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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 9.5x - 10.5x | 10.0x |
Selected Fwd EBIT Multiple | 7.9x - 8.7x | 8.3x |
Fair Value | ₨19.84 - ₨22.48 | ₨21.16 |
Upside | -1.8% - 11.3% | 4.7% |
Benchmarks | Ticker | Full Ticker |
Ghani Glass Limited | GHGL | KASE:GHGL |
Macpac Films Limited | MACFL | KASE:MACFL |
EcoPack Limited | ECOP | KASE:ECOP |
SPEL Limited | SPEL | KASE:SPEL |
Cherat Packaging Limited | CPPL | KASE:CPPL |
Roshan Packages Limited | RPL | KASE:RPL |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
GHGL | MACFL | ECOP | SPEL | CPPL | RPL | ||
KASE:GHGL | KASE:MACFL | KASE:ECOP | KASE:SPEL | KASE:CPPL | KASE:RPL | ||
Historical EBIT Growth | |||||||
5Y CAGR | 19.4% | NM- | 12.0% | 19.4% | -3.3% | 17.8% | |
3Y CAGR | 32.7% | 12.8% | 36.5% | 10.4% | -14.9% | -2.5% | |
Latest Twelve Months | -0.2% | -83.9% | 152.4% | 100.2% | -97.6% | -37.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 15.9% | 7.0% | 5.8% | 15.4% | 12.2% | 4.9% | |
Prior Fiscal Year | 18.8% | 16.1% | 5.4% | 15.6% | 17.1% | 5.1% | |
Latest Fiscal Year | 15.1% | 7.8% | 7.4% | 13.5% | 7.0% | 4.0% | |
Latest Twelve Months | 15.3% | 2.3% | 11.2% | 19.5% | 0.5% | 3.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.85x | 0.41x | 0.49x | 1.09x | 0.58x | 0.38x | |
EV / LTM EBITDA | 4.4x | 9.1x | 3.7x | 4.8x | 17.8x | 5.9x | |
EV / LTM EBIT | 5.6x | 17.7x | 4.4x | 5.6x | 114.3x | 9.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 4.4x | 5.6x | 114.3x | ||||
Historical EV / LTM EBIT | 4.4x | 7.1x | 13.3x | ||||
Selected EV / LTM EBIT | 9.5x | 10.0x | 10.5x | ||||
(x) LTM EBIT | 373 | 373 | 373 | ||||
(=) Implied Enterprise Value | 3,551 | 3,737 | 3,924 | ||||
(-) Non-shareholder Claims * | (749) | (749) | (749) | ||||
(=) Equity Value | 2,802 | 2,989 | 3,176 | ||||
(/) Shares Outstanding | 141.9 | 141.9 | 141.9 | ||||
Implied Value Range | 19.75 | 21.06 | 22.38 | ||||
FX Rate: PKR/PKR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 19.75 | 21.06 | 22.38 | 20.20 | |||
Upside / (Downside) | -2.2% | 4.3% | 10.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | GHGL | MACFL | ECOP | SPEL | CPPL | RPL | |
Enterprise Value | 38,603 | 2,575 | 3,681 | 9,894 | 7,491 | 3,615 | |
(+) Cash & Short Term Investments | 1,370 | 201 | 53 | 462 | 65 | 511 | |
(+) Investments & Other | 2,796 | 0 | 0 | 0 | 1,337 | 0 | |
(-) Debt | (72) | (601) | (1,200) | (1,064) | (3,199) | (1,260) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 42,698 | 2,176 | 2,534 | 9,292 | 5,694 | 2,866 | |
(/) Shares Outstanding | 999.7 | 59.3 | 48.3 | 189.7 | 49.1 | 141.9 | |
Implied Stock Price | 42.71 | 36.69 | 52.51 | 48.97 | 115.98 | 20.20 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 42.71 | 36.69 | 52.51 | 48.97 | 115.98 | 20.20 | |
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 |