SlideShare a Scribd company logo
1 of 68
Download to read offline
1
WELCOME
2
“VALUATION OF ORION PHARMA
LIMITED”
Introduction
▪ Orion Group Limited was founded in 1965
▪ It has been specializing in industrial products
▪ Orion exports its products to more than 10
countries
3
Introduction
▪ This giant group consists of more than 27
companies from at least 12 industry sectors
▪ Almost 18,000 people are employed by various
sister concerns of Orion Group.
4
Research
Question
5
Is the Intrinsic Value of Orion Pharma Limited
Overvalued or Undervalued on the basis of its
Market Stock Price?
Research
Objectives
 To provide an estimation of the common stock value
of Orion Pharma Limited using dividend discount
model, free cash flow to equity and relative
valuation.
 To compare the obtained intrinsic values with the
current market price
6
Research
Objectives  To find out whether the intrinsic value of Orion Pharma
limited is overvalued or undervalued
 To identify & discuss the reasons of variability between
Intrinsic & Market Value of Stock.
7
Limitations
8
Mentionable limitations of our term paper is
 time constraint
 data unavailability
Research
Methodology ▪ Research methodology is quantitative in nature
▪ We used secondary sources of Data
▪ We used data form Dhaka stock exchange and
annual report of Orion Pharma Ltd.
9
Company
Overview ▪ Orion Pharma Ltd. is one among the 27 sister concerns of
ORION Group
▪ Orion Pharma strongly believes in quality and doesn’t settle
for anything until it surpasses the prevailing standard
10
Company
Overview
▪ For serving its esteemed customers with products of outstanding
value, the company has been bestowed with the ISO-9001: 2000
Certificate in January 2003
▪ Its diverse medicinal collection includes life-saving anti-cancer
drugs and injectables with more than 110 generics and 220
arrangements of Capsule, cream ointment products etc.
11
Company
Overview  In order to cope up with the development of technical brilliance in
Pharma and Healthcare, Orion Pharma Ltd. has by now started its
erection of new plant which will be one of the newest facilities for
medicinal finished products in south-east Asia
12
Quality
Policy
13
With devotion to help its cherished clients with products of
admirable value Orion Pharma Ltd. is constantly enhancing
itself in expertise, method and human resources fulfilling
the strategies of Good Manufacturing Practice (GMP) and
the regulations of ISO-9001: 2008 Quality Management
System (QMS).
Corporate
Governance
14
Incorporated as a Private Limited Company
(earlier known as Orion Laboratories Limited) 21 June, 1965
Date of Commercial Operation 25 November, 1966
Converted into Public Limited Company 24 June, 2010
Name changed into Orion Pharma Limited 15 October, 2010
Initial Public Offering (IPO) of shares of Orion
Pharma Limited
2012
Listing with both Dhaka & Chittagong Stock
Exchanges
2013
Authorized Capital Tk. 5,000 Million
Paid-up Capital Tk. 2,340 Million
Number of Employees 2,063
Subsidiary Company Orion Power Meghnaghat Limited
Dutch Bangla Power & Associates Limited
15
Corporate
Governance
1. Historical growth rate of
Orion Pharma
2. Industrial Growth Rate
3. Company Future Prospects
Estimating
Growth rate
“
1717
A. Historical Growth
-1.5
-1
-0.5
0
0.5
1
1.5
2
2.5
3
3.5
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Historical Growth rate
Sales Net income EPS Dividend Cashflow
“
18
B. Industrial Growth
0%
5%
10%
15%
20%
25%
30%
Peer Comparison
Growth
“
₪ Orion Pharma has developed a new pharma park in Shiddhirganj,
which will help increase the revenue thereby increasing the growth.
₪ Over the next 10 years the growth will decrease again due to severe
competition.
₪ So, over all we assume the perpetuity growth to be 1%. 19
C. Company Future Prospects
Stock Intrinsic
Valuation &
Comparison with
Market Price
Calculation of Required Rate of Return:
(r)
Capital Asset Pricing Model
21
Calculation
of Required
Rate of
Return
THE FORMULA
 𝑟 = 𝑅𝐹 +𝛽(𝑅𝑀 −𝑅𝐹)
22
Where,
♠ r : Required rate of return by investors
♠ RF : Risk free rate (interest rate of 5-year
Treasury bond)
♠ RM : Market return
♠ 𝛽 : Systematic risk
The Term
Structure of
Treasury
Bond Rate
23
“
In Bangladesh, currently
interest rate of 5-year
Treasury bond is 5.45%
So, RF=5.45% 24
“
25
Systematic Risk (beta) as per the report of June 30, 2017
of Orion Pharma is,
1.40283968128837
Market return of Dhaka Stock Exchange
26
Calculating
the Market
Return
Monthly data of two years, DSEX index data from 2nd
October, 2016 to 2nd October, 2018, is considered.
27
The Market Return will be the percentage change of the
monthly closing Index from closing Index of previous
month (which is Opening Index for this month)
2nd date of each month is considered as the representative.
Calculating
the Market
Return
28
Date Monthly Opening Index Monthly Closing Index Market Return
2 Oct,2016 4,690.93
2 Nov, 2016 4,690.93 4,633.19 -0.012309996
2 Dec, 2016 4,633.19 4,823.02 0.040973609
2 January,2017 4,823.02 5,119.59 0.061489365
2 Feb, 17 5,119.59 5,365.14 0.047962365
2 March, 17 5,365.14 5,586.75 0.041305456
2 April,17 5,586.75 5,691.37 0.018727655
2 May, 2017 5,691.37 5,521.38 -0.029867673
2 June, 2017 5,521.38 5,438.71 -0.014974325
2 July,2017 5,438.71 5,654.62 0.039700175
2 August,17 5,654.62 5,891.16 0.041831613
2 Sep,2017 5,891.16 6,038.38 0.024988535
2 Oct, 17 6,038.38 6,092.95 0.009038392
2 Nov, 17 6,092.95 6,099.02 0.000996372
2 Dec, 2017 6,099.02 6,296.20 0.032329157
2,Jan,2018 6,296.20 6,279.97 -0.00257819
2 Feb,18 6,279.97 6,021.45 -0.041165909
2 March, 18 6,021.45 5,870.83 -0.025012705
2 april,2018 5,870.83 5,827.52 -0.007378484
2 May, 18 5,827.52 5,698.69 -0.022106691
2 June, 18 5,698.69 5,316.97 -0.066984389
2 July,18 5,316.97 5,322.41 0.001024223
2 August, 18 5,322.41 5,399.79 0.014538856
2 Sep,18 5,399.79 5,590.42 0.035302889
2 October,18 5,590.42 5,380.93 -0.037473298
“
29
DSE Index
Average Monthly Market
Return
0.6265%
Annual Market Return 7.5179%
Calculation
of Required
Rate of
Return
30
▪ 𝑅𝐹 = 5.45%,
▪ Estimated values of 𝑅𝑀=7.5179% and
▪ 𝛽, = 1.40283968128837
▪ Required rate of return(r) from Orion Pharma
can be estimated as below,
31
Dividend Discounting
Model
“
 This model is based on the theory that the stock price of a company is
equal to the sum of all of its future dividend payments, discounted to
their present value.
 it is assumed that the expected dividend per share grows at a
constant rate of 𝑔 in perpetuity. 32
Dividend Discounting Model
Dividend
Discounting
Model
▪ The formula is
▪ 𝐏 =
𝐃𝟏
𝟏+𝐤
+
𝐃𝟐
(𝟏+𝐤) 𝟐 +
𝐃𝟑
(𝟏+𝐤) 𝟑 + ⋯ … …
33
Here,
D0 = the value of the last paid dividend per share
𝐷1 = the value of next year’s dividend per share
K = is the required rate of return by investors.
r= 8.35 and growth rate decreasing from 4.13% (growth rate for
dividends) and taking perpetual growth rate of 1% after 10 years.
34
Year Growth Rate Dividend 8.35% PV factor PV
1 4.13% 224920800 1.0835 207587263.5
2 4.00% 233917632 1.17397225 199253118.6
3 3.75% 242689543.2 1.271998933 190793826.1
4 3.25% 250576953.4 1.378210844 181813221.5
5 3.10% 258344838.9 1.493291449 173003628.4
6 3.00% 266095184.1 1.617981285 164461224.9
7 2.75% 273412801.6 1.753082723 155961152.4
8 2.25% 279564589.7 1.89946513 147180690.6
9 2.105 868048050.9 2.058070468 421777613.7
10 2% 885409012 2.229919352 397058759.6
Constant Growth 1% 894263102.1 5456181594
Total PV 7695072093
Shares Outstanding 234000000
Loan Outstanding 442828999
Total PV 30.99249186
For our
calculation we
have
discounted the
dividends up to
10 years.
35
Present Value of Operating
Free Cash Flow of Orion
Pharma Ltd.
“
₪ To discount the firm’s operating free cash flow to the firm at the firm’s weighted
average cost of capital
₪ The Operating Free Cash Flow, OFCF is the cash flow generated by a company’s
operations and available to all who have provided capital to the firm (both equity
and debt) 36
Procedure
“
37
₪ As it is the cash flow available to all capital suppliers, it is discounted at the
firm’s WACC.
₪ Before getting the present value, we required the Weighted Average Cost of
Capital, WACC
“
38
What is WACC?
Weighted average cost of capital (WACC) is a calculation of a firm's cost of
capital in which each category of capital is proportionately weighted.
“
39
What is WACC?
Generally, a company finances its assets either through debt or
with equity. WACC is the average of the costs of these types of
financing, each of which is weighted by its proportionate use in the
given situation.
WACC
Calculation
40
The formula that we have used to calculate WACC:
𝑊𝐴𝐶𝐶 =
𝐸
𝐸+𝐷
(𝑘) +
𝐷
𝐸+𝐷
(1 − 𝑇)(𝑟d)
E = Market Value of the firm’s Equity
D = Market Value of the firm’s Debt
k = Cost of Equity
rd = Cost of Debt
T = Tax rate
41
Calculation of WACC of Orion Pharma Ltd.
The WACC of Orion Pharma Ltd. = 8.87%
42
Operating Free Cash Flow
Operating Free cash flow for the firm (OFCF) represents the amount of cash flow
from operations available for distribution after depreciation expenses, taxes, working
capital, and investments are paid.
A measurement of a company's
profitability after all expenses and
reinvestments
One of the many benchmarks used
to compare and analyze financial
health
43
𝑷𝑽 =
𝑶𝑭𝑪𝑭 𝟎(𝟏 + 𝒈) 𝟏
(𝟏 + 𝑾𝑨𝑪𝑪)
+
𝑶𝑭𝑪𝑭 𝟎(𝟏 + 𝒈) 𝟐
(𝟏 + 𝑾𝑨𝑪𝑪) 𝟐
+
𝑶𝑭𝑪𝑭 𝟎(𝟏 + 𝒈) 𝟑
(𝟏 + 𝑾𝑨𝑪𝑪) 𝟑
+ ⋯ … … … … . +
𝑶𝑭𝑪𝑭 𝟎(𝟏 + 𝒈) 𝒏
(𝟏 + 𝑾𝑨𝑪𝑪) 𝒏
𝑂𝐹𝐶𝐹0 = Operating Free Cash Flow for the current year
𝑔= Growth rate
𝑊𝐴𝐶𝐶 = Weighted average cost of capital for the firm
n = Number of years
Calculation of Present Value of OFCF
“
44
For infinite period constant growth rate, 𝑷𝑽 =
𝑶𝑭𝑪𝑭 𝟏
(𝑾𝑨𝑪𝑪−𝒈)
𝑂𝐹𝐶𝐹1= Operating free cash flow for period 1
g= Constant growth rate
“
 the present value of operating FCF for 10 years with the free cash flow of 2017
 The Operating FCF, OFCF0 was Tk 202,200,000
 the growth rate of 12.3% for 2018
 Starting from 2018, we assumed that the growth rate will decline gradually each
year 45
Calculation of Present Value of OFCF
“
 Finally after the tenth year, it will stand at 1% and this 1% growth rate is perpetual
 Then the free cash flow for each year was discounted using the WACC (8.87%) to
get their present value
 Summation of all the present values finally gave us the total present value of OFCF
of Orion Pharma Ltd. which is Tk 5,415,071,395 46
Calculation of Present Value of OFCF
47
Calculation of
Present Value
of OFCF
Calculation of
Estimated
Intrinsic value
48
▪ Number of Outstanding Shares is 234,000,000
▪ Amount of loan outstanding = Tk 442,828,999
▪ The per share value based on the present value of operating free
cash flow is= {(Tk 5,415,071,395- Tk 442,828,999)/234,000,000} =
Tk 21.249
Relative Valuation Techniques
49
Relative
Valuation
Techniques
50
Here the Stock Value of BATA Shoe BD on the basis of
industry average will be obtained.
There are 6 Shoe & Leather companies listed under DSE.
A table with,
 The current share prices of 6 companies
 The last year EPS, Cash Flow, Sales of these 6
Companies.
The average of these data to obtain the industry average
EPS, Cash Flow & Sales.
51
Contents
in
the Table
1. Share Price of 31 Companies on 25th
October, 2018
2. EPS, Cash Flows & Sales of These
Companies on 30th June,2017
(Last Audited)
Calculating
the Market
Return
52
SL No. Name of The Companies Share Price EPS Sales(in Million) Cash Flows
1 ACI Limited 347.7 77.99 49,236.08 324.11
2 ACI Formuations Limited 151.3 2.74 3333.35 745.03
3 ACME Labratiories Ltd 86.8 5.85 3,663.01 234.76
4 Active Fine Chemicals Ltd 40.7 3.46 10,128.93 11.22
5 Advent Pharmaceuticals Ltd 38.6 0.98 12279.45 745
6 AFC Agro Biotech Ltd 37 3.49 5992.5 38.05
7 Ambee Pharmaceuticals Ltd 510.1 3.02 12351.81 908.95
8 Beacon Pharmaceuticals Ltd 17 0.27 11,491.80 44.24
9 Beximco Pharmaceuticals Ltd 73.5 5.49 15,508.77 54
10 Beximco Synthetics Ltd 6.9 -2.62 1407.05 -3.64
11 Central Pharmaceuticals Ltd 14.1 1.05 9010.45 -1.27
12 Far Chemical Industries Ltd 13.8 1.79 8,436.56 -55.44
13 Global Heavy Chemical Ltd 37.2 1.08 10538.38 4.65
14 GSK Bangladesh Ltd 1105.8 53.51 19,284.01 -26.69
15 IBN SINA BD Pharmaceuticals Ltd 246.3 9.06 4,009.15 28.11
16 Indo-Bangla Pharmaceuticals Ltd 33 1.02 12700.32 30.5
17 Imam Buttons industries Ltd 24 -0.38 11550.34 -183.4
18
JMI Syringes & Medical Industries Ltd 182.2 6.78 20,362.70 -138.71
19 Keya Cosmetics Ltd 7.5 2.01 10,406.60 7.72
20 Kohinoor Chemicals Company Ltd 398.9 12.04 8,393.18 157.64
21 Libra Infuisions Ltd 749 4.86 24244.25 -22.3
22 Marico BD Ltd 1148.2 45.72 8,916.10 -313.69
23 Orion Infusion Ltd 45.8 1.53 4679.91 -4.33
24 Orion Pharma Ltd 36.8 3.4 9,534.35 43.36
25 Pharmaceuticals Aids 560 8.16 8566.99 2.49
26 Reckitt Benckiser(Bd.)Ltd 1725.6 19.37 12873.08 92.3
27 Reneta Ltd 1217.3 42.89 16,043.43 166.62
28 Salvo Chemical Industry Ltd 17.9 0.6 12225.09 5.6
29 Silva Pharmaceuticals Ltd 26.8 1.03 11602.49 38.57
30 Square Pharmaceuticals Ltd 262.8 15.51 36,543.14 7,246.12
31 Wata Chemicals Ltd 308 4.13 399.95 -151.54
Industry Average 305.5032258 10.8332258 12,442.36 323.48
The Price/
Earing Ratio
53
₪ The Price/ Earing Ratio=Price/EPS
= 305.5032258/10.8332258
= 28.20057767
₪ So the Industry P/E Ratio is 28.20
₪ The EPS of Orion Pharma last year (2017)= 4.19.
The historical Growth rate average of EPS=
3.36%.
₪ Company facing a negative growth rate in EPS in
the recent years (-8.6% on 2017 & -12.5% on
2016).
The Price/
Earing Ratio
54
 Estimated growth of -5% this year (2018), the
EPS this year.
 =3.4(1-.05) =3.06
 Intrinsic value of its share, which is
 =Industry P/E Ratio* EPS of Orion Pharma on
2018
 = 28.20057767 *3.06= 86.29
The Price/
Cash Flow
Ratio
55
 The Price/ Cash Flow Ratio=Price/CF
= 305.5032258/ 323,480,000
= 0.00000094442
 So the Industry P/CF Ratio is 0.00000094442
 The Cash Flow of Orion Pharma last year (2017)=
43,360,000.
 The historical Growth rate average of CF =22%.
The Price/
Cash Flow
Ratio
56
 The company faced a high negative growth rate in
CF in the last year (-58.85%).
 Estimated growth of -20% this year (2018), the
Cash Flow this year = 43,360,000 (1-.2) =
34,688,000
 Intrinsic value of its share
= Industry P/CF Ratio* CF of Orion Pharma on 2018
= (0.00000094442*34,688,000)
= 32.76
The Price/
Sales Ratio
57
 The Price/ Sales Ratio=Price/Sales
= 305.5032258/12,442,360,000
= 0.000000024553
 So the Industry P/Sales Ratio is
0.00000000245523
 The Sales of Orion Pharma last year (2017) =
11,011,880,000.
 The historical Growth rate average of Sales =
11.13%.
The Price/
Sales Ratio
58
 But a negative growth rate is going on with the
sales in recent years (-3.3% on 2016, -21% on
2016).
 Estimated growth of -15% this year (2018), the
Sales this year =9,534,350,000 (1-.15)
=8,104,197,500
 The intrinsic Value of Stock =Industry P/Sales
Ratio* Sales of Orion Pharma on 2018
= (0.000000024553*8,104,197,500) = 198.99
59
Analysis with current
market price
“
 If Estimated Intrinsic Value > Market Price, Buy or Hold it if you Own It.
 If Estimated Intrinsic Value < Market Price, Don’t Buy or Sell it if you Own It.
 Based on DSE stock Index the current market price of Orion Pharma Ltd. Is
36.80 Bdt.
60
Formula Says
“
61
Analysis with Dividend Discounting Model:
30.9
36.8
ESTIMATED INTRINSIC VALUE MARKET PRICE
Series 1
Overvalued
“
62
Analysis with Operating Free Cash flow:
21.9
36.8
ESTIMATED INTRINSIC VALUE MARKET PRICE
Overvalued
“
We have obtained three intrinsic values of the stock of Orion Pharma by
using the Three Relative Valuation techniques.
Here the Industry ratios (P/CF, P/Sales, P/E) have been multiplied with
growth adjusted Earning, CF & Sales in 2018(Next year) of Orion Pharma.
63
Analysis with Relative Valuation
Comparison of
stock intrinsic
value with
today’s Market
Share Price.
64
Used Relative
Valuation
Techniques
Stock’s Intrinsic
Values
Today’s Share
Price in DSE
(27/10/18)
Decision
P/E Ratio 86.29 36.8 Undervalued
P/CF Ratio 32.76 36.8 Overvalued
P/Sales Ratio 198.99 36.8 Undervalued
Overall
Valuation
65
198
32.76
86.29
21.24
30.99
36.8
0 50 100 150 200 250
Price Per Sales
Price Per Cashflow
PE Ratio
OFCF
DDM
Current Market Price
Stock Price
Price Per Sales Price Per Cashflow PE Ratio
OFCF DDM Current Market Price
“
₪ If the investment demand is higher than investment supply then there is a
possible chance of overvaluation
₪ The operation of the new pharmapark might increase the demand for Orion
pharma over the next few years
₪ So, it can be estimated that Orion Pharma Ltd posses a great chance to be
overvalued
66
Valuation Outcome
Conclusion  The stock price was overvalued in case of DDM, OFCF and
Price per Cashflow Ratio
 But undervalued in case of PE ratio and Price per sales ratio.
 As a result it is found that Orion Pharma is a matured
company with less growth than comparatively new
companies.
 Because of the operation of new pharmapark there might be
increase in investment demand which tends for
overvaluation.
67
68
THANK YOU

More Related Content

What's hot

Glo bus 2018 grand champion tips 2018-10-09 how to win GLO-BUS
Glo bus 2018 grand champion tips 2018-10-09  how to win GLO-BUSGlo bus 2018 grand champion tips 2018-10-09  how to win GLO-BUS
Glo bus 2018 grand champion tips 2018-10-09 how to win GLO-BUSwilliampatricklaw
 
McKinsey Slides Examples
McKinsey Slides ExamplesMcKinsey Slides Examples
McKinsey Slides ExamplesLewis Lin 🦊
 
BCG on Postmerger Integration: A handbook for senior executives
BCG on Postmerger Integration: A handbook for senior executivesBCG on Postmerger Integration: A handbook for senior executives
BCG on Postmerger Integration: A handbook for senior executivesBoston Consulting Group
 
GIỚI THIỆU INSO MARKETING
GIỚI THIỆU INSO MARKETINGGIỚI THIỆU INSO MARKETING
GIỚI THIỆU INSO MARKETINGInso Mkt
 
Procter & Gamble Supply Chain Finance Case
Procter & Gamble Supply Chain Finance CaseProcter & Gamble Supply Chain Finance Case
Procter & Gamble Supply Chain Finance CaseYASSER ELSEDAWY
 
Marketing plan-of-walton-group
Marketing plan-of-walton-groupMarketing plan-of-walton-group
Marketing plan-of-walton-groupSalahuddin Ayubi
 
Pwc vietnam-future-of-asean-vietnam-perspective
Pwc vietnam-future-of-asean-vietnam-perspectivePwc vietnam-future-of-asean-vietnam-perspective
Pwc vietnam-future-of-asean-vietnam-perspectiveTrnHoQuang1
 
Digital 2023 Vietnam (February 2023) v01
Digital 2023 Vietnam (February 2023) v01Digital 2023 Vietnam (February 2023) v01
Digital 2023 Vietnam (February 2023) v01DataReportal
 
Walton company case study
Walton company case studyWalton company case study
Walton company case studyRakibul islam
 
Marketing Strategy of Grameenphone.ppt
Marketing Strategy of Grameenphone.pptMarketing Strategy of Grameenphone.ppt
Marketing Strategy of Grameenphone.pptRabby Chowdhury
 
Vietnam Insurance Market Report 2018
Vietnam Insurance Market Report 2018 Vietnam Insurance Market Report 2018
Vietnam Insurance Market Report 2018 FiinGroup JSC
 
BCG-Executive-Perspectives-Ukraine-Industrial-Impact-14April2022.pdf
BCG-Executive-Perspectives-Ukraine-Industrial-Impact-14April2022.pdfBCG-Executive-Perspectives-Ukraine-Industrial-Impact-14April2022.pdf
BCG-Executive-Perspectives-Ukraine-Industrial-Impact-14April2022.pdfTanmaysahoo20
 
Statistics for Business and Economics 11th Edition Anderson Solutions Manual
Statistics for Business and Economics 11th Edition Anderson Solutions ManualStatistics for Business and Economics 11th Edition Anderson Solutions Manual
Statistics for Business and Economics 11th Edition Anderson Solutions Manualvymylo
 
FiinResearch - Vietnam Banking Report 2021
FiinResearch - Vietnam Banking Report 2021FiinResearch - Vietnam Banking Report 2021
FiinResearch - Vietnam Banking Report 2021FiinGroup JSC
 
Beauty@Digital - A study by Bain & Google
Beauty@Digital - A study by Bain & GoogleBeauty@Digital - A study by Bain & Google
Beauty@Digital - A study by Bain & GoogleAbhinav Rastogi
 
Analysis report about Vinh Hoan Corporation
Analysis report about Vinh Hoan CorporationAnalysis report about Vinh Hoan Corporation
Analysis report about Vinh Hoan CorporationKhanh Do
 

What's hot (20)

Glo bus 2018 grand champion tips 2018-10-09 how to win GLO-BUS
Glo bus 2018 grand champion tips 2018-10-09  how to win GLO-BUSGlo bus 2018 grand champion tips 2018-10-09  how to win GLO-BUS
Glo bus 2018 grand champion tips 2018-10-09 how to win GLO-BUS
 
McKinsey Slides Examples
McKinsey Slides ExamplesMcKinsey Slides Examples
McKinsey Slides Examples
 
BCG on Postmerger Integration: A handbook for senior executives
BCG on Postmerger Integration: A handbook for senior executivesBCG on Postmerger Integration: A handbook for senior executives
BCG on Postmerger Integration: A handbook for senior executives
 
GIỚI THIỆU INSO MARKETING
GIỚI THIỆU INSO MARKETINGGIỚI THIỆU INSO MARKETING
GIỚI THIỆU INSO MARKETING
 
Procter & Gamble Supply Chain Finance Case
Procter & Gamble Supply Chain Finance CaseProcter & Gamble Supply Chain Finance Case
Procter & Gamble Supply Chain Finance Case
 
Marketing plan-of-walton-group
Marketing plan-of-walton-groupMarketing plan-of-walton-group
Marketing plan-of-walton-group
 
Customer satisfaction index and service quality assurance of grameenphone ltd...
Customer satisfaction index and service quality assurance of grameenphone ltd...Customer satisfaction index and service quality assurance of grameenphone ltd...
Customer satisfaction index and service quality assurance of grameenphone ltd...
 
Pwc vietnam-future-of-asean-vietnam-perspective
Pwc vietnam-future-of-asean-vietnam-perspectivePwc vietnam-future-of-asean-vietnam-perspective
Pwc vietnam-future-of-asean-vietnam-perspective
 
Digital 2023 Vietnam (February 2023) v01
Digital 2023 Vietnam (February 2023) v01Digital 2023 Vietnam (February 2023) v01
Digital 2023 Vietnam (February 2023) v01
 
Walton company case study
Walton company case studyWalton company case study
Walton company case study
 
Marketing Strategy of Grameenphone.ppt
Marketing Strategy of Grameenphone.pptMarketing Strategy of Grameenphone.ppt
Marketing Strategy of Grameenphone.ppt
 
Vietnam Insurance Market Report 2018
Vietnam Insurance Market Report 2018 Vietnam Insurance Market Report 2018
Vietnam Insurance Market Report 2018
 
BCG-Executive-Perspectives-Ukraine-Industrial-Impact-14April2022.pdf
BCG-Executive-Perspectives-Ukraine-Industrial-Impact-14April2022.pdfBCG-Executive-Perspectives-Ukraine-Industrial-Impact-14April2022.pdf
BCG-Executive-Perspectives-Ukraine-Industrial-Impact-14April2022.pdf
 
Viet Nam FMCG 2022
Viet Nam FMCG 2022Viet Nam FMCG 2022
Viet Nam FMCG 2022
 
Statistics for Business and Economics 11th Edition Anderson Solutions Manual
Statistics for Business and Economics 11th Edition Anderson Solutions ManualStatistics for Business and Economics 11th Edition Anderson Solutions Manual
Statistics for Business and Economics 11th Edition Anderson Solutions Manual
 
Grameen ph ppt
Grameen ph pptGrameen ph ppt
Grameen ph ppt
 
FiinResearch - Vietnam Banking Report 2021
FiinResearch - Vietnam Banking Report 2021FiinResearch - Vietnam Banking Report 2021
FiinResearch - Vietnam Banking Report 2021
 
Vietnam PC brand share and purchase journey
Vietnam PC brand share and purchase journeyVietnam PC brand share and purchase journey
Vietnam PC brand share and purchase journey
 
Beauty@Digital - A study by Bain & Google
Beauty@Digital - A study by Bain & GoogleBeauty@Digital - A study by Bain & Google
Beauty@Digital - A study by Bain & Google
 
Analysis report about Vinh Hoan Corporation
Analysis report about Vinh Hoan CorporationAnalysis report about Vinh Hoan Corporation
Analysis report about Vinh Hoan Corporation
 

Similar to “VALUATION OF ORION PHARMA LIMITED”

Investment Analysis Report of Dabur India
Investment Analysis Report of Dabur IndiaInvestment Analysis Report of Dabur India
Investment Analysis Report of Dabur IndiaAishwary Kumar Gupta
 
Gsk stock-valuation-final (group 09)
Gsk stock-valuation-final (group 09)Gsk stock-valuation-final (group 09)
Gsk stock-valuation-final (group 09)Sabiha Zaman Khan
 
Buy Britannia Industries for a target of Rs1110 - Prabhudas Lilladher
Buy Britannia Industries for a target of Rs1110 - Prabhudas LilladherBuy Britannia Industries for a target of Rs1110 - Prabhudas Lilladher
Buy Britannia Industries for a target of Rs1110 - Prabhudas LilladherIndiaNotes.com
 
Capital structure decisions and profitability
Capital structure decisions and profitabilityCapital structure decisions and profitability
Capital structure decisions and profitabilitybappykazi
 
Presentation fin 401 slide
Presentation fin 401 slide Presentation fin 401 slide
Presentation fin 401 slide Manjerul Islam
 
Smc asian paints_29oct_2014
Smc asian paints_29oct_2014Smc asian paints_29oct_2014
Smc asian paints_29oct_2014IndiaNotes.com
 
Coffee day enterprises
Coffee day enterprisesCoffee day enterprises
Coffee day enterprisessarthak omer
 
Firstcall claris lifesciences_ltd_30 june15
Firstcall claris lifesciences_ltd_30 june15Firstcall claris lifesciences_ltd_30 june15
Firstcall claris lifesciences_ltd_30 june15IndiaNotes.com
 
Business Analysis Assignment - Zydus Wellness
Business Analysis Assignment - Zydus WellnessBusiness Analysis Assignment - Zydus Wellness
Business Analysis Assignment - Zydus WellnessNirin Parikh
 
Study on Ratio Analysis
Study on Ratio AnalysisStudy on Ratio Analysis
Study on Ratio Analysisijtsrd
 
Indoco Remedies: Weak domestic growth offsets export revenues in Q1FY16; Hold
Indoco Remedies: Weak domestic growth offsets export revenues in Q1FY16; HoldIndoco Remedies: Weak domestic growth offsets export revenues in Q1FY16; Hold
Indoco Remedies: Weak domestic growth offsets export revenues in Q1FY16; HoldIndiaNotes.com
 
Evaluating_Financial_Health
Evaluating_Financial_HealthEvaluating_Financial_Health
Evaluating_Financial_HealthKristy Martinez
 
Presantation on ntpc
Presantation on ntpcPresantation on ntpc
Presantation on ntpcRohit Kumar
 
Moelis Company April Investor Presentation
Moelis Company April Investor PresentationMoelis Company April Investor Presentation
Moelis Company April Investor PresentationMoelis_Company
 

Similar to “VALUATION OF ORION PHARMA LIMITED” (20)

Investment Analysis Report of Dabur India
Investment Analysis Report of Dabur IndiaInvestment Analysis Report of Dabur India
Investment Analysis Report of Dabur India
 
Gsk stock-valuation-final (group 09)
Gsk stock-valuation-final (group 09)Gsk stock-valuation-final (group 09)
Gsk stock-valuation-final (group 09)
 
GSK Annual Report
GSK Annual ReportGSK Annual Report
GSK Annual Report
 
Buy Britannia Industries for a target of Rs1110 - Prabhudas Lilladher
Buy Britannia Industries for a target of Rs1110 - Prabhudas LilladherBuy Britannia Industries for a target of Rs1110 - Prabhudas Lilladher
Buy Britannia Industries for a target of Rs1110 - Prabhudas Lilladher
 
Capital structure decisions and profitability
Capital structure decisions and profitabilityCapital structure decisions and profitability
Capital structure decisions and profitability
 
Presentation fin 401 slide
Presentation fin 401 slide Presentation fin 401 slide
Presentation fin 401 slide
 
Smc asian paints_29oct_2014
Smc asian paints_29oct_2014Smc asian paints_29oct_2014
Smc asian paints_29oct_2014
 
Coffee day enterprises
Coffee day enterprisesCoffee day enterprises
Coffee day enterprises
 
Econ HBR Case Study
Econ HBR Case StudyEcon HBR Case Study
Econ HBR Case Study
 
Firstcall claris lifesciences_ltd_30 june15
Firstcall claris lifesciences_ltd_30 june15Firstcall claris lifesciences_ltd_30 june15
Firstcall claris lifesciences_ltd_30 june15
 
2016 11 21 neo company overview presentation
2016 11 21   neo company overview presentation2016 11 21   neo company overview presentation
2016 11 21 neo company overview presentation
 
Business Analysis Assignment - Zydus Wellness
Business Analysis Assignment - Zydus WellnessBusiness Analysis Assignment - Zydus Wellness
Business Analysis Assignment - Zydus Wellness
 
Study on Ratio Analysis
Study on Ratio AnalysisStudy on Ratio Analysis
Study on Ratio Analysis
 
A Study On Ratio Analysis
A Study On Ratio AnalysisA Study On Ratio Analysis
A Study On Ratio Analysis
 
ppts of project
ppts of projectppts of project
ppts of project
 
Indoco Remedies: Weak domestic growth offsets export revenues in Q1FY16; Hold
Indoco Remedies: Weak domestic growth offsets export revenues in Q1FY16; HoldIndoco Remedies: Weak domestic growth offsets export revenues in Q1FY16; Hold
Indoco Remedies: Weak domestic growth offsets export revenues in Q1FY16; Hold
 
Evaluating_Financial_Health
Evaluating_Financial_HealthEvaluating_Financial_Health
Evaluating_Financial_Health
 
Presantation on ntpc
Presantation on ntpcPresantation on ntpc
Presantation on ntpc
 
Moelis Company April Investor Presentation
Moelis Company April Investor PresentationMoelis Company April Investor Presentation
Moelis Company April Investor Presentation
 
Engro foods
Engro foodsEngro foods
Engro foods
 

More from Md. Mehadi Hassan Bappy

Consumers Are Showrooming and Webrooming Your Business, Here's What That Mean...
Consumers Are Showrooming and Webrooming Your Business, Here's What That Mean...Consumers Are Showrooming and Webrooming Your Business, Here's What That Mean...
Consumers Are Showrooming and Webrooming Your Business, Here's What That Mean...Md. Mehadi Hassan Bappy
 
Valuation of BATA Shoe Company (Bangladesh) Limited
Valuation of BATA Shoe Company (Bangladesh) LimitedValuation of BATA Shoe Company (Bangladesh) Limited
Valuation of BATA Shoe Company (Bangladesh) LimitedMd. Mehadi Hassan Bappy
 
Venezuela Boliver crisis, it's reasons and impact
Venezuela Boliver crisis, it's reasons and impactVenezuela Boliver crisis, it's reasons and impact
Venezuela Boliver crisis, it's reasons and impactMd. Mehadi Hassan Bappy
 
Role of Public finance in rural development
Role of Public finance in rural developmentRole of Public finance in rural development
Role of Public finance in rural developmentMd. Mehadi Hassan Bappy
 
Impact of Relevant Company Specific Factors on the Market Price of the Stock....
Impact of Relevant Company Specific Factors on the Market Price of the Stock....Impact of Relevant Company Specific Factors on the Market Price of the Stock....
Impact of Relevant Company Specific Factors on the Market Price of the Stock....Md. Mehadi Hassan Bappy
 
Introduction of Stock market. (Bangladesh)
Introduction of Stock market. (Bangladesh)Introduction of Stock market. (Bangladesh)
Introduction of Stock market. (Bangladesh)Md. Mehadi Hassan Bappy
 
Impact of motivation on employee performance
Impact of motivation on employee performanceImpact of motivation on employee performance
Impact of motivation on employee performanceMd. Mehadi Hassan Bappy
 
Economic Forces that affects interest rates in Bangladesh.
Economic Forces that affects interest rates in Bangladesh.Economic Forces that affects interest rates in Bangladesh.
Economic Forces that affects interest rates in Bangladesh.Md. Mehadi Hassan Bappy
 
Inventory Management of Electronic Industry
Inventory Management of Electronic IndustryInventory Management of Electronic Industry
Inventory Management of Electronic IndustryMd. Mehadi Hassan Bappy
 
Human resource Management of Coca Cola Bangladesh
Human resource Management of Coca Cola BangladeshHuman resource Management of Coca Cola Bangladesh
Human resource Management of Coca Cola BangladeshMd. Mehadi Hassan Bappy
 
Analysis on China Life Insurance Company ltd.
Analysis on China Life Insurance Company ltd.Analysis on China Life Insurance Company ltd.
Analysis on China Life Insurance Company ltd.Md. Mehadi Hassan Bappy
 
Measure of nation's income- Limitations of GDP
Measure of nation's income- Limitations of GDPMeasure of nation's income- Limitations of GDP
Measure of nation's income- Limitations of GDPMd. Mehadi Hassan Bappy
 
Saving, Investment and the Financial system.
Saving, Investment and the Financial system.Saving, Investment and the Financial system.
Saving, Investment and the Financial system.Md. Mehadi Hassan Bappy
 
Financial Analysis of Square Pharmaceuticals Ltd.
Financial Analysis of Square Pharmaceuticals Ltd.Financial Analysis of Square Pharmaceuticals Ltd.
Financial Analysis of Square Pharmaceuticals Ltd.Md. Mehadi Hassan Bappy
 
Capital Market Crisis & it's impact On Economy.
Capital Market Crisis & it's impact On Economy.Capital Market Crisis & it's impact On Economy.
Capital Market Crisis & it's impact On Economy.Md. Mehadi Hassan Bappy
 

More from Md. Mehadi Hassan Bappy (20)

Consumers Are Showrooming and Webrooming Your Business, Here's What That Mean...
Consumers Are Showrooming and Webrooming Your Business, Here's What That Mean...Consumers Are Showrooming and Webrooming Your Business, Here's What That Mean...
Consumers Are Showrooming and Webrooming Your Business, Here's What That Mean...
 
CFA Standard 3
CFA Standard 3CFA Standard 3
CFA Standard 3
 
Valuation of BATA Shoe Company (Bangladesh) Limited
Valuation of BATA Shoe Company (Bangladesh) LimitedValuation of BATA Shoe Company (Bangladesh) Limited
Valuation of BATA Shoe Company (Bangladesh) Limited
 
Venezuela Boliver crisis, it's reasons and impact
Venezuela Boliver crisis, it's reasons and impactVenezuela Boliver crisis, it's reasons and impact
Venezuela Boliver crisis, it's reasons and impact
 
Role of Public finance in rural development
Role of Public finance in rural developmentRole of Public finance in rural development
Role of Public finance in rural development
 
Impact of Relevant Company Specific Factors on the Market Price of the Stock....
Impact of Relevant Company Specific Factors on the Market Price of the Stock....Impact of Relevant Company Specific Factors on the Market Price of the Stock....
Impact of Relevant Company Specific Factors on the Market Price of the Stock....
 
Introduction of Stock market. (Bangladesh)
Introduction of Stock market. (Bangladesh)Introduction of Stock market. (Bangladesh)
Introduction of Stock market. (Bangladesh)
 
Audit & Assurance
Audit & Assurance Audit & Assurance
Audit & Assurance
 
Impact of motivation on employee performance
Impact of motivation on employee performanceImpact of motivation on employee performance
Impact of motivation on employee performance
 
Economic Forces that affects interest rates in Bangladesh.
Economic Forces that affects interest rates in Bangladesh.Economic Forces that affects interest rates in Bangladesh.
Economic Forces that affects interest rates in Bangladesh.
 
Inventory Management of Electronic Industry
Inventory Management of Electronic IndustryInventory Management of Electronic Industry
Inventory Management of Electronic Industry
 
Human resource Management of Coca Cola Bangladesh
Human resource Management of Coca Cola BangladeshHuman resource Management of Coca Cola Bangladesh
Human resource Management of Coca Cola Bangladesh
 
Analysis on China Life Insurance Company ltd.
Analysis on China Life Insurance Company ltd.Analysis on China Life Insurance Company ltd.
Analysis on China Life Insurance Company ltd.
 
Variable costing
Variable costingVariable costing
Variable costing
 
Measure of nation's income- Limitations of GDP
Measure of nation's income- Limitations of GDPMeasure of nation's income- Limitations of GDP
Measure of nation's income- Limitations of GDP
 
Saving, Investment and the Financial system.
Saving, Investment and the Financial system.Saving, Investment and the Financial system.
Saving, Investment and the Financial system.
 
Financial Analysis of Square Pharmaceuticals Ltd.
Financial Analysis of Square Pharmaceuticals Ltd.Financial Analysis of Square Pharmaceuticals Ltd.
Financial Analysis of Square Pharmaceuticals Ltd.
 
Measure of Dispersion in statistics
Measure of Dispersion in statisticsMeasure of Dispersion in statistics
Measure of Dispersion in statistics
 
Capital Market Crisis & it's impact On Economy.
Capital Market Crisis & it's impact On Economy.Capital Market Crisis & it's impact On Economy.
Capital Market Crisis & it's impact On Economy.
 
Texting and Business
Texting and BusinessTexting and Business
Texting and Business
 

Recently uploaded

Patterns of Written Texts Across Disciplines.pptx
Patterns of Written Texts Across Disciplines.pptxPatterns of Written Texts Across Disciplines.pptx
Patterns of Written Texts Across Disciplines.pptxMYDA ANGELICA SUAN
 
Philosophy of Education and Educational Philosophy
Philosophy of Education  and Educational PhilosophyPhilosophy of Education  and Educational Philosophy
Philosophy of Education and Educational PhilosophyShuvankar Madhu
 
Education and training program in the hospital APR.pptx
Education and training program in the hospital APR.pptxEducation and training program in the hospital APR.pptx
Education and training program in the hospital APR.pptxraviapr7
 
M-2- General Reactions of amino acids.pptx
M-2- General Reactions of amino acids.pptxM-2- General Reactions of amino acids.pptx
M-2- General Reactions of amino acids.pptxDr. Santhosh Kumar. N
 
The Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George WellsThe Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George WellsEugene Lysak
 
Clinical Pharmacy Introduction to Clinical Pharmacy, Concept of clinical pptx
Clinical Pharmacy  Introduction to Clinical Pharmacy, Concept of clinical pptxClinical Pharmacy  Introduction to Clinical Pharmacy, Concept of clinical pptx
Clinical Pharmacy Introduction to Clinical Pharmacy, Concept of clinical pptxraviapr7
 
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxAUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxiammrhaywood
 
The Singapore Teaching Practice document
The Singapore Teaching Practice documentThe Singapore Teaching Practice document
The Singapore Teaching Practice documentXsasf Sfdfasd
 
How to Solve Singleton Error in the Odoo 17
How to Solve Singleton Error in the  Odoo 17How to Solve Singleton Error in the  Odoo 17
How to Solve Singleton Error in the Odoo 17Celine George
 
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptxPISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptxEduSkills OECD
 
In - Vivo and In - Vitro Correlation.pptx
In - Vivo and In - Vitro Correlation.pptxIn - Vivo and In - Vitro Correlation.pptx
In - Vivo and In - Vitro Correlation.pptxAditiChauhan701637
 
Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...raviapr7
 
How to Add a New Field in Existing Kanban View in Odoo 17
How to Add a New Field in Existing Kanban View in Odoo 17How to Add a New Field in Existing Kanban View in Odoo 17
How to Add a New Field in Existing Kanban View in Odoo 17Celine George
 
3.21.24 The Origins of Black Power.pptx
3.21.24  The Origins of Black Power.pptx3.21.24  The Origins of Black Power.pptx
3.21.24 The Origins of Black Power.pptxmary850239
 
Prescribed medication order and communication skills.pptx
Prescribed medication order and communication skills.pptxPrescribed medication order and communication skills.pptx
Prescribed medication order and communication skills.pptxraviapr7
 
How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17Celine George
 
How to Add Existing Field in One2Many Tree View in Odoo 17
How to Add Existing Field in One2Many Tree View in Odoo 17How to Add Existing Field in One2Many Tree View in Odoo 17
How to Add Existing Field in One2Many Tree View in Odoo 17Celine George
 
UKCGE Parental Leave Discussion March 2024
UKCGE Parental Leave Discussion March 2024UKCGE Parental Leave Discussion March 2024
UKCGE Parental Leave Discussion March 2024UKCGE
 
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptx
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptxPractical Research 1: Lesson 8 Writing the Thesis Statement.pptx
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptxKatherine Villaluna
 

Recently uploaded (20)

Patterns of Written Texts Across Disciplines.pptx
Patterns of Written Texts Across Disciplines.pptxPatterns of Written Texts Across Disciplines.pptx
Patterns of Written Texts Across Disciplines.pptx
 
Philosophy of Education and Educational Philosophy
Philosophy of Education  and Educational PhilosophyPhilosophy of Education  and Educational Philosophy
Philosophy of Education and Educational Philosophy
 
Prelims of Kant get Marx 2.0: a general politics quiz
Prelims of Kant get Marx 2.0: a general politics quizPrelims of Kant get Marx 2.0: a general politics quiz
Prelims of Kant get Marx 2.0: a general politics quiz
 
Education and training program in the hospital APR.pptx
Education and training program in the hospital APR.pptxEducation and training program in the hospital APR.pptx
Education and training program in the hospital APR.pptx
 
M-2- General Reactions of amino acids.pptx
M-2- General Reactions of amino acids.pptxM-2- General Reactions of amino acids.pptx
M-2- General Reactions of amino acids.pptx
 
The Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George WellsThe Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George Wells
 
Clinical Pharmacy Introduction to Clinical Pharmacy, Concept of clinical pptx
Clinical Pharmacy  Introduction to Clinical Pharmacy, Concept of clinical pptxClinical Pharmacy  Introduction to Clinical Pharmacy, Concept of clinical pptx
Clinical Pharmacy Introduction to Clinical Pharmacy, Concept of clinical pptx
 
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxAUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
 
The Singapore Teaching Practice document
The Singapore Teaching Practice documentThe Singapore Teaching Practice document
The Singapore Teaching Practice document
 
How to Solve Singleton Error in the Odoo 17
How to Solve Singleton Error in the  Odoo 17How to Solve Singleton Error in the  Odoo 17
How to Solve Singleton Error in the Odoo 17
 
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptxPISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
 
In - Vivo and In - Vitro Correlation.pptx
In - Vivo and In - Vitro Correlation.pptxIn - Vivo and In - Vitro Correlation.pptx
In - Vivo and In - Vitro Correlation.pptx
 
Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...
 
How to Add a New Field in Existing Kanban View in Odoo 17
How to Add a New Field in Existing Kanban View in Odoo 17How to Add a New Field in Existing Kanban View in Odoo 17
How to Add a New Field in Existing Kanban View in Odoo 17
 
3.21.24 The Origins of Black Power.pptx
3.21.24  The Origins of Black Power.pptx3.21.24  The Origins of Black Power.pptx
3.21.24 The Origins of Black Power.pptx
 
Prescribed medication order and communication skills.pptx
Prescribed medication order and communication skills.pptxPrescribed medication order and communication skills.pptx
Prescribed medication order and communication skills.pptx
 
How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17
 
How to Add Existing Field in One2Many Tree View in Odoo 17
How to Add Existing Field in One2Many Tree View in Odoo 17How to Add Existing Field in One2Many Tree View in Odoo 17
How to Add Existing Field in One2Many Tree View in Odoo 17
 
UKCGE Parental Leave Discussion March 2024
UKCGE Parental Leave Discussion March 2024UKCGE Parental Leave Discussion March 2024
UKCGE Parental Leave Discussion March 2024
 
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptx
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptxPractical Research 1: Lesson 8 Writing the Thesis Statement.pptx
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptx
 

“VALUATION OF ORION PHARMA LIMITED”

  • 2. 2 “VALUATION OF ORION PHARMA LIMITED”
  • 3. Introduction ▪ Orion Group Limited was founded in 1965 ▪ It has been specializing in industrial products ▪ Orion exports its products to more than 10 countries 3
  • 4. Introduction ▪ This giant group consists of more than 27 companies from at least 12 industry sectors ▪ Almost 18,000 people are employed by various sister concerns of Orion Group. 4
  • 5. Research Question 5 Is the Intrinsic Value of Orion Pharma Limited Overvalued or Undervalued on the basis of its Market Stock Price?
  • 6. Research Objectives  To provide an estimation of the common stock value of Orion Pharma Limited using dividend discount model, free cash flow to equity and relative valuation.  To compare the obtained intrinsic values with the current market price 6
  • 7. Research Objectives  To find out whether the intrinsic value of Orion Pharma limited is overvalued or undervalued  To identify & discuss the reasons of variability between Intrinsic & Market Value of Stock. 7
  • 8. Limitations 8 Mentionable limitations of our term paper is  time constraint  data unavailability
  • 9. Research Methodology ▪ Research methodology is quantitative in nature ▪ We used secondary sources of Data ▪ We used data form Dhaka stock exchange and annual report of Orion Pharma Ltd. 9
  • 10. Company Overview ▪ Orion Pharma Ltd. is one among the 27 sister concerns of ORION Group ▪ Orion Pharma strongly believes in quality and doesn’t settle for anything until it surpasses the prevailing standard 10
  • 11. Company Overview ▪ For serving its esteemed customers with products of outstanding value, the company has been bestowed with the ISO-9001: 2000 Certificate in January 2003 ▪ Its diverse medicinal collection includes life-saving anti-cancer drugs and injectables with more than 110 generics and 220 arrangements of Capsule, cream ointment products etc. 11
  • 12. Company Overview  In order to cope up with the development of technical brilliance in Pharma and Healthcare, Orion Pharma Ltd. has by now started its erection of new plant which will be one of the newest facilities for medicinal finished products in south-east Asia 12
  • 13. Quality Policy 13 With devotion to help its cherished clients with products of admirable value Orion Pharma Ltd. is constantly enhancing itself in expertise, method and human resources fulfilling the strategies of Good Manufacturing Practice (GMP) and the regulations of ISO-9001: 2008 Quality Management System (QMS).
  • 14. Corporate Governance 14 Incorporated as a Private Limited Company (earlier known as Orion Laboratories Limited) 21 June, 1965 Date of Commercial Operation 25 November, 1966 Converted into Public Limited Company 24 June, 2010 Name changed into Orion Pharma Limited 15 October, 2010 Initial Public Offering (IPO) of shares of Orion Pharma Limited 2012 Listing with both Dhaka & Chittagong Stock Exchanges 2013 Authorized Capital Tk. 5,000 Million Paid-up Capital Tk. 2,340 Million Number of Employees 2,063 Subsidiary Company Orion Power Meghnaghat Limited Dutch Bangla Power & Associates Limited
  • 16. 1. Historical growth rate of Orion Pharma 2. Industrial Growth Rate 3. Company Future Prospects Estimating Growth rate
  • 17. “ 1717 A. Historical Growth -1.5 -1 -0.5 0 0.5 1 1.5 2 2.5 3 3.5 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Historical Growth rate Sales Net income EPS Dividend Cashflow
  • 19. “ ₪ Orion Pharma has developed a new pharma park in Shiddhirganj, which will help increase the revenue thereby increasing the growth. ₪ Over the next 10 years the growth will decrease again due to severe competition. ₪ So, over all we assume the perpetuity growth to be 1%. 19 C. Company Future Prospects
  • 21. Calculation of Required Rate of Return: (r) Capital Asset Pricing Model 21
  • 22. Calculation of Required Rate of Return THE FORMULA  𝑟 = 𝑅𝐹 +𝛽(𝑅𝑀 −𝑅𝐹) 22 Where, ♠ r : Required rate of return by investors ♠ RF : Risk free rate (interest rate of 5-year Treasury bond) ♠ RM : Market return ♠ 𝛽 : Systematic risk
  • 24. “ In Bangladesh, currently interest rate of 5-year Treasury bond is 5.45% So, RF=5.45% 24
  • 25. “ 25 Systematic Risk (beta) as per the report of June 30, 2017 of Orion Pharma is, 1.40283968128837
  • 26. Market return of Dhaka Stock Exchange 26
  • 27. Calculating the Market Return Monthly data of two years, DSEX index data from 2nd October, 2016 to 2nd October, 2018, is considered. 27 The Market Return will be the percentage change of the monthly closing Index from closing Index of previous month (which is Opening Index for this month) 2nd date of each month is considered as the representative.
  • 28. Calculating the Market Return 28 Date Monthly Opening Index Monthly Closing Index Market Return 2 Oct,2016 4,690.93 2 Nov, 2016 4,690.93 4,633.19 -0.012309996 2 Dec, 2016 4,633.19 4,823.02 0.040973609 2 January,2017 4,823.02 5,119.59 0.061489365 2 Feb, 17 5,119.59 5,365.14 0.047962365 2 March, 17 5,365.14 5,586.75 0.041305456 2 April,17 5,586.75 5,691.37 0.018727655 2 May, 2017 5,691.37 5,521.38 -0.029867673 2 June, 2017 5,521.38 5,438.71 -0.014974325 2 July,2017 5,438.71 5,654.62 0.039700175 2 August,17 5,654.62 5,891.16 0.041831613 2 Sep,2017 5,891.16 6,038.38 0.024988535 2 Oct, 17 6,038.38 6,092.95 0.009038392 2 Nov, 17 6,092.95 6,099.02 0.000996372 2 Dec, 2017 6,099.02 6,296.20 0.032329157 2,Jan,2018 6,296.20 6,279.97 -0.00257819 2 Feb,18 6,279.97 6,021.45 -0.041165909 2 March, 18 6,021.45 5,870.83 -0.025012705 2 april,2018 5,870.83 5,827.52 -0.007378484 2 May, 18 5,827.52 5,698.69 -0.022106691 2 June, 18 5,698.69 5,316.97 -0.066984389 2 July,18 5,316.97 5,322.41 0.001024223 2 August, 18 5,322.41 5,399.79 0.014538856 2 Sep,18 5,399.79 5,590.42 0.035302889 2 October,18 5,590.42 5,380.93 -0.037473298
  • 29. “ 29 DSE Index Average Monthly Market Return 0.6265% Annual Market Return 7.5179%
  • 30. Calculation of Required Rate of Return 30 ▪ 𝑅𝐹 = 5.45%, ▪ Estimated values of 𝑅𝑀=7.5179% and ▪ 𝛽, = 1.40283968128837 ▪ Required rate of return(r) from Orion Pharma can be estimated as below,
  • 32. “  This model is based on the theory that the stock price of a company is equal to the sum of all of its future dividend payments, discounted to their present value.  it is assumed that the expected dividend per share grows at a constant rate of 𝑔 in perpetuity. 32 Dividend Discounting Model
  • 33. Dividend Discounting Model ▪ The formula is ▪ 𝐏 = 𝐃𝟏 𝟏+𝐤 + 𝐃𝟐 (𝟏+𝐤) 𝟐 + 𝐃𝟑 (𝟏+𝐤) 𝟑 + ⋯ … … 33 Here, D0 = the value of the last paid dividend per share 𝐷1 = the value of next year’s dividend per share K = is the required rate of return by investors.
  • 34. r= 8.35 and growth rate decreasing from 4.13% (growth rate for dividends) and taking perpetual growth rate of 1% after 10 years. 34 Year Growth Rate Dividend 8.35% PV factor PV 1 4.13% 224920800 1.0835 207587263.5 2 4.00% 233917632 1.17397225 199253118.6 3 3.75% 242689543.2 1.271998933 190793826.1 4 3.25% 250576953.4 1.378210844 181813221.5 5 3.10% 258344838.9 1.493291449 173003628.4 6 3.00% 266095184.1 1.617981285 164461224.9 7 2.75% 273412801.6 1.753082723 155961152.4 8 2.25% 279564589.7 1.89946513 147180690.6 9 2.105 868048050.9 2.058070468 421777613.7 10 2% 885409012 2.229919352 397058759.6 Constant Growth 1% 894263102.1 5456181594 Total PV 7695072093 Shares Outstanding 234000000 Loan Outstanding 442828999 Total PV 30.99249186 For our calculation we have discounted the dividends up to 10 years.
  • 35. 35 Present Value of Operating Free Cash Flow of Orion Pharma Ltd.
  • 36. “ ₪ To discount the firm’s operating free cash flow to the firm at the firm’s weighted average cost of capital ₪ The Operating Free Cash Flow, OFCF is the cash flow generated by a company’s operations and available to all who have provided capital to the firm (both equity and debt) 36 Procedure
  • 37. “ 37 ₪ As it is the cash flow available to all capital suppliers, it is discounted at the firm’s WACC. ₪ Before getting the present value, we required the Weighted Average Cost of Capital, WACC
  • 38. “ 38 What is WACC? Weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is proportionately weighted.
  • 39. “ 39 What is WACC? Generally, a company finances its assets either through debt or with equity. WACC is the average of the costs of these types of financing, each of which is weighted by its proportionate use in the given situation.
  • 40. WACC Calculation 40 The formula that we have used to calculate WACC: 𝑊𝐴𝐶𝐶 = 𝐸 𝐸+𝐷 (𝑘) + 𝐷 𝐸+𝐷 (1 − 𝑇)(𝑟d) E = Market Value of the firm’s Equity D = Market Value of the firm’s Debt k = Cost of Equity rd = Cost of Debt T = Tax rate
  • 41. 41 Calculation of WACC of Orion Pharma Ltd. The WACC of Orion Pharma Ltd. = 8.87%
  • 42. 42 Operating Free Cash Flow Operating Free cash flow for the firm (OFCF) represents the amount of cash flow from operations available for distribution after depreciation expenses, taxes, working capital, and investments are paid. A measurement of a company's profitability after all expenses and reinvestments One of the many benchmarks used to compare and analyze financial health
  • 43. 43 𝑷𝑽 = 𝑶𝑭𝑪𝑭 𝟎(𝟏 + 𝒈) 𝟏 (𝟏 + 𝑾𝑨𝑪𝑪) + 𝑶𝑭𝑪𝑭 𝟎(𝟏 + 𝒈) 𝟐 (𝟏 + 𝑾𝑨𝑪𝑪) 𝟐 + 𝑶𝑭𝑪𝑭 𝟎(𝟏 + 𝒈) 𝟑 (𝟏 + 𝑾𝑨𝑪𝑪) 𝟑 + ⋯ … … … … . + 𝑶𝑭𝑪𝑭 𝟎(𝟏 + 𝒈) 𝒏 (𝟏 + 𝑾𝑨𝑪𝑪) 𝒏 𝑂𝐹𝐶𝐹0 = Operating Free Cash Flow for the current year 𝑔= Growth rate 𝑊𝐴𝐶𝐶 = Weighted average cost of capital for the firm n = Number of years Calculation of Present Value of OFCF
  • 44. “ 44 For infinite period constant growth rate, 𝑷𝑽 = 𝑶𝑭𝑪𝑭 𝟏 (𝑾𝑨𝑪𝑪−𝒈) 𝑂𝐹𝐶𝐹1= Operating free cash flow for period 1 g= Constant growth rate
  • 45. “  the present value of operating FCF for 10 years with the free cash flow of 2017  The Operating FCF, OFCF0 was Tk 202,200,000  the growth rate of 12.3% for 2018  Starting from 2018, we assumed that the growth rate will decline gradually each year 45 Calculation of Present Value of OFCF
  • 46. “  Finally after the tenth year, it will stand at 1% and this 1% growth rate is perpetual  Then the free cash flow for each year was discounted using the WACC (8.87%) to get their present value  Summation of all the present values finally gave us the total present value of OFCF of Orion Pharma Ltd. which is Tk 5,415,071,395 46 Calculation of Present Value of OFCF
  • 48. Calculation of Estimated Intrinsic value 48 ▪ Number of Outstanding Shares is 234,000,000 ▪ Amount of loan outstanding = Tk 442,828,999 ▪ The per share value based on the present value of operating free cash flow is= {(Tk 5,415,071,395- Tk 442,828,999)/234,000,000} = Tk 21.249
  • 50. Relative Valuation Techniques 50 Here the Stock Value of BATA Shoe BD on the basis of industry average will be obtained. There are 6 Shoe & Leather companies listed under DSE. A table with,  The current share prices of 6 companies  The last year EPS, Cash Flow, Sales of these 6 Companies. The average of these data to obtain the industry average EPS, Cash Flow & Sales.
  • 51. 51 Contents in the Table 1. Share Price of 31 Companies on 25th October, 2018 2. EPS, Cash Flows & Sales of These Companies on 30th June,2017 (Last Audited)
  • 52. Calculating the Market Return 52 SL No. Name of The Companies Share Price EPS Sales(in Million) Cash Flows 1 ACI Limited 347.7 77.99 49,236.08 324.11 2 ACI Formuations Limited 151.3 2.74 3333.35 745.03 3 ACME Labratiories Ltd 86.8 5.85 3,663.01 234.76 4 Active Fine Chemicals Ltd 40.7 3.46 10,128.93 11.22 5 Advent Pharmaceuticals Ltd 38.6 0.98 12279.45 745 6 AFC Agro Biotech Ltd 37 3.49 5992.5 38.05 7 Ambee Pharmaceuticals Ltd 510.1 3.02 12351.81 908.95 8 Beacon Pharmaceuticals Ltd 17 0.27 11,491.80 44.24 9 Beximco Pharmaceuticals Ltd 73.5 5.49 15,508.77 54 10 Beximco Synthetics Ltd 6.9 -2.62 1407.05 -3.64 11 Central Pharmaceuticals Ltd 14.1 1.05 9010.45 -1.27 12 Far Chemical Industries Ltd 13.8 1.79 8,436.56 -55.44 13 Global Heavy Chemical Ltd 37.2 1.08 10538.38 4.65 14 GSK Bangladesh Ltd 1105.8 53.51 19,284.01 -26.69 15 IBN SINA BD Pharmaceuticals Ltd 246.3 9.06 4,009.15 28.11 16 Indo-Bangla Pharmaceuticals Ltd 33 1.02 12700.32 30.5 17 Imam Buttons industries Ltd 24 -0.38 11550.34 -183.4 18 JMI Syringes & Medical Industries Ltd 182.2 6.78 20,362.70 -138.71 19 Keya Cosmetics Ltd 7.5 2.01 10,406.60 7.72 20 Kohinoor Chemicals Company Ltd 398.9 12.04 8,393.18 157.64 21 Libra Infuisions Ltd 749 4.86 24244.25 -22.3 22 Marico BD Ltd 1148.2 45.72 8,916.10 -313.69 23 Orion Infusion Ltd 45.8 1.53 4679.91 -4.33 24 Orion Pharma Ltd 36.8 3.4 9,534.35 43.36 25 Pharmaceuticals Aids 560 8.16 8566.99 2.49 26 Reckitt Benckiser(Bd.)Ltd 1725.6 19.37 12873.08 92.3 27 Reneta Ltd 1217.3 42.89 16,043.43 166.62 28 Salvo Chemical Industry Ltd 17.9 0.6 12225.09 5.6 29 Silva Pharmaceuticals Ltd 26.8 1.03 11602.49 38.57 30 Square Pharmaceuticals Ltd 262.8 15.51 36,543.14 7,246.12 31 Wata Chemicals Ltd 308 4.13 399.95 -151.54 Industry Average 305.5032258 10.8332258 12,442.36 323.48
  • 53. The Price/ Earing Ratio 53 ₪ The Price/ Earing Ratio=Price/EPS = 305.5032258/10.8332258 = 28.20057767 ₪ So the Industry P/E Ratio is 28.20 ₪ The EPS of Orion Pharma last year (2017)= 4.19. The historical Growth rate average of EPS= 3.36%. ₪ Company facing a negative growth rate in EPS in the recent years (-8.6% on 2017 & -12.5% on 2016).
  • 54. The Price/ Earing Ratio 54  Estimated growth of -5% this year (2018), the EPS this year.  =3.4(1-.05) =3.06  Intrinsic value of its share, which is  =Industry P/E Ratio* EPS of Orion Pharma on 2018  = 28.20057767 *3.06= 86.29
  • 55. The Price/ Cash Flow Ratio 55  The Price/ Cash Flow Ratio=Price/CF = 305.5032258/ 323,480,000 = 0.00000094442  So the Industry P/CF Ratio is 0.00000094442  The Cash Flow of Orion Pharma last year (2017)= 43,360,000.  The historical Growth rate average of CF =22%.
  • 56. The Price/ Cash Flow Ratio 56  The company faced a high negative growth rate in CF in the last year (-58.85%).  Estimated growth of -20% this year (2018), the Cash Flow this year = 43,360,000 (1-.2) = 34,688,000  Intrinsic value of its share = Industry P/CF Ratio* CF of Orion Pharma on 2018 = (0.00000094442*34,688,000) = 32.76
  • 57. The Price/ Sales Ratio 57  The Price/ Sales Ratio=Price/Sales = 305.5032258/12,442,360,000 = 0.000000024553  So the Industry P/Sales Ratio is 0.00000000245523  The Sales of Orion Pharma last year (2017) = 11,011,880,000.  The historical Growth rate average of Sales = 11.13%.
  • 58. The Price/ Sales Ratio 58  But a negative growth rate is going on with the sales in recent years (-3.3% on 2016, -21% on 2016).  Estimated growth of -15% this year (2018), the Sales this year =9,534,350,000 (1-.15) =8,104,197,500  The intrinsic Value of Stock =Industry P/Sales Ratio* Sales of Orion Pharma on 2018 = (0.000000024553*8,104,197,500) = 198.99
  • 60. “  If Estimated Intrinsic Value > Market Price, Buy or Hold it if you Own It.  If Estimated Intrinsic Value < Market Price, Don’t Buy or Sell it if you Own It.  Based on DSE stock Index the current market price of Orion Pharma Ltd. Is 36.80 Bdt. 60 Formula Says
  • 61. “ 61 Analysis with Dividend Discounting Model: 30.9 36.8 ESTIMATED INTRINSIC VALUE MARKET PRICE Series 1 Overvalued
  • 62. “ 62 Analysis with Operating Free Cash flow: 21.9 36.8 ESTIMATED INTRINSIC VALUE MARKET PRICE Overvalued
  • 63. “ We have obtained three intrinsic values of the stock of Orion Pharma by using the Three Relative Valuation techniques. Here the Industry ratios (P/CF, P/Sales, P/E) have been multiplied with growth adjusted Earning, CF & Sales in 2018(Next year) of Orion Pharma. 63 Analysis with Relative Valuation
  • 64. Comparison of stock intrinsic value with today’s Market Share Price. 64 Used Relative Valuation Techniques Stock’s Intrinsic Values Today’s Share Price in DSE (27/10/18) Decision P/E Ratio 86.29 36.8 Undervalued P/CF Ratio 32.76 36.8 Overvalued P/Sales Ratio 198.99 36.8 Undervalued
  • 65. Overall Valuation 65 198 32.76 86.29 21.24 30.99 36.8 0 50 100 150 200 250 Price Per Sales Price Per Cashflow PE Ratio OFCF DDM Current Market Price Stock Price Price Per Sales Price Per Cashflow PE Ratio OFCF DDM Current Market Price
  • 66. “ ₪ If the investment demand is higher than investment supply then there is a possible chance of overvaluation ₪ The operation of the new pharmapark might increase the demand for Orion pharma over the next few years ₪ So, it can be estimated that Orion Pharma Ltd posses a great chance to be overvalued 66 Valuation Outcome
  • 67. Conclusion  The stock price was overvalued in case of DDM, OFCF and Price per Cashflow Ratio  But undervalued in case of PE ratio and Price per sales ratio.  As a result it is found that Orion Pharma is a matured company with less growth than comparatively new companies.  Because of the operation of new pharmapark there might be increase in investment demand which tends for overvaluation. 67