MLCF posted 4QFY22 unconsolidated NPAT of PKR35mn (EPS: PKR0.03), much lower than our expectation of PKR0.54/share
Gross margins rose by 3.4ppt YoY and 1.0ppt QoQ, to 25.2% in 4QFY22. GMs came in line with our expectation of 25.1%.
MLCF has reported Effective Tax Rate (ETR) of 98% in 4QFY22 vs. 28% in SPLY, amid one-off super tax impact
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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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