After much delay, ECC approved the disbursement of PKR90bn as the first installment of overdue receivables to 35 IPPs
This will significantly improve liquidity for these IPPs and in turn the overall Energy chain (including fuel suppliers)
Among IPPs we prefer HUBC with a TP of PKR125/sh and PSO among fuel suppliers with a TP of PKR300/sh
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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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