External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Materials / Thematic (Sector/Industry)

<ul><li>The Pakistan cement sector is currently trading at an EV/ton of US$55.6, while on FY25 EV/EBITDA basis, it is valued at 6.3x.</li><li>Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$41.2 and EV/EBITDA of 4.8x.</li><li>Maple Leaf Cement (MLCF) is trading at EV/ton of US$42.0 and FY25 EV/EBITDA of 4.0x, whereas Kohat Cement (KOHC) is valued at EV/ton of US$46.1 and FY25 EV/EBITDA of 4.3x.</li></ul>

The Pakistan cement sector is currently trading at an EV/ton of US$55.6, while on FY25 EV/EBITDA basis, it is valued at 6.3x.Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$41.2 and EV/EBITDA of 4.8x.Maple Leaf Cement (MLCF) is trading at EV/ton of US$42.0 and FY25 EV/EBITDA of 4.0x, whereas Kohat Cement (KOHC) is valued at EV/ton of US$46.1 and FY25 EV/EBITDA of 4.3x.

Pakistan Listed Cement Comp Sheet