Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to PK₨263, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Basic Materials industry in Pakistan. Total returns to shareholders of 268% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨209 per share. Buy Or Sell Opportunity • May 07
Now 26% overvalued Over the last 90 days, the stock has fallen 25% to PK₨263. The fair value is estimated to be PK₨209, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Reported Earnings • Apr 24
Third quarter 2026 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2026 results: EPS: PK₨6.70 (up from PK₨4.29 in 3Q 2025). Revenue: PK₨10.0b (up 27% from 3Q 2025). Net income: PK₨1.52b (up 56% from 3Q 2025). Profit margin: 15% (up from 12% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 3 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 24% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Apr 13
Pioneer Cement Limited to Report Q3, 2026 Results on Apr 20, 2026 Pioneer Cement Limited announced that they will report Q3, 2026 results on Apr 20, 2026 Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨252, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Basic Materials industry in Pakistan. Total returns to shareholders of 308% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨202 per share. Buy Or Sell Opportunity • Apr 09
Now 21% overvalued Over the last 90 days, the stock has fallen 38% to PK₨243. The fair value is estimated to be PK₨202, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has grown by 30%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 29% in the next year. Buy Or Sell Opportunity • Feb 26
Now 22% overvalued Over the last 90 days, the stock has fallen 30% to PK₨250. The fair value is estimated to be PK₨206, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has grown by 30%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 29% in the next year. Reported Earnings • Feb 24
Second quarter 2026 earnings: EPS in line with expectations, revenues disappoint Second quarter 2026 results: EPS: PK₨7.04 (down from PK₨7.70 in 2Q 2025). Revenue: PK₨10.3b (up 15% from 2Q 2025). Net income: PK₨1.60b (down 8.6% from 2Q 2025). Profit margin: 16% (down from 20% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 12% 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 30% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. 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. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨299, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Basic Materials industry in Pakistan. Total returns to shareholders of 482% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨196 per share. Aankondiging • Feb 04
Pioneer Cement Limited to Report Q2, 2026 Results on Feb 11, 2026 Pioneer Cement Limited announced that they will report Q2, 2026 results on Feb 11, 2026 Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to PK₨326, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 9x in the Basic Materials industry in Pakistan. Total returns to shareholders of 645% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨159 per share. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨396, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Basic Materials industry in Pakistan. Total returns to shareholders of 734% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨160 per share. New Risk • Nov 28
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. 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. Share price has been volatile over the past 3 months (7.3% average weekly change). 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. Price Target Changed • Nov 14
Price target increased by 8.0% to PK₨339 Up from PK₨314, the current price target is an average from 4 analysts. New target price is 26% above last closing price of PK₨269. Stock is up 41% over the past year. The company is forecast to post earnings per share of PK₨25.18 for next year compared to PK₨21.47 last year. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨244, 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 299% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨157 per share. Reported Earnings • Oct 30
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: PK₨5.61 (up from PK₨4.50 in 1Q 2025). Revenue: PK₨8.42b (up 6.7% from 1Q 2025). Net income: PK₨1.27b (up 25% from 1Q 2025). Profit margin: 15% (up from 13% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 8.2%. Revenue is forecast to grow 10.0% 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 39% per year whereas the company’s share price has increased by 42% per year. Upcoming Dividend • Oct 13
Upcoming dividend of PK₨5.00 per share Eligible shareholders must have bought the stock before 17 October 2025. Payment date: 18 November 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Pakistani dividend payers (7.1%). Higher than average of industry peers (2.6%). Aankondiging • Sep 29
Pioneer Cement Limited, Annual General Meeting, Oct 28, 2025 Pioneer Cement Limited, Annual General Meeting, Oct 28, 2025. Location: lahore Pakistan Declared Dividend • Sep 29
Final dividend reduced to PK₨5.00 Dividend of PK₨5.00 is 50% lower than last year. Ex-date: 17th October 2025 Payment date: 18th November 2025 Dividend yield will be 4.0%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 8.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 69% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 28
Full year 2025 earnings released: EPS: PK₨21.47 (vs PK₨22.79 in FY 2024) Full year 2025 results: EPS: PK₨21.47 (down from PK₨22.79 in FY 2024). Revenue: PK₨33.3b (down 6.2% from FY 2024). Net income: PK₨4.88b (down 5.8% from FY 2024). Profit margin: 15% (in line with FY 2024). Revenue is forecast to grow 9.5% 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 47% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Sep 04
Price target increased by 7.5% to PK₨292 Up from PK₨271, the current price target is an average from 4 analysts. New target price is 13% above last closing price of PK₨259. Stock is up 61% over the past year. The company is forecast to post earnings per share of PK₨22.28 for next year compared to PK₨22.79 last year. Buy Or Sell Opportunity • Aug 06
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to PK₨233. The fair value is estimated to be PK₨189, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 47%. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨228, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Basic Materials industry in Pakistan. Total returns to shareholders of 338% over the past three years. 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₨219, 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 314% over the past three years. New Risk • May 07
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 6.7% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). New Risk • Mar 14
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 7.5% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Declared Dividend • Mar 02
First half dividend of PK₨5.00 announced Shareholders will receive a dividend of PK₨5.00. Ex-date: 6th March 2025 Payment date: 3rd April 2025 Dividend yield will be 7.5%, which is higher than the industry average of 5.1%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (38% 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 5.1% over the next year, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jan 21
Price target increased by 12% to PK₨246 Up from PK₨220, the current price target is an average from 3 analysts. New target price is 30% above last closing price of PK₨189. Stock is up 64% over the past year. The company is forecast to post earnings per share of PK₨26.95 for next year compared to PK₨22.79 last year. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to PK₨188, the stock trades at a trailing P/E ratio of 8.1x. Average forward P/E is 16x in the Basic Materials industry in Pakistan. Total returns to shareholders of 155% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨219, the stock trades at a trailing P/E ratio of 9.4x. Average forward P/E is 16x in the Basic Materials industry in Pakistan. Total returns to shareholders of 210% over the past three years. Reported Earnings • Nov 02
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: PK₨4.50 (up from PK₨4.11 in 1Q 2024). Revenue: PK₨7.89b (down 9.4% from 1Q 2024). Net income: PK₨1.02b (up 9.6% from 1Q 2024). Profit margin: 13% (up from 11% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates by 17%. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 10
Upcoming dividend of PK₨10.00 per share Eligible shareholders must have bought the stock before 17 October 2024. Payment date: 18 November 2024. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 11%. Lower than top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (5.1%). Aankondiging • Sep 21
Pioneer Cement Limited, Annual General Meeting, Oct 28, 2024 Pioneer Cement Limited, Annual General Meeting, Oct 28, 2024. Location: lahore Pakistan Reported Earnings • Sep 20
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: PK₨22.79 (up from PK₨11.50 in FY 2023). Revenue: PK₨35.5b (down 1.8% from FY 2023). Net income: PK₨5.18b (up 98% from FY 2023). Profit margin: 15% (up from 7.2% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.5%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 12
Price target increased by 13% to PK₨174 Up from PK₨153, the current price target is an average from 6 analysts. New target price is 12% above last closing price of PK₨155. Stock is up 66% over the past year. The company is forecast to post earnings per share of PK₨23.87 for next year compared to PK₨11.50 last year. Reported Earnings • May 02
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: PK₨5.29 (up from PK₨4.18 in 3Q 2023). Revenue: PK₨8.55b (down 6.6% from 3Q 2023). Net income: PK₨1.20b (up 27% from 3Q 2023). Profit margin: 14% (up from 10% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.6%. Revenue is forecast to grow 14% p.a. on average during the next 2 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 22% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 15
Price target increased by 7.0% to PK₨141 Up from PK₨132, the current price target is an average from 6 analysts. New target price is 6.6% above last closing price of PK₨132. Stock is up 84% over the past year. The company is forecast to post earnings per share of PK₨24.25 for next year compared to PK₨11.50 last year. Reported Earnings • Feb 29
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: PK₨7.45 (up from PK₨5.17 in 2Q 2023). Revenue: PK₨10.1b (down 2.1% from 2Q 2023). Net income: PK₨1.69b (up 44% from 2Q 2023). Profit margin: 17% (up from 11% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 28%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 29
Price target increased by 15% to PK₨111 Up from PK₨95.87, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of PK₨106. Stock is up 67% over the past year. The company is forecast to post earnings per share of PK₨18.70 for next year compared to PK₨11.50 last year. Reported Earnings • Oct 07
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: PK₨11.50 (up from PK₨4.62 in FY 2022). Revenue: PK₨36.2b (up 13% from FY 2022). Net income: PK₨2.61b (up 149% from FY 2022). Profit margin: 7.2% (up from 3.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is expected to decline by 9.0% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Pakistan are expected to grow by 7.0%. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Aankondiging • Sep 23
Pioneer Cement Limited Announces Management Changes Pioneer Cement Limited has made important appointments to key positions within the company, effective September 23, 2023. Mr. Talha Saif has been appointed as the new Company Secretary, taking over the role previously held by Mr. Abdul Wahab. This change in leadership reflects the company's commitment to maintaining strong governance and transparent communication with its stakeholders. Additionally, Mr. Jan Mohammad has assumed the role of Head of Internal Audit, succeeding Mr. Jamal Uddin. Pioneer Cement Limited recognizes the significance of robust internal audit functions and is confident in Mr. Jan Mohammad's ability to contribute effectively to this critical area of the company's operations. These appointments signify the company's dedication to enhancing its leadership team and ensuring the continued success and growth of Pioneer Cement Limited. Price Target Changed • Aug 17
Price target increased by 19% to PK₨89.46 Up from PK₨75.31, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of PK₨92.55. Stock is up 38% over the past year. The company is forecast to post earnings per share of PK₨15.44 for next year compared to PK₨4.62 last year. Price Target Changed • Jul 04
Price target decreased by 19% to PK₨75.31 Down from PK₨93.20, the current price target is an average from 7 analysts. New target price is 16% below last closing price of PK₨89.99. Stock is up 55% over the past year. The company is forecast to post earnings per share of PK₨15.78 for next year compared to PK₨4.62 last year. Reported Earnings • Apr 29
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: PK₨4.18 (up from PK₨2.14 in 3Q 2022). Revenue: PK₨9.15b (up 18% from 3Q 2022). Net income: PK₨950.0m (up 96% from 3Q 2022). Profit margin: 10% (up from 6.3% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 18%. Revenue is expected to decline by 9.6% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Pakistan are expected to grow by 4.9%. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to PK₨69.62, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Basic Materials industry in Pakistan. Total returns to shareholders of 69% over the past three years. Reported Earnings • Mar 03
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: PK₨5,170 (up from PK₨2.92 in 2Q 2022). Revenue: PK₨10.3b (up 20% from 2Q 2022). Net income: PK₨1.18b (up 77% from 2Q 2022). Profit margin: 11% (up from 7.7% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 22%. Revenue is expected to decline by 7.6% 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 71% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 24
Price target decreased by 12% to PK₨82.00 Down from PK₨93.20, the current price target is an average from 6 analysts. New target price is 44% above last closing price of PK₨57.08. Stock is down 22% over the past year. The company is forecast to post earnings per share of PK₨10.20 for next year compared to PK₨4.62 last year. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨53.81, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Basic Materials industry in Pakistan. Total returns to shareholders of 77% over the past three years. Price Target Changed • Dec 19
Price target increased to PK₨99.00 Up from PK₨92.33, the current price target is an average from 5 analysts. New target price is 90% above last closing price of PK₨52.07. Stock is down 36% over the past year. The company is forecast to post earnings per share of PK₨7.80 for next year compared to PK₨4.62 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Non-Executive Director Shafiuddin Khan was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Oct 28
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from PK₨6.00 to PK₨4.40. Revenue forecast unchanged from PK₨38.2b at last update. Net income forecast to shrink 4.0% next year vs 5.6% decline forecast for Basic Materials industry in Pakistan. Consensus price target broadly unchanged at PK₨92.60. Share price fell 8.0% to PK₨67.41 over the past week. Reported Earnings • Oct 07
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: PK₨4.62 (down from PK₨8.69 in FY 2021). Revenue: PK₨31.9b (up 46% from FY 2021). Net income: PK₨1.05b (down 47% from FY 2021). Profit margin: 3.3% (down from 9.0% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 46%. Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 19% share price gain to PK₨65.64, 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 269% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨108 per share. Price Target Changed • Jun 14
Price target decreased to PK₨121 Down from PK₨134, the current price target is an average from 4 analysts. New target price is 116% above last closing price of PK₨56.02. Stock is down 59% over the past year. The company is forecast to post earnings per share of PK₨10.92 for next year compared to PK₨8.69 last year. Reported Earnings • May 08
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: PK₨2.14 (down from PK₨3.02 in 3Q 2021). Revenue: PK₨7.73b (up 23% from 3Q 2021). Net income: PK₨485.3m (down 29% from 3Q 2021). Profit margin: 6.3% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 21%. Over the next year, revenue is forecast to grow 11%, compared to a 26% growth forecast for the industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. 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. 6 experienced directors. 1 highly experienced director. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Shafiuddin Khan was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Apr 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be PK₨89.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 90% in the next 2 years. Buying Opportunity • Apr 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be PK₨88.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 90% in the next 2 years. Reported Earnings • Mar 03
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: PK₨2.92 (up from PK₨2.84 in 2Q 2021). Revenue: PK₨8.61b (up 60% from 2Q 2021). Net income: PK₨662.7m (up 2.6% from 2Q 2021). Profit margin: 7.7% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 16%, compared to a 42% growth forecast for the industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be PK₨90.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% per annum over the last 3 years. The company has become profitable over the last year. Price Target Changed • Feb 02
Price target decreased to PK₨143 Down from PK₨154, the current price target is an average from 4 analysts. New target price is 57% above last closing price of PK₨90.61. Stock is down 30% over the past year. The company is forecast to post earnings per share of PK₨16.82 for next year compared to PK₨8.69 last year. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment deteriorated over the past week After last week's 18% share price decline to PK₨74.22, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Basic Materials industry in Pakistan. Total returns to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to PK₨80.96, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Basic Materials industry in Pakistan. Total returns to shareholders of 53% over the past three years. Price Target Changed • Nov 15
Price target decreased to PK₨154 Down from PK₨166, the current price target is an average from 3 analysts. New target price is 67% above last closing price of PK₨92.02. Stock is up 3.5% over the past year. The company is forecast to post earnings per share of PK₨14.51 for next year compared to PK₨8.69 last year. Reported Earnings • Oct 30
First quarter 2022 earnings released: EPS PK₨2.12 (vs PK₨0.17 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: PK₨6.20b (up 55% from 1Q 2021). Net income: PK₨480.5m (up PK₨520.1m from 1Q 2021). Profit margin: 7.8% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year. Price Target Changed • Oct 29
Price target decreased to PK₨157 Down from PK₨169, the current price target is an average from 3 analysts. New target price is 75% above last closing price of PK₨89.46. Stock is down 3.2% over the past year. The company is forecast to post earnings per share of PK₨14.51 for next year compared to PK₨8.69 last year. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 19% share price gain to PK₨86.40, 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 112% over the past three years. Reported Earnings • Sep 29
Full year 2021 earnings released: EPS PK₨8.69 (vs PK₨0.92 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₨21.8b (up 247% from FY 2020). Net income: PK₨1.97b (up PK₨2.18b from FY 2020). Profit margin: 9.0% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. 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 23% per year, which means it is well ahead of earnings. Price Target Changed • Aug 28
Price target increased to PK₨170 Up from PK₨158, the current price target is an average from 4 analysts. New target price is 43% above last closing price of PK₨118. Stock is up 29% over the past year. Reported Earnings • May 01
Third quarter 2021 earnings released: EPS PK₨3.02 (vs PK₨1.81 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₨6.27b (up 244% from 3Q 2020). Net income: PK₨686.5m (up PK₨1.10b from 3Q 2020). Profit margin: 11% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 01
Consensus EPS estimates increase to PK₨9.16 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from PK₨21.1b to PK₨22.7b. EPS estimate increased from PK₨6.46 to PK₨9.16 per share. Net income forecast to grow 581% next year vs 244% growth forecast for Basic Materials industry in Pakistan. Consensus price target up from PK₨144 to PK₨149. Share price fell 7.2% to PK₨119 over the past week. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to PK₨114, the stock is trading at a trailing P/E ratio of 50.8x, down from the previous P/E ratio of 61.1x. This compares to an average P/E of 26x in the Basic Materials industry in Pakistan. Total returns to shareholders over the past three years are 73%. Reported Earnings • Feb 26
Second quarter 2021 earnings released: EPS PK₨2.84 (vs PK₨0.32 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨5.38b (up 136% from 2Q 2020). Net income: PK₨646.1m (up PK₨572.3m from 2Q 2020). Profit margin: 12% (up from 3.2% 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 82% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 26
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 53%. Earnings per share (EPS) exceeded analyst estimates by 45%. Over the next year, revenue is forecast to grow 105%, compared to a 62% growth forecast for the Basic Materials industry in Pakistan. Is New 90 Day High Low • Feb 03
New 90-day high: PK₨129 The company is up 34% from its price of PK₨96.07 on 05 November 2020. The Pakistani market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨102 per share. Is New 90 Day High Low • Jan 13
New 90-day high: PK₨111 The company is up 23% from its price of PK₨90.08 on 15 October 2020. The Pakistani market is up 11% 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₨57.23 per share. Price Target Changed • Jan 04
Price target raised to PK₨97.20 Up from PK₨90.22, the current price target is an average from 6 analysts. The new target price is close to the current share price of PK₨99.41. As of last close, the stock is up 235% over the past year. Is New 90 Day High Low • Dec 24
New 90-day high: PK₨104 The company is up 8.0% from its price of PK₨96.26 on 25 September 2020. The Pakistani market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨62.25 per share. Reported Earnings • Oct 31
First quarter earnings released Over the last 12 months the company has reported total losses of PK₨63.8m, with earnings decreasing by PK₨408.7m from the prior year. Total revenue was PK₨8.41b over the last 12 months, down 10% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 31
First-quarter earnings released: Earnings beat expectations, revenue disappoints First-quarter revenue missed analyst estimates by 1.0% at PK₨3.99b. Earnings per share (EPS) exceeded analyst estimates by 83% at -PK₨0.17. Revenue is forecast to grow 126% over the next year, compared to a 23% growth forecast for the Basic Materials industry in Pakistan. Reported Earnings • Oct 09
Full year earnings released - PK₨0.92 loss per share Over the last 12 months the company has reported total losses of PK₨209.6m, with earnings decreasing by PK₨995.2m from the prior year. Total revenue was PK₨6.29b over the last 12 months, down 35% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 09
Annual earnings released: Earnings beat expectations, revenue disappoints Annual revenue missed analyst estimates by 28% at PK₨6.29b. Earnings per share (EPS) exceeded analyst estimates by 82% at -PK₨0.92. Revenue is forecast to grow 164% over the next year, compared to a 24% growth forecast for the Basic Materials industry in Pakistan. Reported Earnings • Oct 02
Full year earnings released - PK₨0.92 loss per share Over the last 12 months the company has reported total losses of PK₨209.6m, with earnings decreasing by PK₨995.2m from the prior year. Total revenue was PK₨6.29b over the last 12 months, down 35% from the prior year. Price Target Changed • Sep 24
Price target raised to PK₨69.17 Up from PK₨60.83, the current price target is an average from 4 analysts. The new target price is 29% below the current share price of PK₨97.86. As of last close, the stock is up 428% over the past year. 