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111-000-375 A Fauji Foundation Group Company
REP-095
Foundation Securities (Private) Limited : Valuation Snapshot
Company MKT Price Target Upside Recommend. EPS (Diluted) DPS (Diluted) BVPS (Diluted) PE (x) P/BV(X) EV/EBITDA D/Y (%) ROE (%) Earnings Growth (%)
2018F 2019F 2020F 2018F 2019F 2020F 2018F 2019F 2020F 2018F 2019F 2020F 2018F 2019F 2020F 2018F 2019F 2020F 2018F 2019F 2020F 2018F 2019F 2020F 2018F 2019F 2020F
Banks 8.7 8.7 6.7 0.9 0.9 0.9 9% 8% 10% 14% 10% 13% -23% 30% 23%
HBL 119.0 175.0 47.0% Outperform 9.0 17.1 23.2 4.0 8.5 12.8 134.4 144.4 157.5 13.3 7.0 5.1 0.9 0.8 0.8 NA NA NA 3% 7% 11% 7% 12% 15% 68% 90% 36%
MCB 175.3 241.7 37.9% Outperform 15.7 19.0 23.2 16.0 16.0 16.0 131.4 134.4 141.6 11.2 9.2 7.6 1.3 1.3 1.2 NA NA NA 9% 9% 9% 12% 14% 17% -16% 21% 22%
NBP 33.4 - 0.0% UR 9.9 11.2 11.2 8.5 9.5 10.0 86.5 89.4 90.6 3.4 3.0 3.0 0.4 0.4 0.4 NA NA NA 25% 28% 30% 12% 13% 12% 14% 13% 0%
UBL 145.7 193.5 32.8% Outperform 12.6 17.7 25.9 11.0 11.0 16.0 137.7 145.0 159.7 11.5 8.2 5.6 1.1 1.0 0.9 NA NA NA 8% 8% 11% 9% 13% 17% -40% 40% 46%
ABL 90.1 113.3 25.7% Outperform 13.4 14.3 15.4 8.0 8.8 9.0 91.9 96.0 102.5 6.7 6.3 5.8 1.0 0.9 0.9 NA NA NA 9% 10% 10% 15% 15% 16% 18% 7% 8%
BAFL 40.1 59.00 47.1% Outperform 4.8 6.0 7.6 1.3 1.8 2.0 41.0 45.1 50.8 8.3 6.7 5.3 1.0 0.9 0.8 NA NA NA 3% 4% 5% 12% 14% 16% 0% 23% 27%
Cements 4.8 7.2 7.2 0.8 0.7 0.7 3.1 4.5 5.6 8% 7% 0.0 17% 16% 10% 0% -33% -28%
ACPL 68.9 87.5 27.0% Outperform 32.0 12.7 10.5 8.0 3.5 2.5 108.2 133.0 142.3 2.2 5.4 6.6 0.6 0.5 0.5 3.9 4.2 4.2 12% 5% 4% 33% 11% 8% 45% -60% -17%
DGKC 42.7 52.6 23.3% Outperform 20.2 6.7 2.5 4.2 - - 176.1 193.8 202.6 2.1 6.4 17.2 0.2 0.2 0.2 5.0 5.9 5.7 10% 0% 0% 12% 4% 1% 11% -67% -63%
CHCC 27.1 35.6 31.3% Outperform 12.1 12.7 2.8 5.0 - - 63.3 72.2 75.0 2.2 2.1 9.7 0.4 0.4 0.4 5.8 7.2 4.6 18% 0% 0% 20% 19% 4% 9% 5% -78%
LUCK 375.0 495.7 32.2% Outperform 45.8 38.3 38.5 13.0 5.0 4.0 267.1 291.2 310.8 8.2 9.8 9.7 1.4 1.3 1.2 5.0 6.0 6.1 3% 1% 1% 18% 14% 13% -9% -16% 0%
KOHC 45.1 76.8 70.5% Outperform 14.8 12.3 5.0 5.0 2.0 - 89.5 97.9 100.9 3.0 3.7 9.1 0.5 0.5 0.4 0.6 3.4 6.3 11% 4% 0% 18% 13% 5% -16% -17% -60%
PIOC 17.7 28.6 61.4% Outperform 7.2 3.9 1.7 4.1 - - 60.0 59.8 61.5 2.4 4.5 10.5 0.3 0.3 0.3 5.2 13.1 10.1 23% 0% 0% 13% 7% 3% -44% -46% -57%
FCCL 12.5 16.1 28.8% Outperform 2.5 2.1 1.2 2.0 1.2 0.7 14.8 15.2 15.4 5.0 6.0 10.5 0.8 0.8 0.8 3.6 3.0 4.4 16% 10% 6% 17% 14% 8% 31% -16% -43%
Power Generation 4.7 3.7 3.7 1.0 0.9 0.9 5.5 5.0 3.9 16% 13% 5% 24% 23% 25% 8% 26% 45%
HUBC 70.1 92.7 32.2% Outperform 8.5 9.6 20.8 6.6 - 2.7 30.1 37.4 57.1 8.2 7.3 3.4 2.3 1.9 1.2 6.9 6.3 5.9 9% 0% 4% 30% 28% 44% 3% 12% 117%
KAPCO 32.1 63.0 96.4% Outperform 12.1 17.5 17.7 9.1 6.0 12.8 39.8 42.8 47.6 2.7 1.8 1.8 0.8 0.8 0.7 4.7 2.9 2.9 29% 19% 40% 31% 42% 39% 12% 45% 1%
LPL 11.0 27.2 146.9% Outperform 2.0 3.5 4.6 1.0 1.5 2.5 35.7 37.7 39.8 5.6 3.1 2.4 0.3 0.3 0.3 1.3 1.0 0.9 9% 14% 23% 6% 10% 12% -23% 78% 32%
PKGP 13.0 31.0 139.4% Outperform 4.0 4.1 6.0 1.5 1.5 2.2 44.4 47.0 50.9 3.2 3.2 2.1 0.3 0.3 0.3 3.9 3.4 2.8 12% 12% 17% 9% 9% 12% 13% 3% 47%
NPL 23.1 33.6 45.4% Outperform 9.1 11.4 12.9 1.5 1.5 3.2 46.9 56.3 66.0 2.5 2.0 1.8 0.5 0.4 0.3 3.1 2.3 1.4 6% 6% 14% 21% 22% 21% 11% 25% 13%
NCPL 16.7 27.4 64.1% Outperform 9.3 9.9 12.4 1.5 1.5 3.3 31.8 39.2 50.1 1.8 1.7 1.3 0.5 0.4 0.3 3.5 2.7 1.9 9% 9% 20% 33% 28% 28% 14% 6% 26%
Oil Marketing Co. 4.3 7.3 7.3 0.7 0.6 0.6 4.9 4.1 6.4 12% 10% 7% 19% 15% 9% -14% -41% 5%
PSO 146.4 211.3 44.3% Outperform 39.5 20.2 23.9 13.3 10.0 9.0 282.3 292.5 306.9 3.7 7.2 6.1 0.5 0.5 0.5 4.5 7.8 4.9 9% 7% 6% 14% 7% 8% -15% -49% 18%
HASCOL 44.8 77.3 72.7% Outperform 1.0 6.9 4.3 3.2 1.8 1.8 62.7 70.4 74.0 43.0 6.5 10.4 0.7 0.6 0.6 3.9 2.8 2.5 7% 4% 4% 2% 10% 6% -85% 560% -37%
APL 260.0 367.6 41.4% Outperform 56.8 33.6 31.1 35.4 24.0 23.0 185.0 187.8 181.8 4.6 7.7 8.4 1.4 1.4 1.4 2.6 4.6 3.3 14% 9% 9% 33% 18% 17% 7% -41% -7%
Refinereis
ATRL 61.1 168.0 175.0% Outperform 5.4 13.2 29.0 1.6 4.0 4.0 260.2 269.3 294.3 11.2 4.6 2.1 0.2 0.2 0.2 (0.4) 0.5 (0.1) 3% 7% 7% 2% 5% 10% -89% 142% 120%
Oil & Gas Exploration 7.0 4.9 4.9 1.2 1.1 1.1 3.9 3.0 2.1 5% 6% 7% 15% 17% 22% 28% 44% 13%
OGDC 126.1 215.8 71.2% Outperform 18.3 27.3 30.5 10.0 11.0 13.0 128.0 144.3 161.8 6.9 4.6 4.1 1.0 0.9 0.8 2.6 1.8 1.2 8% 9% 10% 15% 20% 20% 23% 49% 12%
POL 399.5 529.6 32.6% Outperform 39.9 54.5 60.6 42.5 45.0 50.0 117.6 129.6 145.2 10.0 7.3 6.6 3.4 3.1 2.8 4.6 3.2 2.7 11% 11% 13% 35% 44% 44% 17% 37% 11%
PPL 130.7 226.1 73.0% Outperform 20.1 27.1 30.2 5.7 5.0 12.0 106.0 128.2 146.3 6.5 4.8 4.3 1.2 1.0 0.9 3.2 2.4 1.7 4% 4% 9% 20% 23% 22% 28% 35% 11%
MARI 919.7 1,886.7 105.1% Outperform 126.8 190.3 248.1 4.5 5.5 5.5 331.4 515.7 757.7 7.3 4.8 3.7 2.8 1.8 1.2 3.5 1.9 1.1 0% 1% 1% 47% 45% 39% 68% 50% 30%
Automobile Assembler 5.2 7.2 7.2 1.5 1.4 1.4 2.1 2.5 3.8 10% 12% 9% 31% 28% 20% 3% -28% -13%
INDU 1,150.0 965.0 -16.1% Underperform 200.7 169.7 135.9 140.0 117.5 93.0 467.5 504.7 541.6 5.7 6.8 8.5 2.5 2.3 2.1 3.5 4.2 5.1 12% 10% 8% 46% 35% 26% 21% -15% -20%
PSMC 166.2 145.0 -12.8% Underperform 15.8 (2.0) 19.7 4.0 - 4.0 355.2 349.2 368.8 10.5 (82.2) 8.5 0.5 0.5 0.5 6.0 4.5 2.7 2% 0% 2% 4% -1% 5% -66% -113% -1073%
HCAR 129.2 146.1 13.1% Outperform 45.5 27.0 18.1 27.0 12.0 6.0 119.6 123.4 114.3 2.8 4.8 7.1 1.1 1.0 1.1 (1.3) 1.9 2.3 21% 9% 5% 43% 22% 15% 6% -41% -33%
Chemical
EPCL 25.8 46.7 81.3% Outperform 5.4 5.1 6.8 1.1 2.0 3.0 19.0 22.1 26.8 4.7 5.1 3.8 1.4 1.2 1.0 3.0 2.7 2.7 4% 8% 12% 39% 25% 28% 141% -6% 33%
LOTCHEM 16.1 11.0 -31.8% Underperform 2.9 1.6 1.0 1.5 1.0 0.6 8.3 8.4 8.4 5.5 10.0 15.8 1.9 1.9 1.9 2.6 4.7 6.0 9% 6% 4% 38% 19% 12% 975% -45% -37%
Food Producers
FCEPL 46.7 57.7 23.5% Outperform 0.1 0.9 1.6 - - - 12.9 13.8 15.4 561.2 49.5 29.1 3.6 3.4 3.0 14.3 11.4 9.3 0% 0% 0% 1% 7% 11% -83% 1033% 70%
Technology
SYS 103.0 116.2 12.8% Outperform 8.9 9.0 10.8 2.5 3.5 4.5 33.2 39.8 47.1 9.9 9.8 8.1 2.7 2.2 1.9 12.0 7.4 6.0 3% 4% 5% 30% 25% 25% 93% 1% 20%
Textile
NML 72.3 140.1 93.8% Outperform 11.7 13.4 16.8 4.8 5.5 6.9 259.1 267.7 279.0 6.2 5.4 4.3 0.3 0.3 0.3 5.3 4.6 3.9 7% 8% 10% 5% 5% 6% -4% 15% 25%
Engineering 1.8 2.0 2.0 0.8 0.8 0.8 4.0 4.3 5.1 12% 14% 9% 22% 25% 15% 42% 42% -39%
MUGHAL 19.0 43.5 128.6% Outperform 5.1 5.2 6.6 2.2 3.0 3.0 29.7 32.9 36.5 3.7 3.7 2.9 0.6 0.6 0.5 5.3 5.0 4.1 12% 16% 16% 18% 17% 19% 30% 1% 28%
ASTL 17.1 22.6 32.2% Outperform 5.3 0.1 (1.1) 2.0 - - 35.2 33.9 32.8 3.2 265.0 (15.3) 0.5 0.5 0.5 6.2 9.1 7.9 12% 0% 0% 16% 0% -3% 48% -99% -1837%
ISL 28.8 57.1 98.3% Outperform 10.0 7.1 7.7 4.5 2.8 3.1 25.0 26.0 30.9 2.9 4.1 3.7 1.2 1.1 0.9 3.5 4.0 3.7 16% 10% 11% 47% 28% 27% 43% -30% 9%
PAEL 14.7 - -100.0% UR 5.0 6.1 6.6 1.5 1.8 2.0 49.3 54.2 59.3 2.9 2.4 2.2 0.3 0.3 0.2 3.1 2.5 2.4 10% 12% 14% 11% 12% 12% -23% 21% 8%
Fertilizer 7.6 6.6 6.6 1.3 1.2 1.2 6.6 5.4 4.1 8% 9% 9% 14% 17% 18% -57% 28% 14%
ENGRO 251.4 277.1 10.2% Outperform 22.1 34.4 45.1 18.2 18.2 18.2 315.4 351.4 409.7 11.4 7.3 5.6 0.8 0.7 0.6 5.9 3.3 1.9 7% 7% 7% 7% 10% 12% 35% 56% 31%
FFBL 15.5 43.9 183.2% Outperform 1.7 1.6 5.0 1.0 1.3 3.3 14.9 15.4 17.2 9.2 9.9 3.1 1.0 1.0 0.9 7.1 5.3 2.9 6% 8% 21% 12% 10% 31% -17% -7% 219%
FFC 94.0 105.6 12.4% Outperform 11.3 14.6 18.6 8.9 12.0 16.0 26.2 28.4 32.5 8.3 6.5 5.1 3.6 3.3 2.9 7.5 5.7 4.3 9% 13% 17% 46% 53% 61% 35% 28% 28%
EFERT 64.2 62.5 -2.6% Neutral 13.0 11.3 11.8 11.0 7.7 6.0 34.1 24.3 30.1 4.9 5.7 5.4 1.9 2.6 2.1 3.5 3.9 3.9 17% 12% 9% 40% 39% 43% 56% -14% 5%
Market 6.8 5.9 5.9 1.0 1.0 0.9 4.4 3.9 3.0 8% 8% 7% 15% 15% 16% 11% 17%
Important Disclosure:
Disclaimer: This report has been prepared by FSL. The information and opinions contained herein have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified and no guaranty, representation or warranty, express or implied is made as to its accuracy, completeness or
correctness. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be construed as, an offer, or solicitation of an offer, to buy or sell any securities or other financial
instruments. FSL may, to the extent permissible by applicable law or regulation, use the above material, conclusions, research or analysis before such material is disseminated to its customers. Not all customers will receive the material at the same time. FSL, their respective directors, officers, representatives, employees, related persons may have a long or short position in any of the
securities or other financial instruments mentioned or issuers described herein at any time and may make a purchase and/or sale, or offer to make a purchase and/or sale of any such securities or other financial instruments from time to time in the open market or otherwise, either as principal or agent. FSL may make markets in securities or other financial instruments described in this
publication, in securities of issuers described herein or in securities underlying or related to such securities. FSL may have recently underwritten the securities of an issuer mentioned herein. This document may not be reproduced, distributed or published for any purposes.
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Target price risk disclosures: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions generally, including conditions in financial
markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures.

Analyst certification: The views expressed in this research accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst principally responsible for the preparation of this research
receives compensation based on overall revenues of Foundation Securities and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

Recommendations definitions
If
Expected return >+10% Outperform.
Expected return from -10% to +10% Neutral.
Expected return <-10% Underperform.