Equity Analysis /
Pakistan

Friesland Campina Engro Pakistan: On the rebound – Upgrade to Buy

  • We raise our EPS estimates for FCEPL by 19% on average due to improved sales momentum

  • Our TP remains unchanged at PKR110/sh due to a higher risk-free rate of 11%

  • The recent 28% price correction provides a decent entry point. This leads us to raise our stance by one notch to Buy

Yusra Beg
Yusra Beg

Senior Investment Analyst

Intermarket Securities
16 November 2021