11 Aug 2016
We initiate coverage of Olympic with an OUTPERFORM rating with a
target price of BDT 260 per share for December 2014. Our target price
implies a forward P/E of 31.3x and EV/EBITDA of 19.5x based on our
estimates for the FY 2014. While valuations look expensive, the earnings
growth more than compensates for it. With the current market price of
BDT 191, our valuation offers an upside potential of 36%, excluding a
dividend yield of 0.4%.