External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We have revised down our earnings estimates for Nishat Mills (NML) by average 33% for FY25 and FY26 to Rs18.49 and Rs19.11 due to lower-than-expected gross margins.</li><li>Despite the decline in earnings, we maintain our BUY stance on the company with a June 2026 target price of Rs225, suggesting a total return of 60% including a dividend yield of 2%.</li><li>The Sum of The Part (SOTP) value of the company arrives at Rs302/share, indicating a 53% discount to the market price.</li></ul>

We have revised down our earnings estimates for Nishat Mills (NML) by average 33% for FY25 and FY26 to Rs18.49 and Rs19.11 due to lower-than-expected gross margins.Despite the decline in earnings, we maintain our BUY stance on the company with a June 2026 target price of Rs225, suggesting a total return of 60% including a dividend yield of 2%.The Sum of The Part (SOTP) value of the company arrives at Rs302/share, indicating a 53% discount to the market price.

Nishat Mills Limited (NML): BUY Maintained; Earnings Revised Due to Lower Margins; SOTP Value Higher