Super tax will dampen E&P earnings by 34% QoQ to PKR46bn despite topline higher oil prices and PKR devaluation
Both OGDC’s and PPL’s payout will be low after mining project Reko Diq was reconstituted but POL will outshine
We continue to like E&Ps as gas tariff hike can open up valuations, and prefer POL for near-term attractive yield
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The analyst certifies that the views expressed in the report reflect their personal views about the subject securities. He or she also certifies that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations made in this report. He or she further certifies that they do not have any beneficial holding of the specific securities that they have recommendations on in this report.
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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