Inpu

Details Amount Market Price Issued at Premium

Ordinary Shares 1300000 42 200%
Retained Earnings 2500000
Gen Reserves 3000000

Year 0 Year 1 Year 2

Dividend 2.75 2.5 2.2

P Shares 120000
Callable Shares (Issued 3 Yrs Back) 84000 115
Non Callalbe Shares 36000 105 0.2

YTM of Callable Shares 0.0761872365

YTM of Non Callable Shares 0.0782608696

Debentures 35000
Reedemable Debn (Issued 5 Yrs Back) 24500 1100 0.1
Irredemable Debn (Issued 7 Yrs Back) 10500 1115

YTM of Redeemable Debenture 0.116873626

YTM of Irredemable Debentures 0.1165919283

HBL Loan 1000000

NBP 5000000
Tax

Zero Growth Cost of Capital 0.0654761905

Constant Growth 0.0480477548

First 3 Years Growth Rate 0.1119900453

Next 2 Years Growth Rate 0.0540925534
Next 3 Years Growth Rate 0.0198071084
Constant Growth for Next Years

YTM 0.116873626
Years YTM of Reedemable Debentures
0 -1100 -1100
1 130 130
2 130 130
3 130 130
4 130 130
 5 130 130
6 130 130
7 130 130
8 130 130
9 130 130
10 130 130
11 130 130
12 130 130
13 130 130
14 130 130
15 130 130
16 130 130
17 130 130
18 130 130
19 130 130
20 130 1000 1130
$0.00

Debt C

Market Based Weight

Redeemable Debt 26950000 0.6034820579
Irreedemable Deb 11707500 0.2621620109
HBL Loan 1000000 0.0223926552
NBP Loan 5000000 0.111963276
Total 44657500

P Shares

Market Based Weight

Callable Shares 9660000 0.2163130493
Non Callable Shares 3780000 0.0846442367
Total 13440000

Output Reg
Zero Growth Model
Market based
Detials Amount Weight
SHE 54600000 0.4844827969
Debt 44657500 0.3962598993
P Shares 13440000 0.1192573038
Total 112697500
Book based
Detials Amount Weight
SHE 44500000 0.3948623528
Debt 42925000 0.3808868875
P Shares 11040000 0.0979613567
Total 98465000

Constant Growth Model

Market based
Detials Amount Weight
SHE 54600000 0.4844827969
Debt 44657500 0.3962598993
P Shares 13440000 0.1192573038
Total 112697500

Book based
Detials Amount Weight
SHE 44500000 0.3948623528
Debt 42925000 0.3808868875
P Shares 11040000 0.0979613567
Total 98465000

Phase Growth Model

Market based
Detials Amount Weight
SHE 54600000 0.4844827969
Debt 44657500 0.3962598993
P Shares 13440000 0.1192573038
Total 112697500

Book based
Detials Amount Weight
SHE 44500000 0.3948623528
Debt 42925000 0.3808868875
P Shares 11040000 0.0979613567
Total 98465000
 Input Region
Issued at Discount Face Value Issuance Price Rate Life
10 30

Year 3 Year 4 Year 5 Year 6 Year 7

2 2.1 1.8 1.5 1.98

0.2 100 80 0.09 13

100 120 0.07

1000 1100 0.13 20

0.05 1000 950 0.12

0.14
0.15
0.4

YTM of Callable Shares

Year CF YTM 0.0761872365
0 -115 -115
1 9 9
2 9 9
3 9 9
 4 9 9
5 9 9
6 9 9
7 9 9
8 9 9
9 9 9
10 9 9
11 9 9
12 9 9
13 9 110 119
($0.00)

Debt Calculations

Cost W*C Book Based

0.116873626 0.0705311363 Redeemable Debt 26950000
0.1165919283 0.0305659744 Irreedemable Deb 9975000
0.14 0.0031349717 HBL Loan 1000000
0.15 0.0167944914 NBP Loan 5000000
YTM 0.1210265738 Total 42925000

P Shares Calculations

Cost W*C Book Based

0.0761872365 0.0164802934 Callable Shares 6720000
0.0782608696 0.0066243316 Non Callable Shares 4320000
YTM 0.023104625 Total 11040000

Output Region
wth Model

Cost W*C
0.0654761905 0.0317220879
0.1210265738 0.047957978
0.023104625 0.0027553953
Cost of Capital 0.0824354611
 Cost W*C
0.0654761905 0.0258540826
0.1165033579 0.0443746014
0.0190352166 0.0018647156
Cost of Capital 0.0720933996

Growth Model

Cost W*C
0.0480477548 0.0232783106
0.1210265738 0.047957978
0.023104625 0.0027553953
Cost of Capital 0.0739916839

Cost W*C
0.0480477548 0.0189722495
0.1165033579 0.0443746014
0.0190352166 0.0018647156
Cost of Capital 0.0652115665

owth Model

Cost W*C
0 0
0.1210265738 0.047957978
0.023104625 0.0027553953
Cost of Capital 0.0507133732

Cost W*C
0 0
0.1165033579 0.0443746014
0.0190352166 0.0018647156
Cost of Capital 0.046239317
Call Price

110
Weight Cost W*C
0.6034820579 0.116873626 0.0705311363
0.2233667357 0.1165919283 0.0260427584
0.0223926552 0.14 0.0031349717
0.111963276 0.15 0.0167944914
YTM 0.1165033579

Weight Cost W*C

0.150478643 0.0761872365 0.011464552
0.0967362705 0.0782608696 0.0075706646
YTM 0.0190352166