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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 323M
17.92x7.45x - 1.97% 337B
16.99x11.37x - 1.81% 313B
12.82x - - 1.78% 239B
16.5x - - 1.32% 169B
11.42x1.15x - 3.08% 60.51B
7.46x - - 3.89% 29.05B
13.38x12.1x - 2.78% 26.47B
15.44x4.93x - 3.57% 27.5B
10.14x7.41x - 3.12% 26.03B
Average 13.56x 7.40x 2.59% 122.78B
Weighted average by Cap. 15.61x 8.59x 1.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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