Company Valuation: Pakgen Power Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Capitalization 1 7,330 8,930 11,162 18,958 36,873 22,682
Change - 21.83% 25% 69.83% 94.5% -38.49%
Enterprise Value (EV) 1 13,261 2,015 11,849 13,849 30,147 9,800
Change - -84.8% 487.93% 16.88% 117.68% -67.49%
P/E ratio 1.66x 8.51x 3.56x 3.23x 8.25x -66.5x
PBR 0.32x 0.4x 0.44x 0.77x 1.39x 1.48x
PEG - -0.1x 0x 0x -0.3x 1x
Capitalization / Revenue 0.69x 0.45x 0.24x 0.91x 3.26x 24.5x
EV / Revenue 1.25x 0.1x 0.26x 0.66x 2.66x 10.6x
EV / EBITDA 2.13x 0.9x 2.86x 2.19x 6.61x -11.5x
EV / EBIT 2.47x 1.53x 3.69x 2.59x 8.26x -5.62x
EV / FCF 2.87x 0.15x -1.44x 1.44x 15.2x 0.61x
FCF Yield 34.8% 682% -69.2% 69.3% 6.58% 165%
Dividend per Share 2 3.25 2 3.5 15 7 2
Rate of return 16.5% 8.33% 11.7% 29.4% 7.06% 3.28%
EPS 2 11.86 2.82 8.429 15.76 12.01 -0.9171
Distribution rate 27.4% 70.9% 41.5% 95.2% 58.3% -218%
Net sales 1 10,646 19,901 45,833 20,837 11,316 925.4
EBITDA 1 6,230 2,242 4,142 6,311 4,559 -852.6
EBIT 1 5,362 1,318 3,212 5,356 3,650 -1,744
Net income 1 4,411 1,049 3,136 5,863 4,470 -333.1
Net Debt 1 5,931 -6,915 686.2 -5,108 -6,726 -12,882
Reference price 2 19.70 24.00 30.00 50.95 99.10 60.96
Nbr of stocks (in thousands) 3,72,082 3,72,082 3,72,082 3,72,082 3,72,082 3,72,082
Announcement Date 01/04/21 30/03/22 04/04/23 28/03/24 03/04/25 06/04/26
1PKR in Million2PKR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 5.94Cr
17.77x1.96x5.97x3.63% 2.19TCr
13.83x - - 4.44% 1.3TCr
59.28x5.24x12.69x0% 1.05TCr
14.77x - - 4.58% 553.48Cr
13.2x4.68x8.93x4.98% 548.28Cr
28.61x3.36x13.37x0.97% 514.62Cr
Average 24.58x 3.81x 10.24x 3.1% 879.19Cr
Weighted average by Cap. 24.23x 3.27x 8.87x 3.17%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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