Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to PK₨17.34, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 13x in the Diversified Financial industry in Pakistan. Total returns to shareholders of 228% over the past three years. New Risk • Jul 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 8.0% 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 Earnings have declined by 4.3% per year over the past 5 years. Market cap is less than US$10m (PK₨778.2m market cap, or US$2.80m). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Revenue is less than US$5m (PK₨413m revenue, or US$1.5m). Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to PK₨13.59, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 11x in the Diversified Financial industry in Pakistan. Total returns to shareholders of 163% over the past three years. Reported Earnings • Apr 25
Third quarter 2026 earnings released: EPS: PK₨0.88 (vs PK₨0.12 loss in 3Q 2025) Third quarter 2026 results: EPS: PK₨0.88 (up from PK₨0.12 loss in 3Q 2025). Revenue: PK₨159.6m (up 204% from 3Q 2025). Net income: PK₨50.1m (up PK₨56.8m from 3Q 2025). Profit margin: 31% (up from net loss in 3Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • Apr 15
Next Capital Limited to Report Q3, 2026 Results on Apr 24, 2026 Next Capital Limited announced that they will report Q3, 2026 results at 12:30 PM, Pakistan Standard Time on Apr 24, 2026 Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨11.78, the stock trades at a trailing P/E ratio of 48x. Average trailing P/E is 21x in the Diversified Financial industry in Pakistan. Total returns to shareholders of 138% over the past three years. Reported Earnings • Feb 28
Second quarter 2026 earnings released: EPS: PK₨0.37 (vs PK₨0.81 in 2Q 2025) Second quarter 2026 results: EPS: PK₨0.37 (down from PK₨0.81 in 2Q 2025). Revenue: PK₨102.1m (down 16% from 2Q 2025). Net income: PK₨21.3m (down 54% from 2Q 2025). Profit margin: 21% (down from 38% in 2Q 2025). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 31% per year. Announcement • Feb 19
Next Capital Limited to Report Q2, 2026 Results on Feb 26, 2026 Next Capital Limited announced that they will report Q2, 2026 results on Feb 26, 2026 Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to PK₨14.92, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 21x in the Diversified Financial industry in Pakistan. Total returns to shareholders of 153% over the past three years. Board Change • Nov 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Non-Executive Director Hasan Shahnawaz was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Oct 24
Next Capital Limited to Report Q1, 2026 Results on Oct 30, 2025 Next Capital Limited announced that they will report Q1, 2026 results on Oct 30, 2025 Announcement • Sep 23
Next Capital Limited, Annual General Meeting, Oct 28, 2025 Next Capital Limited, Annual General Meeting, Oct 28, 2025. Location: registered office of the company, situated at 2nd floor, imperial court, dr. ziauddin ahmed road, karachi Pakistan New Risk • Aug 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 7.4% 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 Earnings have declined by 36% per year over the past 5 years. Revenue is less than US$1m (PK₨269m revenue, or US$953k). Market cap is less than US$10m (PK₨674.6m market cap, or US$2.39m). Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to PK₨11.85, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 13x in the Diversified Financial industry in Pakistan. Total returns to shareholders of 78% over the past three years. Reported Earnings • Feb 27
Second quarter 2025 earnings released: EPS: PK₨0.89 (vs PK₨0 in 2Q 2024) Second quarter 2025 results: EPS: PK₨0.89 (up from PK₨0 in 2Q 2024). Revenue: PK₨121.5m (up 146% from 2Q 2024). Net income: PK₨51.2m (up PK₨51.2m from 2Q 2024). Profit margin: 42% (up from 0% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. New Risk • Dec 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 8.7% 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: Major Risks Earnings have declined by 43% per year over the past 5 years. Revenue is less than US$1m (PK₨144m revenue, or US$518k). Market cap is less than US$10m (PK₨438.9m market cap, or US$1.58m). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Reported Earnings • Nov 02
First quarter 2025 earnings released: PK₨0.41 loss per share (vs PK₨0.034 profit in 1Q 2024) First quarter 2025 results: PK₨0.41 loss per share (down from PK₨0.034 profit in 1Q 2024). Revenue: PK₨14.7m (down 70% from 1Q 2024). Net loss: PK₨23.1m (down PK₨25.1m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Announcement • Oct 01
Next Capital Limited, Annual General Meeting, Oct 25, 2024 Next Capital Limited, Annual General Meeting, Oct 25, 2024. Location: at the registered office of the company, situated at 2nd floor, imperial court,dr.ziauddin ahmed road, karachi Pakistan New Risk • Aug 10
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 8.7% 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 Share price has been highly volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$10m (PK₨282.9m market cap, or US$1.02m). Minor Risk Revenue is less than US$5m (PK₨341m revenue, or US$1.2m). Reported Earnings • May 02
Third quarter 2024 earnings released: PK₨0.74 loss per share (vs PK₨0.15 loss in 3Q 2023) Third quarter 2024 results: PK₨0.74 loss per share (further deteriorated from PK₨0.15 loss in 3Q 2023). Net loss: PK₨42.0m (loss widened 406% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.3% average weekly change). Earnings have declined by 20% per year over the past 5 years. Revenue is less than US$1m (PK₨115m revenue, or US$412k). Market cap is less than US$10m (PK₨286.3m market cap, or US$1.03m). Reported Earnings • Mar 01
Second quarter 2024 earnings released: EPS: PK₨0 (vs PK₨0.45 loss in 2Q 2023) Second quarter 2024 results: EPS: PK₨0 (improved from PK₨0.45 loss in 2Q 2023). Revenue: PK₨49.4m (up 112% from 2Q 2023). Net income: PK₨16.8k (up PK₨25.8m from 2Q 2023). Profit margin: 0% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. New Risk • Oct 07
New major risk - Revenue and earnings growth Earnings have declined by 7.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 7.2% per year over the past 5 years. Revenue is less than US$1m (PK₨97m revenue, or US$344k). Market cap is less than US$10m (PK₨233.4m market cap, or US$823.1k). Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to PK₨4.23, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 5x in the Diversified Financial industry in Pakistan. Total loss to shareholders of 58% over the past three years. 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. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Hasan Shahnawaz was the last independent director to join the board, commencing their role in 2013. 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 • Mar 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨5.10, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 5x in the Diversified Financial industry in Pakistan. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment deteriorated over the past week After last week's 18% share price decline to PK₨4.51, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 6x in the Diversified Financial industry in Pakistan. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to PK₨5.55, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 6x in the Diversified Financial industry in Pakistan. Total loss to shareholders of 41% over the past three years. 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. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Hasan Shahnawaz was the last independent director to join the board, commencing their role in 2013. 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 • Nov 02
Investor sentiment improved over the past week After last week's 15% share price gain to PK₨6.97, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 6x in the Diversified Financial industry in Pakistan. Total returns to shareholders of 2.3% over the past three years. Announcement • Sep 08
Next Capital Limited Announces CFO Changes Next Capital Limited informed Pakistan Stock Exchange that Miss. Sana Quadri has ceased to be the Chief Financial Officer of the company. They shall intimate new appointment in the due course. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Non-Executive Director Hasan Shahnawaz was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 29
Next Capital Limited Announces Cessation of Muhammad Zubair Ellahi as Director Next Capital Limited informed Pakistan Stock Exchange that Mr. Muhammad Zubair Ellahi has ceased to be the Director of the company with effect from March 25, 2022. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorated over the past week After last week's 15% share price decline to PK₨9.32, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 10x in the Diversified Financial industry in Pakistan. Total returns to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improved over the past week After last week's 21% share price gain to PK₨11.65, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 9x in the Diversified Financial industry in Pakistan. Total returns to shareholders of 97% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment deteriorated over the past week After last week's 15% share price decline to PK₨9.21, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 10x in the Diversified Financial industry in Pakistan. Total returns to shareholders of 44% over the past three years. Reported Earnings • Oct 23
First quarter 2022 earnings released: PK₨0.56 loss per share (vs PK₨0.34 profit in 1Q 2021) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2022 results: Revenue: PK₨43.0m (down 48% from 1Q 2021). Net loss: PK₨25.3m (down 250% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 21
Full year 2021 earnings released: EPS PK₨1.66 (vs PK₨0.36 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨358.6m (up 97% from FY 2020). Net income: PK₨82.0m (up 361% from FY 2020). Profit margin: 23% (up from 9.8% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to PK₨13.92, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 18x in the Diversified Financial industry in Pakistan. Total returns to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 24% share price gain to PK₨9.89, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 14x in the Diversified Financial industry in Pakistan. Total loss to shareholders of 2.0% over the past three years. Reported Earnings • Apr 17
Third quarter 2021 earnings released: EPS PK₨0.34 (vs PK₨0.10 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨85.8m (up 77% from 3Q 2020). Net income: PK₨15.2m (up 191% from 3Q 2020). Profit margin: 18% (up from 11% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 23
New 90-day high: PK₨10.29 The company is up 13% from its price of PK₨9.10 on 25 November 2020. The Pakistani market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Diversified Financial industry, which is up 23% over the same period. Reported Earnings • Feb 17
Second quarter 2021 earnings released: EPS PK₨0.43 (vs PK₨0.71 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨80.5m (down 4.1% from 2Q 2020). Net income: PK₨19.5m (down 39% from 2Q 2020). Profit margin: 24% (down from 38% in 2Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 08
New 90-day low: PK₨8.57 The company is down 32% from its price of PK₨12.57 on 09 September 2020. The Pakistani market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is down 13% over the same period. Is New 90 Day High Low • Nov 18
New 90-day low: PK₨8.80 The company is down 8.0% from its price of PK₨9.53 on 20 August 2020. The Pakistani market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 4.0% over the same period. Reported Earnings • Nov 03
First quarter 2021 earnings released: EPS PK₨0.37 The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: PK₨83.0m (up 271% from 1Q 2020). Net income: PK₨16.9m (up PK₨25.4m from 1Q 2020). Profit margin: 20% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 08
Full year earnings released - EPS PK₨0.40 Over the last 12 months the company has reported total profits of PK₨17.8m, up 239% from the prior year. Total revenue was PK₨181.1m over the last 12 months, up 3.8% from the prior year. Profit margins were 9.8%, which is higher than the 3.0% margin from last year. The increase in margin was primarily driven by higher revenue. 
