EFERT posted consolidated EPS of PKR3.13 (DPS PKR3.0), lower than our estimate of PKR3.61, owing to lower GM
GM dipped by c.3ppt QoQ to 27.3% (IMS estimate of 31.8%), due to higher production from Base plant, in our view
We estimate a healthy 12M DY of 20% and maintain our Buy stance (TP of PKR92) on the scrip amid healthy sales and prices
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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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