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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.2x - 1.3x | 1.3x |
| Selected Fwd Ps Multiple | 1.3x - 1.4x | 1.3x |
| Fair Value | ₨9.03 - ₨9.99 | ₨9.51 |
| Upside | -7.6% - 2.1% | -2.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| JS Bank Limited | - | KASE:JSBL |
| Bank Makramah Limited | - | KASE:BML |
| Apna Microfinance Bank Limited | - | KASE:AMBL |
| National Bank of Pakistan | - | KASE:NBP |
| Soneri Bank Limited | - | KASE:SNBL |
| Samba Bank Limited | - | KASE:SBL |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| JSBL | BML | AMBL | NBP | SNBL | SBL | |||
| KASE:JSBL | KASE:BML | KASE:AMBL | KASE:NBP | KASE:SNBL | KASE:SBL | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 47.7% | NM- | NM- | 19.6% | 23.1% | 13.4% | ||
| 3Y CAGR | 72.5% | 13.4% | NM- | 23.7% | 28.0% | 15.4% | ||
| Latest Twelve Months | 77.7% | 473.6% | 33.5% | 19.7% | 15.6% | 3.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 11.1% | -636.1% | 1.0% | 21.9% | 17.8% | 12.3% | ||
| Prior Fiscal Year | 20.3% | 2327.3% | 277.1% | 26.9% | 21.8% | 17.6% | ||
| Latest Fiscal Year | 12.5% | -608.3% | 359.4% | 11.0% | 18.3% | 9.7% | ||
| Latest Twelve Months | 12.5% | -608.3% | 359.4% | 11.0% | 18.3% | 9.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 0.2x | 28.8x | -6.2x | 0.7x | 0.6x | 1.4x | ||
| LTM P/E Ratio | 1.6x | -4.7x | -1.7x | 6.4x | 3.1x | 14.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | -6.2x | 0.6x | 28.8x | |||||
| Historical LTM P/S Ratio | 1.3x | 1.6x | 2.9x | |||||
| Selected Price / Sales Multiple | 1.2x | 1.3x | 1.3x | |||||
| (x) LTM Sales | 7,235 | 7,235 | 7,235 | |||||
| (=) Equity Value | 8,797 | 9,260 | 9,723 | |||||
| (/) Shares Outstanding | 1,008.2 | 1,008.2 | 1,008.2 | |||||
| Implied Value Range | 8.72 | 9.18 | 9.64 | |||||
| FX Rate: PKR/PKR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 8.72 | 9.18 | 9.64 | 9.78 | ||||
| Upside / (Downside) | -10.8% | -6.1% | -1.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | JSBL | BML | AMBL | NBP | SNBL | SBL | |
| Value of Common Equity | 16,590 | 24,635 | 5,371 | 166,627 | 18,180 | 9,861 | |
| (/) Shares Outstanding | 2,050.7 | 6,622.2 | 429.0 | 2,127.5 | 1,102.5 | 1,008.2 | |
| Implied Stock Price | 8.09 | 3.72 | 12.52 | 78.32 | 16.49 | 9.78 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.09 | 3.72 | 12.52 | 78.32 | 16.49 | 9.78 | |
| Trading Currency | PKR | PKR | PKR | PKR | PKR | PKR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |