Price Target Changed • Jul 02
Price target decreased by 14% to PK₨321 Down from PK₨373, the current price target is an average from 2 analysts. New target price is 44% above last closing price of PK₨222. Stock is down 23% over the past year. The company is forecast to post earnings per share of PK₨22.43 for next year compared to PK₨12.60 last year. Reported Earnings • Apr 15
Third quarter 2026 earnings: EPS exceeds analyst expectations Third quarter 2026 results: EPS: PK₨6.21 (up from PK₨4.85 in 3Q 2025). Revenue: PK₨11.0b (up 33% from 3Q 2025). Net income: PK₨854.0m (up 28% from 3Q 2025). Profit margin: 7.8% (down from 8.0% in 3Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 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 4% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 01
Attock Cement Pakistan Limited to Report Q3, 2026 Results on Apr 10, 2026 Attock Cement Pakistan Limited announced that they will report Q3, 2026 results at 9:30 AM, Pakistan Standard Time on Apr 10, 2026 Reported Earnings • Feb 26
Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2026 results: EPS: PK₨5.62 (up from PK₨4.23 in 2Q 2025). Revenue: PK₨11.6b (up 29% from 2Q 2025). Net income: PK₨771.9m (up 33% from 2Q 2025). Profit margin: 6.7% (up from 6.5% in 2Q 2025). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 8.0%. Revenue is forecast to grow 7.0% 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 7% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 11
Attock Cement Pakistan Limited to Report Q2, 2026 Results on Feb 23, 2026 Attock Cement Pakistan Limited announced that they will report Q2, 2026 results on Feb 23, 2026 Board Change • Jan 30
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive & Independent Director Agha Shah was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 12
Fauji Foundation and Kot Addu Power Company Limited (KASE:KAPCO) completed the acquisition of 84.06% stake in Attock Cement Pakistan Limited (KASE:ACPL) from Pharaon Investment Group Limited Holding S.A.L. Fauji Foundation and Kot Addu Power Company Limited (KASE:KAPCO) signed a letter of intent to acquire 84.06% stake in Attock Cement Pakistan Limited (KASE:ACPL) from Pharaon Investment Group Limited Holding S.A.L. on August 3, 2025.
The transaction is subject to approval by regulatory board / committee and consummation of due diligence investigation.
Integrated Equities Limited acted as financial advisor for Fauji Foundation and Kot Addu Power Company Limited.
Fauji Foundation and Kot Addu Power Company Limited (KASE:KAPCO) completed the acquisition of 84.06% stake in Attock Cement Pakistan Limited (KASE:ACPL) from Pharaon Investment Group Limited Holding S.A.L. on November 12, 2025. Announcement • Oct 16
Alpha Cement Company Limited cancelled the acquisition of 84.06% stake in Attock Cement Pakistan Limited (KASE:ACPL) from Pharaon Investment Group Limited Holding S.A.L. Alpha Cement Company Limited entered into Share Purchase Agreement to acquire 84.06% stake in Attock Cement Pakistan Limited (KASE:ACPL) from Pharaon Investment Group Limited Holding S.A.L. on June 3, 2025. Under the terms of agreement, Alpha Cement Company Limited will acquire 115,526,349 shares.
Arif Habib Limited acted as financial advisor for Alpha Cement Company Limited.
Alpha Cement Company Limited cancelled the acquisition of 84.06% stake in Attock Cement Pakistan Limited (KASE:ACPL) from Pharaon Investment Group Limited Holding S.A.L. on October 16, 2025. New Risk • Sep 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 53% 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 Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.2% net profit margin). Upcoming Dividend • Sep 12
Upcoming dividend of PK₨8.00 per share Eligible shareholders must have bought the stock before 19 September 2025. Payment date: 21 October 2025. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Pakistani dividend payers (7.4%). In line with average of industry peers (2.7%). Reported Earnings • Aug 17
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: PK₨12.60 (down from PK₨25.95 in FY 2024). Revenue: PK₨33.3b (up 17% from FY 2024). Net income: PK₨1.73b (down 52% from FY 2024). Profit margin: 5.2% (down from 13% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 8.7%. 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 54% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨294, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 9x in the Basic Materials industry in Pakistan. Total returns to shareholders of 278% over the past three years. New Risk • May 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 115% 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 Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • May 02
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: PK₨4.85 (up from PK₨1.30 in 3Q 2024). Revenue: PK₨8.30b (up 18% from 3Q 2024). Net income: PK₨666.6m (up 274% from 3Q 2024). Profit margin: 8.0% (up from 2.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.4%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 17
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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (3.0% net profit margin). Reported Earnings • Jan 29
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: PK₨4.23 (up from PK₨3.62 in 2Q 2024). Revenue: PK₨8.93b (up 12% from 2Q 2024). Net income: PK₨581.1m (up 17% from 2Q 2024). Profit margin: 6.5% (up from 6.2% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨204, the stock trades at a trailing P/E ratio of 13.4x. Average forward P/E is 16x in the Basic Materials industry in Pakistan. Total returns to shareholders of 93% over the past three years. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨190, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 8x in the Basic Materials industry in Pakistan. Total returns to shareholders of 75% over the past three years. New Risk • Oct 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.4% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.4% net profit margin). Market cap is less than US$100m (PK₨18.1b market cap, or US$65.0m). Reported Earnings • Oct 20
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: PK₨0.45 (down from PK₨7.42 in 1Q 2024). Revenue: PK₨6.43b (down 12% from 1Q 2024). Net income: PK₨61.9m (down 94% from 1Q 2024). Profit margin: 1.0% (down from 14% in 1Q 2024). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 70%. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨108, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 7x in the Basic Materials industry in Pakistan. Total loss to shareholders of 9.0% over the past three years. Upcoming Dividend • Oct 03
Upcoming dividend of PK₨4.00 per share Eligible shareholders must have bought the stock before 10 October 2024. Payment date: 11 November 2024. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 8.7%. Lower than top quartile of Pakistani dividend payers (12%). Higher than average of industry peers (5.1%). New Risk • Oct 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 1.2% per year over the past 5 years. High level of non-cash earnings (29% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (PK₨12.9b market cap, or US$46.5m). Reported Earnings • Sep 07
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: PK₨25.95 (up from PK₨9.32 in FY 2023). Revenue: PK₨28.5b (up 12% from FY 2023). Net income: PK₨3.57b (up 179% from FY 2023). Profit margin: 13% (up from 5.0% in FY 2023). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 46%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Declared Dividend • Sep 05
Dividend of PK₨4.00 announced Shareholders will receive a dividend of PK₨4.00. Ex-date: 10th October 2024 Payment date: 11th November 2024 Dividend yield will be 6.8%, which is higher than the industry average of 5.1%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 65% over the next year, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Sep 04
Price target decreased by 15% to PK₨130 Down from PK₨153, the current price target is an average from 2 analysts. New target price is 37% above last closing price of PK₨95.04. Stock is up 16% over the past year. The company is forecast to post earnings per share of PK₨17.77 for next year compared to PK₨9.32 last year. Announcement • Sep 04
Attock Cement Pakistan Limited, Annual General Meeting, Oct 21, 2024 Attock Cement Pakistan Limited, Annual General Meeting, Oct 21, 2024. New Risk • May 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (PK₨14.1b market cap, or US$50.7m). Reported Earnings • Feb 15
Second quarter 2024 earnings released: EPS: PK₨3.62 (vs PK₨3.97 in 2Q 2023) Second quarter 2024 results: EPS: PK₨3.62 (down from PK₨3.97 in 2Q 2023). Revenue: PK₨7.98b (down 9.9% from 2Q 2023). Net income: PK₨496.8m (down 40% from 2Q 2023). Profit margin: 6.2% (down from 9.4% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨99.07, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Basic Materials industry in Pakistan. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨107, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Basic Materials industry in Pakistan. Total loss to shareholders of 16% over the past three years. New Risk • Nov 28
New major risk - Revenue and earnings growth Earnings have declined by 29% 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 Risk Earnings have declined by 29% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (PK₨12.8b market cap, or US$44.7m). Announcement • Nov 13
Attock Cement Pakistan Ltd Appoints Shuaib A. Malik as Its New Chairman Attock Cement Pakistan Limited announced the appointment of Mr. Shuaib A. Malik as its new Chairman. This appointment follows the recent Election of Directors held on October 23, 2023. The decision was made by the Board of Directors in their subsequent meeting. Mr. Malik's appointment as Chairman is expected to bring new insights and direction to Attock Cement Pakistan Ltd, given his expertise and experience. His leadership will be crucial in steering the company through the dynamic and competitive landscape of the cement industry. Buying Opportunity • Oct 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be PK₨101, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 81% in 2 years. Earnings is forecast to grow by 134% in the next 2 years. Major Estimate Revision • Oct 11
Consensus EPS estimates increase by 272% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from PK₨10.01 to PK₨37.20. Revenue forecast unchanged at PK₨35.5b. Net income forecast to grow 197% next year vs 29% decline forecast for Basic Materials industry in Pakistan. Consensus price target up from PK₨110 to PK₨123. Share price rose 2.9% to PK₨88.26 over the past week. Upcoming Dividend • Oct 05
Upcoming dividend of PK₨6.00 per share at 7.0% yield Eligible shareholders must have bought the stock before 12 October 2023. Payment date: 13 November 2023. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 7.0%. Lower than top quartile of Pakistani dividend payers (14%). Higher than average of industry peers (6.1%). Reported Earnings • Sep 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: PK₨9.31 (up from PK₨8.15 in FY 2022). Revenue: PK₨25.5b (down 9.3% from FY 2022). Net income: PK₨1.28b (up 14% from FY 2022). Profit margin: 5.0% (up from 4.0% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 17% per year. Major Estimate Revision • Aug 29
Consensus EPS estimates increase by 50% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from PK₨11.21 to PK₨16.78. Revenue forecast unchanged at PK₨26.4b. Net income forecast to grow 148% next year vs 3.1% decline forecast for Basic Materials industry in Pakistan. Consensus price target up from PK₨91.18 to PK₨110. Share price fell 4.8% to PK₨81.06 over the past week. Price Target Changed • May 12
Price target increased by 11% to PK₨91.18 Up from PK₨82.23, the current price target is an average from 5 analysts. New target price is 20% above last closing price of PK₨75.89. Stock is down 23% over the past year. The company is forecast to post earnings per share of PK₨11.21 for next year compared to PK₨8.15 last year. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨75.84, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 5x in the Basic Materials industry in Pakistan. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨62.08 per share. Reported Earnings • Apr 30
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: PK₨3.97 (up from PK₨3.19 in 3Q 2022). Revenue: PK₨10.4b (up 29% from 3Q 2022). Net income: PK₨577.7m (up 13% from 3Q 2022). Profit margin: 5.6% (down from 6.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 30%. Earnings per share (EPS) also surpassed analyst estimates by 3.1%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 21% per year. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨61.73, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Basic Materials industry in Pakistan. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨34.40 per share. Reported Earnings • Mar 02
Second quarter 2023 earnings released: EPS: PK₨4.24 (vs PK₨2.87 in 2Q 2022) Second quarter 2023 results: EPS: PK₨4.24 (up from PK₨2.87 in 2Q 2022). Revenue: PK₨8.86b (up 20% from 2Q 2022). Net income: PK₨675.6m (up 45% from 2Q 2022). Profit margin: 7.6% (up from 6.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 21% per year. Major Estimate Revision • Mar 01
Consensus revenue estimates decrease by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from PK₨36.7b to PK₨30.5b. EPS estimate unchanged at PK₨9.13 per share. Net income forecast to grow 40% next year vs 9.6% growth forecast for Basic Materials industry in Pakistan. Consensus price target broadly unchanged at PK₨82.63. Share price fell 6.9% to PK₨54.49 over the past week. Price Target Changed • Feb 04
Price target decreased by 16% to PK₨81.45 Down from PK₨96.50, the current price target is an average from 2 analysts. New target price is 47% above last closing price of PK₨55.48. Stock is down 59% over the past year. The company is forecast to post earnings per share of PK₨9.10 for next year compared to PK₨8.15 last year. Price Target Changed • Nov 16
Price target increased to PK₨107 Up from PK₨96.50, the current price target is an average from 2 analysts. New target price is 48% above last closing price of PK₨71.95. Stock is down 45% over the past year. The company is forecast to post earnings per share of PK₨9.99 for next year compared to PK₨8.15 last year. 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. 7 non-independent directors. Director Shamim Khan was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
First quarter 2023 earnings released: EPS: PK₨1.54 (vs PK₨2.45 in 1Q 2022) First quarter 2023 results: EPS: PK₨1.54 (down from PK₨2.45 in 1Q 2022). Revenue: PK₨6.61b (up 15% from 1Q 2022). Net income: PK₨275.3m (flat on 1Q 2022). Profit margin: 4.2% (down from 4.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has fallen by 23% 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. Upcoming Dividend • Oct 03
Upcoming dividend of PK₨1.50 per share Eligible shareholders must have bought the stock before 10 October 2022. Payment date: 09 November 2022. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Pakistani dividend payers (11%). Lower than average of industry peers (7.6%). Reported Earnings • Oct 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: PK₨8.15 (down from PK₨13.61 in FY 2021). Revenue: PK₨28.1b (down 1.8% from FY 2021). Net income: PK₨1.12b (down 40% from FY 2021). Profit margin: 4.0% (down from 6.5% in FY 2021). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 28% 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 fallen by 18% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Price Target Changed • May 24
Price target decreased to PK₨145 Down from PK₨177, the current price target is an average from 2 analysts. New target price is 78% above last closing price of PK₨81.34. Stock is down 51% over the past year. The company is forecast to post earnings per share of PK₨9.90 for next year compared to PK₨13.61 last year. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 16% share price decline to PK₨98.48, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Basic Materials industry in Pakistan. Total returns to shareholders of 38% over the past three years. 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. 7 non-independent directors. Director Shamim Khan was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Feb 15
Price target decreased to PK₨155 Down from PK₨182, the current price target is provided by 1 analyst. New target price is 23% above last closing price of PK₨126. Stock is down 25% over the past year. The company is forecast to post earnings per share of PK₨10.29 for next year compared to PK₨13.61 last year. Reported Earnings • Feb 14
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: PK₨2.27 (down from PK₨5.50 in 2Q 2021). Revenue: PK₨7.40b (down 4.9% from 2Q 2021). Net income: PK₨368.8m (down 56% from 2Q 2021). Profit margin: 5.0% (down from 11% in 2Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Over the next year, revenue is forecast to grow 19%, compared to a 44% growth forecast for the industry in Pakistan. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Major Estimate Revision • Feb 08
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from PK₨34.9b to PK₨28.9b. EPS estimate unchanged from PK₨10.29 per share at last update. Basic Materials industry in Pakistan expected to see average net income growth of 17% next year. Consensus price target down from PK₨182 to PK₨171. Share price was steady at PK₨134 over the past week. Price Target Changed • Oct 22
Price target decreased to PK₨186 Down from PK₨215, the current price target is provided by 1 analyst. New target price is 38% above last closing price of PK₨135. Stock is down 12% over the past year. The company is forecast to post earnings per share of PK₨16.16 for next year compared to PK₨13.61 last year. Reported Earnings • Oct 06
Full year 2021 earnings released: EPS PK₨13.61 (vs PK₨14.43 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: PK₨28.6b (up 19% from FY 2020). Net income: PK₨1.87b (down 5.7% from FY 2020). Profit margin: 6.5% (down from 8.3% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Oct 05
Upcoming dividend of LK₨4.00 per share Eligible shareholders must have bought the stock before 12 October 2021. Payment date: 11 November 2021. Trailing yield: 2.9%. Lower than top quartile of Pakistani dividend payers (10%). Lower than average of industry peers (6.4%). Reported Earnings • Aug 12
Full year 2021 earnings released: EPS PK₨13.61 (vs PK₨14.43 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: PK₨28.6b (up 19% from FY 2020). Net income: PK₨2.38b (up 20% from FY 2020). Profit margin: 8.3% (in line with FY 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 10
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from PK₨30.6b to PK₨26.0b. EPS estimate increased from PK₨13.63 to PK₨15.18 per share. Net income forecast to grow 61% next year vs 113% growth forecast for Basic Materials industry in Pakistan. Consensus price target broadly unchanged at PK₨221. Share price fell 6.3% to PK₨161 over the past week. Reported Earnings • Apr 29
Third quarter 2021 earnings released: EPS PK₨4.49 (vs PK₨6.42 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: PK₨7.05b (up 6.8% from 3Q 2020). Net income: PK₨752.4m (down 15% from 3Q 2020). Profit margin: 11% (down from 13% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 16
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from PK₨19.00 to PK₨11.87. Revenue forecast unchanged from PK₨30.6b at last update. Net income forecast to grow 72% next year vs 144% growth forecast for Basic Materials industry in Pakistan. Consensus price target of PK₨208 unchanged from last update. Share price was steady at PK₨168 over the past week. Major Estimate Revision • Mar 20
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from PK₨28.3b to PK₨30.6b. EPS estimate fell from PK₨22.98 to PK₨19.00 per share. Net income forecast to grow 86% next year vs 244% growth forecast for Basic Materials industry in Pakistan. Consensus price target up from PK₨176 to PK₨208. Share price was steady at PK₨163 over the past week. Price Target Changed • Mar 16
Price target increased to PK₨192 Up from PK₨172, the current price target is provided by 1 analyst. New target price is 15% above last closing price of PK₨167. Stock is up 65% over the past year. 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₨160, the stock is trading at a trailing P/E ratio of 11.2x, down from the previous P/E ratio of 13.5x. 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 14%. Is New 90 Day High Low • Feb 10
New 90-day high: PK₨173 The company is up 18% from its price of PK₨147 on 12 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 11% over the same period. Reported Earnings • Jan 28
Second quarter 2021 earnings released: EPS PK₨3.65 (vs PK₨5.34 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: PK₨7.78b (up 9.8% from 2Q 2020). Net income: PK₨552.8m (down 25% from 2Q 2020). Profit margin: 7.1% (down from 10% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Jan 28
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 12%, compared to a 45% growth forecast for the Basic Materials industry in Pakistan. Major Estimate Revision • Jan 27
Analysts increase EPS estimates to PK₨22.98 The 2021 consensus revenue estimate increased from PK₨27.3b to PK₨28.3b. The earnings per share estimate also received an upgrade from PK₨17.01 to PK₨22.98 for the same period. Net income is expected to grow by 106% next year compared to 14% growth forecast for the Basic Materials industry in Pakistan. The consensus price target of PK₨172 was unchanged from the last update. Share price is up 9.2% to PK₨168 over the past week. Is New 90 Day High Low • Jan 26
New 90-day high: PK₨158 The company is up 2.0% from its price of PK₨155 on 28 October 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Basic Materials industry, which is also up 2.0% over the same period. Is New 90 Day High Low • Nov 25
New 90-day low: PK₨142 The company is down 2.0% from its price of PK₨145 on 27 August 2020. The Pakistani market is down 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 4.0% over the same period. Reported Earnings • Oct 22
First quarter earnings released Over the last 12 months the company has reported total profits of PK₨2.61b, up 26% from the prior year. Total revenue was PK₨25.9b over the last 12 months, up 26% from the prior year.