New Risk • Apr 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 44% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (44% accrual ratio). Minor Risk High level of debt (85% net debt to equity). Reported Earnings • Apr 25
Third quarter 2026 earnings released: EPS: PK₨1.69 (vs PK₨2.67 in 3Q 2025) Third quarter 2026 results: EPS: PK₨1.69 (down from PK₨2.67 in 3Q 2025). Revenue: PK₨21.5b (up 30% from 3Q 2025). Net income: PK₨1.77b (down 37% from 3Q 2025). Profit margin: 8.2% (down from 17% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Apr 14
Maple Leaf Cement Factory Limited to Report Q3, 2026 Results on Apr 21, 2026 Maple Leaf Cement Factory Limited announced that they will report Q3, 2026 results on Apr 21, 2026 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨87.65, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Basic Materials industry in Pakistan. Total returns to shareholders of 231% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨94.70 per share. Buy Or Sell Opportunity • Mar 30
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 39% to PK₨72.87. The fair value is estimated to be PK₨97.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 32%. Buy Or Sell Opportunity • Mar 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to PK₨77.67. The fair value is estimated to be PK₨97.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 32%. New Risk • Mar 02
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 7.3% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 02
Second quarter 2026 earnings: EPS exceeds analyst expectations Second quarter 2026 results: EPS: PK₨2.98 (down from PK₨3.86 in 2Q 2025). Revenue: PK₨18.9b (flat on 2Q 2025). Net income: PK₨3.12b (down 23% from 2Q 2025). Profit margin: 17% (down from 21% in 2Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%. Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Feb 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.1% to PK₨96.21. The fair value is estimated to be PK₨124, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 38% in a year. Earnings are forecast to decline by 6.2% in the next year. Aankondiging • Feb 24
Maple Leaf Cement Factory Limited (KASE:MLCF) acquired additional 11.72% stake in Pioneer Cement Limited (KASE:PIOC). Maple Leaf Cement Factory Limited (KASE:MLCF) proposed to acquire an additional 11.72% stake in Pioneer Cement Limited (KASE:PIOC) for PKR 12.8 billion on November 13, 2025. Under the terms of agreement Maple Leaf Cement Factory Limited will pay PKR 478.43 per share to Pioneer Cement Limited. Upon completion, Maple Leaf Cement Factory Limited will own 26.80% stake in Pioneer Cement Limited.
The expected closing date of the transaction is February 14, 2026.
The transaction is subject to approval by regulatory board / committee, consummation of due diligence investigation and definitive agreement.
Next Capital Limited acted as financial advisor for Maple Leaf Cement Factory Limited.
Maple Leaf Cement Factory Limited (KASE:MLCF) completed the acquisition of additional 11.72% stake in Pioneer Cement Limited (KASE:PIOC) on February 23, 2026. On February 19, 2026 Next Capital Limited, has issued a certification confirming fulfillment of obligations by Maple Leaf Cement Factory Limited. MLCF and its associates collective stake now stands at 88.28% in the ordinary shares and control of PIOC, thereby rendering PIOC a subsidiary of Maple Leaf Cement Factory Limited. Aankondiging • Feb 17
Maple Leaf Cement Factory Limited to Report Q2, 2026 Results on Feb 24, 2026 Maple Leaf Cement Factory Limited announced that they will report Q2, 2026 results on Feb 24, 2026 Buy Or Sell Opportunity • Jan 19
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to PK₨119. The fair value is estimated to be PK₨98.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 38% in a year. Earnings are forecast to decline by 6.2% in the next year. Aankondiging • Jan 02
Maple Leaf Cement Factory Limited Announces Election of Tajammal Hussain Bokharee as New Board of Director Maple Leaf Cement Factory Limited announced that as required under the Listing Regulations of the Pakistan Stock Exchange Limited, it is hereby informed that pursuant to the election of Directors held on December 31, 2025, at the Registered Office of the Company, the following person was elected unopposed as Directors for the next term of three years commencing December 31, 2025: Mr. Tajammal Hussain Bokharee. Price Target Changed • Jan 01
Price target increased by 9.2% to PK₨143 Up from PK₨131, the current price target is an average from 7 analysts. New target price is 21% above last closing price of PK₨118. Stock is up 145% over the past year. The company is forecast to post earnings per share of PK₨11.57 for next year compared to PK₨10.98 last year. Buy Or Sell Opportunity • Dec 26
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to PK₨122. The fair value is estimated to be PK₨98.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 43% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Buy Or Sell Opportunity • Dec 10
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to PK₨122. The fair value is estimated to be PK₨98.64, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 9.0% in the next 2 years. Aankondiging • Nov 15
Maple Leaf Cement Factory Limited (KASE:MLCF) signed a letter of intent to acquire an additional minority stake in Pioneer Cement Limited (KASE:PIOC). Maple Leaf Cement Factory Limited (KASE:MLCF) signed a letter of intent to acquire an additional minority stake in Pioneer Cement Limited (KASE:PIOC) on November 13, 2025. According to the Public Announcement of Intention submitted to the Pakistan Stock Exchange by the Manager to the Offer, Maple Leaf Cement Factory Limited plans to acquire the stake through a combination of agreements and a public offer. Up to 46.31% of Pioneer's shares, or 131.8 million shares, would be acquired through direct agreements, while the remaining 11.72%, or 26.6 million shares, would be purchased via a public offer.
The completion of the acquisition remains subject to several procedural and regulatory milestones. These include the finalization of commercial terms, due diligence on Pioneer Cement's assets and financials, execution of definitive agreements, completion of the public offer process, and approval from regulatory bodies such as the Securities and Exchange Commission of Pakistan. Aankondiging • Nov 14
Maple Leaf Cement Factory Limited (KASE:MLCF) proposed to acquire an additional 11.72% stake in Pioneer Cement Limited (KASE:PIOC). Maple Leaf Cement Factory Limited (KASE:MLCF) proposed to acquire an additional 11.72% stake in Pioneer Cement Limited (KASE:PIOC) on November 13, 2025. Upon completion, Maple Leaf Cement Factory Limited will own 26.80% stake in Pioneer Cement Limited.
The transaction is subject to approval by regulatory board / committee, consummation of due diligence investigation and definitive agreement. Next Capital Limited acted as financial advisor for Maple Leaf Cement Factory Limited.
According to the Public Announcement of Intention submitted to the Pakistan Stock Exchange by the Manager to the Offer, Maple Leaf Cement Factory Limited plans to acquire the stake through a combination of agreements and a public offer. Up to 46.31 percent of Pioneer's shares, or 131.8 million shares, would be acquired through direct agreements, while the remaining 11.72 percent, or 26.6 million shares, would be purchased via a public offer. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨106, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Basic Materials industry in Pakistan. Total returns to shareholders of 289% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨98.55 per share. Reported Earnings • Oct 19
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: PK₨2.60 (up from PK₨0.99 in 1Q 2025). Revenue: PK₨16.5b (up 4.9% from 1Q 2025). Net income: PK₨2.73b (up 162% from 1Q 2025). Profit margin: 17% (up from 6.6% in 1Q 2025). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 12
Full year 2025 earnings released: EPS: PK₨10.98 (vs PK₨6.51 in FY 2024) Full year 2025 results: EPS: PK₨10.98 (up from PK₨6.51 in FY 2024). Revenue: PK₨68.7b (up 3.3% from FY 2024). Net income: PK₨11.5b (up 67% from FY 2024). Profit margin: 17% (up from 10% in FY 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Aug 08
Maple Leaf Cement Factory Limited, Annual General Meeting, Oct 16, 2025 Maple Leaf Cement Factory Limited, Annual General Meeting, Oct 16, 2025. Location: at 42-lawrence road, lahore Pakistan Price Target Changed • Jul 23
Price target increased by 9.0% to PK₨71.33 Up from PK₨65.43, the current price target is an average from 3 analysts. New target price is 14% below last closing price of PK₨82.72. Stock is up 125% over the past year. The company is forecast to post earnings per share of PK₨10.55 for next year compared to PK₨6.51 last year. New Risk • May 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to PK₨76.36, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Basic Materials industry in Pakistan. Total returns to shareholders of 166% over the past three years. Reported Earnings • Apr 25
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: PK₨2.67 (up from PK₨1.40 in 3Q 2024). Revenue: PK₨16.6b (up 4.1% from 3Q 2024). Net income: PK₨2.79b (up 86% from 3Q 2024). Profit margin: 17% (up from 9.4% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 21%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Mar 20
Consensus EPS estimates increase by 33% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from PK₨6.74 to PK₨8.99. Revenue forecast unchanged at PK₨67.2b. Net income forecast to grow 2.2% next year vs 25% growth forecast for Basic Materials industry in Pakistan. Consensus price target up from PK₨66.33 to PK₨69.00. Share price rose 2.1% to PK₨59.25 over the past week. New Risk • Feb 16
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 8.4% 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. This is currently the only risk that has been identified for the company. Price Target Changed • Dec 11
Price target increased by 7.6% to PK₨56.67 Up from PK₨52.67, the current price target is an average from 3 analysts. New target price is 15% above last closing price of PK₨49.47. Stock is up 20% over the past year. The company is forecast to post earnings per share of PK₨6.85 for next year compared to PK₨6.51 last year. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to PK₨45.66, the stock trades at a trailing P/E ratio of 7.2x. Average forward P/E is 16x in the Basic Materials industry in Pakistan. Total returns to shareholders of 37% over the past three years. Aankondiging • Nov 08
Maple Leaf Cement Factory Limited (KASE:MLCF) proposed to acquire an additional 37.86% stake in Agritech Limited (KASE:AGL) for PKR 6.3 billion. Maple Leaf Cement Factory Limited (KASE:MLCF) proposed to acquire an additional 37.86% stake in Agritech Limited (KASE:AGL) for PKR 6.3 billion on November 6, 2024. A cash consideration valued at PKR 39 per share will be paid by Maple Leaf Cement Factory Limited. Reported Earnings • Oct 29
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: PK₨1.28 (down from PK₨1.52 in 1Q 2024). Revenue: PK₨15.7b (down 5.7% from 1Q 2024). Net income: PK₨1.34b (down 17% from 1Q 2024). Profit margin: 8.5% (down from 9.8% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) missed analyst estimates by 14%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 17
Price target decreased by 8.8% to PK₨51.00 Down from PK₨55.93, the current price target is an average from 4 analysts. New target price is 34% above last closing price of PK₨38.12. Stock is up 9.1% over the past year. The company is forecast to post earnings per share of PK₨8.60 for next year compared to PK₨6.51 last year. Reported Earnings • Sep 13
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: PK₨6.51 (up from PK₨5.38 in FY 2023). Revenue: PK₨66.5b (up 7.1% from FY 2023). Net income: PK₨6.89b (up 19% from FY 2023). Profit margin: 10% (up from 9.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.0%. Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Aankondiging • Sep 13
Maple Leaf Cement Factory Limited, Annual General Meeting, Oct 28, 2024 Maple Leaf Cement Factory Limited, Annual General Meeting, Oct 28, 2024. Location: at 42-lawrence road, lahore Pakistan Major Estimate Revision • Jul 19
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from PK₨71.0b to PK₨65.8b. EPS estimate also fell from PK₨7.47 per share to PK₨6.11 per share. Net income forecast to grow 32% next year vs 42% growth forecast for Basic Materials industry in Pakistan. Consensus price target of PK₨54.68 unchanged from last update. Share price was steady at PK₨38.82 over the past week. Reported Earnings • May 02
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: PK₨1.40 (down from PK₨1.75 in 3Q 2023). Revenue: PK₨16.0b (down 6.2% from 3Q 2023). Net income: PK₨1.50b (down 20% from 3Q 2023). Profit margin: 9.4% (down from 11% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) missed analyst estimates by 8.7%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 29
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: PK₨2.09 (down from PK₨2.73 in 2Q 2023). Revenue: PK₨18.1b (up 4.9% from 2Q 2023). Net income: PK₨2.24b (down 23% from 2Q 2023). Profit margin: 12% (down from 17% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 9.0%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 08
Price target increased by 7.4% to PK₨41.33 Up from PK₨38.49, the current price target is an average from 6 analysts. New target price is 13% above last closing price of PK₨36.63. Stock is up 31% over the past year. The company is forecast to post earnings per share of PK₨7.50 for next year compared to PK₨5.38 last year. Reported Earnings • Nov 01
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: PK₨1.52 (up from PK₨1.28 in 1Q 2023). Revenue: PK₨16.7b (up 30% from 1Q 2023). Net income: PK₨1.63b (up 18% from 1Q 2023). Profit margin: 9.8% (in line with 1Q 2023). Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) missed analyst estimates by 3.8%. Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Pakistan are expected to grow by 6.7%. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 29
Consensus EPS estimates fall by 40% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from PK₨5.47 to PK₨3.30. Revenue forecast unchanged from PK₨53.8b at last update. Net income forecast to shrink 39% next year vs 33% decline forecast for Basic Materials industry in Pakistan. Consensus price target up from PK₨38.49 to PK₨40.49. Share price was steady at PK₨35.69 over the past week. Buying Opportunity • Oct 06
Now 21% undervalued Over the last 90 days, the stock is up 3.0%. The fair value is estimated to be PK₨40.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 12% in 2 years. Earnings is forecast to grow by 0.5% in the next 2 years. Reported Earnings • Sep 21
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: PK₨5.38 (up from PK₨4.15 in FY 2022). Revenue: PK₨62.1b (up 28% from FY 2022). Net income: PK₨5.77b (up 27% from FY 2022). Profit margin: 9.3% (down from 9.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is expected to decline by 6.2% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Pakistan are expected to grow by 6.9%. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Major Estimate Revision • Sep 06
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from PK₨7.33 to PK₨6.53. Revenue forecast unchanged from PK₨61.4b at last update. Net income forecast to shrink 1.8% next year vs 6.1% decline forecast for Basic Materials industry in Pakistan. Consensus price target of PK₨37.10 unchanged from last update. Share price was steady at PK₨29.11 over the past week. Price Target Changed • Aug 08
Price target increased by 8.6% to PK₨37.10 Up from PK₨34.16, the current price target is an average from 9 analysts. New target price is 21% above last closing price of PK₨30.68. Stock is up 6.0% over the past year. The company is forecast to post earnings per share of PK₨7.33 for next year compared to PK₨4.15 last year. Reported Earnings • Apr 22
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: PK₨1.75 (up from PK₨1.42 in 3Q 2022). Revenue: PK₨17.0b (up 42% from 3Q 2022). Net income: PK₨1.88b (up 58% from 3Q 2022). Profit margin: 11% (up from 9.9% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 9.9%. Revenue is expected to decline by 3.7% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Pakistan are expected to grow by 5.4%. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Feb 26
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: PK₨2.72 (up from PK₨1.75 in 2Q 2022). Revenue: PK₨17.2b (up 41% from 2Q 2022). Net income: PK₨2.93b (up 53% from 2Q 2022). Profit margin: 17% (up from 16% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) also surpassed analyst estimates by 44%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Feb 22
Price target decreased by 15% to PK₨35.71 Down from PK₨42.07, the current price target is an average from 9 analysts. New target price is 49% above last closing price of PK₨24.03. Stock is down 29% over the past year. The company is forecast to post earnings per share of PK₨6.29 for next year compared to PK₨4.15 last year. Price Target Changed • Dec 19
Price target increased to PK₨44.40 Up from PK₨40.40, the current price target is an average from 5 analysts. New target price is 99% above last closing price of PK₨22.29. Stock is down 38% over the past year. The company is forecast to post earnings per share of PK₨5.90 for next year compared to PK₨4.15 last year. Price Target Changed • Nov 16
Price target decreased to PK₨40.40 Down from PK₨46.03, the current price target is an average from 5 analysts. New target price is 48% above last closing price of PK₨27.21. Stock is down 25% over the past year. The company is forecast to post earnings per share of PK₨4.45 for next year compared to PK₨4.15 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. 2 independent directors (7 non-independent directors). Non-Executive Director Jahanara Saigol was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 21
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: PK₨1.28 (up from PK₨0.76 in 1Q 2022). Revenue: PK₨12.8b (up 30% from 1Q 2022). Net income: PK₨1.38b (up 64% from 1Q 2022). Profit margin: 11% (up from 8.5% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.3%. Earnings per share (EPS) also surpassed analyst estimates by 7.8%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Oct 18
Consensus EPS estimates increase by 59% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from PK₨61.7b to PK₨62.3b. EPS estimate increased from PK₨3.45 to PK₨5.48 per share. Net income forecast to grow 4.8% next year vs 11% decline forecast for Basic Materials industry in Pakistan. Consensus price target of PK₨43.67 unchanged from last update. Share price was steady at PK₨28.14 over the past week. Price Target Changed • Oct 14
Price target decreased to PK₨43.67 Down from PK₨49.21, the current price target is an average from 6 analysts. New target price is 54% above last closing price of PK₨28.30. Stock is down 16% over the past year. The company is forecast to post earnings per share of PK₨3.45 for next year compared to PK₨4.15 last year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 20% share price gain to PK₨28.94, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 4x in the Basic Materials industry in Pakistan. Total returns to shareholders of 95% over the past three years. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorated over the past week After last week's 18% share price decline to PK₨23.22, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Basic Materials industry in Pakistan. Total returns to shareholders of 50% over the past three years. Price Target Changed • Jun 14
Price target decreased to PK₨49.37 Down from PK₨53.10, the current price target is an average from 6 analysts. New target price is 93% above last closing price of PK₨25.56. Stock is down 48% over the past year. The company is forecast to post earnings per share of PK₨4.35 for next year compared to PK₨3.49 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. 2 independent directors (7 non-independent directors). Non-Executive Director Jahanara Saigol was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 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₨38.44, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Basic Materials industry in Pakistan. Total returns to shareholders of 58% over the past three years. Price Target Changed • Feb 09
Price target decreased to PK₨54.64 Down from PK₨61.23, the current price target is an average from 4 analysts. New target price is 59% above last closing price of PK₨34.31. Stock is down 25% over the past year. The company is forecast to post earnings per share of PK₨3.94 for next year compared to PK₨3.49 last year. Major Estimate Revision • Nov 27
Consensus EPS estimates fall to PK₨4.00 The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from PK₨49.2b to PK₨48.1b. EPS estimate also fell from PK₨4.64 to PK₨4.00. Net income forecast to grow 22% next year vs 34% growth forecast for Basic Materials industry in Pakistan. Consensus price target down from PK₨61.23 to PK₨58.73. Share price fell 13% to PK₨33.00 over the past week. Price Target Changed • Nov 17
Price target decreased to PK₨61.23 Down from PK₨68.33, the current price target is an average from 3 analysts. New target price is 68% above last closing price of PK₨36.40. Stock is down 8.5% over the past year. The company is forecast to post earnings per share of PK₨4.64 for next year compared to PK₨3.49 last year. Reported Earnings • Oct 23
First quarter 2022 earnings released: EPS PK₨0.76 (vs PK₨0.51 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: PK₨9.90b (up 32% from 1Q 2021). Net income: PK₨838.9m (up 51% from 1Q 2021). Profit margin: 8.5% (up from 7.4% in 1Q 2021). 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 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 19
Full year 2021 earnings released: EPS PK₨3.49 (vs PK₨3.89 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨35.6b (up 22% from FY 2020). Net income: PK₨3.83b (up PK₨7.39b from FY 2020). Profit margin: 11% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 03
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from PK₨3.75 to PK₨4.25. Revenue forecast unchanged at PK₨35.5b. Net income forecast to grow 239% next year vs 113% growth forecast for Basic Materials industry in Pakistan. Consensus price target of PK₨66.39 unchanged from last update. Share price rose 2.4% to PK₨45.46 over the past week. Reported Earnings • Apr 24
Third quarter 2021 earnings released: EPS PK₨1.11 (vs PK₨0.87 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨9.48b (up 37% from 3Q 2020). Net income: PK₨1.22b (up PK₨2.18b from 3Q 2020). Profit margin: 13% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Price Target Changed • Apr 24
Price target increased to PK₨63.23 Up from PK₨58.68, the current price target is an average from 5 analysts. New target price is 46% above last closing price of PK₨43.32. Stock is up 61% over the past year. Price Target Changed • Mar 26
Price target increased to PK₨60.61 Up from PK₨56.56, the current price target is an average from 5 analysts. New target price is 32% above last closing price of PK₨45.94. Stock is up 155% over the past year. Reported Earnings • Feb 27
Second quarter 2021 earnings released: EPS PK₨0.97 (vs PK₨1.02 loss in 2Q 2020) The company reported a solid second quarter result with improved earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: PK₨9.10b (flat on 2Q 2020). Net income: PK₨1.07b (up PK₨1.85b from 2Q 2020). Profit margin: 12% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 96% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 41%. Over the next year, revenue is forecast to grow 27%, compared to a 58% growth forecast for the Basic Materials industry in Pakistan. Is New 90 Day High Low • Feb 15
New 90-day high: PK₨47.10 The company is up 17% from its price of PK₨40.09 on 17 November 2020. The Pakistani market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨43.59 per share. Price Target Changed • Feb 06
Price target raised to PK₨47.58 Up from PK₨43.15, the current price target is an average from 3 analysts. The new target price is 5.8% above the current share price of PK₨44.97. As of last close, the stock is up 106% over the past year. Is New 90 Day High Low • Jan 27
New 90-day high: PK₨45.49 The company is up 8.0% from its price of PK₨42.27 on 29 October 2020. The Pakistani market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨43.64 per share. Price Target Changed • Jan 21
Price target raised to PK₨46.76 Up from PK₨43.15, the current price target is an average from 3 analysts. The new target price is 8.0% above the current share price of PK₨43.30. As of last close, the stock is up 89% over the past year. Is New 90 Day High Low • Dec 31
New 90-day high: PK₨45.01 The company is up 24% from its price of PK₨36.20 on 02 October 2020. The Pakistani market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨43.64 per share. Reported Earnings • Nov 02
First quarter 2021 earnings released: EPS PK₨0.51 The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: PK₨7.52b (up 5.2% from 1Q 2020). Net income: PK₨555.2m (up PK₨1.54b from 1Q 2020). Profit margin: 7.4% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 89% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 02
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Over the next year, revenue is forecast to grow 19%, compared to a 19% growth forecast for the Basic Materials industry in Pakistan. Reported Earnings • Oct 25
First quarter earnings released Over the last 12 months the company has reported total losses of PK₨2.02b, with earnings decreasing by PK₨2.90b from the prior year. Total revenue was PK₨29.5b over the last 12 months, up 7.2% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 25
First-quarter earnings released: Revenue and earnings beat expectations First-quarter revenue exceeded analyst estimates by 1.4% at PK₨7.52b. Earnings per share (EPS) also surpassed analyst estimates by 15% at PK₨0.51. Revenue is forecast to grow 19% over the next year, compared to a 21% growth forecast for the Basic Materials industry in Pakistan. Major Estimate Revision • Oct 24
Analysts update estimates The 2021 consensus earning per share (EPS) estimate increased from PK₨1.59 to PK₨1.77. Revenue estimate for the same period was approximately flat at PK₨33.6b. Net income is expected to grow by 71% next year compared to 14% growth forecast for the Basic Materials industry in Pakistan. The consensus price target increased from PK₨36.99 to PK₨40.45. Share price is up 14% to PK₨42.18 over the past week. Is New 90 Day High Low • Oct 23
New 90-day high: PK₨42.18 The company is up 39% from its price of PK₨30.42 on 24 July 2020. The Pakistani market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨7.43 per share. Price Target Changed • Oct 23
Price target raised to PK₨40.24 Up from PK₨36.49, the current price target is an average from 3 analysts. The new target price is close to the current share price of PK₨42.18. As of last close, the stock is up 175% over the past year. Reported Earnings • Oct 07
Full year earnings released Over the last 12 months the company has reported total losses of PK₨3.56b, with earnings decreasing by PK₨6.00b from the prior year. Total revenue was PK₨29.1b over the last 12 months, up 12% from the prior year. Aankondiging • Oct 06
Maple Leaf Cement Factory Limited Declares No Dividend for 2020 Maple Leaf Cement Factory Limited announced that No dividend was declared for the financial year 2020 on account of net losses. Future prospects of dividend hinge on the likelihood of improved demand and increase in cement prices in the local market, also further reduction in input costs, both being highly dependent on future economic conditions.