Buy Or Sell Opportunity • May 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.1% to PK₨53.07. The fair value is estimated to be PK₨43.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Reported Earnings • Apr 26
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: EPS: PK₨1.41 (up from PK₨0.87 in 3Q 2025). Revenue: PK₨22.4b (up 16% from 3Q 2025). Net income: PK₨3.46b (up 62% from 3Q 2025). Profit margin: 15% (up from 11% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 6.6%. Revenue is forecast to grow 15% p.a. on average during the next 3 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 23% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 24
Now 24% overvalued Over the last 90 days, the stock has fallen 15% to PK₨50.31. The fair value is estimated to be PK₨40.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. New Risk • Apr 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 9.4% 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: 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 (9.4% average weekly change). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨50.51, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Basic Materials industry in Pakistan. Total returns to shareholders of 351% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨64.75 per share. Announcement • Apr 02
Fauji Cement Company Limited to Report Q3, 2026 Results on Apr 24, 2026 Fauji Cement Company Limited announced that they will report Q3, 2026 results on Apr 24, 2026 Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨43.84, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Basic Materials industry in Pakistan. Total returns to shareholders of 283% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨66.27 per share. Reported Earnings • Feb 26
Second quarter 2026 earnings released: EPS: PK₨1.64 (vs PK₨1.64 in 2Q 2025) Second quarter 2026 results: EPS: PK₨1.64 (in line with 2Q 2025). Revenue: PK₨23.9b (down 3.8% from 2Q 2025). Net income: PK₨4.03b (flat on 2Q 2025). Profit margin: 17% (in line with 2Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 3 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 20% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 04
Fauji Cement Company Limited to Report First Half, 2026 Results on Feb 25, 2026 Fauji Cement Company Limited announced that they will report first half, 2026 results on Feb 25, 2026 Price Target Changed • Nov 22
Price target increased by 11% to PK₨70.16 Up from PK₨63.13, the current price target is an average from 5 analysts. New target price is 34% above last closing price of PK₨52.37. Stock is up 60% over the past year. The company is forecast to post earnings per share of PK₨5.81 for next year compared to PK₨5.43 last year. Reported Earnings • Oct 30
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: PK₨1.34 (up from PK₨1.32 in 1Q 2025). Revenue: PK₨23.4b (up 2.0% from 1Q 2025). Net income: PK₨3.29b (up 1.2% from 1Q 2025). Profit margin: 14% (in line with 1Q 2025). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 11% 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 18% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 15
Upcoming dividend of PK₨1.25 per share Eligible shareholders must have bought the stock before 22 September 2025. Payment date: 21 October 2025. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Pakistani dividend payers (7.4%). Lower than average of industry peers (2.7%). Reported Earnings • Sep 12
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: PK₨5.43 (up from PK₨3.35 in FY 2024). Revenue: PK₨89.0b (up 11% from FY 2024). Net income: PK₨13.3b (up 62% from FY 2024). Profit margin: 15% (up from 10% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.2%. Revenue is forecast to grow 10% 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 15% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 10
Fauji Cement Company Limited to Report Q1, 2026 Results on Oct 30, 2025 Fauji Cement Company Limited announced that they will report Q1, 2026 results on Oct 30, 2025 Price Target Changed • Sep 09
Price target increased by 7.7% to PK₨61.26 Up from PK₨56.86, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of PK₨58.43. Stock is up 149% over the past year. The company is forecast to post earnings per share of PK₨6.25 for next year compared to PK₨5.43 last year. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨59.46, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 11x in the Basic Materials industry in Asia. Total returns to shareholders of 356% over the past three years. New Risk • Aug 17
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Declared Dividend • Aug 13
Dividend increased to PK₨1.25 Dividend of PK₨1.25 is 25% higher than last year. Ex-date: 22nd September 2025 Payment date: 21st October 2025 Dividend yield will be 2.5%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 35% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 12
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: PK₨5.43 (up from PK₨3.35 in FY 2024). Revenue: PK₨89.0b (up 11% from FY 2024). Net income: PK₨13.3b (up 62% from FY 2024). Profit margin: 15% (up from 10% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.3%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to PK₨48.54, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Basic Materials industry in Pakistan. Total returns to shareholders of 266% over the past three years. New Risk • Mar 31
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 High level of debt (45% net debt to equity). Share price has been volatile over the past 3 months (6.7% average weekly change). Reported Earnings • Mar 01
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: PK₨1.64 (up from PK₨1.08 in 2Q 2024). Revenue: PK₨24.9b (up 24% from 2Q 2024). Net income: PK₨4.02b (up 51% from 2Q 2024). Profit margin: 16% (up from 13% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 8.5%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Feb 27
Price target increased by 7.4% to PK₨46.57 Up from PK₨43.34, the current price target is an average from 10 analysts. New target price is 14% above last closing price of PK₨40.84. Stock is up 121% over the past year. The company is forecast to post earnings per share of PK₨5.68 for next year compared to PK₨3.35 last year. Price Target Changed • Feb 18
Price target increased by 11% to PK₨46.23 Up from PK₨41.57, the current price target is an average from 9 analysts. New target price is 19% above last closing price of PK₨38.71. Stock is up 128% over the past year. The company is forecast to post earnings per share of PK₨5.68 for next year compared to PK₨3.35 last year. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨40.65, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 16x in the Basic Materials industry in Asia. Total returns to shareholders of 175% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨29.30 per share. Buy Or Sell Opportunity • Jan 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to PK₨34.83. The fair value is estimated to be PK₨28.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 6.1%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 58% in the next 2 years. Price Target Changed • Dec 11
Price target increased by 13% to PK₨34.01 Up from PK₨30.17, the current price target is an average from 8 analysts. New target price is 13% below last closing price of PK₨39.00. Stock is up 94% over the past year. The company is forecast to post earnings per share of PK₨5.50 for next year compared to PK₨3.35 last year. 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₨38.54, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Basic Materials industry in Asia. Total returns to shareholders of 161% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨41.83 per share. Buy Or Sell Opportunity • Nov 12
Now 22% undervalued Over the last 90 days, the stock has risen 60% to PK₨32.14. The fair value is estimated to be PK₨41.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 6.1%. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to grow by 63% in the next 2 years. Reported Earnings • Oct 26
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: PK₨1.32 (up from PK₨1.07 in 1Q 2024). Revenue: PK₨23.0b (up 13% from 1Q 2024). Net income: PK₨3.25b (up 24% from 1Q 2024). Profit margin: 14% (up from 13% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 13% 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 6% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨33.99, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Basic Materials industry in Pakistan. Total returns to shareholders of 127% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨41.38 per share. Announcement • Oct 18
Fauji Cement Company Limited Announces Board Changes Fauji Cement Company Limited (FCCL) has announced a significant change in its leadership structure, effective October 17, 2024. Maj Gen Zafar U Haq, HI(M), Retd, has stepped down from his role as Director of FCCL, and Mr. Mazhar Abbas Hasnani has been appointed as his replacement. Upcoming Dividend • Sep 27
Upcoming dividend of PK₨1.00 per share Eligible shareholders must have bought the stock before 04 October 2024. Payment date: 29 October 2024. Trailing yield: 3.9%. Lower than top quartile of Pakistani dividend payers (12%). Lower than average of industry peers (5.1%). Reported Earnings • Aug 31
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: PK₨3.35 (up from PK₨3.16 in FY 2023). Revenue: PK₨80.0b (up 18% from FY 2023). Net income: PK₨8.22b (up 11% from FY 2023). Profit margin: 10% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 14% p.a. on average during the next 3 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 8% per year whereas the company’s share price has increased by 7% per year. Announcement • Aug 29
Fauji Cement Company Limited, Annual General Meeting, Oct 14, 2024 Fauji Cement Company Limited, Annual General Meeting, Oct 14, 2024. Location: at pearl continental hotel, the mall road, rawalpindi Pakistan Buy Or Sell Opportunity • May 24
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to PK₨21.58. The fair value is estimated to be PK₨17.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 78% in the next 2 years. Major Estimate Revision • May 17
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from PK₨4.15 to PK₨3.72 per share. Revenue forecast steady at PK₨79.3b. Net income forecast to grow 55% next year vs 62% growth forecast for Basic Materials industry in Pakistan. Consensus price target broadly unchanged at PK₨28.63. Share price fell 3.2% to PK₨22.32 over the past week. Buy Or Sell Opportunity • May 03
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to PK₨21.36. The fair value is estimated to be PK₨17.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 53% in the next 2 years. Reported Earnings • May 02
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: PK₨0.72 (down from PK₨0.77 in 3Q 2023). Revenue: PK₨19.0b (up 4.5% from 3Q 2023). Net income: PK₨1.77b (down 6.3% from 3Q 2023). Profit margin: 9.3% (down from 10% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 12% p.a. on average during the next 3 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 15% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 02
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: PK₨1.08 (down from PK₨1.19 in 2Q 2023). Revenue: PK₨20.0b (up 5.6% from 2Q 2023). Net income: PK₨2.66b (down 3.8% from 2Q 2023). Profit margin: 13% (down from 15% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.4%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Basic Materials industry in Asia. 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 6% per year, which means it is significantly lagging earnings. Announcement • Feb 09
Fauji Cement Announces Board Director Changes Fauji Cement Company Limited (FCCL) disclosed a significant change in its Board of Directors, with Maj Gen Muhammad Ihsanullah (Retd) resigning from his position as a Non-Executive Director, effective February 7, 2024. He will be succeeded by Lt Gen Qazi Muhammad Ikram (Retd), who will assume the role on the same date. The transition marks a new chapter in the governance of FCCL, as the company continues to navigate the evolving dynamics of the cement industry. The incoming director, Lt Gen Qazi Muhammad Ikram, brings a wealth of experience that is expected to contribute significantly to the strategic direction and oversight of the company. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨20.30, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Basic Materials industry in Pakistan. Total returns to shareholders of 7.0% over the past three years. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨20.07, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Basic Materials industry in Pakistan. Total returns to shareholders of 7.0% over the past three years. Price Target Changed • Nov 30
Price target increased by 12% to PK₨19.83 Up from PK₨17.78, the current price target is an average from 4 analysts. New target price is 13% above last closing price of PK₨17.54. Stock is up 31% over the past year. The company is forecast to post earnings per share of PK₨3.86 for next year compared to PK₨3.16 last year. Major Estimate Revision • Nov 01
Consensus EPS estimates increase by 35% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from PK₨2.85 to PK₨3.86. Revenue forecast unchanged at PK₨69.5b. Net income forecast to shrink 37% next year vs 29% decline forecast for Basic Materials industry in Pakistan. Consensus price target up from PK₨17.78 to PK₨18.31. Share price was steady at PK₨13.84 over the past week. Board Change • Oct 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. 5 non-independent directors. Independent Director Maleeha Bangash 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. Reported Earnings • Oct 26
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: PK₨1.07 (up from PK₨0.94 in 1Q 2023). Revenue: PK₨20.3b (up 38% from 1Q 2023). Net income: PK₨2.61b (up 13% from 1Q 2023). Profit margin: 13% (down from 16% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 29%. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Aug 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: PK₨29.6b (US$99.6m) This is considered a minor 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 Earnings are forecast to decline by an average of 11% per year for the foreseeable future. High level of non-cash earnings (44% accrual ratio). Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Minor Risks High level of debt (58% net debt to equity). Market cap is less than US$100m (PK₨29.6b market cap, or US$99.6m). New Risk • Jun 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: PK₨28.6b (US$99.7m) This is considered a minor 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 Earnings are forecast to decline by an average of 4.9% per year for the foreseeable future. High level of non-cash earnings (44% accrual ratio). Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Minor Risks High level of debt (58% net debt to equity). Market cap is less than US$100m (PK₨28.6b market cap, or US$99.7m). Reported Earnings • Apr 25
Third quarter 2023 earnings released: EPS: PK₨0.77 (vs PK₨0.79 in 3Q 2022) Third quarter 2023 results: EPS: PK₨0.77. Revenue: PK₨18.2b (up 138% from 3Q 2022). Net income: PK₨1.89b (up 53% from 3Q 2022). Profit margin: 10% (down from 16% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Basic Materials industry in Pakistan. Major Estimate Revision • Apr 20
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from PK₨66.4b to PK₨71.5b. EPS estimate increased from PK₨3.44 to PK₨3.83 per share. Net income forecast to grow 4.6% next year vs 9.6% growth forecast for Basic Materials industry in Pakistan. Consensus price target up from PK₨18.00 to PK₨18.50. Share price was steady at PK₨11.85 over the past week. Reported Earnings • Feb 28
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: PK₨1.19 (up from PK₨0.95 in 2Q 2022). Revenue: PK₨19.0b (up 128% from 2Q 2022). Net income: PK₨2.76b (up 88% from 2Q 2022). Profit margin: 15% (down from 18% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Price Target Changed • Jan 21
Price target decreased to PK₨19.12 Down from PK₨20.74, the current price target is an average from 8 analysts. New target price is 80% above last closing price of PK₨10.64. Stock is down 32% over the past year. The company is forecast to post earnings per share of PK₨3.08 for next year compared to PK₨2.90 last year. Announcement • Jan 06
Fauji Cement Company Limited Announces Board Changes Fauji Cement Company Limited informed Pakistan Stock Exchange that Ms. Maleeha Humayun Bangash has been appointed as an Independent Director and Chairperson of the Audit Committee with effect from January 05, 2023 in place of Mr. Tariq Ahmad Khan. Price Target Changed • Nov 23
Price target decreased to PK₨19.05 Down from PK₨20.74, the current price target is an average from 6 analysts. New target price is 32% above last closing price of PK₨14.41. Stock is down 9.5% over the past year. The company is forecast to post earnings per share of PK₨2.70 for next year compared to PK₨2.90 last year. Board Change • Nov 16
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. Non-Executive Director Naseer Ali Khan is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 18% share price gain to PK₨15.22, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Basic Materials industry in Pakistan. Total returns to shareholders of 21% over the past three years. Price Target Changed • Jun 14
Price target decreased to PK₨25.75 Down from PK₨28.36, the current price target is an average from 5 analysts. New target price is 81% above last closing price of PK₨14.22. Stock is down 42% over the past year. The company is forecast to post earnings per share of PK₨3.44 for next year compared to PK₨2.52 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. Non-Executive Director Naseer Ali Khan is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Price Target Changed • Feb 09
Price target decreased to PK₨28.58 Down from PK₨31.29, the current price target is an average from 6 analysts. New target price is 62% above last closing price of PK₨17.67. Stock is down 31% over the past year. The company is forecast to post earnings per share of PK₨3.41 for next year compared to PK₨2.52 last year. Reported Earnings • Oct 29
First quarter 2022 earnings released: EPS PK₨0.98 (vs PK₨0.50 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: PK₨6.94b (up 26% from 1Q 2021). Net income: PK₨1.36b (up 95% from 1Q 2021). Profit margin: 20% (up from 13% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 08
Full year 2021 earnings released: EPS PK₨2.52 (vs PK₨0.043 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₨24.3b (up 41% from FY 2020). Net income: PK₨3.47b (up PK₨3.53b from FY 2020). Profit margin: 14% (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 36% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 16
Price target increased to PK₨33.91 Up from PK₨31.67, the current price target is an average from 5 analysts. New target price is 49% above last closing price of PK₨22.79. Stock is up 20% over the past year. Executive Departure • Jun 11
Company Secretary Riaz Gondal has left the company On the 7th of June, Riaz Gondal's tenure as Company Secretary ended after 2.9 years in the role. We don't have any record of a personal shareholding under Riaz's name. A total of 4 executives have left over the last 12 months. Reported Earnings • Apr 25
Third quarter 2021 earnings released: EPS PK₨0.73 (vs PK₨0.15 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₨5.92b (up 51% from 3Q 2020). Net income: PK₨1.01b (up PK₨1.22b from 3Q 2020). Profit margin: 17% (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 48% 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. Reported Earnings • Feb 20
Second quarter 2021 earnings released: EPS PK₨0.66 (vs PK₨0.14 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨6.11b (up 15% from 2Q 2020). Net income: PK₨905.2m (up 378% from 2Q 2020). Profit margin: 15% (up from 3.6% 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 50% 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 • Feb 20
Revenue and earnings miss expectations Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 9.4%. Over the next year, revenue is forecast to grow 34%, compared to a 57% growth forecast for the Basic Materials industry in Pakistan. Price Target Changed • Feb 20
Price target raised to PK₨28.03 Up from PK₨24.94, the current price target is an average from 4 analysts. The new target price is 11% above the current share price of PK₨25.37. As of last close, the stock is up 65% over the past year. Is New 90 Day High Low • Feb 10
New 90-day high: PK₨25.48 The company is up 23% from its price of PK₨20.65 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨22.63 per share. Is New 90 Day High Low • Jan 26
New 90-day high: PK₨22.29 The company is up 3.0% from its price of PK₨21.61 on 28 October 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨19.49 per share. Major Estimate Revision • Jan 08
Analysts update estimates The 2021 consensus earning per share (EPS) estimate increased from PK₨1.44 to PK₨2.19. No change was made to the revenue estimate which at the last update was PK₨23.1b. Net income is expected to grow by 635% next year compared to 13% growth forecast for the Basic Materials industry in Pakistan. The consensus price target increased from PK₨22.34 to PK₨24.08. Share price is down by 2.2% to PK₨21.04 over the past week. Price Target Changed • Jan 04
Price target raised to PK₨23.52 Up from PK₨21.59, the current price target is an average from 2 analysts. The new target price is 11% above the current share price of PK₨21.15. As of last close, the stock is up 36% over the past year. Major Estimate Revision • Dec 12
Analysts increase revenue estimates to PK₨23.1b The 2021 consensus revenue estimate increased from PK₨21.0b. Earning per share (EPS) estimate also increased from PK₨1.21 to PK₨1.44 for the same period. Net income is expected to grow by 635% next year compared to 14% growth forecast for the Basic Materials industry in Pakistan. The consensus price target increased from PK₨21.59 to PK₨22.34. Share price stayed mostly flat at PK₨21.41 over the past week. Announcement • Nov 20
Fauji Cement Company Limited Announces Change of Director Fauji Cement Company Limited announced that Mr. Imran Moid, Director of the company has ceased to be the Director of the company with effect from November 11, 2020 and Mr. Syed Bakhtiyar Kazmi has been appointed as Director of the Company Board with effect from November 18, 2020. Analyst Estimate Surprise Post Earnings • Oct 31
First-quarter earnings released: Revenue and earnings beat expectations First-quarter revenue exceeded analyst estimates by 15% at PK₨5.50b. Earnings per share (EPS) also surpassed analyst estimates by 81% at PK₨0.50. Revenue is forecast to grow 13% over the next year, compared to a 23% growth forecast for the Basic Materials industry in Pakistan. Reported Earnings • Sep 24
Full year earnings released - PK₨0.043 loss per share Over the last 12 months the company has reported total losses of PK₨59.4m, with earnings decreasing by PK₨2.88b from the prior year. Total revenue was PK₨17.2b over the last 12 months, down 17% from the prior year. Announcement • Sep 17
Fauji Cement Company Limited Announces Changes to Its Board Fauji Cement Company Limited announced that Sami ul Haq Khilji has been appointed as Director of the Company with effect from September 16, 2020 in place of Sarfaraz Ahmed Rehman. 
