MUGHAL posted a profit of PKR1.0bn (EPS: PKR3.10) for 4QFY22, up from PKR0.8bn (EPS: PKR2.50) last quarter
Major deviation stemmed from lower than expected tax rate (28.7%) and finance cost
MUGHAL has posted gross margins of 13.9%, up 1.8ppt QoQ and c.1.3ppt YoY
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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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