CY17A CY18A

Macroeconomic Assumptions

GDP growth 5.20% 5.50%

Policy Rate - weighted average 5.80% 10.30%
Exchange rate 105.4 121.8
Depreication 16%
Inflation rate 4.20% 4.70%
Corporate tax 30.00%
Interest tax
Dividend tax

Weights
Essentials 70% 70%
Non Essentials 22% 22%
Hardship 8% 8%

Price Increase relative to CPI

Essentials 50% 50%
Non Essentials 100% 100%
Hardship

Price increase
Essentials #VALUE! 2.1%
Non Essentials #VALUE! 4.2%
Hardship 30% 30%

Weighted average price increase #VALUE! 4.8%

Volumetric growth #VALUE! 8.7%

Sales increase #VALUE! 3.8%

Sales 32,773,770 34,006,840

Sale of goods (at a point in time)

Local Sales 33,455,050 34,895,667
Export Sales 105,172 45,136
Gross Sales 33,560,222 34,940,803

Less; Commisions and sales Return -781,539 -930,170

Sales Tax -4,913 -3,793
-786,452 -933,963

Net Sales 32,773,770 34,006,840

Exports #VALUE! -57.08%
PKR USD Impact
Volumetric
Price

Less; Commisions and sales Return -2.3% -2.7%

Sales tax -0.01% -0.01%

Cost of Sales
Cost of Sales - Manufacturing

Raw Materials Consumed 14,931,984 18,399,570

Local 43% 43%
Import 57% 57%

PKR Depriciation
API Price Increase
Imported Price Increase
Inflation
Local Price Increase
Weighted Average Increase
Volumetric Increase
Total Increase in purchases

Manufacturing Cost

Manufacturing charges to third parties 929,709 920,838

Stores and spares consumed 75,276 79,375
Salaries, wages and other benefits - note 24.1 2,095,189 1,912,527

Fuel and power 537,295 575,987

Rent, rates and taxes 4,502 2,886
Royalty and technical assistance fee - note 20.2 294,176 322,105
Insurance 110,691 118,502
Publication and subscriptions 765 386
Repairs and maintenance 354,453 355,236
Training expenses 1,900 94
Travelling and entertainment 19,064 20,030
Vehicle running 29,275 24,693
Depreciation 426,129 512,209
Provision for impairment on fixed assets 232,611 41,016
Provision for impairment on intangibles - note 4.2 0 0
Provision of slow moving,obsolete and damaged
stock-in-trade 149,765 183,716
Provision / (Reversal) of slow moving and obsolete
stores and spares 6,774 4,423
Provision for doubtful advances 2,295 0
Provision for doubtful sales tax refundables 18,883 0
Canteen expenses 97,125 112,422
Laboratory expenses 75,798 50,753
Communication and stationery 8,147 11,520
Security expenses 15,140 17,485
Stock written off 15,681 8,634
Stores and spares written off 2,358 0
Restructuring cost - note 24.2 243,759 158,634
Other expenses 74,295 72,142
5,821,055 158,634

Work in Progress
Opening Stock 495,716 566,707
Closing Stock -566,707 -535,881
-70,991 30,826

Cost of goods manufactured 20,682,048 18,589,030

Finished goods
Opening stock 3,064,030 2,304,420
Purchase of Finished Goods 2,653,726 2,230,004
Closing stock -2,304,420 -2,877,193
Total Cost of Goods Sold 24,095,384 20,246,261

SELLING, MARKETING AND DISTRIBUTION EXPENSES

Salaries, wages and other benefits 1,252,470 1,301,053

Sales promotion and symposiums 776,187 725,348
Advertising 28,904 55,469
Restructuring cost 52,141 112,271
Handling, freight and transportation 493,663 766,908
Travelling and entertainment 271,827 288,409
Depreciation 82,041 87,887
Vehicle running 74,723 81,522
Publication and subscriptions 37,155 40,342
Fuel and power 32,909 28,712
Communication 9,482 7,371
(Reversal) / charge for impairment of trade
receivables 100,442 18,437
Trade debts written off 7,690 -
Provision for doubtful deposits 5,766 347
Repairs and maintenance 37,041 24,062
Insurance 20,837 18,850
Printing and stationery 15,035 13,158
Security expenses 20,793 16,475
Rent, rates and taxes 847 4,474
Canteen expenses 3,941 4,303
Training expenses 382 15,885
Other expenses 32,691 44,381
3,356,967 3,655,664
Less: Recovery of expenses 78,175 84,152
3,278,792 3,571,512

ADMINISTRATIVE EXPENSES

Salaries, wages and other benefits 636,521 674,358

Depreciation 73,045 62,418
Communication 5,054 8,430
Training expenses 4,391 5,931
Legal and professional charges 50,342 65,119
Travelling and entertainment 31,482 56,002
Repairs and maintenance 42,767 49,284
Printing and stationery 10,100 9,796
Auditors’ remuneration 10,360 11,432
Provision for doubtful receivables 20,775 -
Vehicle running 16,377 16,527
Security expenses 39,448 39,291
Publication and subscriptions 10,205 13,700
Rent, rates and taxes 6,683 9,094
Insurance 11,019 11,308
Canteen expenses 15,882 24,294
Restructuring cost 3,959
Donations 983
Other expenses 40,973 57,343
1,025,424 1,061,926
Less: Recovery of expenses 42,638 42,638
982,786 1,019,288

Workers’ Profit Participation Fund - -

Workers’ Welfare Fund - -
Profit before taxation 4,925,414 4,749,460

WPPF % - -
WWF % - -

OTHER INCOME

Income from financial assets

Return on Treasury Bills 31,095 13,671
Income on savings and deposit accounts 145,636 116,081
176,731 129,752

Income from non-financial assets

Gain on disposal of operating assets 37,939 25,655

Others
Liabilities no longer required written back 202,946 9,721
Scrap sales 48,636 45,056
Insurance commission 20,968 16,151
Promotional allowance 537,124 1,101,199
Insurance claim recovery 127,042
Allowance from intercompany
Service fee 12,000 12,000
Others 5,058
1,036,344 1,471,634

Working Capital Ratios

Inventory Days
Receviable Days
Payable Days
Store & Spares

Sales
COGS

Inventory
Receviable
Payable
Stores & Spares

Total Depreciation 581,215 662,514

Total Amortisation

Charge between different heads

Depreciation
COGS 73% 77%
Selling & Distribution 14% 13%
Adminstrative 13% 9%
CY19A CY20A CY21A CY22F CY23F CY24F

2.10% -0.50% 5.30% 4.00% 5.00% 5.00%

11.90% 7.00% 7.00% 10.00% 10.00% 9.00%
150.4 161.9 163 174 185.6 198.1
23% 8% 1% 6.70% 6.70% 6.70%
6.80% 10.70% 8.90% 11.00% 9.00% 8.00%
29.00% 29.00% 29.00% 29.00% 29.00% 29.00%
15.00% 15.00% 15.00%
15.00% 15.00% 15.00%

70% 70% 70% 70% 70% 70%

22% 22% 22% 22% 22% 22%
8% 8% 8% 8% 8% 8%

70% 70% 70% 70% 70% 70%

100% 100% 100% 100% 100% 100%

3.3% 4.8% 7.5% 6.2% 7.7% 6.3%

4.7% 6.8% 10.7% 8.9% 11.0% 9.0%
30% 30% 30% 30% 30% 30%

5.7% 7.2% 10.0% 8.7% 10.2% 8.8%

13.7% 2.9% 14.9% 5% 5% 5%

7.6% -4.1% 4.5% 14.2% 15.7% 14.2%

36,581,749 35,090,112 36,660,772 41850085.94621 48429128.70739 55320351.57681

37,630,245 36,399,368 38219336.4 41850085.94621 48429128.70739 55320351.57681

57,716 16,895 17739.75 20868.46535813 24548.98442217 28878.62743225
37,687,961 36,416,263 38,237,076 41870954.41157 48453677.69181 55349230.20424

-1,099,297 -1,323,677 -1389860.85 1270987.645618 1470805.397118 1680119.041294

-6,915 -2,474 -2597.7 4814.830557171 5571.745994911 6364.577591257
-1,106,212 -1,326,151 -1,392,459 1,275,802 1,476,377 1,686,484

36,581,749 35,090,112 36,844,618 43,146,757 49,930,055 57,035,714

 27.87% -70.73% 5.00% 17.6% 17.6% 17.6%
6.7% 6.7% 6.7%
5.0% 5.0% 5.0%
5.0% 5.0% 5.0%

-2.9% -3.6% -3.6% -3.0% -3.0% -3.0%

-0.02% -0.01% -0.01% 0.0% 0.0% 0.0%

19,019,851 19,163,019 20121169.95 22334498.6445 24344603.52251 26292171.80431

43% 43% 43% 43% 43% 43%
57% 57% 57% 57% 57% 57%

6.7% 6.7% 6.7%

1% 1% 1%
7.8% 7.8% 7.8%
11.0% 9.0% 8.0%
5.5% 4.5% 4.0%
8.6% 7.1% 6.3%
5% 5% 5%
14.1% 12.4% 11.6%

977,079 0 0 0 0 0
129,322 152,103 159,708 177276.0465 193230.890685 208689.3619398
2,229,837 2,549,242 2,676,704 3024675.633 3357389.95263 3693128.947893
0 13.00% 11.00% 10.00%
649,281 819,284 860,248 954875.502 1040814.29718 1124079.440954
2,722 5,076 5,330 5916.078 6448.52502 6964.4070216
347,697 408,281 428,695 475851.5055 518678.140995 560172.3922746
104,607 108,105 113,510 125996.3775 137336.051475 148322.935593
 4,438 19,839 20,831 23122.3545 25203.366405 27219.6357174
319,031 378,930 397,877 441642.915 481390.77735 519902.039538
952 1,433 1,505 1670.1615 1820.476035 1966.1141178
41,635 40,498 42,523 47200.419 51448.45671 55564.3332468
7,678 6,138 6,445 7153.839 7797.68451 8421.4992708
610,586 515,105 540860.25 540860.25 540860.25 540860.25
0 30,812 32352.6 35911.386 39143.41074 42274.8835992
40,330 50,000 52500 58275 63519.75 68601.33

134,633 134,633 141364.65 156914.7615 171037.090035 184720.0572378

10,416 10,416 10936.8 12139.848 13232.43432 14291.0290656

0 0 0 0 0 0
0 0 0 0 0 0
150,679 150,679 158212.95 175616.3745 191421.848205 206735.5960614
44,290 44,290 46504.5 51619.995 56265.79455 60767.058114
7,315 7,315 7680.75 8525.6325 9292.939425 10036.374579
15,058 15,058 15810.9 17550.099 19129.60791 20659.9765428
12,817 12,817 13457.85 14938.2135 16282.652715 17585.2649322
0 0 0 0 0 0
158,169 158,169 166077.45 184345.9695 200937.106755 217012.0752954
70,213 70,213 73723.65 81833.2515 89198.244135 96334.1036658
6,068,785 5,688,436 5,972,858 6,623,912 7,231,880 7,834,309

535,881 480,587 0
-480,587 -243,699 0
55,294 236,888 0

25,143,930 25,088,343 26,094,028 28,958,410 31,576,483 34,126,481

2,877,193 2,887,952 3032349.6 0 0 0

3,689,418 2,925,123 3071379.15 3,503,422 3,938,486 4,395,114
-2,887,952 -3,345,686 -3512970.3 0 0 0
28,822,589 27,555,732 28,684,786 32,461,833 35,514,969 38,521,595

1,130,665 1,302,637 1,367,769 1,545,579 1,715,592 1,887,152

571,948 312,707 328,342 364,460 397,261 429,042
21,606 12,917 13,563 15,055 16,410 17,722
19,093 - 20,048 22,253 24,256 26,196
923,975 727,769 764,157 848,215 924,554 998,518
270,053 124,370 130,589 144,953 157,999 170,639
93,982 130,069 136,572 151,595 165,239 178,458
67,744 81,411 85,482 94,885 103,424 111,698
 54,187 52,719 55,355 61,444 66,974 72,332
32,232 11,484 12,058 13,385 14,589 15,756
8,589 6,292 6,607 7,333 7,993 8,633

44,033 (39,467) (41,440) (45,999) (50,139) (54,150)

- 8,969 9,417 10,453 11,394 12,306

36,953 13,583 14,262 15,831 17,256 18,636
15,792 7,553 7,931 8,803 9,595 10,363
9,444 10,744 11,281 12,522 13,649 14,741
15,791 14,908 15,653 17,375 18,939 20,454
514 3,089 3,243 3,600 3,924 4,238
3,214 3,714 3,900 4,329 4,718 5,096
5,169 164 172 191 208 225
47,984 36,823 38,664 42,917 46,780 50,522
3,372,968 2,822,455 2,983,625 3,339,180 3,670,617 3,998,579
52,419 55,700 58,485 64,918 70,761 76,422
3,320,549 2,766,755 2,925,140 3,274,261 3,599,856 3,922,157

723,203 973,282 1,021,946 1,154,799 1,281,827 1,410,010

65,041 66,326 69,642 77,303 84,260 91,001
7,430 7,352 7,720 8,569 9,340 10,087
422 - 1 1 1 1
57,853 80,331 84,348 93,626 102,052 110,216
42,603 17,022 17,873 19,839 21,625 23,355
53,938 20,687 21,721 24,111 26,281 28,383
8,583 4,579 4,808 5,337 5,817 6,283
10,650 9,825 10,316 11,451 12,482 13,480
- - -
21,251 18,590 19,520 21,667 23,617 25,506
44,350 61,312 64,378 71,459 77,890 84,122
13,738 16,272 17,086 18,965 20,672 22,326
1,520 20,670 21,704 24,091 26,259 28,360
10,570 9,185 9,644 10,705 11,669 12,602
29,431 18,682 19,616 21,774 23,734 25,632
1,918 - 1 1 1 1
2,081 4,260 4,473 4,965 5,412 5,845
53,261 53,572 56,251 62,438 68,058 73,502
1,147,843 1,381,947 1,451,046 1,631,100 1,800,995 1,970,712
48,897 50,399 52,919 58,740 64,027 69,149
1,098,946 1,331,548 1,398,127 1,572,360 1,736,969 1,901,563

- - - - - -
- - - - - -
 4,600,296 4,902,682 61,336,718 73,064,221 82,616,575 92,441,675

- - - - - -
- - - - - -

13,377 20,131 21,138 23,463 25,574 27,620

123,827 215,398 226,168 251,046 273,641 295,532
137,204 235,529 247,305 274,509 299,215 323,152

44,101 17,211 18,072 20,059 21,865 23,614

- 63,871 67,065 74,442 81,141 87,633

47,839 71,597 75,177 83,446 90,956 98,233
19,642 - 1 1 1 1
1,513,772 1,532,175 1,608,784 1,785,750 1,946,467 2,102,185
6,646 - 1 1 1 1
150,033 - 1 1 1 1
12,000 12,000 12,000 12,000 12,000 12,000
60,225 44,653 46,886 52,043 56,727 61,265
1,991,462 1,977,036 2,075,291 2,302,253 2,508,376 2,708,086

76.74 76.08 81.76 78.19 78.19 78.19

11.24 12.53 12.59 12.12 12.12 12.12
75.70 95.57 102.70 91.32 91.32 91.32
2.61 2.57 2.77 2.65 2.65 2.65

36,581,749 35,090,112 36,660,772 43,146,757 49,930,055 57,035,714

-28,870,246 -27,555,732 26,923,923 32,461,833 35,514,969 38,521,595

-6954209.6757 -7608274.819069 -8252376.029371

1432516.455926 1657728.885218 1893644.030759
8122031.009251 8885933.397049 9638198.607206
235589.3377838 257747.2509298 279567.6136564

769,609 711,500 747,075

79% 72% 72%
12% 18% 18%
8% 9% 9%
 CY25F CY26F

5.00% 5.00%
9.00% 9.00%
211.3 225.5
6.70% 6.70%
8.00% 8.00%
29.00% 29.00%
15.00% 15.00%
15.00% 15.00%

70% 60%
22% 36%
8% 4%

70% 70%
100% 100%

5.6% 5.6%
8.0% 8.0%
30% 30%

8.1% 7.4%

5% 5%

13.5% 12.8%

62779747.78342 70823089.06944

62779747.78342 70823089.06944
33971.87875591 39963.41408239
62813719.66218 70863052.48352

1906702.696126 2151039.198964
7222.777233662 8148.159452839
1,913,925 2,159,187

64,727,645 73,022,240
 17.6% 17.6%
6.7% 6.7%
5.0% 5.0%
5.0% 5.0%

-3.0% -3.0%
0.0% 0.0%

28395545.54865 30667189.19254
43% 43%
57% 57%

6.7% 6.7%
1% 1%
7.8% 7.8%
8.0% 8.0%
4.0% 4.0%
6.3% 6.3%
5% 5%
11.6% 11.6%

0 0
225384.510895 243415.2717666
4062441.842682 4468686.026951
10.00% 10.00%
1214005.796231 1311126.259929
7521.559583328 8123.284349994
604986.1836566 653385.0783491
160188.7704404 173003.8720757
29397.20657479 31748.98310078
561494.202701 606413.7389171
2123.403247224 2293.275507002
60009.47990654 64810.23829907
9095.219212464 9822.836749461
540860.25 540860.25
45656.87428714 49309.42423011
74089.4364 80016.591312

199497.6618168 215457.4747622

15434.31139085 16669.05630212
0 0
0 0
223274.4437463 241136.399246
65628.42276312 70878.69658417
10839.28454532 11706.42730895
22312.77466622 24097.79663952
18992.08612678 20511.45301692
0 0
234373.041319 253122.8846246
104040.8319591 112364.0985158
8,491,648 9,208,959

36,887,193 39,876,149

0 0
4,904,684 5,473,333
0 0
41,791,877 45,349,481

2,075,867 2,283,454
463,366 500,435
19,140 20,671
28,292 30,555
1,078,400 1,164,672
184,290 199,033
192,735 208,154
120,634 130,285
 78,118 84,368
17,017 18,378
9,323 10,069

(58,482) (63,160)

13,290 14,353
20,127 21,737
11,192 12,087
15,920 17,194
22,091 23,858
4,577 4,943
5,503 5,944
243 262
54,564 58,929
4,356,208 4,746,222
82,536 89,138
4,273,672 4,657,083

1,551,011 1,706,112
98,281 106,144
10,894 11,766
1 2
119,034 128,556
25,223 27,241
30,654 33,106
6,785 7,328
14,559 15,723
- -
27,546 29,750
90,851 98,120
24,112 26,041
30,629 33,079
13,610 14,699
27,683 29,897
1 2
6,312 6,817
79,382 85,733
2,156,569 2,360,114
74,681 80,655
2,081,888 2,279,459

- -
- -
 103,087,734 114,591,893

- -
- -

29,830 32,216
319,174 344,708
349,004 376,925

25,503 27,543

94,643 102,215
106,092 114,579
1 2
2,270,360 2,451,988
1 2
1 2
12,000 12,000
66,166 71,460
2,923,772 3,156,714

78.19 78.19
12.12 12.12
91.32 91.32
2.65 2.65

64,727,645 73,022,240
41,791,877 45,349,481

-8952959.554798 -9715095.443117
2149024.017059 2424413.044398
10456431.215 11346552.68197
303301.4405778 329120.4908514
 CY17A CY18A
PKR in '000

Income Statement

Revenue 32,773,770 34,006,840

Cost of sales (24,095,384) (25,593,240)
Gross Profit 8,678,386 8,413,600

Administative expenses (982,786) (1,019,288)

Marketing & selling expenses (3,278,792) (3,571,512)
Other expenses (439,456) (397,582)
Other income 1,036,344 1,471,634
Operating Profit 5,013,696 4,896,852
Finance costs (88,282) (147,392)
Profit before taxation 4,925,414 4,749,460
Taxation (1,898,180) (1,460,195)
Net Profit 3,027,234 3,289,265
EPS
DPS

Gross Profit
Operating Profit Margin
Effective Tax rate
Net Margin
Payout Ratio

Shares

Statement of Financial Position

NON-CURRENT ASSETS
Property, plant and equipment 8,865,334 8,921,205
Intangible assets 1,039,072 1,082,072
Long-term loans to employees 91,422 80,785
long term deposits 22,204 18,260
10,018,032 10,102,322

CURRENT ASSETS
Stores & spares 219,613 270,451
Stock-in-trade 6,082,218 5,944,050
Trade debts 2,362,703 1,594,900
Loans and advances 453,116 247,788
Trade deposits & prepayments 131,920 132,887
Interest accrued 3,182 1,321
Taxation - 50,972
Refund due from Government 30,113 44,271
Other receivables 251,325 354,534
Investment 348,810 247,840
Cash & bank balance 1,818,900 3,185,011
11,701,900 12,074,025
Disposal 154,000 -

TOTAL ASSETS 21,873,932 22,176,347

SHARE CAPITAL AND RESERVES

Share capital 3,184,672 3,184,672

Reserve 10,277,185 12,234,778
13,461,857 15,419,450

NON-CURRENT LIABILITIES

Staff retirement benefit 294,031 370,799

Deffered taxation 536,886 615,887
Long term portion of lease liability - -
830,917 986,686

CURRENT LIABILITIES
Trade and other payables 6,556,260 5,607,688
Taxation 542,221 -
Provisions 411,771 74,602
Unclaimed dividend 70,906 87,921
Accrued markup
Current portion of lease liability
7,581,158 5,770,211

Total Liabilities 8,412,075 6,756,897

TOTAL EQUITY AND LIABILITIES 21,873,932 22,176,347

Statement Of Cashflow

Profit before interest and tax 5,101,978 5,044,244

Add: Depreciation 581,215 662,514
Add: Amortization

Working capital changes

Current assets 1,059,494
Current liabilities (931,557)
Cashflow after working capital 5,683,193 5,834,695
Taxation (1,898,180) (1,460,195)
Financial charges (88,282) (147,392)
Cashflow from operations 3,696,731 4,227,108

Purchase of PPE 718,385

Purchase of Intangibles 43,000
Other assets (3,944)
Cashflow from investing activities 757,441

Equity movement -
Debt movement 155,769
Short term borrowings -
Dividends paid
Cash flow from fincnaing activties 155,769

Net cashflow 5,140,318

Opening balance of cash 3,185,011
Clsoing cash balance 8,325,329
CY19A CY20A CY21A CY22F CY23F

36,581,749 35,090,112 36,660,772 43,146,757 49,930,055

(28,870,246) (27,555,732) 26,923,923 32,461,833 35,514,969
7,711,503 7,534,380 63,584,695 75,608,590 85,445,024

(1,098,946) (1,331,548) (1,398,127) (1,572,360) (1,736,969)

(3,320,549) (2,766,755) (2,925,140) (3,274,261) (3,599,856)
(393,563) (426,320)
1,991,462 1,977,036 2,075,291 2,302,253 2,508,376
4,889,907 4,986,793 61,336,718 73,064,221 82,616,575
(289,611) (84,111) - - -
4,600,296 4,902,682 61,336,718 73,064,221 82,616,575
(1,559,173) (1,527,442)
3,041,123 3,375,240 61,336,718 73,064,221 82,616,575

9,480,061 9,936,002 10,432,802

1,041,742 991,742 1,041,329
103,224 72,838 76,480
22,010 22,010 23,111 23,111 23,111
10,647,037 11,022,592 11,573,722 23,111 23,111

206,202 194,317 204,033 235,589 257,747

6,070,253 5,743,505 6,030,680 (6,954,210) (7,608,275)
1,126,700 1,204,143 1,264,350 1,432,516 1,657,729
347,465 378,482 397,406 397,406 397,406
313,979 307,293 322,658 322,658 322,658
1,573 3,097 3,252 3,252 3,252
679,876 41,798 43,888 43,888 43,888
 40,623 38,710 40,646 40,646 40,646
1,105,578 1,004,000 1,054,200 1,054,200 1,054,200
342,863 447,526 469,902 469,902 469,902
2,347,033 5,604,548 5,884,775 5,884,775 5,884,775
12,582,145 14,967,419 15,715,790 2,930,623 2,523,928
- 81,985 86,084 86,084 86,084

23,229,182 26,071,996 27,375,596 3,039,818 2,633,123

3,184,672 3,184,672 3,184,672 3,184,672 3,184,672

12,952,724 14,293,592 15,008,272
16,137,396 17,478,264 18,192,944 3,184,672 3,184,672

228,437 508,622 534,053

645,955 674,967 708,715
42,564 7,778 8,167
916,956 1,191,367 1,250,935 - -

5,987,372 7,215,123 7,575,879 8,122,031 8,885,933

- - - - -
78,762 38,964 40,912 40,912 40,912
97,476 116,719 122,555 122,555 122,555
2,353 - - - -
8,867 31,559 33,137
6,174,830 7,402,365 7,772,483 8,285,498 9,049,401

7,091,786 8,593,732 9,023,419 8,285,498 9,049,401

23,229,182 26,071,996 27,216,362 11,470,170 12,234,073

5,179,518 5,070,904 61,336,718 73,064,221 82,616,575

769,609 711,500 747,075 - -

125,477 236,859 (391,387) 12,785,167 406,695

391,592 1,244,641 366,592 546,152 763,902
 6,466,196 7,263,904 62,058,998 86,395,540 83,787,172
(1,559,173) (1,527,442) - - -
(289,611) (84,111) - - -
4,617,412 5,652,351 62,058,998 86,395,540 83,787,172

1,328,465 1,167,441 1,243,875 (10,432,802) -

(40,330) (50,000) 49,587 (1,041,329) -
3,750 - 1,101 - -
1,291,885 1,117,441 1,294,563 (11,474,131) -

- - - - -
(60,863) 297,103 61,146 (1,284,072) -
- - - - -

(60,863) 297,103 61,146 (1,284,072) -

5,848,434 7,066,895 63,414,707 73,637,336 83,787,172

2,347,033 5,604,548 5,884,775 5,884,775 5,884,775
8,195,467 12,671,443 69,299,483 79,522,112 89,671,947
CY24F CY25F CY26F

57,035,714 64,727,645 73,022,240

38,521,595 41,791,877 45,349,481
95,557,309 106,519,522 118,371,721

(1,901,563) (2,081,888) (2,279,459)

(3,922,157) (4,273,672) (4,657,083)

2,708,086 2,923,772 3,156,714

92,441,675 103,087,734 114,591,893
- - -
92,441,675 103,087,734 114,591,893

92,441,675 103,087,734 114,591,893

23,111 23,111 23,111

23,111 23,111 23,111

279,568 303,301 329,120

(8,252,376) (8,952,960) (9,715,095)
1,893,644 2,149,024 2,424,413
397,406 397,406 397,406
322,658 322,658 322,658
3,252 3,252 3,252
43,888 43,888 43,888
 40,646 40,646 40,646
1,054,200 1,054,200 1,054,200
469,902 469,902 469,902
5,884,775 5,884,775 5,884,775
2,137,562 1,716,093 1,255,165
86,084 86,084 86,084

2,246,757 1,825,287 1,364,360

3,184,672 3,184,672 3,184,672

3,184,672 3,184,672 3,184,672

- - -

9,638,199 10,456,431 11,346,553

- - -
40,912 40,912 40,912
122,555 122,555 122,555
- - -

9,801,666 10,619,898 11,510,020

9,801,666 10,619,898 11,510,020

12,986,338 13,804,570 14,694,692

92,441,675 103,087,734 114,591,893

- - -

386,366 421,470 460,928

752,265 818,233 890,121 Trade and other payables
Unclaimed dividends
93,580,306 104,327,437 115,942,942 Accrued interest
- - -
- - -
93,580,306 104,327,437 115,942,942

- - -
- - -
- - -
- - -

- - -
- - -
- - -

- - -

93,580,306 104,327,437 115,942,942

5,884,775 5,884,775 5,884,775
99,465,081 110,212,212 121,827,718
 CY17A CY18A CY19A CY20A

Free cashflow

Profit before interest and tax

Add; Depreciation
Less : Tax
Changes in working capital
CAPEX
Free cashflow to firm

Debt repayments
Finance cost
Add: Debt raiseed

Free cashflow to equity

Timeline
Discount factor
Discounted cashflow

Valuation

FCFF
Horizon period
Terminal value
Total firm value
Debt
Equity value
Cash balance
Total Equity value
No of shares
Stock Value
Current Price
Upside
Dividend Yield
Total Shareholder return
Stance

FCFE
FCFE
Discount factor
Discounted cashflow

Horizon period
Terminal value
Total equity value
Cash balance
Total Equity value
No of shares
Stock Value
Current Price
Upside
Dividend Yield
Total Shareholder return
Stance

Dividend Discount
DPS
Discount Rate
Discount PV

Horizon Value
Terminal Period
Cash
Value per share
Current price
Downside
Dividend yield
TSR
Stance

Price Earnings

Industry multiple
EPS
Value
Current Price
Upside
Dividend Yield
TSR
Stance

Price to Book Value

Industry multiple
BVPS
Value
Current Price
Upside
Dividend Yield
TSR
Stance
CY21A CY22F CY23F CY24F CY25F CY26F

73,064,221 82,616,575 92,441,675 103,087,734 114,591,893

0 0 0 0 0
0 0 0 0 0
546151.85925 763902.3878 752265.21016 818232.60779 890121.46698
-11474131.2 0 0 0 0
62,136,241 83,380,477 93,193,940 103,905,967 115,482,014 1.16E+09

#NAME? #NAME? #NAME? #NAME? #NAME?

0 0 0 0 0
0 0 0 0 0

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

0 1 2 3 4
1.00 0.85 0.73 0.62 0.53
#NAME? #NAME? #NAME? #NAME? #NAME? 6.15E+08

#NAME?
615,013,998
#NAME?
(1,284,072)
#NAME?
5,884,775
#NAME?
280,000
#NAME?
139.9
#NAME?
0%
#NAME?
Sell
Rf 11.67%
Rp 7%
Beta 1.12
Cost of equity 20%
Cost of debt 14%
We 75%
Wd 25%
WACC 17%
Tax 29%
Growth 6.5%

ROE 18%
Retention Ratio 58%
Payout 42%
GG 10.5%
Pakistan GDP 4.0%
Sales Growth 14%
Profit growth 9%

Average 7%