KOHC has posted 4QFY22 NPAT of PKR0.4bn (EPS: PKR1.96), lower than our expected EPS of PKR4.17 amid higher ETR
The company has posted gross margins of 27.6% in 4QFY22, up by 1.5ppt YoY but down 1.6ppt QoQ.
KOHC has booked an effective tax rate of 84% vs. 29% in 4QFY21 owing to a high one-off super tax.
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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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