External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Attock Cement Pakistan / Equity Bottom-Up

<ul><li>The Pakistan cement sector is currently trading at an EV/ton of US$39.6, while on FY26E EV/EBITDA basis, it is valued at 5.0x.</li><li>Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$13.2 and EV/EBITDA of 1.2x.</li><li>Kohat Cement (KOHC) is valued at EV/ton of US$25.4 and EV/EBITDA of 2.7x.</li></ul>

The Pakistan cement sector is currently trading at an EV/ton of US$39.6, while on FY26E EV/EBITDA basis, it is valued at 5.0x.Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$13.2 and EV/EBITDA of 1.2x.Kohat Cement (KOHC) is valued at EV/ton of US$25.4 and EV/EBITDA of 2.7x.

Attock Cement Pakistan

Pakistan Listed Cement Comp Sheet