Bilal HussainFollow

Degree

Master of Science in Finance

Department

Department of Finance

School

School of Business Studies (SBS)

Date of Submission

Fall 2023

Supervisor

Dr. Nauman J. Amin, Assistant Professor, Department of Finance, Institute of Business Administration (IBA), Karachi

Co-Supervisor

Dr. Mohsin Sadaqat, Assistant Professor, Department of Finance, Institute of Business Administration (IBA), Karachi

Submission Type

Research Project

Document Type

Restricted Access

Pages

viii, 25

Abstract

The aim of this project, in collaboration with the Corporate Finance team at KPMG Pakistan, is to develop a comprehensive financial model for Citi Pharma Limited (CPHL) and compute the firms value. CPHL is a recently (2021) listed pharmaceutical company on the Pakistan Stock Exchange (PSX). There is a unique proposition to CPHL in the pharma space, it is the country's sole major Active Pharmaceutical Ingredient (API) manufacturer, along with its vertical integration spanning API manufacturing, formulation, and a forthcoming hospital business, which sets the stage for an insightful exploration. By applying the Discounted Cash Flow (DCF) method of valuation, this project aims to find out Citi Pharma's intrinsic value. Apart from finding out the valuation of CPHL, this project will contribute to the management of KPMG in understanding this emerging player, thereby augmenting their capacity to offer valuable advisory services to their clients in the pharmaceutical sector with regards to valuation, mergers, and acquisitions. Furthermore, this project offers the student researcher a platform to bridge academic knowledge with practical financial modeling skills, thus contributing to personal and professional growth.

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