FCCL has posted NPAT of PKR2.3bn for 1QFY23 (EPS: PKR0.94), up 70% YoY but down 24% QoQ.
Gross margins have clocked in at 28.7%, up 3.2ppt QoQ (down 1.8ppt YoY), higher than our estimated GM of 25%.
Finance cost increased to PKR240mn, up from a net income of PKR77mn in 1QFY22, due to higher borrowings interest rates.
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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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