NORTH SOUTH UNIVERSITY

FIN 455 : FINANCIAL MODELLING WITH EXCEL

SECTION 1 ASSIGNMENT 1
RELATIVE VALUATION

Assignment Submitted By
MD. ABRAR FAHIM 2131099630
SAMAYLA MAHJABIN KOISHY 2031272030
SARAH MARZIA 2021520630
ZENAN ZAHID 2031259630
NUSRAT JAHAN SUMAIYA 2111165630

Submitted to:
MIRZA M. FERDOUS (MzF)
Senior Lecturer
Department of Accounting and Finance
North South University
 Table of Content
Income Statement
Balance Sheet
Cash Flow Statement
Square Pharma Overview
Libaility Management
Financial Leverage
Asset Utilization
Profitability
Market Ratios

Next Page
 Consolidated Statement of Financial Performance
Particulars 2019 FY 2020 FY 2021 FY
Gross Revenue 50,866,867,352 52,926,218,655 58,346,258,281
Less: Value Added Tax 6,833,233,083 7,049,769,814 7,643,229,379
Net Revenue 44,033,634,269 45,876,448,841 50,703,028,902
Cost of Goods Sold 22,091,384,351 22,536,669,960 24,800,035,555
Gross Profit 21,942,249,918 23,339,778,881 25,902,993,347
Selling and Distribution Expenses 6,603,747,456 7,382,790,764 8,564,472,484
Administrative Expenses 1,195,968,389 1,226,459,468 1,216,931,589
Finance Cost 84,716 107,090 13,443
Operating Expenses: 7,799,800,561 8,609,357,322 9,781,417,516
Other Operating Income - - 136,358,713
Profit from Operations (EBIT) 14,142,449,357 14,730,421,559 16,257,934,544
Other Income 2,310,360,094 3,126,430,063 3,348,769,031
Profit before WPPF & WF 16,452,809,451 17,856,851,622 19,606,703,575
Allocation for WPPF & WF 791,921,561 859,269,098 937,796,627
Profit before Tax 15,660,887,890 16,997,582,524 18,668,906,948
Current Tax (Expense) 3,876,979,330 4,251,005,177 4,187,481,946
Deferred Tax (Expense) / Income 63,213,721 (21,596,852) (174,814,014)
Income Tax Expenses: 3,940,193,051 4,229,408,325 4,012,667,932
Profit after Tax 11,720,694,839 12,768,174,199 14,656,239,016
Profit from Associate Undertakings 931,706,302 586,239,690 1,291,211,707
Net Profit after Tax 12,652,401,141 13,354,413,889 15,947,450,723
Number of Shares outstanding 844,239,058 844,239,058 886,451,010
Earnings Per Share (EPS) 14.99 15.82 17.99
 IT'S FAIR & SQUARE

Performance
2022 FY 2023 FY
66,406,959,950 72,335,373,485
8,809,018,591 9,587,690,621
57,597,941,359 62,747,682,864
27,958,026,980 31,772,093,300
29,639,914,379 30,975,589,564
10,439,270,466 11,814,288,167
1,402,254,167 1,535,991,115
29,757 118,966,779
11,841,554,390 13,469,246,061
618,117,149 715,324,751
18,416,477,138 18,221,668,254
3,388,186,190 3,957,254,921
21,804,663,328 22,178,923,175
1,051,227,994 1,079,571,975
20,753,435,334 21,099,351,200
4,618,549,626 4,787,632,217
(11,486,354) (145,907,794)
4,607,063,272 4,641,724,423
16,146,372,062 16,457,626,777
2,010,807,588 2,522,514,119
18,157,179,650 18,980,140,896
886,451,010 886,451,010
20.48 21.41
 Consolidated Statement of Financial Position
Particulars 2019 FY 2020 FY 2021 FY
Inventories 4,596,512,673 5,687,406,329 7,245,396,928
Trade and Other Receivables 1,561,818,167 1,520,300,337 2,916,178,759
Advances, Deposits and Prepayments 2,312,201,184 2,560,646,884 1,550,765,014
Short Term Deposits 2,937,071,066 4,885,090,120
Cash and Cash Equivalents 27,004,038,946 32,233,314,319 43,364,039,004
Current Assets 38,411,642,036 46,886,757,989 55,076,379,705
Property, Plant and Equipment 20,853,956,270 20,567,202,390 22,884,103,636
Investment in Associates 9,211,605,860 4,204,950,666 11,046,387,772
Investment in Marketable Securities 3,013,439,734 2,691,892,867 4,624,331,706
Long Term Investment - Others 655,408,674 3,590,200,311
Non Current Assets 33,734,410,538 27,464,045,923 42,145,023,425
TOTAL ASSETS 72,146,052,574 74,350,803,912 97,221,403,130
Share Capital 7,890,084,660 8,442,390,580 8,864,510,100
Share Premium 2,035,465,000 2,035,465,000 2,035,465,000
General Reserve 105,878,200 105,878,200 105,878,200
Fair Value Reserve 1,139,626,144
Tax Holiday Reserve 2,211,743,936 2,211,743,936
Translation Reserve -939,072 -285,055
FVOIC Reserve 145,585,283 -392,805,723
Retained Earnings 55,492,799,165 57,507,130,053 80,518,589,329
Non Controlling Interests 500,000
TOTAL EQUITY 67,880,617,172 69,909,802,046 92,664,283,718
Long Term Loan - Current Portion
Trade Payables 716,988,428 541,067,905 654,373,877
Other Payables 239,913,331 2,228,332,123 1,393,295,159
Current Tax Liabilities 572,675,072
Accrued Expenses 2,014,186,770 128,241,317 183,049,079
Unclaimed Dividend 330,431,723 375,165,739
Current Liabilities 2,971,088,529 3,228,073,068 3,178,558,926
Long Term Loan 103,707,469
Deferred Tax Liabilities 1,294,346,873 1,212,928,798 1,274,853,017
Non-Current Liabilities 1,294,346,873 1,212,928,798 1,378,560,486
TOTAL LIABILITIES 4,265,435,402 4,441,001,866 4,557,119,412
TOTAL EQUITY AND LIABILITIES 72,146,052,574 74,350,803,912 97,221,403,130
Net Assets Value (NAV) per Share 80.40 82.81 104.53
cial Position
2022 FY 2023 FY
8,214,111,145 12,227,198,105
3,395,080,462 6,122,294,097
1,776,037,947 2,043,302,498

48,962,498,334 50,094,321,854
62,347,727,888 70,487,116,554
27,182,672,428 26,058,821,899
12,874,322,006 15,076,807,755
4,346,770,865 4,589,867,031
5,006,376,080 5,603,691,927
49,410,141,379 51,329,188,612
111,757,869,267 121,816,305,166
8,864,510,100 8,864,510,100
2,035,465,000 2,035,465,000
105,878,200 105,878,200
830,615,740 734,507,296
133,398,880
8,998,071 -16,905,546

93,357,093,287 103,339,085,459
469,632 709,376
105,203,030,030 115,196,648,765
200,000,000 618,609,472
625,984,907 1,001,758,842
1,613,900,866 1,877,962,326
911,504,873 356,095,553
180,802,108 215,721,733
129,636,029 158,997,790
3,661,828,783 4,229,145,716
1,714,270,164 1,368,356,905
1,178,740,290 1,022,153,780
2,893,010,454 2,390,510,685
6,554,839,237 6,619,656,401
111,757,869,267 121,816,305,166
118.68 129.95
 Consolidated Statement of Cashflow
Particulars 2019 FY 2020 FY
Cash flows from Operating Activities
Receipts:
Collection From Sales 51,074,051,570 52,909,065,970
Exchange Fluctuation Gain 4,868,172 2,216,358
Others 82,804,049 33,621,327
51,161,723,791 52,944,903,655
Payments:
Purchase of raw and packaging materials 15,619,769,171 17,024,316,320
Manufacturing and operating expenses 11,773,729,181 13,446,602,730
Value added tax 6,833,233,083 7,049,769,814
Finance Cost 95,196 107,090
Income Tax Expense 3,565,244,457 3,830,869,094
Workers Profit Participation Fund 867,481,244 802,781,404
Others 110,378,188 29,685,266
38,769,930,520 42,184,131,718
Net cash generated from operating activities 12,391,793,271 10,760,771,937

Cash flows from Investing Activities

Purchase of Fixed Assets -2,048,539,921 -2,042,104,801
Disposal of Fixed Assets 66,594,884 60,742,370
Pre-operating expenses 0 -774,363
Investment 116,427,551 -2,413,257,573
Non controlling assets -209,054,502 0
Short term loan 376,808,344 -409,767,691
Gain/(Loss) on sale of marketable securities 99,860,413 -8,120,460
Interest received 1,407,175,500 2,712,143,496
Dividend received 360,040,347 234,546,484
Net cash used in investing activities 169312616 -1866592538

Cash flows from Financing Activities

Issues of share capital (Non-controlling assets) 0 0
Long Term loan received 0 0
Dividend Paid -2,654,607,924 -3,313,835,557
Transfer of Unclaimed Dividend to Capital Market Stabilisation Fund
Net cash used in financing activities -2654607924 -3313835557

Increase in Cash and cash equivalents 9,906,497,963 5,580,343,842

Net effect of foreign currency translation on cash and cash equivalent 32,442,654 -20,053,350
Cash and cash equivalents at the begining 16,980,412,765 27,004,038,946
Cash and cash equivalents at the beginning of SHNL 84,685,564 0
Cash and cash equivalents at the closing 27,004,038,946 32,564,329,438
Net operating cash flow per share (NOCF) 15.71 12.75
Number of shares used to compute NOCF 789,008,466 844,239,058
 IT'S FAIR & SQUARE

Cashflow
2021 FY 2022 FY 2023 FY
tivities

58,068,806,641 65,932,103,942 70,842,209,194

1,596,322
116,940,876 126,812,094 142,960,770
58,187,343,839 66,058,916,036 70,985,169,964

19,198,583,476 21,572,392,736 26,415,231,420

14,855,117,387 17,310,612,343 20,119,425,524
7,643,229,379 8,809,018,591 9,587,690,621
13,443 29,757 87,677,976
4,594,942,869 4,494,255,593 5,126,801,672
859,269,098 937,796,627 1,051,227,994
15,114,060 60,118,819 51,500,430
47,166,269,712 53,184,224,466 62,439,555,637
11,021,074,127 12,874,691,570 8,545,614,327

tivities
-3,798,315,053 -6,183,191,295 -2,824,248,019
80,127,085 130,700,166 78,331,531
0
-961,468,167 -1,416,175,769 -597,315,847
0
4,884,338,757 213,339,812 -260,698,045
88,940,302
2,893,486,926 2,890,660,506 3,874,913,010
419,626,799 395,011,790 552,966,126
3606736649 -3969654790 823948756

tivities
500,000
103,707,469 1,810,562,694 72,696,213
-3,967,923,573 -5,301,732,420 -8,802,918,480
-262503350 -32229859
-3863716104 -3753673076 -8762452126

10,764,094,672 5,151,363,704 607,110,957

 35,614,894 447,095,626 524,712,563
32,564,329,438 43,364,039,004 48,962,498,334
0
43,364,039,004 48,962,498,334 50,094,321,854
12.43 14.52 9.64
886,451,010 886,451,010 886,451,010
IT'S FAIR & SQUARE
WHY SQUARE PHARMACEUTICALS LTD?
Since it went public on the stock market, Square Pharma has given
substantial profits, earning it the reputation of a blue-chip busines
investors. In 2022, the firm offered 910 distinct medications, had
with consumers, and received a "AAA" grade from CRISL. Square w
floating market cap stock on the DSE in 2023, with a market capit
billion and 18.74% of the market share. Square Pharma has also r
certifications and permissions throughout the years, including tho
UK MHRA in 2001, UNICEF as a worldwide supplier in 2002, the Au
Goods Administration in 2012, the US FDA in 2015 and the ANDA o
market in 2018.

The demand for Square Pharma's medicines is rising every day, de

seeing a 4% increase in sales revenue in the 2019–20 fiscal year du
operations caused by the new coronavirus pandemic. To accommo
demand, the corporation has several production contracts with ot
including Apex Pharma and Renata Oncology. Square announced p
investing Tk 400 crore in 2023. According to a filing on the Dhaka S
the money will be utilised for BMRE (Balancing, Modernization, Re
Expansion), as well as the acquisition of capital equipment and lan
future growth. Additionally, its revenue for FY23 was Tk 1,898 cror
percent year-over-year increase from Tk 1,819 crore the year befo
year saw profits of Tk 1,897.89 crore, up 4.54 percent from Tk 1,81
a result, earnings per share rose from Tk 20.48 to Tk 21.41.

Additionally, Square Pharma operates with very low amount of de

susceptibility to fluctuations in interest rates. Pharmaceuticals man
Square LifeScience is presently under construction and is anticipat
shortly. Square Pharma possesses a robust export market and has
accreditations from multiple international regulatory organisations

We believe that Square's favourable profit margins, which are once

reinvested into the business and thereby exposing its true pricing p
of the benchmark they have established in the industry and the wo
over the years. To the extent that they have become too large to fa
addition has propelled them to the pinnacle of their industry.
We believe that Square's favourable profit margins, which are once
reinvested into the business and thereby exposing its true pricing p
of the benchmark they have established in the industry and the wo
over the years. To the extent that they have become too large to fa
addition has propelled them to the pinnacle of their industry.
 SQUAREPHARMA 5
Pharma has given its investors 300
blue-chip business among stock
medications, had a positive brand image 250
m CRISL. Square was the biggest free-
th a market capitalization of USD 1.77 200
harma has also received several
ars, including those from the US FDA and
er in 2002, the Australian Therapeutic
150

5 and the ANDA of Valsartan for the US

100

ng every day, despite the company only 50

–20 fiscal year due to disruptions in its

mic. To accommodate the rising 0
43466 43590 43778 44166 44050 43932 44230

contracts with other businesses,

are announced plans to expand by TICKER SYMBOL
ng on the Dhaka Stock Exchange (DSE),
Modernization, Rehabilitation and Oustanding Share
quipment and land for the company's
was Tk 1,898 crore, representing a 4.5 Market Cap(mn)
ore the year before. The last financial
cent from Tk 1,815.45 crore in FY22. As
Tk 21.41. 52 Weeks' Moving Range

ow amount of debt, which reduces its Category

rmaceuticals manufacturing-focused
n and is anticipated to open its doors
market and has obtained
ory organisations.

s, which are once more being

g its true pricing potential, are the result
dustry and the worth they have refined
me too large to fail, this cycle of value
eir industry.
 s, which are once more being
g its true pricing potential, are the result
dustry and the worth they have refined
me too large to fail, this cycle of value
eir industry.
 SQUAREPHARMA 52 WEEKS' PRICE RANGE

66 44050 43932 44230 44293 44419 44745 44749 44784 45080 45237 45118

KER SYMBOL : SQURPHARMA

g Share 88,64,51,010
p(mn) 187307.098
Moving Range 205.80 - 222.70 BDT
A
 Current Ratio 20.00 Current
18.00 1
Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY
16.00 14.52
14.00 12.93
Current Assets 38411642036 46886757989 55076379705 62347727888 70487116554
12.00
10.00
8.00
Current Liabilities 2971088529 3228073068 3178558926 3661828783 4229145716 6.00
4.00
2.00
Current Ratio 12.93 14.52 17.33 17.03 16.67 0.00
2019 FY 2020 FY 20
Industry Avg 1.48

Quick Ratio=(Current Assets-Inventory)/ Current Liabilities

Quick R
Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 16.00 1
14.00 12.76
Current Assets 38411642036 46886757989 55076379705 62347727888 70487116554 11.38
12.00
10.00
Inventories 4596512673 5687406329 7245396928 8214111145 12227198105
8.00
Current Liabilities 2971088529 3228073068 3178558926 3661828783 4229145716 6.00
4.00

Quick Ratio 11.38 12.76 15.05 14.78 13.78 2.00

0.00
Industry Avg 1.28 2019 FY
2019 FY 2020 FY 20

Cash Ratio Cash R

Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 16.00
14.00 13
Cash and Cash
Equivalents 27004038946 32233314319 43364039004 48962498334 50094321854 12.00
9.99
10.00 9.09
8.00
Current Liabilities 2971088529 3228073068 3178558926 3661828783 4229145716
6.00
4.00
Cash Ratio 9.09 9.99 13.64 13.37 11.85
2.00
Industry Avg 1.13 0.00
2019 FY 2020 FY 202
 Current Ratio Time Series: We can see square pharmaceutcial's current rati
20.00 Current Ratio following the COVID-19 pandemic and it shows their liability management ca
17.33 17.03 improved from previous years. On average, they had arround 12 to 17 times
18.00 16.67
assets against their current liabiliy claims. Although in 2022 and 2023 there was a
16.00 14.52 in the current ratio but they are still capable of meeting their liability obligations
14.00 12.93 claimed. The huge excess amount of assets also goes to show that th
12.00 opportunity(luxury) to increase their current liabilities and they would still have
10.00 positive working capital. Industry Comparison: In the pha
8.00 industry the average current ratio in the past 5 years has been 1.48 so it is anot
6.00
Square Pharma has excessive amount of idle current assets compared to their cu
This is certain that they have the ample opportunity to increase their liabilities if
4.00 they have adequate amount of assets to make up for that liability claim. Th
2.00 indicator for a companies liquidity scenario.
0.00
2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

Quick Ratio Time Series: The Quick Ratio of Sqaurepharma also shows a parallel pa
Quick Ratio their current ratio. A quick ratio measures the short term debt paying ability of a
most liquid assets. Squarephama maintains a sufficiently large quick ratio (1
16.00 15.05 14.78 average) as well. That means their short term debt paying ability is not compr
14.00
13.78 without considering their inventories. They are still better off to meet their cu
12.76 obligations even with their most liquid assets. This further indicates that they
12.00 11.38 opportunity to increase their short term debt (if needed) because of the excess
10.00
offer.
Industry Comparison: In the pharmaceuticals industry, the average cash ratio
8.00 years has been 1.28. Hence, Squarepharma is sitting with idle excess liquid assets
6.00
its peers. Although its a good sign to have sufficient liquidity but significant am
liquid assets are showing their current assets are underutilzed.
4.00
2.00
0.00
2019 2020 FY FY2021
FY 2020 FYFY
2021 2022
2022FY
FY 2023 FY
2023 FY

Cash Ratio Time Series: The Cash Ratio is around 12x on average for Squarephar
Cash Ratio shows the ability to pay off their short term debt with only cash & cash
16.00
Squarepharma has retianed enough cash reserve against their current short term
Industry Comparison: Pharmaceuticals industry on average had a cash
14.00 13.64 13.37 for the last 5 years and squarepharma is way above its peers. So, in case of their c
11.85 all of their rights they would very sufficiently pay off those obligation just from the
12.00
they have.
9.99
10.00 9.09
8.00
6.00
4.00
2.00
0.00
2019 FY 2020 FY 2021 FY 2022 FY 2023 FY
pharmaceutcial's current ratio kept rising
heir liability management capabilites had
had arround 12 to 17 times more current
in 2022 and 2023 there was a slight decline
eting their liability obligations reluctantly if
lso goes to show that they have the
ties and they would still have significantly
dustry Comparison: In the pharmaceuticals
ars has been 1.48 so it is another clear sign
t assets compared to their current liability.
y to increase their liabilities if needed since
up for that liability claim. This is a good

harma also shows a parallel pattern just like

term debt paying ability of a firm with its
fficiently large quick ratio (13.5 times on
bt paying ability is not compromised even
ll better off to meet their current liability
his further indicates that they do have the
eded) because of the excess liquidity they

stry, the average cash ratio in the past 5

with idle excess liquid assets compared to
nt liquidity but significant amount of such
derutilzed.

x on average for Squarepharma. This ratio

ebt with only cash & cash equivalents.
ainst their current short term liability.
dustry on average had a cash ratio of 1.13x
ts peers. So, in case of their creditors claim
those obligation just from the cash reserve
 Debt Ratio

Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

TOTAL LIABILITIES 4265435402 4441001866 4557119412 6554839237 6619656401

TOTAL ASSETS 72146052574 74350803912 97221403130 111757869267 121816305166

Debt Ratio 5.91% 5.97% 4.69% 5.87% 5.43%

Industry Avg 27.43%

Net Financial Debt=Total Financial Debt-Cash

Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

Total Finance Debt 0 0 103,707,469 1,914,270,164 1,986,966,377

Cash 27,004,038,946 32,233,314,319 43,364,039,004 48,962,498,334 50,094,321,854

Net Financial
-27004038946 -32233314319 -43260331535 -47048228170 -48107355477
Debt
Industry Avg -

Times Interest Earned Ratio= Earnings Before Interest and Taxes/ Interest Expense

Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

Profit from
Operations (EBIT) 14142449357 14730421559 16257934544 18416477138 18221668254

Interest Expense 791921561 859269098 937796627 1051227994 1079571975

TIE 17.86 17.14 17.34 17.52 16.88

Industry Avg
7.00% Debt Ratio: Squarepharma has a very significantly low amount o
Debt Ratio structure. On average 5% of their assets are debt finance which
5.91% 5.87%
6.00% 5.97%
5.43%
their assets are equity financed. Although Debt is cheaper tha
potentially give them leverage still their capital structure
5.00% 4.69% financed. Overall, the company's long-term solvency looks fa
4.00%
conservative approach to go with a safer option with equity fina
eventually costlier than debt financing. The industry on av
3.00% component of debt financing (about 28%)
2.00%

1.00%

0.00%
2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

Net Financial Debt: Square pharma's net financial debt had b

NET FINANCIAL DEBT years's being assesed here. The trend seemed to move downw
0 although total finance debt increased, so did the amount of cash.
said that the company possesses more cash and cash equivale
-10000000000 obligations and is hence more financially stable. We can say that
to meet its debt obligations as previously seen in liquidity ratios
-20000000000
-27004038946

-30000000000
-32233314319

-40000000000
-43260331535

-47048228170

-50000000000
-48107355477

-60000000000

2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

18.00
Times Interest Earned Ratio: Squarepharma had an average TIE
17.86 TIE RATIO the course of 5 years, indicating that the company could pay
17.80 earnings and still retain a significant portion as their EBT (after co
17.60 17.52
17.40 17.34
17.20 17.14
17.00 16.88
16.80
16.60
16.40
16.20
2019 FY 2020 FY 2021 FY 2022 FY 2023 FY
 significantly low amount of debt in their capital
ets are debt finance which implies about 95% of
hough Debt is cheaper than equity which could
their capital structure is dominantly equity
ng-term solvency looks favourable and it is a
afer option with equity financing more but this is
cing. The industry on avg runs on a higher
8%)

net financial debt had been negative in all 5

d seemed to move downward over the years as
so did the amount of cash. Through this, it can be
ore cash and cash equivalents than its financial
ally stable. We can say that it has enough liquidity
sly seen in liquidity ratios

pharma had an average TIE ratio of 17.35x over

at the company could pay off its debts with its
ortion as their EBT (after covering finance costs).
 Total Asset Turnover= Sales/ Total Assets Asset T
Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 64.00%
62.00% 61.03% 61.70%
60.00%
Net Revenue 44033634269 45876448841 50703028902 57597941359 62747682864
58.00%
56.00%
54.00%
TOTAL ASSETS 72146052574 74350803912 97221403130 111757869267 121816305166
52.00%
50.00%
Total Asset
61.03% 61.70% 52.15% 51.54% 51.51% 48.00%
Turnover
46.00%
Industry Avg 53.0% 2019 FY2019 FY 2020 FY

6.00
Inventory Turnover= Cost of Goods Sold/Inventory Inventory
5.00 4.81
Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY
3.96
4.00
Cost of Goods Sold 22091384351 22536669960 24800035555 27958026980 31772093300
3.00

2.00
Inventories 4596512673 5687406329 7245396928 8214111145 12227198105
1.00
Inventory
4.81 3.96 3.42 3.40 2.60
Turnover 2019
0.00 FY
2019 FY 2020 FY 2
Industry Avg 7.80

Average Collection Period= Accounts Recievable/Average Sales Per Day 40.00 Average Col
35.00
Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY
30.00
Accounts 1,561,818,167 1,520,300,337 2,916,178,759 3,395,080,462 6,122,294,097 25.00
Recievable
20.00

15.00 12.95 12.10

Daily Sales 120640093.888 125688900.934 138912407.951 157802579.0658 171911459.9014
10.00

5.00
Average
12.95 12.10 20.99 21.51 35.61
Collection Period 0.00
2019 FY 2020 FY
Industry Avg 24.60 2019 FY
 The asset turnover ratio is an indication of how effectively a business uses its a
Asset Turnover income. They measure efficiency of the assets employed. Based on the calculatio
64.00%
that the total asset turnover for Square Pharma was 0.61 and in the following ye
61.70% a slight increase to 0.62. However, from the year 2021 to 2023, the the turnover h
62.00% 61.03% to 0.52 and remained constant till 2023. The overall decrease in asset turnover
60.00% assets are not being utilized to their full potential as before. We can see that a
58.00% by sales increased as well as total assets. However, It's possible that the busin
56.00%
onto extra assets that aren't making a big difference in sales and mostly be
(underutilized).
54.00%
52.15% 51.54% 51.51%
52.00%
50.00%
48.00%
46.00%
20192020
FY 2020
FY FY 2021
2021 FY FY2022
2022FYFY 2023
2023FY
FY

6.00 Inventory turnover ratio illustrates how frequently a business rotates its stock in
Inventory Turnover cost of goods sold (COGS) during a specific time frame. Looking at the data in the
5.00 4.81 inventory turnover was 4.81 times which was the highest in the 5 year time per
then, in 2020, it came down to 3.96 times and in and in 2021, the trendline wa
3.96 3.42. Similartly, in 2022, they had a slight decrease to 3.40 times and finally
4.00
3.42 3.40 company had a drastic downfall to 2.60 times only. Based on the overall data, as
turnover has a declining trendline,we can assume that it's taking them longe
3.00 2.60 inventory into sales. Overstock: It's also possible that the business is mere
excessive amount of stock on hand. This can be the result of erroneou
2.00 overproduction.
1.00

0.00 2020 FY 2021 FY 2022 FY 2023 FY

2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

40.00
Average collection period describes how long it takes a company to get paym
Average Collection Period 35.61 customers for accounts receivable. Businesses check if they have enough cash o
35.00 their debts by using the average collection period. Based on the information
collection period for the fiscal year 2019 was 12.95 days which then decreased to
30.00 2020. However, in the year 2021, the collection period had a considerable incr
25.00 days. We then notice a slight rise to 21.51 days in the year 2022 and finally again
20.99 21.51 was a significant rise to 35.61 days. To sum up, the average collection period h
20.00 past 5 years which can have negative impact for the business such as increased b
15.00 12.95
also suggests that clients are delaying paying for items or services provided
12.10 financial stability of your company may suffer as a result.
10.00

5.00

0.00
2019 FY 2020 FY 2021 FY 2022 FY 2023 FY
2020 FY 2021 FY 2022 FY 2023 FY
ectively a business uses its assets to create
oyed. Based on the calculations, we can see
0.61 and in the following year 2020, it had
21 to 2023, the the turnover had a downfall
ll decrease in asset turnover indicates that
as before. We can see that as years passed
, It's possible that the business is holding
ence in sales and mostly being inefficient

a business rotates its stock in relation to its

e. Looking at the data in the year 2019, the
ighest in the 5 year time period. Ever since
nd in 2021, the trendline was still down to
se to 3.40 times and finally in 2023, the
Based on the overall data, as the inventory
that it's taking them longer to turn their
that the business is merely keeping an
be the result of erroneous demand or

akes a company to get payments from its

k if they have enough cash on hand to pay
d. Based on the information, the average
days which then decreased to 12.10 days in
riod had a considerable increase to 20.99
e year 2022 and finally again in 2023, there
average collection period has risen in the
business such as increased bad debts. This
items or services provided on credit. The
sult.
 Return on Total Assets= Earnings Available for Common Stockholders/Total Assets 18.50% R
17.96%
Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 18.00%
17.54%
17.50%

Net Profit after Tax 12652401141 13354413889 15947450723 18157179650 18980140896 17.00%

16.50%

16.00%
TOTAL ASSETS 72146052574 74350803912 97221403130 111757869267 121816305166
15.50%

15.00%
ROA 17.54% 17.96% 16.40% 16.25% 15.58% 14.50%

Industry Avg 14.60% 14.00%

2019 FY 2020 FY

Return On Equity=Earnings Available for Common Stockholders/Common Stock Equity R

19.50%
19.10%
Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 19.00%
18.64%
18.50%
Net Profit after Tax 12652401141 13354413889 15947450723 18157179650 18980140896
18.00%

17.50%

Total Equity 67880617172 69909802046 92664283718 105203030030 115196648765 17.00%

16.50%

16.00%
ROE 18.64% 19.10% 17.21% 17.26% 16.48%
15.50%
Industry Avg 18.33% 15.00%
2019 FY 2020 FY

52.0%
Gross Profit Margin= Gross Profit/Sales Gros
51.5%
Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 50.9%
51.0%

Gross Profit 21942249918 23339778881 25902993347 29639914379 30975589564 50.5%

50.0% 49.8%

49.5%
Net Revenue 44033634269 45876448841 50703028902 57597941359 62747682864
49.0%

Gross Profit 48.5%

49.8% 50.9% 51.1% 51.5% 49.4%
Magrin
48.0%
2019 FY 2020 FY
Industry Avg 56.32% 2019 FY

Operating Profit Margin= Operating Profit/Sales OPERATI

32.5%
32.1% 32.1%
Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 32.0%

31.5%
EBIT 14142449357 14730421559 16257934544 18416477138 18221668254
31.0%

30.5%

30.0%

29.5%
 OPERATI
32.5%
32.1% 32.1%
32.0%

31.5%
EBIT 14142449357 14730421559 16257934544 18416477138 18221668254
31.0%

30.5%

30.0%
Net Revenue 44033634269 45876448841 50703028902 57597941359 62747682864
29.5%

29.0%
Operating Profit
32.1% 32.1% 32.1% 32.0% 29.0% 28.5%
Margin
28.0%
Industry Avg 36.31% 2019 FY
27.5%
2019 FY 2020 FY

Net Profit Margin= Earnings Available for Common Stockholders/ Sales Net Pro
32.0%
Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 31.5%

31.0%
Net Profit after Tax 12652401141 13354413889 15947450723 18157179650 18980140896 30.5%

30.0%

29.5%
29.1%
Net Revenue 44033634269 45876448841 50703028902 57597941359 62747682864 29.0% 28.7%
28.5%

28.0%
Net Profit Margin 28.7% 29.1% 31.5% 31.5% 30.2%
2019
27.5% FY

Industry Avg 22.46% 27.0%

2019 FY 2020 FY
 Return on Assets (ROA) is a financial ratio that measures a company's earnings ge
18.50% ROA each dollar unit of total assets. We can see that Square Pharmaceuticals’ ROA h
17.96% slightly but generally remained around 16% over the five years. It started at 17
18.00%
17.54% then slightly increased in 2020. It dipped in 2021 to 16.4% and ended at 15.58%
17.50% though the ROA has decreased, a 15% ROA is still considered healthy.
17.00%
16.40%
16.50% 16.25%
16.00%
15.58%
15.50%

15.00%

14.50%

14.00%
2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

ROE
19.50%
19.10%
19.00%
18.64%
18.50%
Return on Equity (ROE): Square Pharma's Return on Equity (ROE) has fluctuated
18.00%
the five years between 2019 and 2023. ROE measures the return on a com
17.50%
17.21% 17.26% investment. The higher the ROE, the more effective the company is at using inves
generate profits.The ROE has ranged from 16.48% in 2023 to 19.10% in 2020. Wh
17.00%
slight downward trend, it has consistently remained around 17% over the period.
16.48%
16.50%

16.00%

15.50%

15.00%
2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

52.0%
Gross Margin 51.5%
51.5%
51.1%
51.0% 50.9% Gross Profit Margin: From the data we can see that Square Pharma enjoys a
financial position with a consistently high gross profit margin. Over the five ye
50.5% 2019 and 2023, the company’s gross profit margin has ranged between 49.37%
50.0% 49.8%
which is significantly higher than the average gross profit margin in the ph
industry. This metric measures the percentage of revenue remaining after accou
49.5% 49.4% cost of goods sold, and a high gross profit margin like Square’s indicates a compan
in managing its production process. Overall, a consistently high gross profit margi
49.0% sign for Square pharma. It indicates that the company is effectively managing i
costs and generating healthy profits from its core business activities.
48.5%

48.0%
2019 FY 2020 FY
2020 FY 20212021
FY FY 2022
2022 FY
FY 2023 FY
2023 FY

OPERATING MARGIN
32.5%
32.1% 32.1% 32.1% 32.0%
32.0% Operating Profit Margin: The operating profit margin of Square Pharma has remai
31.5%
stable over the five-year period, indicating consistent operational efficiency
profits from its sales revenue. Starting at 32.12% in 2019, the margin fluctuat
31.0%
around this figure, with slight variations in subsequent years. However, there w
30.5% decline in 2023, dropping to 29.04%. This decline could signify potential challeng
30.0%
in the company's operations that affected its profitability relative to sales. Des
company has maintained a healthy operating profit margin overall, reflecting
29.5%
 OPERATING MARGIN
32.5%
32.1% 32.1% 32.1% 32.0%
32.0% Operating Profit Margin: The operating profit margin of Square Pharma has remai
31.5% stable over the five-year period, indicating consistent operational efficiency
profits from its sales revenue. Starting at 32.12% in 2019, the margin fluctuat
31.0%
around this figure, with slight variations in subsequent years. However, there w
30.5% decline in 2023, dropping to 29.04%. This decline could signify potential challeng
30.0% in the company's operations that affected its profitability relative to sales. Des
company has maintained a healthy operating profit margin overall, reflecting
29.5%
29.0% effectively manage costs and maximize profitability from its core business activities
29.0%

28.5%

28.0%
2020 FY 2021 FY 2022 FY 2023 FY
27.5%
2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

Net Profit Margin

32.0%
31.5% 31.5%
31.5%
Net Profit Margin: The net profit margin of Square Pharma has shown a gene
31.0%
trend over the five-year period, reflecting its ability to convert sales revenue
30.5% 30.2% Starting at 28.73% in 2019, the margin increased steadily over the next few yea
30.0% peak of 31.52% in 2022 before experiencing a slight decrease to 30.25% in 2023
29.5%
minor decline, the company has maintained a healthy net profit margin over
29.1% efficient management of expenses, taxes, and other factors impacting profi
29.0% 28.7% sustained margin suggests the company's competitiveness and effective financial
28.5% in the pharmaceutical industry.
28.0%

27.5% 2020 FY 2021 FY 2022 FY 2023 FY

27.0%
2019 FY 2020 FY 2021 FY 2022 FY 2023 FY
sures a company's earnings generated from
uare Pharmaceuticals’ ROA has fluctuated
he five years. It started at 17.54% in 2019,
16.4% and ended at 15.58% in 2023. Even
nsidered healthy.

n Equity (ROE) has fluctuated slightly over

asures the return on a company’s equity
the company is at using invested capital to
n 2023 to 19.10% in 2020. While it shows a
around 17% over the period.

that Square Pharma enjoys a very strong

rofit margin. Over the five years between
has ranged between 49.37% and 51.46%,
oss profit margin in the pharmaceutical
evenue remaining after accounting for the
e Square’s indicates a company’s efficiency
stently high gross profit margin is a positive
any is effectively managing its production
usiness activities.

n of Square Pharma has remained relatively

stent operational efficiency in generating
in 2019, the margin fluctuated marginally
uent years. However, there was a notable
ould signify potential challenges or changes
tability relative to sales. Despite this, the
fit margin overall, reflecting its ability to
n of Square Pharma has remained relatively
stent operational efficiency in generating
in 2019, the margin fluctuated marginally
uent years. However, there was a notable
ould signify potential challenges or changes
tability relative to sales. Despite this, the
fit margin overall, reflecting its ability to
rom its core business activities.

e Pharma has shown a generally positive

ity to convert sales revenue into profits.
eadily over the next few years, reaching a
t decrease to 30.25% in 2023. Despite this
althy net profit margin overall, indicating
ther factors impacting profitability. This
veness and effective financial management
 EPS

Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

Net Profit after Tax 12652401141 13354413889 15947450723 18157179650 18980140896

Number of Shares
outstanding 844239058 844239058 886451010 886451010 886451010

EPS 14.99 15.82 17.99 20.48 21.41

Industry Avg 14.30 2019 FY

P/E

Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

Price 180.95 219.50 214.30 209.80 210.30

EPS 14.99 15.82 17.99 20.48 21.41

P/E 12.07 13.88 11.91 10.24 9.82

Industry Avg 15.32 2019 FY

P/B

Particulars 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY

Price 180.95 219.50 214.30 209.80 210.30

Net Assets Value

(NAV) per Share 80.404 82.808 104.534 118.679 129.953

P/B 2.25 2.65 2.05 1.77 1.62

Industry Avg - 2019 FY

 EPS: Earnings per share tells how much money is being generate
shares outstanding. If the EPS is too high, businesses have the opp
issue more shares. If the EPS is too low, then it is recommended to
shares back until the EPS rises again to make it favorable in front o
The historical EPS suggests that the earnings potential for each share
risen over the years. Investors could realize more money per dollar
invested.

2020 FY 2021 FY 2022 FY 2023 FY

P/E RATIO: P/E ratio tells us about the investor's confidence in pur
company's stock. Investor's optimism plays a vital role in the perceive
firm. The historical P/E is showing a sluggish trend following the yea
even compared to the industry the P/E is relatively lower consistently.

2020 FY 2021 FY 2022 FY 2023 FY

P/B: This ratio tells us what the company's share value should be a
the current market price. It gives us an idea about at what price w
shares (par/premium/discount) and the stock price's accuracy. Ba
P/B (market/book) ratio we can see most of the shares are over
hence they could possibly be issued at a premium.

2020 FY 2021 FY 2022 FY 2023 FY

money is being generated by each
businesses have the opportunity to
en it is recommended to repurchase
ke it favorable in front of investors.
s potential for each shareholder has
e more money per dollar share they

estor's confidence in purchasing the

a vital role in the perceived value of a
h trend following the year 2020, and
atively lower consistently.

share value should be and what is

a about at what price we can issue
ock price's accuracy. Based on the
of the shares are overvalued and
mium.
Date Price
1/1/2019 225.81
2/1/2019 225.46
3/1/2019 226.79
6/1/2019 229.55
7/1/2019 228.57
8/1/2019 230.44
9/1/2019 233.02
### 233.82
01/13/201 234.27
01/14/201 233.02
01/15/201 235.07
01/16/201 236.14
01/17/201 234.98
01/20/201 233.56
01/21/201 234.8
01/22/201 238.36
01/23/201 237.74
01/24/201 235.87
01/27/201 239.7
01/28/201 241.83
01/29/201 242.63
01/30/201 237.47
01/31/201 234.36
3/2/2019 237.38
4/2/2019 237.83
5/2/2019 237.21
6/2/2019 234.98
7/2/2019 237.65
### 237.56
### 236.49
### 236.49
02/13/201 235.6
02/14/201 234.98
02/17/201 234.98
02/18/201 236.76
02/19/201 238.9
02/20/201 240.23
02/24/201 241.12
02/25/201 243.97
02/26/201 245.75
02/27/201 243.7
3/3/2019 242.63
4/3/2019 240.41
5/3/2019 238.63
6/3/2019 237.38
7/3/2019 238.27
### 239.96
 ### 238.54
### 238.99
03/13/201 237.12
03/14/201 238.18
03/18/201 237.92
03/19/201 242.19
03/20/201 242.28
03/21/201 240.23
03/24/201 239.79
03/25/201 239.88
03/27/201 238.27
03/28/201 238.63
03/31/201 237.56
1/4/2019 237.74
2/4/2019 238.54
3/4/2019 237.65
4/4/2019 238.1
7/4/2019 236.76
8/4/2019 232.13
9/4/2019 233.91
### 231.69
### 233.56
04/15/201 231.69
04/16/201 228.39
04/17/201 229.82
04/18/201 230.53
04/21/201 231.6
04/23/201 228.93
04/24/201 229.02
04/25/201 230.89
04/28/201 230.17
04/29/201 229.28
04/30/201 231.33
2/5/2019 231.42
5/5/2019 232.76
6/5/2019 233.02
7/5/2019 230.89
8/5/2019 230.17
9/5/2019 229.28
### 229.28
05/13/201 226.97
05/14/201 226.26
05/15/201 221.1
05/16/201 221.36
05/19/201 224.65
05/20/201 222.07
05/21/201 221.54
05/22/201 221.45
05/23/201 221.01
05/26/201 220.38
05/27/201 218.78
05/28/201 224.21
05/29/201 227.15
05/30/201 226.79
9/6/2019 225.99
### 228.04
### 229.37
### 229.1
06/13/201 229.55
06/16/201 227.15
06/17/201 226.17
06/18/201 229.19
06/19/201 231.6
06/20/201 232.04
06/23/201 231.95
06/24/201 232.49
06/25/201 232.04
06/26/201 234.45
06/27/201 234.54
06/30/201 235.25
2/7/2019 230.62
3/7/2019 231.6
4/7/2019 231.33
7/7/2019 230.35
8/7/2019 229.82
9/7/2019 229.73
### 229.73
### 229.82
07/14/201 228.39
07/15/201 225.37
07/16/201 227.32
07/17/201 226.88
07/18/201 226.79
07/21/201 225.63
07/22/201 220.38
07/23/201 223.14
07/24/201 222.52
07/25/201 222.52
07/28/201 224.03
07/29/201 223.76
07/30/201 223.68
07/31/201 223.32
1/8/2019 224.21
4/8/2019 224.12
5/8/2019 225.01
6/8/2019 223.94
 7/8/2019 225.19
8/8/2019 223.5
08/18/201 223.5
08/19/201 223.23
08/20/201 223.5
08/21/201 223.59
08/22/201 223.94
08/25/201 223.76
08/26/201 223.68
08/27/201 225.72
08/28/201 225.28
08/29/201 224.21
1/9/2019 223.23
2/9/2019 223.23
3/9/2019 222.61
4/9/2019 218.87
5/9/2019 219.4
8/9/2019 219.14
9/9/2019 219.49
### 217.27
### 217.09
09/15/201 216.11
09/16/201 215.31
09/17/201 210.41
09/18/201 203.65
09/19/201 201.96
09/22/201 211.48
09/23/201 210.59
09/24/201 208.99
09/25/201 208.99
09/26/201 209.35
09/29/201 210.86
09/30/201 210.15
### 209.52
### 208.63
### 208.9
### 209.88
### 211.93
### 214.15
### 211.57
10/13/201 215.22
10/14/201 212.99
10/15/201 213.88
10/16/201 212.28
10/17/201 212.02
10/20/201 214.33
10/21/201 210.86
10/22/201 212.02
10/23/201 212.1
10/24/201 213.8
10/27/201 212.82
10/28/201 212.19
10/29/201 210.59
10/30/201 211.39
10/31/201 209.26
### 211.48
### 210.32
### 209.97
### 210.95
### 211.84
### 211.48
### 214.33
11/13/201 215.93
11/14/201 211.21
11/17/201 212.19
11/18/201 212.37
11/20/201 204.19
11/21/201 207.52
11/24/201 204.67
11/25/201 203.52
11/26/201 202.29
11/27/201 201.71
11/28/201 198.38
### 198.1
### 195.14
### 190.86
### 191.81
### 190.29
### 189.14
### 182
### 178.38
### 181.05
### 180.95
12/15/201 181.33
12/17/201 177.9
12/18/201 173.71
12/19/201 174.29
12/22/201 173.43
12/23/201 173.33
12/24/201 177.05
12/26/201 179.33
12/29/201 179.9
12/30/201 180.95
1/1/2020 179.71
2/1/2020 180
5/1/2020 176.95
 6/1/2020 174.19
7/1/2020 172
8/1/2020 166.76
9/1/2020 162.48
### 163.71
01/13/202 160.29
01/14/202 154.95
01/15/202 158.1
01/16/202 169.9
01/19/202 183.62
01/20/202 185.9
01/21/202 185.81
01/22/202 189.33
01/23/202 189.43
01/26/202 188.67
01/27/202 188.57
01/28/202 188.57
01/29/202 188
01/30/202 188.76
2/2/2020 187.62
3/2/2020 187.71
4/2/2020 187.62
5/2/2020 190.19
6/2/2020 187.71
9/2/2020 186.76
### 187.71
### 188.48
### 188.19
02/13/202 189.62
02/16/202 194.19
02/17/202 196.29
02/18/202 196.86
02/19/202 195.71
02/20/202 198
02/23/202 195.81
02/24/202 193.81
02/25/202 190.57
02/26/202 187.71
02/27/202 184.19
1/3/2020 184.19
2/3/2020 182.1
3/3/2020 181.9
4/3/2020 177.43
5/3/2020 176.38
8/3/2020 177.52
9/3/2020 165.05
### 169.81
### 172.86
 ### 171.24
03/15/202 168.95
03/16/202 156.38
03/18/202 151.9
03/19/202 162.29
03/22/202 164.29
03/23/202 164.29
03/24/202 164.29
03/25/202 164.29
03/29/202 172.5
05/31/202 180.57
1/6/2020 167.33
2/6/2020 164.29
3/6/2020 164.29
4/6/2020 164.29
7/6/2020 164.29
8/6/2020 164.29
9/6/2020 164.29
### 164.29
### 164.29
06/14/202 164.29
06/15/202 164.29
06/16/202 164.29
06/17/202 164.29
06/18/202 164.29
06/21/202 164.29
06/22/202 164.29
06/23/202 164.29
06/24/202 164.29
06/25/202 164.29
06/28/202 164.29
06/29/202 164.29
06/30/202 164.29
2/7/2020 164.29
5/7/2020 164.29
6/7/2020 164.29
7/7/2020 164.29
8/7/2020 164.29
9/7/2020 166.57
### 172.1
07/13/202 172.29
07/14/202 173.52
07/15/202 169.81
07/16/202 168.19
07/19/202 166.29
07/20/202 166.95
07/21/202 166.95
07/22/202 166.67
07/23/202 166.38
07/26/202 172.19
07/27/202 171.81
07/28/202 170.38
07/29/202 170.67
07/30/202 172.38
3/8/2020 178.1
4/8/2020 177.62
5/8/2020 175.9
6/8/2020 179.52
9/8/2020 190
### 190.48
### 195.52
08/13/202 192.95
08/16/202 193.9
08/17/202 195.14
08/18/202 190.29
08/19/202 193.43
08/20/202 195.62
08/23/202 199.33
08/24/202 200.29
08/25/202 202.67
08/26/202 207.05
08/27/202 206.1
08/31/202 208.48
1/9/2020 206.29
2/9/2020 204.29
3/9/2020 203.14
6/9/2020 202.95
7/9/2020 202.76
8/9/2020 203.33
9/9/2020 201.24
### 202.67
09/13/202 205.62
09/14/202 205.62
09/15/202 206.67
09/16/202 205.9
09/17/202 205.05
09/20/202 203.33
09/21/202 200
09/22/202 195.81
09/23/202 195.71
09/24/202 196.29
09/27/202 196.19
09/28/202 196.1
09/29/202 196.29
09/30/202 194.29
### 194.1
 ### 192.86
### 191.71
### 191.81
### 192.86
### 192.86
### 193.9
### 195.71
10/13/202 196.29
10/14/202 196.19
10/15/202 195.14
10/18/202 194
10/19/202 194.38
10/20/202 194.19
10/21/202 194.19
10/22/202 195.33
10/25/202 193.52
10/27/202 192.1
10/28/202 190
10/29/202 188.95
### 188.67
### 190.1
### 192.1
### 191.05
### 193.14
### 192.29
### 192.76
### 192.67
### 191.9
### 192.95
11/15/202 194.48
11/16/202 199.62
11/17/202 197.81
11/18/202 197.81
11/19/202 198.1
11/22/202 198.1
11/23/202 191.9
11/24/202 191.9
11/25/202 192
11/26/202 190
11/29/202 188.9
11/30/202 183.9
### 184.7
### 185.4
### 187.1
### 192.3
### 197.5
### 196.7
### 196
 ### 196.9
12/13/202 197
12/14/202 201.1
12/15/202 199.9
12/17/202 200.5
12/20/202 198.2
12/21/202 203.2
12/22/202 202.9
12/23/202 205.1
12/24/202 207.6
12/27/202 213.4
12/28/202 216.9
12/29/202 218.1
12/30/202 219.5
3/1/2021 237.8
4/1/2021 231.6
5/1/2021 223.4
6/1/2021 224.4
7/1/2021 223
### 220.5
### 228.5
### 234.4
01/13/202 234.8
01/14/202 238.3
01/17/202 230.2
01/18/202 229.7
01/19/202 227.8
01/20/202 226
01/21/202 229.7
01/24/202 230.3
01/25/202 239.8
01/26/202 237
01/27/202 234.5
01/28/202 236.2
01/31/202 231.1
1/2/2021 227.5
2/2/2021 224.9
3/2/2021 225.5
4/2/2021 229.6
7/2/2021 224.8
8/2/2021 226.9
9/2/2021 226.5
### 227.6
### 225.9
02/14/202 226.2
02/15/202 226.6
02/16/202 223.9
02/17/202 224.2
02/18/202 223.5
02/22/202 217.7
02/23/202 212.2
02/24/202 214.1
02/25/202 214.8
02/28/202 216.4
1/3/2021 216.3
2/3/2021 217.6
3/3/2021 217.5
4/3/2021 218.4
7/3/2021 219.1
8/3/2021 219.4
9/3/2021 218.4
### 216.9
### 216
03/14/202 214.4
03/15/202 213.6
03/16/202 214.2
03/18/202 213.4
03/21/202 208.8
03/22/202 207.9
03/23/202 207
03/24/202 203.6
03/25/202 200.4
03/28/202 200.1
03/29/202 199
03/31/202 196.6
1/4/2021 196.4
4/4/2021 192.9
5/4/2021 193
6/4/2021 198.3
7/4/2021 200.1
8/4/2021 200.4
### 197.2
### 199.8
04/13/202 201.5
04/15/202 202.8
04/18/202 202.9
04/19/202 205.1
04/20/202 209.3
04/21/202 209.4
04/22/202 211.9
04/25/202 215
04/26/202 212.3
04/27/202 211.5
04/28/202 211.2
04/29/202 211.8
2/5/2021 210.2
 3/5/2021 210.1
4/5/2021 208.9
5/5/2021 208.7
6/5/2021 209.2
9/5/2021 208.7
### 209
### 210
05/16/202 214.7
05/17/202 215.7
05/18/202 213.4
05/19/202 212.9
05/20/202 211.9
05/23/202 210.3
05/24/202 210.8
05/25/202 210.6
05/27/202 211.9
05/30/202 215.5
05/31/202 213
1/6/2021 213.7
2/6/2021 212.3
3/6/2021 212.3
6/6/2021 213.4
7/6/2021 214.6
8/6/2021 214.1
9/6/2021 214.5
### 214.3
06/13/202 214.5
06/14/202 213.6
06/15/202 212.6
06/16/202 213.5
06/17/202 213.8
06/20/202 213.8
06/21/202 214
06/22/202 213.7
06/23/202 213.1
06/24/202 213.1
06/27/202 213.1
06/28/202 213.8
06/29/202 213.8
06/30/202 215.5
4/7/2021 215.5
5/7/2021 219.4
6/7/2021 217.9
7/7/2021 214.8
8/7/2021 217.5
### 216.3
07/13/202 216.1
07/14/202 217.1
07/15/202 217.6
07/18/202 223.7
07/19/202 224
07/25/202 224
07/26/202 223.4
07/27/202 222.7
07/28/202 222.8
07/29/202 222
2/8/2021 221.1
3/8/2021 222.9
5/8/2021 226.8
9/8/2021 231.9
### 230.7
### 231.3
### 231
08/16/202 232.4
08/17/202 230.7
08/18/202 229.8
08/19/202 227
08/22/202 229.2
08/23/202 229.3
08/24/202 230
08/25/202 229.3
08/26/202 229.3
08/29/202 228.7
08/31/202 226.6
1/9/2021 229.1
2/9/2021 229.4
5/9/2021 231.6
6/9/2021 233.3
7/9/2021 235.5
8/9/2021 243
9/9/2021 248.1
### 244.3
09/13/202 243.3
09/14/202 241.9
09/15/202 242.3
09/16/202 244.4
09/19/202 243.4
09/20/202 241.9
09/21/202 243.8
09/22/202 244.9
09/23/202 244.5
09/26/202 243
09/27/202 243.9
09/28/202 243.8
09/29/202 243.5
09/30/202 242.2
 ### 240.2
### 239.2
### 238.1
### 240.7
### 239.7
### 239.1
### 240.6
### 240.7
10/13/202 237.7
10/14/202 235.3
10/17/202 235.4
10/18/202 230.9
10/19/202 231.2
10/21/202 233.8
10/24/202 226.2
10/25/202 222.2
10/26/202 221.1
10/27/202 220.2
10/28/202 217.7
10/31/202 219.2
### 218.8
### 216.6
### 213.1
### 210.2
### 209.5
### 209.5
### 212.7
### 216.3
### 216.2
11/14/202 216.3
11/15/202 222.5
11/16/202 228.2
11/17/202 226.2
11/18/202 224.9
11/21/202 225.3
11/23/202 223.3
11/24/202 219.6
11/25/202 218.3
11/28/202 217.2
11/29/202 217.2
11/30/202 211.8
### 217.9
### 221.7
### 221.9
### 220.1
### 220.9
### 219
### 219.8
 ### 218.7
12/13/202 218.9
12/14/202 216.2
12/15/202 217.4
12/19/202 214.1
12/20/202 214.3
12/21/202 214
12/22/202 214
12/23/202 214.3
12/26/202 212.6
12/27/202 216.3
12/28/202 216.2
12/29/202 214.2
12/30/202 214.3
2/1/2022 213.6
3/1/2022 214.7
4/1/2022 215.1
5/1/2022 214.8
6/1/2022 215.8
### 217.2
### 222.6
### 221.1
01/13/202 222.4
01/16/202 220.8
01/17/202 220.9
01/18/202 220.5
01/19/202 221.2
01/20/202 222.5
01/23/202 220.2
01/24/202 219.8
01/25/202 220.1
01/26/202 221.3
01/27/202 220.8
01/30/202 221.2
01/31/202 220.2
1/2/2022 224.7
2/2/2022 227.3
3/2/2022 227.2
6/2/2022 232.2
7/2/2022 231.1
8/2/2022 230.9
9/2/2022 228.2
### 230.4
02/13/202 231.1
02/14/202 231.2
02/15/202 231.6
02/16/202 230.1
02/17/202 227.1
02/20/202 224.8
02/22/202 223.7
02/23/202 226.2
02/24/202 223.1
02/27/202 219.7
02/28/202 219.1
1/3/2022 219.5
2/3/2022 219.3
3/3/2022 218.1
6/3/2022 216.9
7/3/2022 212.3
8/3/2022 210.9
9/3/2022 214
### 214.9
03/13/202 217.4
03/14/202 217.4
03/15/202 217
03/16/202 217.9
03/20/202 216.5
03/21/202 216.9
03/22/202 220
03/23/202 220
03/24/202 219.7
03/27/202 220.9
03/28/202 220.5
03/29/202 218.7
03/30/202 218.1
03/31/202 219.3
3/4/2022 219.8
4/4/2022 218.6
5/4/2022 219.4
6/4/2022 218.4
7/4/2022 221.4
### 224
### 223.8
### 222.3
04/13/202 224.8
04/17/202 224.1
04/18/202 222.7
04/19/202 224.7
04/20/202 224.8
04/21/202 225.2
04/24/202 225.2
04/25/202 225.5
04/26/202 225.9
04/27/202 225.7
04/28/202 225.5
5/5/2022 224.2
 8/5/2022 223.2
9/5/2022 224.1
### 224.1
### 222.1
### 223.2
05/16/202 221.4
05/17/202 220.5
05/18/202 217.5
05/19/202 215.1
05/22/202 213.8
05/23/202 212.4
05/24/202 211.1
05/25/202 211.5
05/26/202 211.7
05/29/202 216.5
05/30/202 215.8
05/31/202 216.1
1/6/2022 217.3
2/6/2022 218.4
5/6/2022 221.2
6/6/2022 218.3
7/6/2022 218.6
8/6/2022 217.9
9/6/2022 218.1
### 215.7
06/13/202 215.4
06/14/202 214.2
06/15/202 213.3
06/16/202 215.7
06/19/202 214.9
06/20/202 214.7
06/21/202 215.3
06/22/202 215
06/23/202 215
06/26/202 215.8
06/27/202 215.8
06/28/202 217.2
06/29/202 218
06/30/202 216.7
3/7/2022 215.1
4/7/2022 215.6
5/7/2022 214.8
6/7/2022 215.1
7/7/2022 215.1
### 215.4
07/13/202 214.9
07/14/202 214.7
07/17/202 215.1
07/18/202 213.2
07/19/202 212.8
07/20/202 212.9
07/21/202 212.2
07/24/202 210.1
07/25/202 210
07/26/202 210.5
07/27/202 209.9
07/28/202 208.9
07/31/202 211.5
1/8/2022 210.7
2/8/2022 212.1
3/8/2022 213.4
4/8/2022 216.1
7/8/2022 215.1
8/8/2022 213.5
### 213.1
### 211.6
08/14/202 213.1
08/16/202 212.8
08/17/202 212.6
08/21/202 213
08/22/202 212.6
08/23/202 212
08/24/202 211.8
08/25/202 212
08/28/202 213.2
08/29/202 212.1
08/30/202 211.9
08/31/202 211.1
1/9/2022 211.8
4/9/2022 212.6
5/9/2022 212.4
6/9/2022 212.4
7/9/2022 211.9
8/9/2022 212.1
### 212.7
### 212
09/13/202 210.4
09/14/202 210.4
09/15/202 210
09/18/202 209.8
09/19/202 209.8
09/20/202 209.9
09/21/202 209.8
09/22/202 209.8
09/25/202 209.8
09/26/202 209.8
09/27/202 209.8
09/28/202 209.8
09/29/202 209.8
### 209.8
### 209.8
### 209.8
### 209.8
### 209.8
### 209.8
### 209.8
10/13/202 209.8
10/16/202 209.8
10/17/202 209.8
10/18/202 209.8
10/19/202 209.8
10/20/202 209.8
10/23/202 209.8
10/24/202 209.8
10/25/202 209.8
10/26/202 209.8
10/27/202 209.8
10/30/202 209.8
10/31/202 209.8
### 209.8
### 210.8
### 211.5
### 209.8
### 209.8
### 210.2
### 209.8
### 209.9
11/13/202 209.8
11/14/202 210.1
11/15/202 211
11/16/202 210
11/17/202 210.8
11/20/202 209.9
11/21/202 209.8
11/22/202 210.2
11/23/202 211
11/24/202 210.3
11/27/202 212.6
11/29/202 209.8
11/30/202 209.8
### 209.8
### 209.8
### 209.8
### 209.8
 ### 209.8
### 209.8
### 209.8
### 209.8
12/13/202 209.8
12/14/202 209.8
12/15/202 209.8
12/18/202 209.8
12/19/202 209.8
12/20/202 209.8
12/21/202 209.8
12/22/202 209.8
12/26/202 209.8
12/27/202 209.8
12/28/202 209.8
12/29/202 209.8
1/1/2023 209.8
2/1/2023 209.8
3/1/2023 209.8
4/1/2023 209.8
5/1/2023 209.8
8/1/2023 209.8
9/1/2023 209.8
### 209.8
### 209.8
### 209.8
01/15/202 209.8
01/16/202 209.8
01/17/202 209.8
01/18/202 209.8
01/19/202 209.8
01/22/202 209.8
01/23/202 209.8
01/24/202 209.8
01/25/202 209.8
01/26/202 209.8
01/29/202 209.8
01/30/202 209.8
01/31/202 209.8
1/2/2023 209.8
2/2/2023 209.8
5/2/2023 209.8
6/2/2023 209.8
7/2/2023 209.8
8/2/2023 209.8
9/2/2023 209.8
### 209.8
02/13/202 209.8
02/14/202 209.8
02/15/202 209.8
02/16/202 209.8
02/19/202 209.8
02/20/202 209.8
02/22/202 209.8
02/23/202 209.8
02/26/202 209.8
02/27/202 209.8
02/28/202 209.8
1/3/2023 209.8
2/3/2023 209.8
5/3/2023 209.8
6/3/2023 209.8
7/3/2023 209.8
9/3/2023 209.8
### 209.8
03/13/202 209.8
03/14/202 209.8
03/15/202 209.8
03/16/202 209.8
03/19/202 209.8
03/20/202 209.8
03/21/202 209.8
03/22/202 209.8
03/23/202 209.8
03/27/202 209.8
03/28/202 209.8
03/29/202 209.8
03/30/202 209.8
2/4/2023 209.8
3/4/2023 209.8
4/4/2023 209.8
5/4/2023 209.8
6/4/2023 209.8
9/4/2023 209.8
### 209.8
### 209.8
### 209.8
04/13/202 209.8
04/16/202 209.8
04/17/202 209.8
04/18/202 209.8
04/24/202 209.8
04/25/202 209.8
04/26/202 209.8
04/27/202 209.8
04/30/202 209.8
 2/5/2023 209.8
3/5/2023 209.8
7/5/2023 209.8
8/5/2023 209.8
9/5/2023 209.8
### 209.8
### 209.8
05/14/202 209.8
05/15/202 209.8
05/16/202 209.8
05/17/202 209.8
05/18/202 209.8
05/21/202 209.8
05/22/202 209.8
05/23/202 209.8
05/24/202 209.8
05/25/202 209.8
05/28/202 209.8
05/29/202 209.8
05/30/202 209.8
05/31/202 209.8
1/6/2023 209.8
4/6/2023 209.8
5/6/2023 209.8
6/6/2023 209.8
7/6/2023 209.8
8/6/2023 209.8
### 209.8
### 209.8
06/13/202 209.8
06/14/202 209.8
06/15/202 209.8
06/18/202 209.8
06/19/202 209.8
06/20/202 209.8
06/21/202 209.8
06/22/202 209.8
06/25/202 209.8
06/26/202 209.8
2/7/2023 209.8
3/7/2023 209.8
4/7/2023 209.8
5/7/2023 209.8
6/7/2023 209.8
9/7/2023 209.8
### 209.8
### 209.8
### 209.8
07/13/202 210.4
07/16/202 212.1
07/17/202 213.1
07/18/202 213.3
07/19/202 212.6
07/20/202 211.1
07/23/202 211
07/24/202 209.9
07/25/202 210.6
07/26/202 210
07/27/202 210
07/30/202 209.8
07/31/202 209.8
1/8/2023 209.8
2/8/2023 210.4
3/8/2023 209.9
6/8/2023 209.8
7/8/2023 210
8/8/2023 211
9/8/2023 211.6
### 211.6
08/13/202 210.5
08/14/202 210.3
08/16/202 209.8
08/17/202 210
08/20/202 210
08/21/202 209.9
08/22/202 210
08/23/202 210.6
08/24/202 211.2
08/27/202 211.2
08/28/202 211.5
08/29/202 211.3
08/30/202 211
08/31/202 211.1
3/9/2023 211.1
4/9/2023 210.7
5/9/2023 211
7/9/2023 210.7
### 210.5
### 210.1
### 210
09/13/202 210.2
09/14/202 209.8
09/17/202 210.5
09/18/202 210.1
09/19/202 210
09/20/202 210
09/21/202 210
09/24/202 209.9
09/25/202 209.9
09/26/202 209.8
09/27/202 209.8
### 209.8
### 209.8
### 209.8
### 209.8
### 210
### 209.8
### 209.9
### 210
### 209.8
### 210
10/15/202 209.9
10/16/202 210
10/17/202 210
10/18/202 210.3
10/19/202 212
10/22/202 209.9
10/23/202 210.3
10/25/202 210.3
10/26/202 210.9
10/29/202 211
10/30/202 211.2
10/31/202 211.1
### 211.1
### 211.2
### 211.1
### 210.9
### 210.3
### 210.3
### 210
### 210.2
11/13/202 209.9
11/14/202 210.8
11/15/202 211.9
11/19/202 209.8
11/20/202 209.8
11/21/202 209.8
11/22/202 209.8
11/23/202 209.8
11/26/202 209.8
11/27/202 209.8
11/28/202 209.8
11/29/202 209.8
11/30/202 209.8
 ### 209.8
### 209.8
### 209.8
### 209.8
### 209.8
### 209.8
### 209.8
### 209.8
12/13/202 209.8
12/14/202 209.8
12/17/202 209.8
12/18/202 209.8
12/19/202 209.8
12/20/202 209.8
12/21/202 209.8
12/24/202 209.8
12/26/202 210
12/27/202 210.8
12/28/202 210.3