EPCL has posted NPAT of PKR2.3bn for 3QCY22 (EPS: PKR2.48); down 27%YoY/3%QoQ, in-line with our expectation PKR2.40.
The company also announced an interim cash dividend of PKR2.50/sh vs. our estimated DPS of PKR2.25.
Gross margin came in at 29.4%, down by 4.4ppt QoQ, but higher than our expectation of 25.2%.
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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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