Equity Analysis /
Pakistan

Mughal Iron & Steel Industries: Diversifying further in the non-ferrous segment

  • MUGHAL recently announced plans on further diversifying operations through venturing in to the Aluminum segment

  • We estimate the additional segment and Copper enhancement to add an average c.30% to topline and c.20% to NPAT

  • MUGHAL is our top pick in the IMS Steel universe with a TP of PKR135/sh. It currently trades at a FY22f P/E of 5.5x

Abdul Ghani Mianoor
Intermarket Securities
10 January 2022