EPS for 2QCY18 Likely at PKR 1.89
Fauji Fertilizer Company Limited’s (FFC) Board of Directors is scheduled to meet on Tuesday, July31, 2018 to announce the results for 2QCY18. We expect the company to post an EPS of PKR 1.89 (up 47.84% YoY) for 2QCY18.Our expectation of increase in earnings is based on lower finance cost and higher selling price of Urea. Other than that, we also expect the company to announce dividend of PKR 1.50/share. Our December 2018 target price for FFC is PKR 106.50, which implies an upside of 6.91% to its last day’s closing price. Hence, we are maintaining a neutral stance on the scrip.
Fauji Fertilizer is engaged in the manufacturing, purchasing and marketing of fertilizers including the investment in other fertilizer manufacturing operations. As of Dec 31 2004, Co. had a design capacity of 2,455,000 tonnes for urea production and 445,000 tonnes for DAP production.
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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