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There is a more consequential issue than rounding. Iftikhar says the Rs681,000 figure excludes bonus shares issued in 2011–2013 and that the “real number is higher.” Atlas Honda’s historical reporting does document a 25% bonus issue for 2012–13. But adding bonus shares to a present share count is only valid after establishing whether the quoted 2011 price was an actual price paid at the time or a historical price already adjusted for corporate actions. Using an adjusted historical price to calculate the original share count and then adding the bonus shares again would count the same benefit twice. The PSX ATLH page also states that its displayed historical prices are adjusted for stock splits, while its quoted returns are not adjusted for payouts; those notes do not, by themselves, settle how the thread obtained Rs142. A complete return calculation needs dated purchase and sale prices, the intervening corporate-action record and dividends attributable to the shares actually held. Until then, “closer to five bikes” is a possibility raised in the replies, not a verified result. atlashonda.com.pk
The same caution applies to the quoted 17.5% compound annual growth rate. On the simplified figures alone, Rs681,000 divided by Rs63,000 is about 10.81 times; spread over exactly 15 years, that works out to roughly 17.2% a year, before dividends, costs and taxes. The rate shifts with the actual purchase and valuation dates. More importantly, price appreciation is not automatically a dividend-reinvested return. A dividend paid into someone’s bank account produces a different ending portfolio from one used to buy more shares, and neither should be quietly folded into a number labelled “shares alone.”
