Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨46.52, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 9x in the Packaging industry in Pakistan. Total returns to shareholders of 356% over the past three years. Reported Earnings • Apr 21
Third quarter 2026 earnings released: EPS: PK₨1.64 (vs PK₨1.79 in 3Q 2025) Third quarter 2026 results: EPS: PK₨1.64 (down from PK₨1.79 in 3Q 2025). Revenue: PK₨2.36b (flat on 3Q 2025). Net income: PK₨310.7m (down 8.4% from 3Q 2025). Profit margin: 13% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 10
SPEL Limited to Report Q3, 2026 Results on Apr 18, 2026 SPEL Limited announced that they will report Q3, 2026 results at 9:30 AM, Pakistan Standard Time on Apr 18, 2026 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨42.05, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 10x in the Packaging industry in Pakistan. Total returns to shareholders of 333% over the past three years. New Risk • Mar 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 7.1% 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 (7.1% average weekly change). Market cap is less than US$100m (PK₨7.83b market cap, or US$28.0m). Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to PK₨40.29, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 10x in the Packaging industry in Pakistan. Total returns to shareholders of 301% over the past three years. Reported Earnings • Feb 23
Second quarter 2026 earnings released: EPS: PK₨1.09 (vs PK₨0.93 in 2Q 2025) Second quarter 2026 results: EPS: PK₨1.09 (up from PK₨0.93 in 2Q 2025). Revenue: PK₨2.00b (down 8.8% from 2Q 2025). Net income: PK₨206.5m (up 16% from 2Q 2025). Profit margin: 10% (up from 8.1% in 2Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Feb 20
Dividend of PK₨0.50 announced Shareholders will receive a dividend of PK₨0.50. Ex-date: 24th February 2026 Payment date: 18th March 2026 Dividend yield will be 2.6%, which is lower than the industry average of 7.2%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has increased by an average of 9.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 35% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 10
SPEL Limited to Report Q2, 2026 Results on Feb 18, 2026 SPEL Limited announced that they will report Q2, 2026 results on Feb 18, 2026 New Risk • Feb 06
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: 1.9% 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. 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. Market cap is less than US$100m (PK₨10.6b market cap, or US$37.7m). New Risk • Oct 29
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 8.8% 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 Risk Share price has been highly volatile over the past 3 months (8.8% average weekly change). Minor Risk Market cap is less than US$100m (PK₨10.1b market cap, or US$35.8m). Reported Earnings • Oct 25
First quarter 2026 earnings released: EPS: PK₨1.38 (vs PK₨1.50 in 1Q 2025) First quarter 2026 results: EPS: PK₨1.38 (down from PK₨1.50 in 1Q 2025). Revenue: PK₨2.35b (up 1.9% from 1Q 2025). Net income: PK₨261.6m (down 8.2% from 1Q 2025). Profit margin: 11% (down from 12% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨58.04, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 15x in the Packaging industry in Pakistan. Total returns to shareholders of 402% over the past three years. Upcoming Dividend • Sep 15
Upcoming dividend of PK₨0.40 per share Eligible shareholders must have bought the stock before 22 September 2025. Payment date: 21 October 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Pakistani dividend payers (7.4%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨77.64, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 11x in the Packaging industry in Pakistan. Total returns to shareholders of 540% over the past three years. Reported Earnings • Aug 22
Full year 2025 earnings released: EPS: PK₨6.60 (vs PK₨3.36 in FY 2024) Full year 2025 results: EPS: PK₨6.60 (up from PK₨3.36 in FY 2024). Revenue: PK₨9.63b (up 38% from FY 2024). Net income: PK₨1.25b (up 96% from FY 2024). Profit margin: 13% (up from 9.2% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% 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 • Aug 19
SPEL Limited, Annual General Meeting, Sep 30, 2025 SPEL Limited, Annual General Meeting, Sep 30, 2025. Location: lahore Pakistan Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨58.06, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 10x in the Packaging industry in Pakistan. Total returns to shareholders of 331% over the past three years. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨52.89, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 9x in the Packaging industry in Pakistan. Total returns to shareholders of 320% over the past three years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨46.13, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 8x in the Packaging industry in Pakistan. Total returns to shareholders of 270% over the past three years. New Risk • Jun 06
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 8.2% 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 Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (PK₨8.80b market cap, or US$31.2m). Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨49.15, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 11x in the Packaging industry in Pakistan. Total returns to shareholders of 302% over the past three years. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to PK₨34.71, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 6x in the Packaging industry in Pakistan. Total returns to shareholders of 162% over the past three years. Reported Earnings • May 01
Third quarter 2025 earnings released: EPS: PK₨1.79 (vs PK₨0.75 in 3Q 2024) Third quarter 2025 results: EPS: PK₨1.79 (up from PK₨0.75 in 3Q 2024). Revenue: PK₨2.38b (up 41% from 3Q 2024). Net income: PK₨339.1m (up 135% from 3Q 2024). Profit margin: 14% (up from 8.5% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 06
Second quarter 2025 earnings released: EPS: PK₨0.93 (vs PK₨0.58 in 2Q 2024) Second quarter 2025 results: EPS: PK₨0.93 (up from PK₨0.58 in 2Q 2024). Revenue: PK₨2.20b (up 62% from 2Q 2024). Net income: PK₨177.4m (up 60% from 2Q 2024). Profit margin: 8.1% (down from 8.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to PK₨50.99, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 9x in the Packaging industry in Pakistan. Total returns to shareholders of 240% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨39.63, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 8x in the Packaging industry in Pakistan. Total returns to shareholders of 164% over the past three years. Reported Earnings • Oct 17
First quarter 2025 earnings released: EPS: PK₨1.50 (vs PK₨0.64 in 1Q 2024) First quarter 2025 results: EPS: PK₨1.50 (up from PK₨0.64 in 1Q 2024). Revenue: PK₨2.31b (up 36% from 1Q 2024). Net income: PK₨284.9m (up 131% from 1Q 2024). Profit margin: 12% (up from 7.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨40.98, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 8x in the Packaging industry in Pakistan. Total returns to shareholders of 153% over the past three years. Upcoming Dividend • Oct 10
Upcoming dividend of PK₨0.80 per share Eligible shareholders must have bought the stock before 17 October 2024. Payment date: 15 November 2024. Trailing yield: 2.3%. Lower than top quartile of Pakistani dividend payers (11%). Lower than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to PK₨40.19, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 11x in the Packaging industry in Pakistan. Total returns to shareholders of 137% over the past three years. Reported Earnings • Aug 21
Full year 2024 earnings released: EPS: PK₨3.36 (vs PK₨2.47 in FY 2023) Full year 2024 results: EPS: PK₨3.36 (up from PK₨2.47 in FY 2023). Revenue: PK₨6.97b (up 8.3% from FY 2023). Net income: PK₨641.0m (up 31% from FY 2023). Profit margin: 9.2% (up from 7.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 20
Synthetic Products Enterprises Limited, Annual General Meeting, Oct 26, 2024 Synthetic Products Enterprises Limited, Annual General Meeting, Oct 26, 2024. Location: lahore Pakistan Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to PK₨42.01, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 11x in the Packaging industry in Pakistan. Total returns to shareholders of 133% over the past three years. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to PK₨18.88, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 8x in the Packaging industry in Pakistan. Total returns to shareholders of 4.9% over the past three years. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨14.79, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 5x in the Packaging industry in Pakistan. Total loss to shareholders of 6.9% over the past three years. 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₨14.90, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 6x in the Packaging industry in Pakistan. Total loss to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨15.39, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 6x in the Packaging industry in Pakistan. Total loss to shareholders of 9.0% over the past three years. Reported Earnings • Nov 02
First quarter 2024 earnings released: EPS: PK₨0.64 (vs PK₨0.29 in 1Q 2023) First quarter 2024 results: EPS: PK₨0.64 (up from PK₨0.29 in 1Q 2023). Revenue: PK₨1.69b (up 14% from 1Q 2023). Net income: PK₨123.4m (up 114% from 1Q 2023). Profit margin: 7.3% (up from 3.9% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 28
Upcoming dividend of PK₨0.50 per share at 17% yield Eligible shareholders must have bought the stock before 05 October 2023. Payment date: 03 November 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 17%. Within top quartile of Pakistani dividend payers (14%). Higher than average of industry peers (6.9%). Reported Earnings • Sep 23
Full year 2023 earnings released: EPS: PK₨2.47 (vs PK₨2.70 in FY 2022) Full year 2023 results: EPS: PK₨2.47 (down from PK₨2.70 in FY 2022). Revenue: PK₨6.43b (up 1.9% from FY 2022). Net income: PK₨491.1m (down 8.9% from FY 2022). Profit margin: 7.6% (down from 8.5% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 26
Second quarter 2023 earnings released: EPS: PK₨0.71 (vs PK₨0.49 in 2Q 2022) Second quarter 2023 results: EPS: PK₨0.71 (up from PK₨0.49 in 2Q 2022). Revenue: PK₨1.54b (up 14% from 2Q 2022). Net income: PK₨142.7m (up 45% from 2Q 2022). Profit margin: 9.3% (up from 7.3% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨10.77, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 5x in the Packaging industry in Pakistan. Total loss to shareholders of 29% 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 an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Syed Sohail Naqvi was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Oct 06
Upcoming dividend of PK₨0.50 per share Eligible shareholders must have bought the stock before 13 October 2022. Payment date: 11 November 2022. Trailing yield: 3.5%. Lower than top quartile of Pakistani dividend payers (11%). Lower than average of industry peers (7.7%). Board Change • Apr 27
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. 6 non-independent directors. Independent Director Syed Sohail Naqvi was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 11
Upcoming dividend of PK₨0.50 per share Eligible shareholders must have bought the stock before 18 October 2021. Payment date: 17 November 2021. Trailing yield: 1.3%. Lower than top quartile of Pakistani dividend payers (10%). Lower than average of industry peers (12%). Reported Earnings • Oct 10
Full year 2021 earnings released: EPS PK₨5.07 (vs PK₨2.93 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨4.17b (up 35% from FY 2020). Net income: PK₨460.2m (up 78% from FY 2020). Profit margin: 11% (up from 8.4% 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 7% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Aug 26
Full year 2021 earnings released: EPS PK₨5.07 (vs PK₨2.93 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨4.17b (up 35% from FY 2020). Net income: PK₨460.2m (up 78% from FY 2020). Profit margin: 11% (up from 8.4% 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 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 25
Third quarter 2021 earnings released: EPS PK₨1.59 (vs PK₨0.95 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨1.16b (up 41% from 3Q 2020). Net income: PK₨144.2m (up 71% from 3Q 2020). Profit margin: 13% (up from 10% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Feb 28
Second quarter 2021 earnings released: EPS PK₨0.83 (vs PK₨0.49 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨820.1m (up 23% from 2Q 2020). Net income: PK₨73.9m (up 71% from 2Q 2020). Profit margin: 9.0% (up from 6.5% 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 12% per year whereas the company’s share price has fallen by 7% per year. Is New 90 Day High Low • Feb 25
New 90-day low: PK₨40.96 The company is down 2.0% from its price of PK₨41.60 on 27 November 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Packaging industry, which is down 4.0% over the same period. Reported Earnings • Oct 20
First quarter earnings released Over the last 12 months the company has reported total profits of PK₨272.5m, up 14% from the prior year. Total revenue was PK₨3.04b over the last 12 months, down 13% from the prior year. Reported Earnings • Oct 06
Full year earnings released - EPS PK₨2.92 Over the last 12 months the company has reported total profits of PK₨258.8m, up 7.3% from the prior year. Total revenue was PK₨3.10b over the last 12 months, down 9.7% from the prior year. Profit margins were 8.4%, which is higher than the 7.0% margin from last year. The increase in margin was driven by lower expenses. Is New 90 Day High Low • Sep 21
New 90-day high: PK₨49.73 The company is up 13% from its price of PK₨43.91 on 23 June 2020. The Pakistani market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 47% over the same period. Reported Earnings • Sep 19
Full year earnings released - EPS PK₨2.92 Over the last 12 months the company has reported total profits of PK₨258.8m, up 7.3% from the prior year. Total revenue was PK₨3.10b over the last 12 months, down 9.7% from the prior year. Profit margins were 8.4%, which is higher than the 7.0% margin from last year. The increase in margin was driven by lower expenses.