Reported Earnings • May 05
Third quarter 2026 earnings released: EPS: PK₨0.049 (vs PK₨0.28 in 3Q 2025) Third quarter 2026 results: EPS: PK₨0.049 (down from PK₨0.28 in 3Q 2025). Revenue: PK₨232.0m (up 68% from 3Q 2025). Net income: PK₨11.0m (down 86% from 3Q 2025). Profit margin: 4.7% (down from 56% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 76% per year whereas the company’s share price has increased by 78% per year. Announcement • Apr 20
Pace (Pakistan) Limited to Report Q3, 2026 Results on Apr 28, 2026 Pace (Pakistan) Limited announced that they will report Q3, 2026 results on Apr 28, 2026 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨12.36, the stock trades at a trailing P/E ratio of 73.9x. Average trailing P/E is 37x in the Real Estate industry in Pakistan. Total returns to shareholders of 475% over the past three years. New Risk • Feb 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: PK₨2.77b (US$9.92m) This is considered a major 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (PK₨2.77b market cap, or US$9.92m). Announcement • Feb 19
Pace (Pakistan) Limited to Report Q2, 2026 Results on Feb 26, 2026 Pace (Pakistan) Limited announced that they will report Q2, 2026 results on Feb 26, 2026 Reported Earnings • Oct 09
Full year 2025 earnings released: PK₨1.89 loss per share (vs PK₨3.52 profit in FY 2024) Full year 2025 results: PK₨1.89 loss per share (down from PK₨3.52 profit in FY 2024). Revenue: PK₨1.58b (down 11% from FY 2024). Net loss: PK₨317.8m (down 132% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 73% per year whereas the company’s share price has increased by 78% per year. Announcement • Oct 08
Pace (Pakistan) Limited, Annual General Meeting, Oct 28, 2025 Pace (Pakistan) Limited, Annual General Meeting, Oct 28, 2025. Location: first capital house, 96-b-1 , m.m. alam road ,gulberg-iii, lahore Pakistan Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to PK₨14.01, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 10x in the Real Estate industry in Pakistan. Total returns to shareholders of 367% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to PK₨8.47, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 10x in the Real Estate industry in Pakistan. Total returns to shareholders of 185% over the past three years. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨7.06, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 11x in the Real Estate industry in Pakistan. Total returns to shareholders of 123% over the past three years. New Risk • May 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.02x net interest cover). High level of non-cash earnings (31% accrual ratio). Market cap is less than US$10m (PK₨1.11b market cap, or US$3.95m). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Revenue is less than US$5m (PK₨995m revenue, or US$3.5m). New Risk • May 04
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: PK₨995m (US$3.5m) This is considered a minor risk. Companies with a small amount of revenue 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 Interest payments are not well covered by earnings (0.02x net interest cover). High level of non-cash earnings (31% accrual ratio). Market cap is less than US$10m (PK₨1.41b market cap, or US$5.02m). Minor Risk Revenue is less than US$5m (PK₨995m revenue, or US$3.5m). New Risk • Mar 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Interest payments are not well covered by earnings (1.3x net interest cover). High level of non-cash earnings (23% accrual ratio). Market cap is less than US$10m (PK₨1.67b market cap, or US$5.98m). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Buy Or Sell Opportunity • Jan 17
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to PK₨7.09. The fair value is estimated to be PK₨5.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Dec 20
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to PK₨7.19. The fair value is estimated to be PK₨5.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Dec 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to PK₨7.02. The fair value is estimated to be PK₨5.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Oct 09
Full year 2024 earnings released: EPS: PK₨3.61 (vs PK₨6.21 loss in FY 2023) Full year 2024 results: EPS: PK₨3.61 (up from PK₨6.21 loss in FY 2023). Revenue: PK₨1.78b (up PK₨1.54b from FY 2023). Net income: PK₨980.9m (up PK₨2.71b from FY 2023). Profit margin: 55% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Oct 09
Pace (Pakistan) Limited, Annual General Meeting, Oct 28, 2024 Pace (Pakistan) Limited, Annual General Meeting, Oct 28, 2024. Location: at company`s registered office, first capital house, 96-b-1,m.m.alam road, gulberg-iii, lahore Pakistan Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to PK₨5.39, the stock trades at a trailing P/E ratio of 72.2x. Average trailing P/E is 9x in the Real Estate industry in Pakistan. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to PK₨4.15, the stock trades at a trailing P/E ratio of 55.6x. Average trailing P/E is 8x in the Real Estate industry in Pakistan. Total loss to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨3.64, the stock trades at a trailing P/E ratio of 48.8x. Average trailing P/E is 7x in the Real Estate industry in Pakistan. Total loss to shareholders of 49% over the past three years. New Risk • Jun 06
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-PK₨940m). Market cap is less than US$10m (PK₨1.00b market cap, or US$3.61m). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to PK₨4.32, the stock trades at a trailing P/E ratio of 57.9x. Average trailing P/E is 6x in the Real Estate industry in Pakistan. Total loss to shareholders of 18% over the past three years. New Risk • Dec 11
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 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-PK₨1.2b). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (PK₨241m revenue, or US$850k). Market cap is less than US$10m (PK₨789.2m market cap, or US$2.78m). Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). New Risk • Jun 15
New major risk - Negative shareholders equity The company has negative equity. Total equity: -PK₨968m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-PK₨968m). Earnings have declined by 12% per year over the past 5 years. Market cap is less than US$10m (PK₨574.5m market cap, or US$2.00m). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Revenue is less than US$5m (PK₨705m revenue, or US$2.5m). Announcement • Feb 15
Pace Pakistan Limited Announces Board Changes Pace Pakistan Limited announced the appointment of Mr. Umair Fakhar Alam as Director with effect from February 08, 2023 in place of Mr. Mian Ehsan Ul Haq. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Shavez Ahmad was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Shavez Ahmad was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 08
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: PK₨0.33 (up from PK₨0.80 loss in 3Q 2020). Net income: PK₨92.8m (up PK₨316.8m from 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Oct 12
Full year 2021 earnings released: PK₨0.17 loss per share (vs PK₨1.54 loss in FY 2020) Full year 2021 results: Net loss: PK₨46.3m (loss narrowed 89% from FY 2020). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 29
Third quarter 2021 earnings released: EPS PK₨0.29 (vs PK₨0.81 loss in 3Q 2020) Third quarter 2021 results: Net income: PK₨79.7m (up PK₨306.0m from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 28
Second quarter 2021 earnings released: EPS PK₨0.16 (vs PK₨0.17 loss in 2Q 2020) Second quarter 2021 results: Net income: PK₨45.5m (up PK₨93.1m from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 09
New 90-day high: PK₨4.70 The company is up 52% from its price of PK₨3.09 on 11 November 2020. The Pakistani market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 1.0% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: PK₨4.14 The company is up 38% from its price of PK₨2.99 on 14 October 2020. The Pakistani market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 9.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day low: PK₨2.84 The company is down 13% from its price of PK₨3.26 on 26 August 2020. The Pakistani market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 7.0% over the same period. Reported Earnings • Nov 01
First quarter earnings released Over the last 12 months the company has reported total losses of PK₨545.4m, with losses narrowing by 32% from the prior year. Reported Earnings • Oct 08
Full year earnings released - PK₨1.54 loss per share Over the last 12 months the company has reported total losses of PK₨428.6m, with losses narrowing by 55% from the prior year. 
