Company Valuation: Trust Modaraba

Data adjusted to current consolidation scope
Fiscal Period: June 2020 2021 2022 2023 2024 2025
Market Cap 1 62.58 95.36 58.11 32.78 59.6 214.3
Change - 52.38% -39.06% -43.59% 81.82% 259.5%
Enterprise Value (EV) 1 36.37 63.91 24.91 4.232 36.19 200.9
Change - 75.74% -61.03% -83.01% 755.07% 455.19%
P/E 36.1x 14.4x 5.11x -448x 2.81x 11.7x
PBR 0.2x 0.3x 0.18x 0.1x 0.17x 0.61x
PEG - 0x 0.1x 4x -0x -0.9x
Capitalization / Revenue 2.03x 2.64x 2.74x 0.86x 0.82x 3.08x
EV / Revenue 1.18x 1.77x 1.18x 0.11x 0.5x 2.89x
EV / EBITDA -24.1x 317x -0.87x 8.75x 1.25x 10.1x
EV / EBIT -17.9x -264x -0.86x -4.84x 1.31x 10.9x
EV / FCF 1.4x 2.14x 0.51x 0.07x 0.61x -32.6x
FCF Yield 71.5% 46.7% 196% 1,520% 164% -3.07%
Dividend per Share 2 - - - - 0.5 -
Rate of return - - - - 25% -
EPS 2 0.0581 0.2217 0.3814 -0.002453 0.7125 0.6171
Distribution rate - - - - 70.2% -
Net sales 1 30.87 36.09 21.18 38.23 72.87 69.6
EBITDA 1 -1.508 0.2017 -28.54 0.4837 28.89 19.81
EBIT 1 -2.03 -0.2421 -29.09 -0.8743 27.58 18.41
Net income 1 1.732 6.607 11.37 -0.0731 21.23 18.39
Net Debt 1 -26.21 -31.45 -33.2 -28.55 -23.41 -13.35
Reference price 2 2.10 3.20 1.95 1.10 2.00 7.19
Nbr of stocks (in thousands) 29,800 29,800 29,800 29,800 29,800 29,800
Announcement Date 28/09/20 21/09/21 06/10/22 15/09/23 23/09/24 01/10/25
1PKR in Million2PKR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 13.97L
143.43x - - -.--% 3.29TCr
1534.53x - - -.--% 1.65TCr
12.34x4.22x46.53x3.86% 1.29TCr
5.96x - - 5.01% 1.22TCr
11.75x - - 4.19% 1.11TCr
4.85x - - 6.53% 861.89Cr
19.74x15.06x36.25x1.2% 807.83Cr
14.04x - - 2.88% 700.4Cr
Average 218.33x 9.64x 41.39x 2.96% 1.21TCr
Weighted average by Cap. 280.39x 8.40x 42.57x 2.23%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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