New Risk • Jul 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 27% per year over the past 5 years. High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.1% average weekly change). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨92.47, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Metals and Mining industry in Asia. Total returns to shareholders of 180% over the past three years. Reported Earnings • Apr 24
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: PK₨1.82 (up from PK₨0.96 in 3Q 2025). Revenue: PK₨23.3b (up 68% from 3Q 2025). Net income: PK₨793.1m (up 90% from 3Q 2025). Profit margin: 3.4% (up from 3.0% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 1.1%. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨80.49, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Metals and Mining industry in Asia. Total returns to shareholders of 141% over the past three years. Reported Earnings • Feb 26
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: PK₨2.29 (up from PK₨0.82 in 2Q 2025). Revenue: PK₨23.0b (up 26% from 2Q 2025). Net income: PK₨994.6m (up 180% from 2Q 2025). Profit margin: 4.3% (up from 1.9% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Upcoming Dividend • Jan 30
Upcoming dividend of PK₨2.00 per share Eligible shareholders must have bought the stock before 06 February 2026. Payment date: 03 March 2026. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Pakistani dividend payers (6.7%). Higher than average of industry peers (1.5%). Reported Earnings • Jan 28
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: PK₨2.29 (up from PK₨0.82 in 2Q 2025). Revenue: PK₨23.0b (up 26% from 2Q 2025). Net income: PK₨994.6m (up 180% from 2Q 2025). Profit margin: 4.3% (up from 1.9% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. New Risk • Dec 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 18% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (2.9% net profit margin). Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to PK₨119, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Metals and Mining industry in Asia. Total returns to shareholders of 225% over the past three years. New Risk • Oct 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 18% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.9% net profit margin). Reported Earnings • Oct 31
First quarter 2026 earnings released: EPS: PK₨1.43 (vs PK₨0.41 in 1Q 2025) First quarter 2026 results: EPS: PK₨1.43 (up from PK₨0.41 in 1Q 2025). Revenue: PK₨20.9b (up 55% from 1Q 2025). Net income: PK₨620.3m (up 246% from 1Q 2025). Profit margin: 3.0% (up from 1.3% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to PK₨101, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Metals and Mining industry in Asia. Total returns to shareholders of 135% over the past three years. Price Target Changed • Sep 27
Price target increased by 14% to PK₨121 Up from PK₨106, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of PK₨126. Stock is up 89% over the past year. The company is forecast to post earnings per share of PK₨10.65 for next year compared to PK₨3.58 last year. Upcoming Dividend • Sep 08
Upcoming dividend of PK₨2.50 per share Eligible shareholders must have bought the stock before 15 September 2025. Payment date: 15 October 2025. Payout ratio and cash payout ratio are on the higher end at 84% and 86% respectively. Trailing yield: 2.0%. Lower than top quartile of Pakistani dividend payers (7.4%). In line with average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨121, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Metals and Mining industry in Asia. Total returns to shareholders of 167% over the past three years. New Risk • Aug 23
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 10% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.5% net profit margin). Declared Dividend • Aug 22
Dividend of PK₨2.50 announced Shareholders will receive a dividend of PK₨2.50. Ex-date: 15th September 2025 Payment date: 15th October 2025 Dividend yield will be 2.4%, which is lower than the industry average of 4.8%. Aankondiging • Aug 21
International Steels Limited, Annual General Meeting, Sep 24, 2025 International Steels Limited, Annual General Meeting, Sep 24, 2025. Location: at the beach luxury hotel, off: m.t. khan road, karachi Pakistan Aankondiging • Aug 08
International Steels Limited to Report Fiscal Year 2025 Results on Aug 19, 2025 International Steels Limited announced that they will report fiscal year 2025 results on Aug 19, 2025 Aankondiging • Jun 19
International Steels Limited to Report Nine Months, 2025 Results on Jun 26, 2025 International Steels Limited announced that they will report nine months, 2025 results on Jun 26, 2025 Price Target Changed • Jun 13
Price target increased by 9.9% to PK₨117 Up from PK₨106, the current price target is an average from 4 analysts. New target price is 31% above last closing price of PK₨89.02. Stock is up 2.5% over the past year. The company is forecast to post earnings per share of PK₨5.93 for next year compared to PK₨8.40 last year. New Risk • Jun 12
New major risk - Revenue and earnings growth Earnings have declined by 2.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.9% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (2.6% net profit margin). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨75.80, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Metals and Mining industry in Asia. Total returns to shareholders of 65% over the past three years. New Risk • May 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: PK₨27.9b (US$99.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (PK₨27.9b market cap, or US$99.0m). Aankondiging • Mar 18
International Steels Limited Announces Resignation of Mr. Mujtaba Hussain as Chief Financial Officer International Steels Limited announced resignation of its Chief Financial Officer, Mr. Mujtaba Hussain, effective March 15, 2025. The company has assured that details regarding the appointment of a new CFO will be released when available. The announcement did not include information on the interim management of the financial responsibilities or the impact of Mr. Hussain's resignation on the company's operations. Stakeholders are advised to remain informed through official communications from the company as developments occur. Reported Earnings • Jan 31
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: PK₨0.82 (down from PK₨2.84 in 2Q 2024). Revenue: PK₨18.3b (down 11% from 2Q 2024). Net income: PK₨354.7m (down 71% from 2Q 2024). Profit margin: 1.9% (down from 6.0% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 01
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to PK₨106, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Metals and Mining industry in Asia. Total returns to shareholders of 102% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨84.69, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Metals and Mining industry in Asia. Total returns to shareholders of 85% over the past three years. Reported Earnings • Oct 26
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: PK₨0.41 (down from PK₨2.57 in 1Q 2024). Revenue: PK₨13.5b (down 30% from 1Q 2024). Net income: PK₨179.4m (down 84% from 1Q 2024). Profit margin: 1.3% (down from 5.8% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 8.9%. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Aankondiging • Oct 17
International Steels Limited Appoints Yousuf H. Mirza as Director International Steels Limited announced the appointment of Mr. Yousuf H. Mirza as a director of the company, effective immediately. This strategic move fills the casual vacancy left by Mr. Samir M. Chinoy, who resigned as an elected director but will continue as Chief Executive Officer and deemed director as per section 188(3) of the Companies Act 2017. The company's board of directors reached this decision following Mr. Chinoy's transition to a more focused executive role, which was publicized on October 1, 2024. Mr. Chinoy's new position aligns with the operational needs of International Steels Limited, ensuring continuity in leadership and strategic oversight. New Risk • Sep 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: PK₨27.3b (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (PK₨27.3b market cap, or US$98.3m). Upcoming Dividend • Sep 06
Upcoming dividend of PK₨3.00 per share Eligible shareholders must have bought the stock before 12 September 2024. Payment date: 15 October 2024. Trailing yield: 7.6%. Lower than top quartile of Pakistani dividend payers (12%). Higher than average of industry peers (5.5%). Reported Earnings • Aug 24
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: PK₨8.40 (up from PK₨8.09 in FY 2023). Revenue: PK₨69.3b (down 9.7% from FY 2023). Net income: PK₨3.65b (up 3.9% from FY 2023). Profit margin: 5.3% (up from 4.6% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 23
Dividend of PK₨3.00 announced Shareholders will receive a dividend of PK₨3.00. Ex-date: 12th September 2024 Payment date: 15th October 2024 Dividend yield will be 7.4%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Aug 21
International Steels Limited to Report Fiscal Year 2024 Results on Aug 20, 2024 International Steels Limited announced that they will report fiscal year 2024 results on Aug 20, 2024 Aankondiging • Aug 10
International Steels Limited Appoints Mr. Zohaib Raza Merchant as Its Company Secretary International Steels Limited announced appointment of Mr. Zohaib Raza Merchant as its Company Secretary, effective August 9, 2024. The company announced the appointment on 9 august, 2024, revealing that Mr. Merchant will assume the role from the stated date. This strategic appointment is anticipated to be communicated to all Certificate Holders of the Exchange promptly. Price Target Changed • Jul 15
Price target increased by 11% to PK₨103 Up from PK₨93.00, the current price target is an average from 3 analysts. New target price is 18% above last closing price of PK₨87.92. Stock is up 85% over the past year. The company is forecast to post earnings per share of PK₨11.75 for next year compared to PK₨8.09 last year. Reported Earnings • Apr 25
Third quarter 2024 earnings released: EPS: PK₨1.62 (vs PK₨3.48 in 3Q 2023) Third quarter 2024 results: EPS: PK₨1.62 (down from PK₨3.48 in 3Q 2023). Revenue: PK₨16.3b (down 32% from 3Q 2023). Net income: PK₨705.7m (down 53% from 3Q 2023). Profit margin: 4.3% (down from 6.3% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨76.25, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 6x in the Metals and Mining industry in Asia. Total returns to shareholders of 20% over the past three years. Reported Earnings • Feb 02
Second quarter 2024 earnings released: EPS: PK₨2.84 (vs PK₨0.89 loss in 2Q 2023) Second quarter 2024 results: EPS: PK₨2.84 (up from PK₨0.89 loss in 2Q 2023). Revenue: PK₨20.5b (up 18% from 2Q 2023). Net income: PK₨1.24b (up PK₨1.62b from 2Q 2023). Profit margin: 6.0% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Feb 01
Upcoming dividend of PK₨2.50 per share at 7.8% yield Eligible shareholders must have bought the stock before 08 February 2024. Payment date: 04 March 2024. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 7.8%. Lower than top quartile of Pakistani dividend payers (12%). Higher than average of industry peers (3.6%). Price Target Changed • Dec 08
Price target increased by 11% to PK₨65.40 Up from PK₨58.78, the current price target is an average from 5 analysts. New target price is 13% below last closing price of PK₨74.99. Stock is up 62% over the past year. The company is forecast to post earnings per share of PK₨8.80 for next year compared to PK₨8.09 last year. Reported Earnings • Nov 01
First quarter 2024 earnings released: EPS: PK₨2.57 (vs PK₨1.03 in 1Q 2023) First quarter 2024 results: EPS: PK₨2.57 (up from PK₨1.03 in 1Q 2023). Revenue: PK₨19.2b (up 16% from 1Q 2023). Net income: PK₨1.12b (up 149% from 1Q 2023). Profit margin: 5.8% (up from 2.7% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 6% per year. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨49.23, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 5x in the Metals and Mining industry in Asia. Negligible returns to shareholders over past three years. Upcoming Dividend • Sep 08
Upcoming dividend of PK₨2.50 per share at 13% yield Eligible shareholders must have bought the stock before 15 September 2023. Payment date: 17 October 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 13%. Lower than top quartile of Pakistani dividend payers (14%). Higher than average of industry peers (3.4%). Reported Earnings • Aug 25
Full year 2023 earnings released: EPS: PK₨8.09 (vs PK₨12.44 in FY 2022) Full year 2023 results: EPS: PK₨8.09 (down from PK₨12.44 in FY 2022). Revenue: PK₨76.8b (down 16% from FY 2022). Net income: PK₨3.52b (down 35% from FY 2022). Profit margin: 4.6% (down from 5.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 25
Full year 2023 earnings released: EPS: PK₨8.09 (vs PK₨12.44 in FY 2022) Full year 2023 results: EPS: PK₨8.09 (down from PK₨12.44 in FY 2022). Revenue: PK₨76.8b (down 16% from FY 2022). Net income: PK₨3.52b (down 35% from FY 2022). Profit margin: 4.6% (down from 5.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 23
Price target increased by 9.3% to PK₨62.32 Up from PK₨57.00, the current price target is an average from 6 analysts. New target price is 39% above last closing price of PK₨44.92. Stock is down 24% over the past year. The company is forecast to post earnings per share of PK₨3.20 for next year compared to PK₨12.44 last year. New Risk • Jun 12
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 200% Dividend yield: 18% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Dividend is not well covered by earnings (200% payout ratio). Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (PK₨18.2b market cap, or US$63.2m). Reported Earnings • Feb 26
Second quarter 2023 earnings released: PK₨0.89 loss per share (vs PK₨3.58 profit in 2Q 2022) Second quarter 2023 results: PK₨0.89 loss per share (down from PK₨3.58 profit in 2Q 2022). Revenue: PK₨17.4b (down 7.6% from 2Q 2022). Net loss: PK₨387.6m (down 125% from profit in 2Q 2022). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jan 27
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from PK₨90.4b to PK₨76.1b. EPS estimate fell from PK₨9.30 to PK₨7.10 per share. Net income forecast to grow 3.7% next year vs 22% growth forecast for Metals and Mining industry in Pakistan. Consensus price target down from PK₨97.28 to PK₨76.42. Share price rose 5.2% to PK₨40.03 over the past week. Aankondiging • Dec 21
International Steels Limited Appoints Schaane Ansari as Company Secretary International Steels Limited announced that Ms. Schaane Ansari has been appointed as company secretary of the company with effect from December 20, 2022 in place of Mr. Mohammad Irfan Bhatti. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Amjad Waheed was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Oct 22
Consensus revenue estimates fall by 11% The consensus outlook for revenues in 2023 has deteriorated. 2023 revenue forecast decreased from PK₨101.7b to PK₨90.4b. EPS estimate fell from PK₨14.81 to PK₨9.30 per share. Net income forecast to shrink 25% next year vs 18% growth forecast for Metals and Mining industry in Pakistan . Consensus price target down from PK₨103 to PK₨98.82. Share price fell 2.9% to PK₨53.05 over the past week. Buying Opportunity • Oct 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.1%. The fair value is estimated to be PK₨66.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 18% in the next 2 years. Price Target Changed • Oct 18
Price target decreased to PK₨100 Down from PK₨111, the current price target is an average from 5 analysts. New target price is 86% above last closing price of PK₨53.65. Stock is down 25% over the past year. The company is forecast to post earnings per share of PK₨14.18 for next year compared to PK₨12.44 last year. Buying Opportunity • Sep 19
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be PK₨72.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 18% in the next 2 years. Upcoming Dividend • Sep 12
Upcoming dividend of PK₨4.50 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 20 October 2022. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 11%. Lower than top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (4.2%). Reported Earnings • Aug 29
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: PK₨12.44 (down from PK₨17.16 in FY 2021). Revenue: PK₨91.4b (up 31% from FY 2021). Net income: PK₨5.41b (down 28% from FY 2021). Profit margin: 5.9% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 5.5%. Over the next year, revenue is forecast to grow 11%, compared to a 179% growth forecast for the Metals and Mining industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from PK₨90.6b to PK₨99.3b. EPS estimate fell from PK₨15.06 to PK₨13.42 per share. Net income forecast to shrink 31% next year vs 12% growth forecast for Metals and Mining industry in Pakistan . Consensus price target broadly unchanged at PK₨109. Share price was steady at PK₨59.84 over the past week. Reported Earnings • May 06
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: PK₨2.60 (down from PK₨5.47 in 3Q 2021). Revenue: PK₨27.3b (up 57% from 3Q 2021). Net income: PK₨1.13b (down 52% from 3Q 2021). Profit margin: 4.2% (down from 14% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates by 38%. Over the next year, revenue is forecast to grow 13%, compared to a 29% growth forecast for the industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Babar Badat was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 17% share price gain to PK₨66.25, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Metals and Mining industry in Asia. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨94.55 per share. Price Target Changed • Mar 31
Price target decreased to PK₨112 Down from PK₨122, the current price target is an average from 3 analysts. New target price is 73% above last closing price of PK₨65.17. Stock is down 22% over the past year. The company is forecast to post earnings per share of PK₨13.90 for next year compared to PK₨17.16 last year. Upcoming Dividend • Feb 04
Upcoming dividend of PK₨2.00 per share Eligible shareholders must have bought the stock before 11 February 2022. Payment date: 08 March 2022. Payout ratio is a comfortable 44% but the company is paying out more than the cash it is generating. Trailing yield: 15%. Within top quartile of Pakistani dividend payers (9.7%). Higher than average of industry peers (2.6%). Reported Earnings • Feb 02
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: PK₨3.58 (down from PK₨5.09 in 2Q 2021). Revenue: PK₨18.8b (up 5.4% from 2Q 2021). Net income: PK₨1.56b (down 30% from 2Q 2021). Profit margin: 8.3% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 25%, compared to a 30% growth forecast for the industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 30
First quarter 2022 earnings released: EPS PK₨6.13 (vs PK₨1.29 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: PK₨24.5b (up 56% from 1Q 2021). Net income: PK₨2.67b (up 377% from 1Q 2021). Profit margin: 11% (up from 3.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to PK₨78.89, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Metals and Mining industry in Asia. Total returns to shareholders of 1.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨82.90 per share. Reported Earnings • Aug 26
Full year 2021 earnings released: EPS PK₨17.16 (vs PK₨1.14 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨69.8b (up 45% from FY 2020). Net income: PK₨7.47b (up PK₨6.97b from FY 2020). Profit margin: 11% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 08
Price target increased to PK₨116 Up from PK₨108, the current price target is an average from 5 analysts. New target price is 23% above last closing price of PK₨94.56. Stock is up 26% over the past year. Major Estimate Revision • Jun 19
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from PK₨12.62 to PK₨16.32. Revenue forecast unchanged at PK₨70.8b. Net income forecast to grow 17% next year vs 43% growth forecast for Metals and Mining industry in Pakistan. Consensus price target up from PK₨108 to PK₨113. Share price rose 6.2% to PK₨97.12 over the past week. Price Target Changed • Jun 18
Price target increased to PK₨110 Up from PK₨102, the current price target is an average from 3 analysts. New target price is 14% above last closing price of PK₨96.32. Stock is up 91% over the past year. Executive Departure • May 21
Non-Executive Director has left the company On the 19th of May, Koji Fukushima's tenure as Non-Executive Director ended after 1.1 years in the role. We don't have any record of a personal shareholding under Koji's name. A total of 2 executives have left over the last 12 months. Reported Earnings • May 02
Third quarter 2021 earnings released: EPS PK₨5.47 (vs PK₨0.44 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨17.4b (up 33% from 3Q 2020). Net income: PK₨2.38b (up PK₨2.19b from 3Q 2020). Profit margin: 14% (up from 1.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Executive Departure • Apr 20
Director has left the company On the 9th of April, Towfiq Chinoy's tenure as Director ended after 13.6 years in the role. We don't have any record of a personal shareholding under Towfiq's name. Towfiq is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Mar 11
New 90-day low: PK₨78.24 The company is down 7.0% from its price of PK₨84.18 on 11 December 2020. The Pakistani market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨54.18 per share. Reported Earnings • Feb 24
Second quarter 2021 earnings released: EPS PK₨5.09 (vs PK₨0.27 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨17.8b (up 29% from 2Q 2020). Net income: PK₨2.22b (up PK₨2.10b from 2Q 2020). Profit margin: 12% (up from 0.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 24
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 53%. Over the next year, revenue is forecast to grow 58%, compared to a 47% growth forecast for the Metals and Mining industry in Pakistan. Reported Earnings • Jan 30
Second quarter 2021 earnings released: EPS PK₨5.09 (vs PK₨0.27 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨17.8b (up 29% from 2Q 2020). Net income: PK₨2.22b (up PK₨2.10b from 2Q 2020). Profit margin: 12% (up from 0.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Jan 30
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) exceeded analyst estimates by 53%. Over the next year, revenue is forecast to grow 49%, compared to a 46% growth forecast for the Metals and Mining industry in Pakistan. Is New 90 Day High Low • Jan 28
New 90-day high: PK₨97.71 The company is up 39% from its price of PK₨70.17 on 29 October 2020. The Pakistani market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨1,024 per share. Price Target Changed • Jan 23
Price target raised to PK₨76.67 Up from PK₨67.00, the current price target is provided by 1 analyst. The new target price is 16% below the current share price of PK₨91.07. As of last close, the stock is up 68% over the past year. Is New 90 Day High Low • Dec 30
New 90-day high: PK₨93.20 The company is up 22% from its price of PK₨76.44 on 01 October 2020. The Pakistani market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: PK₨83.77 The company is up 3.0% from its price of PK₨80.94 on 09 September 2020. The Pakistani market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is flat over the same period. Analyst Estimate Surprise Post Earnings • Nov 03
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Over the next year, revenue is forecast to grow 37%, compared to a 10% growth forecast for the Metals and Mining industry in Pakistan. Is New 90 Day High Low • Nov 02
New 90-day low: PK₨67.51 The company is down 3.0% from its price of PK₨69.63 on 04 August 2020. The Pakistani market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 3.0% over the same period. Reported Earnings • Oct 21
First quarter earnings released Over the last 12 months the company has reported total profits of PK₨706.0m, down 67% from the prior year. Total revenue was PK₨52.2b over the last 12 months, down 5.0% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 21
First-quarter earnings released: Revenue and earnings beat expectations First-quarter revenue exceeded analyst estimates by 5.7% at PK₨15.7b. Earnings per share (EPS) also surpassed analyst estimates by 17% at PK₨1.29. Revenue is forecast to grow 37% over the next year, compared to a 8.7% growth forecast for the Metals and Mining industry in Pakistan. 
