Mari Petroleum Company Limited

KASE:MARI Stock Report

Market Cap: PK₨546.4b

Mari Petroleum Valuation

Is MARI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MARI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MARI (PKR455.13) is trading above our estimate of fair value (PKR61.17)

Significantly Below Fair Value: MARI is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MARI?

Key metric: As MARI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MARI. This is calculated by dividing MARI's market cap by their current earnings.
What is MARI's PE Ratio?
PE Ratio7.1x
EarningsPK₨77.35b
Market CapPK₨546.44b

Price to Earnings Ratio vs Peers

How does MARI's PE Ratio compare to its peers?

The above table shows the PE ratio for MARI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average4.7x
PPL Pakistan Petroleum
4x-16.0%PK₨429.7b
OGDC Oil and Gas Development
4.3x-9.0%PK₨858.7b
POL Pakistan Oilfields
5.4x6.2%PK₨163.3b
APL Attock Petroleum
5.1x-5.4%PK₨55.3b
MARI Mari Petroleum
7.1x-6.7%PK₨546.4b

Price-To-Earnings vs Peers: MARI is expensive based on its Price-To-Earnings Ratio (7.1x) compared to the peer average (4.7x).

Price to Earnings Ratio vs Industry

How does MARI's PE Ratio compare vs other companies in the Asian Oil and Gas Industry?

8 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MARI 7.1xIndustry Avg. 10.5xNo. of Companies36PE0816243240+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MARI is good value based on its Price-To-Earnings Ratio (7.1x) compared to the Asian Oil and Gas industry average (10.5x).

Price to Earnings Ratio vs Fair Ratio

What is MARI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MARI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.1x
Fair PE Ratio5.1x

Price-To-Earnings vs Fair Ratio: MARI is expensive based on its Price-To-Earnings Ratio (7.1x) compared to the estimated Fair Price-To-Earnings Ratio (5.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MARI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentPK₨455.13
PK₨384.94
-15.4%
10.9%PK₨450.00PK₨323.00n/a5
Nov ’25PK₨413.00
PK₨384.94
-6.8%
10.9%PK₨450.00PK₨323.00n/a5
Oct ’25PK₨448.10
PK₨368.12
-17.8%
13.3%PK₨444.44PK₨322.33n/a5
Sep ’25PK₨376.92
PK₨339.23
-10.0%
10.8%PK₨406.72PK₨300.00n/a5
Aug ’25PK₨291.15
PK₨324.45
+11.4%
14.8%PK₨406.72PK₨255.56n/a7
Jul ’25PK₨298.98
PK₨311.56
+4.2%
10.9%PK₨358.33PK₨255.56n/a8
Jun ’25PK₨308.41
PK₨311.56
+1.0%
10.9%PK₨358.33PK₨255.56n/a8
May ’25PK₨303.03
PK₨311.14
+2.7%
10.3%PK₨358.33PK₨255.56n/a9
Apr ’25PK₨279.72
PK₨302.60
+8.2%
11.7%PK₨349.33PK₨233.33n/a9
Mar ’25PK₨273.56
PK₨302.60
+10.6%
11.7%PK₨349.33PK₨233.33n/a9
Feb ’25PK₨258.68
PK₨302.60
+17.0%
11.7%PK₨349.33PK₨233.33n/a9
Jan ’25PK₨238.59
PK₨292.39
+22.5%
9.1%PK₨333.33PK₨253.33n/a8
Dec ’24PK₨190.97
PK₨285.07
+49.3%
7.1%PK₨307.78PK₨253.33n/a8
Nov ’24PK₨176.53
PK₨285.07
+61.5%
7.1%PK₨307.78PK₨253.33PK₨413.008
Oct ’24PK₨173.34
PK₨271.00
+56.3%
10.8%PK₨306.00PK₨221.11PK₨448.108
Sep ’24PK₨179.47
PK₨271.00
+51.0%
10.8%PK₨306.00PK₨221.11PK₨376.928
Aug ’24PK₨182.14
PK₨276.73
+51.9%
10.8%PK₨322.22PK₨232.96PK₨291.158
Jul ’24PK₨168.29
PK₨276.73
+64.4%
10.8%PK₨322.22PK₨232.96PK₨298.988
Jun ’24PK₨170.39
PK₨276.73
+62.4%
10.8%PK₨322.22PK₨232.96PK₨308.418
May ’24PK₨176.65
PK₨270.09
+52.9%
10.8%PK₨322.22PK₨232.96PK₨303.037
Apr ’24PK₨168.14
PK₨275.64
+63.9%
9.4%PK₨322.22PK₨232.96PK₨279.727
Mar ’24PK₨160.06
PK₨269.30
+68.2%
6.7%PK₨288.56PK₨232.96PK₨273.567
Feb ’24PK₨167.86
PK₨269.30
+60.4%
6.7%PK₨288.56PK₨232.96PK₨258.687
Jan ’24PK₨171.88
PK₨282.66
+64.5%
14.1%PK₨370.00PK₨241.11PK₨238.597
Dec ’23PK₨186.06
PK₨282.66
+51.9%
14.1%PK₨370.00PK₨241.11PK₨190.977
Nov ’23PK₨186.68
PK₨270.12
+44.7%
6.7%PK₨298.43PK₨241.11PK₨176.537

Analyst Forecast: Target price is lower than the current share price.

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