- Return On Assets (TTM) -- Industry	0.79
Management Effectiveness -- Return On Assets (TTM) -- Sector	3.41
Management Effectiveness -- Return On Assets - 5 Yr. Avg. -- Company	0
Management Effectiveness -- Return On Assets - 5 Yr. Avg. -- Industry	0.44
Management Effectiveness -- Return On Assets - 5 Yr. Avg. -- Sector	2.75
Management Effectiveness -- Return On Investment (TTM) -- Company	0
Management Effectiveness -- Return On Investment (TTM) -- Industry	2.82
Management Effectiveness -- Return On Investment (TTM) -- Sector	1.42
Management Effectiveness -- Return On Investment - 5 Yr Avg -- Company	0
Management Effectiveness -- Return On Investment - 5 Yr Avg -- Industry	0.98
Management Effectiveness -- Return On Investment - 5 Yr Avg -- Sector	1
Management Effectiveness -- Return On Equity (TTM) -- Company	0
Management Effectiveness -- Return On Equity (TTM) -- Industry	7.02
Management Effectiveness -- Return On Equity (TTM) -- Sector	23.76
Management Effectiveness -- Return On Equity - 5 Yr. Avg. -- Company	0
Management Effectiveness -- Return On Equity - 5 Yr. Avg. -- Industry	0.67
Management Effectiveness -- Return On Equity - 5 Yr. Avg. -- Sector	22.9
Efficiency -- Revenue/Employee (TTM) -- Company	0
Efficiency -- Revenue/Employee (TTM) -- Industry	438338
Efficiency -- Revenue/Employee (TTM) -- Sector	65289897
Efficiency -- Net Income/Employee (TTM) -- Company	0
Efficiency -- Net Income/Employee (TTM) -- Industry	84936
Efficiency -- Net Income/Employee (TTM) -- Sector	21593110
Efficiency -- Receivable Turnover (TTM) -- Company	0
Efficiency -- Receivable Turnover (TTM) -- Industry	1.72
Efficiency -- Receivable Turnover (TTM) -- Sector	28.7
Efficiency -- Inventory Turnover (TTM) -- Company	0
Efficiency -- Inventory Turnover (TTM) -- Industry	64.43
Efficiency -- Inventory Turnover (TTM) -- Sector	1.95
Efficiency -- Asset Turnover (TTM) -- Company	0
Efficiency -- Asset Turnover (TTM) -- Industry	0.05
Efficiency -- Asset Turnover (TTM) -- Sector	0.03

KASBSL - KASB Securities - Ratios Analysis -24/05/2013

KASBSL - KASB Securities - Company Analysis -24/05/2013

Company	KASBSL	Symbol
Company Name	KASB Securities	Company Name
Sector	Financial Services	Sector
Avg EPS	Rs -0.62	Average of past year end EPS's
Sector Average	Rs 0.61	Sector average of the above
Avg EPS FV	Rs -6.48	Fair Value (DCF) based on average of past year end EPS's
EPS	Rs 1.17	Last four quarters EPS
Sector Average	Rs -0.03	Sector average of the above
EPS FV	Rs 12.32	Fair Value (DCF) based on last four quarters EPS
Current Price	Rs 6.35	Last closing stock price
Updated	May 2013	Data Month/Year
Div	Rs 0.50	Total dividend paid during last four quarters
Sector Average	Rs 0.52	Sector average of the above
Div FV	Rs 5.26	Fair value (DD) based on total dividend paid during last four quarters
Avg Div	Rs 0.08	Average of yearly dividends paid (including currently paid ones)
Sector Average	Rs 0.57	Sector average of the above
Avg Div FV	Rs 0.88	Fair value (DD) based on Average of yearly dividends paid (including current)
Avg	Rs 4.65	Fair value (averaged of other fair values)
Upside	-26.78%	Upside potential (in percentage) based on the above Average.
Div Yield	7.87%	Dividend yield
Sector Average	3.11%	Sector average of the above
Book Value	Rs 10.13	Book Value
Sector Average	Rs 9.72	Sector average of the above
FV FCF/S	Rs 9.19	Fair Value based on free cash flow per share
Outstanding Shares	100,000,000	Number of  Outstanding Shares
Current Assets	Rs 814.00	Currency in Millions of Pakistan Rupees
Total Liabilities	Rs 689.00	Currency in Millions of Pakistan Rupees
NCAV/S	Rs 1.25	Net Current Asset Value / Share
Total Assets	Rs 1,702.00	Currency in Millions of Pakistan Rupees
Quarter	September 2012	Data Quarter
CfO	Rs 91.00	CASH FROM OPERATIONS (Millions of Rs)
FCF/S	Rs 0.87	Free Cash Flow per Share
FCF/S Sector Avg	0.66	Sector Average FCF/S
P/E	5.43	Price over earnings ratio
P/E Sector Avg	0.78	Sector Average P/E
P/B	0.63	Price over book value ratio
P/B Sector Avg	0.53	Sector Average P/B
PR	42.74	Payout Ratio (in %)
PR Sector Avg	32.32	Sector average Payout Ratio (in %)
D/E Ratio	68.02	Debt / Equite ratio (%)
Sector D/E Ratio	109.47	Sector Debt / Equity ratio (%)
Price Performance
Last Trade Date	22/05/2013
Last Trade Price	Rs 6.35
3 Months Avg	Rs 5.42
6 Months Avg	Rs 5.21
9 Months Avg	Rs 4.86
12 Months Avg	Rs 4.72
Score	-6	cumulative +ve's, -ve's from above all

KASBSL - KASB Securities - Company Analysis -24/05/2013

KASB Securities - FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 31/03/2013

Company Date Time Announcement
KASB Securities 24APR2013 15:49:08 EPS = 0.12
KASB Securities 24APR2013 15:49:08 (CONSOLIDATED) PROFIT/LOSS
AFTER TAXATION RS. IN MILLION 11.671
KASB Securities 24APR2013 15:49:08 (CONSOLIDATED) PROFIT/LOSS
BEFORE TAXATION RS. IN MILLION 16.943
KASB Securities 24APR2013 15:49:08 FINANCIAL RESULT FOR THE
FIRST QUARTER ENDED 31/03/2013
KASB Securities 24APR2013 15:47:53 EPS = 0.12
KASB Securities 24APR2013 15:47:53 (UNCONSOLIDATED) PROFIT/LOSS
AFTER TAXATION RS. IN MILLION 11.673
KASB Securities 24APR2013 15:47:53 (UNCONSOLIDATED) PROFIT/LOSS
BEFORE TAXATION RS. IN MILLION 16.945
KASB Securities 24APR2013 15:47:53 FINANCIAL RESULT FOR THE
FIRST QUARTER ENDED 31/03/2013

KASB Securities - FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 31/03/2013

KSBP - K.S.B. Pumps Co. Ltd. - Ratios Analysis -24/05/2013

Valuation -- P/E Ratio (TTM) -- Company	9.27
Valuation -- P/E Ratio (TTM) -- Industry	26.22
Valuation -- P/E Ratio (TTM) -- Sector	23.66
Valuation -- P/E High - Last 5 Yrs. -- Company	13.96
Valuation -- P/E High - Last 5 Yrs. -- Industry	68.97
Valuation -- P/E High - Last 5 Yrs. -- Sector	44.04
Valuation -- P/E Low - Last 5 Yrs. -- Company	6.79
Valuation -- P/E Low - Last 5 Yrs. -- Industry	12.98
Valuation -- P/E Low - Last 5 Yrs. -- Sector	10.5
Valuation -- Beta -- Company	0.31
Valuation -- Beta -- Industry	1.05
Valuation -- Beta -- Sector	1.05
Valuation -- Price to Sales (TTM) -- Company	0.38
Valuation -- Price to Sales (TTM) -- Industry	3.9
Valuation -- Price to Sales (TTM) -- Sector	2.13
Valuation -- Price to Book (MRQ) -- Company	1.21
Valuation -- Price to Book (MRQ) -- Industry	2.54
Valuation -- Price to Book (MRQ) -- Sector	2.36
Valuation -- Price to Tangible Book (MRQ) -- Company	1.22
Valuation -- Price to Tangible Book (MRQ) -- Industry	3.21
Valuation -- Price to Tangible Book (MRQ) -- Sector	1.67
Valuation -- Price to Cash Flow (TTM) -- Company	6.27
Valuation -- Price to Cash Flow (TTM) -- Industry	5.74
Valuation -- Price to Cash Flow (TTM) -- Sector	5.57
Valuation -- Price to Free Cash Flow (TTM) -- Company	0
Valuation -- Price to Free Cash Flow (TTM) -- Industry	40.16
Valuation -- Price to Free Cash Flow (TTM) -- Sector	17.87
Valuation -- % Owned Institutions -- Company	0
Valuation -- % Owned Institutions -- Industry	0
Valuation -- % Owned Institutions -- Sector	0
Dividends -- Dividend Yield -- Company	5.31
Dividends -- Dividend Yield -- Industry	1.33
Dividends -- Dividend Yield -- Sector	1.98
Dividends -- Dividend Yield - 5 Year Avg. -- Company	0
Dividends -- Dividend Yield - 5 Year Avg. -- Industry	1.53
Dividends -- Dividend Yield - 5 Year Avg. -- Sector	1.86
Dividends -- Dividend 5 Year Growth Rate -- Company	0
Dividends -- Dividend 5 Year Growth Rate -- Industry	-1.47
Dividends -- Dividend 5 Year Growth Rate -- Sector	10.67
Dividends -- Payout Ratio (TTM) -- Company	0
Dividends -- Payout Ratio (TTM) -- Industry	36.94
Dividends -- Payout Ratio (TTM) -- Sector	38.28
Growth Rates -- Sales (MRQ) vs Qtr. 1 Yr. Ago -- Company	42.94
Growth Rates -- Sales (MRQ) vs Qtr. 1 Yr. Ago -- Industry	-6.92
Growth Rates -- Sales (MRQ) vs Qtr. 1 Yr. Ago -- Sector	6.48
Growth Rates -- Sales (TTM) vs TTM 1 Yr. Ago -- Company	41.24
Growth Rates -- Sales (TTM) vs TTM 1 Yr. Ago -- Industry	-2.13
Growth Rates -- Sales (TTM) vs TTM 1 Yr. Ago -- Sector	8.42
Growth Rates -- Sales - 5 Yr. Growth Rate -- Company	6.78
Growth Rates -- Sales - 5 Yr. Growth Rate -- Industry	0.62
Growth Rates -- Sales - 5 Yr. Growth Rate -- Sector	13.94
Growth Rates -- EPS (MRQ) vs Qtr. 1 Yr. Ago -- Company	160.79
Growth Rates -- EPS (MRQ) vs Qtr. 1 Yr. Ago -- Industry	-11.37
Growth Rates -- EPS (MRQ) vs Qtr. 1 Yr. Ago -- Sector	5.06
Growth Rates -- EPS (TTM) vs TTM 1 Yr. Ago -- Company	231.89
Growth Rates -- EPS (TTM) vs TTM 1 Yr. Ago -- Industry	0
Growth Rates -- EPS (TTM) vs TTM 1 Yr. Ago -- Sector	0
Growth Rates -- EPS - 5 Yr. Growth Rate -- Company	0
Growth Rates -- EPS - 5 Yr. Growth Rate -- Industry	-2.8
Growth Rates -- EPS - 5 Yr. Growth Rate -- Sector	16.58
Growth Rates -- Capital Spending - 5 Yr. Growth Rate -- Company	15.51
Growth Rates -- Capital Spending - 5 Yr. Growth Rate -- Industry	3.48
Growth Rates -- Capital Spending - 5 Yr. Growth Rate -- Sector	20.34
Financial Strength -- Quick Ratio (MRQ) -- Company	0.91
Financial Strength -- Quick Ratio (MRQ) -- Industry	4.45
Financial Strength -- Quick Ratio (MRQ) -- Sector	1.27
Financial Strength -- Current Ratio (MRQ) -- Company	1.35
Financial Strength -- Current Ratio (MRQ) -- Industry	5.15
Financial Strength -- Current Ratio (MRQ) -- Sector	1.74
Financial Strength -- LT Debt to Equity (MRQ) -- Company	0
Financial Strength -- LT Debt to Equity (MRQ) -- Industry	14.5
Financial Strength -- LT Debt to Equity (MRQ) -- Sector	47.24
Financial Strength -- Total Debt to Equity (MRQ) -- Company	30.66
Financial Strength -- Total Debt to Equity (MRQ) -- Industry	25.02
Financial Strength -- Total Debt to Equity (MRQ) -- Sector	69.43
Financial Strength -- Interest Coverage (TTM) -- Company	-3.16
Financial Strength -- Interest Coverage (TTM) -- Industry	85.29
Financial Strength -- Interest Coverage (TTM) -- Sector	14.14
Profitability -- Gross Margin (TTM) -- Company	20.06
Profitability -- Gross Margin (TTM) -- Industry	36.03
Profitability -- Gross Margin (TTM) -- Sector	29.92
Profitability -- Gross Margin - 5 Yr. Avg. -- Company	23.86
Profitability -- Gross Margin - 5 Yr. Avg. -- Industry	37.03
Profitability -- Gross Margin - 5 Yr. Avg. -- Sector	32.45
Profitability -- EBITD Margin (TTM) -- Company	8.04
Profitability -- EBITD Margin (TTM) -- Industry	0
Profitability -- EBITD Margin (TTM) -- Sector	0
Profitability -- EBITD - 5 Yr. Avg. -- Company	8.17
Profitability -- EBITD - 5 Yr. Avg. -- Industry	23.27
Profitability -- EBITD - 5 Yr. Avg. -- Sector	21.85
Profitability -- Operating Margin (TTM) -- Company	6.1
Profitability -- Operating Margin (TTM) -- Industry	18.79
Profitability -- Operating Margin (TTM) -- Sector	14.09
Profitability -- Operating Margin - 5 Yr. Avg. -- Company	7.71
Profitability -- Operating Margin - 5 Yr. Avg. -- Industry	18.37
Profitability -- Operating Margin - 5 Yr. Avg. -- Sector	15.34
Profitability -- Pre-Tax Margin (TTM) -- Company	5.23
Profitability -- Pre-Tax Margin (TTM) -- Industry	19.61
Profitability -- Pre-Tax Margin (TTM) -- Sector	11.96
Profitability -- Pre-Tax Margin - 5 Yr. Avg. -- Company	7.04
Profitability -- Pre-Tax Margin - 5 Yr. Avg. -- Industry	19.08
Profitability -- Pre-Tax Margin - 5 Yr. Avg. -- Sector	13.03
Profitability -- Net Profit Margin (TTM) -- Company	4.05
Profitability -- Net Profit Margin (TTM) -- Industry	12.67
Profitability -- Net Profit Margin (TTM) -- Sector	8.61
Profitability -- Net Profit Margin - 5 Yr. Avg. -- Company	5.05
Profitability -- Net Profit Margin - 5 Yr. Avg. -- Industry	11.97
Profitability -- Net Profit Margin - 5 Yr. Avg. -- Sector	9.53
Profitability -- Effective Tax Rate (TTM) -- Company	22.48
Profitability -- Effective Tax Rate (TTM) -- Industry	31.87
Profitability -- Effective Tax Rate (TTM) -- Sector	31.9
Profitability -- Effective Tax Rate - 5 Yr. Avg. -- Company	Error
Profitability -- Effective Tax Rate - 5 Yr. Avg. -- Industry	Error
Profitability -- Effective Tax Rate - 5 Yr. Avg. -- Sector	Error
Management Effectiveness -- Return On Assets (TTM) -- Company	5.07
Management Effectiveness -- Return On Assets (TTM) -- Industry	6.58
Management Effectiveness -- Return On Assets (TTM) -- Sector	3.56
Management Effectiveness -- Return On Assets - 5 Yr. Avg. -- Company	6.78
Management Effectiveness -- Return On Assets - 5 Yr. Avg. -- Industry	6.37
Management Effectiveness -- Return On Assets - 5 Yr. Avg. -- Sector	6.58
Management Effectiveness -- Return On Investment (TTM) -- Company	13.38
Management Effectiveness -- Return On Investment (TTM) -- Industry	8.06
Management Effectiveness -- Return On Investment (TTM) -- Sector	8.22
Management Effectiveness -- Return On Investment - 5 Yr Avg -- Company	13.16
Management Effectiveness -- Return On Investment - 5 Yr Avg -- Industry	8.28
Management Effectiveness -- Return On Investment - 5 Yr Avg -- Sector	9.59
Management Effectiveness -- Return On Equity (TTM) -- Company	14.01
Management Effectiveness -- Return On Equity (TTM) -- Industry	9.39
Management Effectiveness -- Return On Equity (TTM) -- Sector	12.55
Management Effectiveness -- Return On Equity - 5 Yr. Avg. -- Company	13.99
Management Effectiveness -- Return On Equity - 5 Yr. Avg. -- Industry	9.73
Management Effectiveness -- Return On Equity - 5 Yr. Avg. -- Sector	14.1
Efficiency -- Revenue/Employee (TTM) -- Company	0
Efficiency -- Revenue/Employee (TTM) -- Industry	5149484
Efficiency -- Revenue/Employee (TTM) -- Sector	1.093E+09
Efficiency -- Net Income/Employee (TTM) -- Company	0
Efficiency -- Net Income/Employee (TTM) -- Industry	2282370
Efficiency -- Net Income/Employee (TTM) -- Sector	113387221
Efficiency -- Receivable Turnover (TTM) -- Company	3.03
Efficiency -- Receivable Turnover (TTM) -- Industry	4.53
Efficiency -- Receivable Turnover (TTM) -- Sector	26.62
Efficiency -- Inventory Turnover (TTM) -- Company	3.9
Efficiency -- Inventory Turnover (TTM) -- Industry	3.82
Efficiency -- Inventory Turnover (TTM) -- Sector	16.71
Efficiency -- Asset Turnover (TTM) -- Company	1.25
Efficiency -- Asset Turnover (TTM) -- Industry	0.64
Efficiency -- Asset Turnover (TTM) -- Sector	0.76

KSBP - K.S.B. Pumps Co. Ltd. - Ratios Analysis -24/05/2013