reports
- Abdul Samad Khanani
Fatima Fertilizer: One-offs disguise 2Q earnings weakness; Neutral sou...
We trim our TP FOR FATIMA by 5% to PkR37/sh, while maintaining our Neutral stance. The revision reflects (i) deteriorating earnings quality and (ii) depressed off-take outlook given sufficient Urea/CAN inventory, ECC’s decision to sell NFML’s Urea at PkR1310/bag and resumption of Pak Arab’s operations in Jul’16 (cannibalization). FATIMA is currently trading at CY16/17F P/E of 9.9x/8.4x with D/Y of 3.8%. We maintain our EPS estimates for CY16/17F post 2QCY16 results (EPS of PkR3.36/3.96)....
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