Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨9.51, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 17x in the Consumer Durables industry in Asia. Total returns to shareholders of 89% over the past three years. New Risk • Apr 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 122% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Market cap is less than US$10m (PK₨2.26b market cap, or US$8.08m). Minor Risk Large one-off items impacting financial results. Announcement • Apr 24
Waves Home Appliances Limited to Report Q3, 2026 Results on Apr 30, 2026 Waves Home Appliances Limited announced that they will report Q3, 2026 results on Apr 30, 2026 Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨8.65, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 19x in the Consumer Durables industry in Asia. Total returns to shareholders of 64% over the past three years. Announcement • Apr 11
Waves Home Appliances Limited, Annual General Meeting, Apr 30, 2026 Waves Home Appliances Limited, Annual General Meeting, Apr 30, 2026. Location: at the registered office of the company, at 9-km, multan road, lahore Pakistan Reported Earnings • Apr 10
Full year 2025 earnings released: EPS: PK₨0.71 (vs PK₨0.57 in FY 2024) Full year 2025 results: EPS: PK₨0.71 (up from PK₨0.57 in FY 2024). Revenue: PK₨3.67b (up 16% from FY 2024). Net income: PK₨189.2m (up 23% from FY 2024). Profit margin: 5.2% (up from 4.8% in FY 2024). The increase in margin was driven by higher revenue. 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 14% per year, which means it is significantly lagging earnings growth. Announcement • Mar 27
Waves Home Appliances Limited to Report Fiscal Year 2025 Results on Apr 06, 2026 Waves Home Appliances Limited announced that they will report fiscal year 2025 results on Apr 06, 2026 New Risk • Mar 09
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 7.8% 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 Interest payments are not well covered by earnings (1.4x net interest cover). Market cap is less than US$10m (PK₨1.89b market cap, or US$6.77m). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to PK₨7.65, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 18x in the Consumer Durables industry in Asia. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨12.04, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 17x in the Consumer Durables industry in Asia. Total returns to shareholders of 95% over the past three years. Announcement • Jan 20
Waves Home Appliances Limited Announces CFO Changes, Effective January 19, 2026 Waves Home Appliances Limited announced that Moazzam Ahmad Khan has been appointed as Chief Financial Officer with effect from January 19, 2026 in place of Muhammad Usman. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: PK₨0.39 (vs PK₨0.05 in 3Q 2024) Third quarter 2025 results: EPS: PK₨0.39 (up from PK₨0.05 in 3Q 2024). Revenue: PK₨789.3m (up 21% from 3Q 2024). Net income: PK₨105.6m (up PK₨92.9m from 3Q 2024). Profit margin: 13% (up from 1.9% in 3Q 2024). The increase in margin 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 120 percentage points per year, which is a significant difference in performance. Announcement • Oct 24
Waves Home Appliances Limited to Report Q3, 2025 Results on Oct 29, 2025 Waves Home Appliances Limited announced that they will report Q3, 2025 results on Oct 29, 2025 Reported Earnings • Sep 02
Second quarter 2025 earnings released: EPS: PK₨0.36 (vs PK₨0.20 in 2Q 2024) Second quarter 2025 results: EPS: PK₨0.36 (up from PK₨0.20 in 2Q 2024). Revenue: PK₨1.01b (up 1.8% from 2Q 2024). Net income: PK₨95.8m (up 81% from 2Q 2024). Profit margin: 9.4% (up from 5.3% in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 124 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨9.25, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 16x in the Consumer Durables industry in Asia. Total loss to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to PK₨8.04, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 15x in the Consumer Durables industry in Asia. Total loss to shareholders of 37% over the past three years. New Risk • Apr 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 48% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Market cap is less than US$10m (PK₨2.68b market cap, or US$9.57m). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Reported Earnings • Apr 12
Full year 2024 earnings released: EPS: PK₨0.57 (vs PK₨0.43 in FY 2023) Full year 2024 results: EPS: PK₨0.57 (up from PK₨0.43 in FY 2023). Revenue: PK₨3.17b (down 24% from FY 2023). Net income: PK₨153.3m (up 33% from FY 2023). Profit margin: 4.8% (up from 2.8% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. New Risk • Apr 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: PK₨2.75b (US$9.82m) This is considered a major 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: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Market cap is less than US$10m (PK₨2.75b market cap, or US$9.82m). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results. Announcement • Mar 17
Waves Home Appliances Limited, Annual General Meeting, Apr 08, 2025 Waves Home Appliances Limited, Annual General Meeting, Apr 08, 2025. Location: lahore Pakistan New Risk • Jan 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (PK₨3.03b market cap, or US$10.9m). Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨10.18, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 9x in the Luxury industry in Pakistan. Total loss to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨13.62, the stock trades at a trailing P/E ratio of 42.3x. Average trailing P/E is 10x in the Luxury industry in Pakistan. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨8.92, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 8x in the Luxury industry in Pakistan. Total loss to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨7.82, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 6x in the Luxury industry in Pakistan. Total loss to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨8.69, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 6x in the Luxury industry in Pakistan. Total loss to shareholders of 73% over the past three years. New Risk • Aug 31
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Market cap is less than US$10m (PK₨2.00b market cap, or US$7.18m). Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: PK₨0.20 (vs PK₨0.23 in 2Q 2023) Second quarter 2024 results: EPS: PK₨0.20 (down from PK₨0.23 in 2Q 2023). Revenue: PK₨996.6m (down 25% from 2Q 2023). Net income: PK₨52.9m (down 13% from 2Q 2023). Profit margin: 5.3% (up from 4.6% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 39% per year and the company’s share price has also fallen by 39% per year. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to PK₨8.04, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 6x in the Luxury industry in Pakistan. Total loss to shareholders of 74% over the past three years. New Risk • Jul 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: PK₨2.72b (US$9.74m) This is considered a major 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: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (PK₨2.72b market cap, or US$9.74m). Minor Risks High level of debt (58% net debt to equity). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨14.04, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 5x in the Luxury industry in Pakistan. Total loss to shareholders of 41% over the past three years. Buy Or Sell Opportunity • Jul 01
Now 27% undervalued Over the last 90 days, the stock has risen 112% to PK₨14.04. The fair value is estimated to be PK₨19.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 21
Now 24% undervalued Over the last 90 days, the stock has risen 138% to PK₨15.55. The fair value is estimated to be PK₨20.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨17.30, the stock trades at a trailing P/E ratio of 34.2x. Average trailing P/E is 5x in the Luxury industry in Pakistan. Total loss to shareholders of 29% over the past three years. New Risk • May 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (PK₨2.48b market cap, or US$8.92m). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). New Risk • Jun 27
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 6.4% 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. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (over 21x increase in shares outstanding). Market cap is less than US$10m (PK₨1.22b market cap, or US$4.28m). Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). New Risk • Jun 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 21x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (over 21x increase in shares outstanding). Market cap is less than US$10m (PK₨1.28b market cap, or US$4.44m). Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨6.05, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 3x in the Luxury industry in Pakistan. Total loss to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨7.00, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 2x in the Luxury industry in Pakistan. Total loss to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to PK₨6.60, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 2x in the Luxury industry in Pakistan. Total loss to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorated over the past week After last week's 22% share price decline to PK₨7.67, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 2x in the Luxury industry in Pakistan. Total loss to shareholders of 35% over the past three years. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. CEO & Director Mustafa Lodhi was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. CEO & Director Mustafa Lodhi was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Is New 90 Day High Low • Feb 04
New 90-day high: PK₨9.38 The company is up 173% from its price of PK₨3.44 on 06 November 2020. The Pakistani market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 30% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: PK₨4.62 The company is up 16% from its price of PK₨3.99 on 07 October 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 15% over the same period. Is New 90 Day High Low • Nov 05
New 90-day low: PK₨3.29 The company is down 2.0% from its price of PK₨3.36 on 07 August 2020. The Pakistani market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 3.0% over the same period.