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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.6x - 1.7x | 1.7x |
| Selected Fwd Ps Multiple | 0.6x - 0.7x | 0.7x |
| Fair Value | ₨13.52 - ₨14.94 | ₨14.23 |
| Upside | 16.5% - 28.8% | 22.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| First National Equities Limited | - | KASE:FNEL |
| Escorts Investment Bank Limited | - | KASE:ESBL |
| Jahangir Siddiqui & Co. Ltd. | - | KASE:JSCL |
| Dawood Equities Limited | - | KASE:DEL |
| Invest Capital Investment Bank Limited | - | KASE:ICIBL |
| Trust Securities & Brokerage Limited | - | KASE:TSBL |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| FNEL | ESBL | JSCL | DEL | ICIBL | TSBL | |||
| KASE:FNEL | KASE:ESBL | KASE:JSCL | KASE:DEL | KASE:ICIBL | KASE:TSBL | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 57.3% | 15.3% | 50.9% | 42.5% | 26.0% | 57.8% | ||
| 3Y CAGR | -49.4% | 5.7% | 68.0% | -2.3% | 23.5% | -1.7% | ||
| Latest Twelve Months | 88080.5% | 1.9% | 41.4% | 117.2% | 11.0% | 7.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 50.7% | -83.3% | 14.8% | 9.1% | 85.9% | 14.6% | ||
| Prior Fiscal Year | 8024.2% | -47.6% | 18.8% | -43.7% | 68.6% | -6.6% | ||
| Latest Fiscal Year | -227.1% | -20.4% | 7.5% | 21.4% | 69.3% | 27.7% | ||
| Latest Twelve Months | -116.2% | -38.4% | 6.2% | 25.1% | 69.0% | 4.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 26.0x | 7.2x | 0.2x | 0.9x | 2.2x | 1.3x | ||
| LTM P/E Ratio | -22.3x | -18.8x | 2.5x | 3.6x | 3.2x | 30.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.2x | 2.2x | 26.0x | |||||
| Historical LTM P/S Ratio | 1.2x | 2.0x | 3.7x | |||||
| Selected Price / Sales Multiple | 1.6x | 1.7x | 1.7x | |||||
| (x) LTM Sales | 259 | 259 | 259 | |||||
| (=) Equity Value | 409 | 431 | 453 | |||||
| (/) Shares Outstanding | 30.0 | 30.0 | 30.0 | |||||
| Implied Value Range | 13.65 | 14.37 | 15.09 | |||||
| FX Rate: PKR/PKR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 13.65 | 14.37 | 15.09 | 11.60 | ||||
| Upside / (Downside) | 17.7% | 23.9% | 30.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | FNEL | ESBL | JSCL | DEL | ICIBL | TSBL | |
| Value of Common Equity | 740 | 811 | 13,336 | 209 | 376 | 348 | |
| (/) Shares Outstanding | 267.3 | 135.6 | 915.9 | 27.5 | 284.9 | 30.0 | |
| Implied Stock Price | 2.77 | 5.98 | 14.56 | 7.59 | 1.32 | 11.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.77 | 5.98 | 14.56 | 7.59 | 1.32 | 11.60 | |
| 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 | |