10%

80%
50%
CY12 EPS
@ Initial Capacity Utilization
@ 10% less Cap Utiliation
@ 20% less Cap Utiliation
@ 30% less Cap Utiliation
Avg. Impact

70.00
30%
3
ENGRO
48.29
44.15
40.02
35.88
-9%
-26%

210
244
DAWH
15.27
13.19
11.11
9.03
-16%
-41%

18%
Fair Values
@ Initial Capacity Utilization
@ 10% less Cap Utiliation
@ 20% less Cap Utiliation
@ 30% less Cap Utiliation
Avg. Impact

FFBL

-31%

Agritech (Standalone) - PKR Mn

EBITDA @ 80% utilization
PAT @ 80% utilization
EBITDA @ 50% utilization
PAT @ 50% utilization
Impact on EBITDA
Impact on PAT

-31%

2012
2013
5.4E+09 6E+09
1.1E+09 1.7E+09

2016
6944343421
3565553004

2.7E+09
-1E+09

3E+09
-1E+09

3460694757
536840268.2

2012
5,423
1,059

2013
6,001
1,661

2016
6,944
3,566

2,734
(1,418)

3,044
(1,027)

3,461
537

-50%
N/M

-49%
N/M
N/M
N/M

-50%
-85%

ENGRO
296
266
236
205
-11%
-31%

DAWH
75
67
60
52
-12%
-31%

AGL

FFBL
53
48
43
37
-11%

AGL
N/A
N/A
N/A
N/A
N/A
N/A

FFC
21.54
18.72
15.90
13.08
-39%

FATIMA
2.69
2.58
2.47
2.37
-12%

-7%
-7%
-8%
-21%

-9%
-9%
-10%
-26%

FFC
203
172
141
110
-18%

FATIMA
24.35
23.50
22.65
21.80
-4%

-9%
-10%
-14%
-30%

-10%
-11%
-13%
-31%

-14%
-16%
-19%
-41%

-13%
-15%
-18%
-39%

-4%
-4%
-4%
-12%

-10%
-11%
-13%
-31%

-15%
-18%
-22%
-46%

-3%
-4%
-4%
-10%

-10%
-11%
-13%