Expecting 3QCY18 EPS of PKR 3.16
Engro Fertilizer Company Limited’s (EFERT) Board of Directors is scheduled to meet on Thursday, October 18, 2018 to announce the results for 3QCY18. We expect the company to post a consolidated EPS of PKR 3.16 (up 49.64% YoY) for 3QCY18.Our expectation of increase in earnings is based on higher selling price of Urea and DAP and lower finance costs as a result of scheduled loan repayments by the company. Further, we expect the company’s other income to fall significantly due to absence of subsidy income. Our June 2019 target price for EFERT is PKR 88, which implies an upside of 21.87% to its last day’s closing price. Hence, we are maintaining a Positive stance on the scrip.
Ismail Iqbal Securities (Private) Limited (IISPL) is a TREC holder of the Pakistan Stock Exchange, as well as an SECP registered Underwriter and Book Runner. IISPL provides comprehensive financial services including Equity Sales, Research on Equities and the Macro-Economy, Investment Advisory, Portfolio Management, Corporate Finance, and extensive services for Private Equity investors. IISPL services a diversified client base, from Institutional to Retail Investors including High Net worth Individuals.
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