Company Valuation: Investment Corporation of Bangladesh

Data adjusted to current consolidation scope
Fiscal Period: June 2020 2021 2022 2023 2024 2025
Market Cap 1 52,493 94,522 81,871 74,119 51,515 39,634
Change - 80.07% -13.38% -9.47% -30.5% -23.06%
Enterprise Value (EV) 1 70,006 104,337 95,835 88,197 63,575 78,768
Change - 49.04% -8.15% -7.97% -27.92% 23.9%
P/E 92.9x 82x 56.6x 95.5x 158x -3.27x
PBR 1.2x 2.13x 1.83x 1.64x 1.14x 1.22x
PEG - 1x 2.2x -2.1x -2.7x 0x
Capitalization / Revenue 18.5x 12x 10.3x 20x 23.9x -13.7x
EV / Revenue 24.7x 13.2x 12x 23.8x 29.5x -27.3x
EV / EBITDA - - - - - -
EV / EBIT - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 0.4425 1.022 0.4646 0.2439 0.2 -
Rate of return 0.73% 0.94% 0.49% 0.29% 0.34% -
EPS 2 0.6514 1.33 1.667 0.8946 0.3768 -14
Distribution rate 67.9% 76.9% 27.9% 27.3% 53.1% -
Net sales 1 2,835 7,887 7,985 3,708 2,154 -2,884
EBITDA - - - - - -
EBIT - - - - - -
Net income 1 564.9 1,153 1,446 775.8 326.8 -12,139
Net Debt 1 17,513 9,814 13,964 14,078 12,060 39,134
Reference price 2 60.53 108.99 94.40 85.46 59.40 45.70
Nbr of stocks (in thousands) 867,257 867,259 867,259 867,259 867,259 867,259
Announcement Date 12/2/20 11/21/21 11/10/22 12/18/23 11/28/24 11/21/25
1BDT in Million2BDT
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 328M
18.51x7.62x - 1.9% 350B
17.5x11.51x - 1.75% 324B
13.16x - - 1.74% 245B
17.12x - - 1.27% 175B
11.66x1.26x - 3.02% 61.94B
7.83x - - 3.71% 29.41B
16.05x5.1x - 3.44% 28.45B
11.15x8.4x - 3.73% 26.83B
10.28x7.46x - 3.08% 26.35B
Average 13.69x 6.89x 2.63% 126.75B
Weighted average by Cap. 16.06x 8.61x 1.94%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  3. ICB Stock
  4. Valuation Investment Corporation of Bangladesh