Apex Footwear Limited

Sales
COGS
Gross Profit
Operating Expense
Administration Expense
Sales & Marketing Expense
Audit Fee
Other Professional Fee
Profit From Operations
Finance Cost
Other Income
Contribution to WPFF
Income Tax Expense
Net Profit

Projected Earnings for the Year 2015

2010
693.1
583.9
109.2
62.365
10.1
52.1
0.035
0.13
56.3
27.6
0.58
1.3
4.5

2011
949.9
813.9
136
72.065
11.2
60.7
0.035
0.13
75
42.2
0.53
1.5
5.2

2012
974.8
808.5
166.3
79.465
11.8
67.5
0.035
0.13
83.9
50.18
0.1
1.6
6.4

2013
1094
922.4
171.6
85.265
12.5
72.6
0.035
0.13
86.335
46.9
0.64
1.9
11

2014 2015 (Projected)

1146.3
1200
964.6
1034
181.7
166
95.545
104.655
13.3
14.4
82.1
90.1
0.035
0.035
0.11
0.12
86.155
61.345
54.3
56.7
0.24
1.2
1.5
1.6
10
10

22.8

26.1

25.8

26.5

20.3

20.4

23.3

23.0

23.6

18.1

-4.955
-4.4
*All Numbers is in Mn)

The Projected EPS of Apex Fottwear for the year ended 2015 is (4.4) Tk. The
decrease of revenue generation and increase of Selling and marketing
expenditure is affecting the earnings of Apex Footwear. Though the company
maintains a healty reserve of 246 crore aand will be able to give a dividend to
maintain its place in Category A .
Another alarming note for Apex Footwear is , the foreign holding of Apex
footwear is lowering in every quarter. i believe the defficiency issue of Apex
footwear is one of the major reason.
Hence, keeping everthing keeping in consideration, Justified market price
should be within 270-310 Tk
Disclaimer : Disclaimer : The report is prepared for the internal use of GDSL.
Based on the available public Information the report has been prepared . The
numbers , projections doesn't gurantee the accuracy of the report .