NCL reported unconsol. LPS of PKR0.54, for the first time in 9 quarters, worse than our estimated EPS of PKR3.45
GMs declined by 11.1ppt YoY/5.3ppt QoQ to 11.2%, likely due to moderating Spinning margins
We retain our Neutral stance on NCL with a TP of PKR38/sh.
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The analyst certifies that the views expressed in the report reflect their personal views about the subject securities. He or she also certifies that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations made in this report. He or she further certifies that they do not have any beneficial holding of the specific securities that they have recommendations on in this report.
Valuation Methodology: We use multiple valuation methodologies in arriving at a Target Price including, but not limited to, Discounted Cash Flow (DCF), Dividend Discount Model (DDM) and relative multiples based valuations.
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