Equity Analysis /

Lucky Cement: Superior diversification on top of best-in-class cement operations

  • LMCL topline is expected to increase to PKR104/121bn in FY21/FY22f, mainly due to massive demand growth of its models

  • LUCK’s core GMs are expected at 36%/37% for FY22/23f, this is led by higher market share and increased cement prices

  • Dividend from LMCL & interest income on cash will elevate LUCK standalone earnings to at PKR64.50/83.75 for FY22/23f

Rahul Hans
Intermarket Securities
17 May 2021


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