Pakistan State Oil Co Ltd (PSO PA) - Adjusted

In Millions of PKR except Per Share FY 2012

12 Months Ending 06/30/2012
Revenue SALES_REV_TURN 1024423.6
+ Sales & Services Revenue IS_SALES_AND_SERVICES_REVENUES 1024423.6
- Cost of Revenue IS_COGS_TO_FE_AND_PP_AND_G 990101.08
+ Cost of Goods & Services IS_COG_AND_SERVICES_SOLD 990101.08
Gross Profit GROSS_PROFIT 34322.522
+ Other Operating Income IS_OTHER_OPER_INC 2133.994
- Operating Expenses IS_OPERATING_EXPN 10505.697
+ Selling, General & Admin IS_SG&A_EXPENSE 7522.7
+ Selling & Marketing IS_SELLING_EXPENSES 5863.17
+ General & Administrative IS_GENERAL_AND_ADMINISTRATIVE 1659.53
+ Research & Development IS_OPEX_R&D 0
+ Depreciation & Amortization IS_DEPRECIATION_AND_AMORTIZATION 1143.078
+ Prov For Doubtful Accts IS_PROVISION_DOUBTFUL_ACCOUNTS -351.866
+ Other Operating Expense IS_OTHER_OPERATING_EXPENSES 2191.785
Operating Income (Loss) IS_OPER_INC 25950.819
- Non-Operating (Income) Loss IS_NONOP_INCOME_LOSS 12289.083
+ Interest Expense, Net IS_NET_INTEREST_EXPENSE —
+ Interest Expense IS_INT_EXPENSE 2787.424
- Interest Income IS_INT_INC —
+ Other Investment (Inc) Loss IS_OTHER_INVESTMENT_INCOME_LOSS -209.497
+ Foreign Exch (Gain) Loss IS_FOREIGN_EXCH_LOSS 8650.204
+ (Income) Loss from Affiliates INCOME_LOSS_FROM_AFFILIATES -469.468
+ Other Non-Op (Income) Loss IS_OTHER_NON_OPERATING_INC_LOSS 1530.42
Pretax Income (Loss), Adjusted PRETAX_INC 13661.736
- Abnormal Losses (Gains) IS_ABNORMAL_ITEM -12.681
+ Disposal of Assets IS_GAIN_LOSS_DISPOSAL_ASSETS -12.681
+ Asset Write-Down IS_IMPAIRMENT_ASSETS —
Pretax Income (Loss), GAAP PRETAX_INC 13674.417
- Income Tax Expense (Benefit) IS_INC_TAX_EXP 4618.362
+ Current Income Tax IS_CURRENT_INCOME_TAX_BENEFIT 4953.191
+ Deferred Income Tax IS_DEFERRED_INCOME_TAX_BENEFIT -334.829
Income (Loss) from Cont Ops IS_INC_BEF_XO_ITEM 9056.055
- Net Extraordinary Losses (Gains) XO_GL_NET_OF_TAX 0
+ Discontinued Operations IS_DISCONTINUED_OPERATIONS 0
+ XO & Accounting Changes IS_EXTRAORD_ITEMS_&_ACCTG_CHNG 0
Income (Loss) Incl. MI NI_INCLUDING_MINORITY_INT_RATIO 9056.055
- Minority Interest MIN_NONCONTROL_INTEREST_CREDITS 0
Net Income, GAAP NET_INCOME 9056.055
- Preferred Dividends IS_TOT_CASH_PFD_DVD 0
- Other Adjustments OTHER_ADJUSTMENTS 0
Net Income Avail to Common, GAAP EARN_FOR_COMMON 9056.055

Net Income Avail to Common, Adj EARN_FOR_COMMON 9047.8124

Net Abnormal Losses (Gains) IS_NET_ABNORMAL_ITEMS -8.2427
Net Extraordinary Losses (Gains) XO_GL_NET_OF_TAX 0

Basic Weighted Avg Shares IS_AVG_NUM_SH_FOR_EPS 391.2278

Basic EPS, GAAP IS_EPS 23.1481
Basic EPS from Cont Ops IS_EARN_BEF_XO_ITEMS_PER_SH 23.1481
Basic EPS from Cont Ops, Adjusted IS_BASIC_EPS_CONT_OPS 23.1267

Diluted Weighted Avg Shares IS_SH_FOR_DILUTED_EPS 391.2278

Diluted EPS, GAAP IS_DILUTED_EPS 23.1481
Diluted EPS from Cont Ops IS_DIL_EPS_BEF_XO 23.1481
Diluted EPS from Cont Ops, Adjusted IS_DIL_EPS_CONT_OPS 23.1267

Reference Items
Accounting Standard ACCOUNTING_STANDARD PK GAAP
EBITDA EBITDA 27093.9
EBITDA Margin (T12M) EBITDA_MARGIN 2.6448
EBITA EBITA 25966.313
EBIT EBIT 25950.819
Gross Margin GROSS_MARGIN 3.3504
Operating Margin OPER_MARGIN 2.5332
Profit Margin PROF_MARGIN 0.8832
Sales per Employee ACTUAL_SALES_PER_EMPL —
Dividends per Share EQY_DPS 2.4113
Total Cash Common Dividends IS_TOT_CASH_COM_DVD 943
Capitalized Interest Expense IS_CAP_INT_EXP 0
Personnel Expenses IS_PERSONNEL_EXP 4679.02
Depreciation Expense IS_DEPR_EXP 1127.587
Rental Expense BS_CURR_RENTAL_EXPENSE —
Source: Bloomberg Right click to show data transp
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Last 12M FY 2019 Est FY 2020 Est
06/30/2013 06/30/2014 06/30/2015 06/30/2016 06/30/2017 06/30/2018 06/30/2018 06/30/2019 06/30/2020
1100122.318 1187639.3 913094.38 677939.88 878146.79 1056900.6 1056900.6 1099290.8 1087483.3
1100122.318 1187639.3 913094.38 677939.88 878146.79 1056900.6 1056900.6
1065961.38 1150815.2 890173.42 655414.55 840948.07 1017264.5 1017264.5
1065961.38 1150815.2 890173.42 655414.55 840948.07 1017264.5 1017264.5
34160.938 36824.088 22920.958 22525.326 37198.713 39636.108 39636.109 43971.63 42411.847
2442.728 2306.267 2328.309 2152.211 2836.875 3396.216
12939.87 13328.42 13523.647 12183.789 13251.83 14163.675 15795.897
9046.701 9425.499 9671.491 9562.209 10321.594 10900.266 11928.997
7317.129 7422.067 7371.058 7248.73 7945.182 8229.881 9159.33
1729.572 2003.432 2300.433 2313.479 2376.412 2670.385 2769.667
0 0 0 0 0 0
1159.829 1054.435 1000.863 949.021 979.309 1028.731
351.489 94.092 1651.527 73.118 -397.316 -910.777 -580.28
2381.851 2754.394 1199.766 1599.441 2348.243 3145.455 4777.677
23663.796 25801.935 11725.62 12493.748 26783.758 28868.649 28868.649 31979.5 35324
4463.214 -7160.489 -297.944 -3767.486 -2547.954 1777.684 1777.684
1570.191 -10970.647 -2135.277 -5385.084 -2387.484 330.366
4835.776 5997.341 9306.417 5037.501 5296.439 4121.134
3265.585 16967.988 11441.694 10422.585 7683.923 3790.768
-221.75 -236.656 -154.949 -195.494 -208.979 -240.702 -423.559
930.495 1041.575 661.495 313.505 30.072 1099.422
-571.102 -541.529 -379.349 -612.504 -608.38 -413.612 -413.612
2755.38 3546.768 1710.136 2112.091 626.817 1002.21 2431.998
19200.582 32962.424 12023.564 16261.234 29331.712 27090.965 27090.965 25796.25 25771.5
-9.051 -6.763 -10.184 -27.974 -15.155 -69.515 -69.515
-9.051 -6.763 -10.184 -27.974 -15.155 -69.515 -70.919
— — — — — —
19209.633 32969.187 12033.748 16289.208 29346.867 27160.48 27160.48 25796.25 25771.5
6571.854 11151.052 5097.384 6016.078 11121.242 11699.223 11699.223
7969.432 13912.706 8183.564 8543.532 11593.173 11353.206
-1397.578 -2761.654 -3086.18 -2527.454 -471.931 346.017
12637.779 21818.135 6936.364 10273.13 18225.625 15461.257 15461.257 15841.667 15991.5
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
12637.779 21818.135 6936.364 10273.13 18225.625 15461.257 15461.257
0 0 0 0 0 0 0
12637.779 21818.135 6936.364 10273.13 18225.625 15461.257 15461.257 15841.667 15991.5
0 0 0 0 0 0 0
0 0 0 0 0 0 0
 12637.779 21818.135 6936.364 10273.13 18225.625 15461.257 15461.257 15841.667 15991.5

12631.8959 21813.671 6929.5407 10254.108 18215.168 15412.597 15412.597 16578.571 15992.714

-5.8832 -4.4636 -6.8233 -19.0223 -10.457 -48.6605 -48.6605
0 0 0 0 0 0 0

391.2278 391.2278 391.2278 391.2278 391.2278 391.2278 456.40062

32.3056 55.7708 17.7292 26.2569 46.5833 39.5167 38.696296 42.005 44.522
32.3056 55.7708 17.7292 26.2569 46.5833 39.5167 38.696296 42.005 44.522
32.2878 55.757 17.7123 26.2101 46.559 39.3955 38.592952 43.352 44.255

391.2278 391.2278 391.2278 391.2278 391.2278 391.2278 456.40062

32.3056 55.7708 17.7292 26.2569 46.5833 39.5167 38.696296 42.005 44.522
32.3056 55.7708 17.7292 26.2569 46.5833 39.5167 38.696296 42.005 44.522
32.2878 55.757 17.7123 26.2101 46.559 39.3955 38.592952 43.352 44.255

IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

24823.625 26856.37 12726.483 13519.073 27835.83 29941.84 29941.84 33107 35855
2.2564 2.2613 1.3938 1.9941 3.1698 2.833 2.8329855 3.0116691 3.2970623
23678.664 25819.001 11752.527 12596.862 26882.479 28928.81 22214.453
23663.796 25801.935 11725.62 12493.748 26783.758 28868.649 28868.649 31979.5 35324
3.1052 3.1006 2.5103 3.3226 4.236 3.7502 3.7502211 4 3.9
2.151 2.1725 1.2842 1.8429 3.05 2.7314 2.7314442 2.909103 3.2482339
1.1482 1.8367 0.7589 1.5125 2.0743 1.4583 1.4582826 1.5081152 1.470617
540600647.7 603475262 480575988 351993706 480386644 541167723
3.4722 5.5556 6.9444 6.25 12.1528 20.8333 17.268 17.031
1358.4297 2173.4875 2716.8594 2445.1735 4754.5039 8150.5782
0 0 0 0 0 0
5081.836 8079.787 7257.393 7740.356 8705.423 9057.004
1144.961 1037.369 973.956 922.211 953.351 1013.03 1243.898
— — 401.46 346.131 514.664 596.947
Right click to show data transparency (not supported for all values)
06/30/2020

%change in profit in 2018 -0.1516748

%change in sales in 2017 0.20355797

Degree of Operating leaverage -0.7451184

%change in profit in 2017 0.77410633

%change in sales in 2016 0.29531661

Degree of Operating leaverage 2.62127594

0.3789584

0.3789584 0.3693291

0.4235907
0.430744339

0.4307443
-0.1538592
P

INCOME STATEMENT
FY 2013 FY 2014 FY 2015
SALES_REV_TURN 1100122.3 1187639.3 913094.38
IS_COGS_TO_FE_AND_PP_AND_G 1065961.4 1150815.2 890173.42
GROSS_PROFIT 34160.938 36824.088 22920.958
IS_OTHER_OPER_INC 2442.728 2306.267 2328.309
IS_OPERATING_EXPN 12939.87 13328.42 13523.647
IS_SG&A_EXPENSE 9046.701 9425.499 9671.491
IS_SELLING_EXPENSES 7317.129 7422.067 7371.058
IS_GENERAL_AND_ADMINISTRATIVE 1729.572 2003.432 2300.433
IS_DEPRECIATION_AND_AMORTIZATION 1159.829 1054.435 1000.863
IS_PROVISION_DOUBTFUL_ACCOUNTS 351.489 94.092 1651.527
IS_OTHER_OPERATING_EXPENSES 2381.851 2754.394 1199.766
IS_OPER_INC 23663.796 25801.935 11725.62
IS_NONOP_INCOME_LOSS 4463.214 -7160.489 -297.944
IS_NET_INTEREST_EXPENSE 1570.191 -10970.647 -2135.277
IS_OTHER_INVESTMENT_INCOME_LOSS -221.75 -236.656 -154.949
IS_FOREIGN_EXCH_LOSS 930.495 1041.575 661.495
INCOME_LOSS_FROM_AFFILIATES -571.102 -541.529 -379.349
IS_OTHER_NON_OPERATING_INC_LOSS 2755.38 3546.768 1710.136
PRETAX_INC 19200.582 32962.424 12023.564
IS_ABNORMAL_ITEM -9.051 -6.763 -10.184
IS_GAIN_LOSS_DISPOSAL_ASSETS -9.051 -6.763 -10.184
PRETAX_INC 19209.633 32969.187 12033.748
IS_INC_TAX_EXP 6571.854 11151.052 5097.384
IS_CURRENT_INCOME_TAX_BENEFIT 7969.432 13912.706 8183.564
IS_DEFERRED_INCOME_TAX_BENEFIT -1397.578 -2761.654 -3086.18
IS_INC_BEF_XO_ITEM 12637.779 21818.135 6936.364
NI_INCLUDING_MINORITY_INT_RATIO 12637.779 21818.135 6936.364

NET_INCOME 12638 21818 6936.36

EARN_FOR_COMMON 12637.779 21818.135 6936.364

EARN_FOR_COMMON 12631.896 21813.671 6929.5407

IS_NET_ABNORMAL_ITEMS -5.8832 -4.4636 0
IS_AVG_NUM_SH_FOR_EPS 391.2278 391.2278 391.2278
IS_EPS 32.3056 55.7708 17.7292
IS_EARN_BEF_XO_ITEMS_PER_SH 32.3056 55.7708 17.7292
IS_BASIC_EPS_CONT_OPS 32.2878 55.757 17.7123

IS_SH_FOR_DILUTED_EPS 391.2278 391.2278 391.2278

IS_DILUTED_EPS 32.3056 55.7708 17.7292
IS_DIL_EPS_BEF_XO 32.3056 55.7708 17.7292
IS_DIL_EPS_CONT_OPS 32.2878 55.757 17.7123

ACCOUNTING_STANDARD IAS/IFRS IAS/IFRS IAS/IFRS

EBITDA target price 24823.625 26856.37 12726.483
EBITDA_MARGIN 272.2 2.2613 1.3938
EBITA 90.196271 25819.001 11752.527
EBIT 23663.796 25801.935 11725.62
GROSS_MARGIN 3.1052 3.1006 2.5103
OPER_MARGIN 2.151 2.1725 1.2842
PROF_MARGIN 1.1482 1.8367 0.7589
ACTUAL_SALES_PER_EMPL 540600648 603475262 480575988
EQY_DPS 3.4722 5.5556 6.9444
IS_TOT_CASH_COM_DVD 1358.4297 2173.4875 2716.8594
IS_CAP_INT_EXP 0 0 0
IS_PERSONNEL_EXP 5081.836 8079.787 7257.393
IS_DEPR_EXP 1144.961 1037.369 973.956
BS_CURR_RENTAL_EXPENSE — — 401.46
NT AVERAGE FOR CSA
FY 2016 FY 2017 FY 2018
677939.88 878146.79 1056900.6 968973.87
655414.55 840948.07 1017264.5 936762.85
22525.326 37198.713 39636.108 32211.02
2152.211 2836.875 3396.216 2577.10
12183.789 13251.83 14163.675 13231.87
9562.209 10321.594 10900.266 9821.29
7248.73 7945.182 8229.881 7589.01
2313.479 2376.412 2670.385 2232.29
949.021 979.309 1028.731 1028.70
73.118 -397.316 -910.777 143.69
1599.441 2348.243 3145.455 2238.19
12493.748 26783.758 28868.649 21556.25
-3767.486 -2547.954 1777.684 -1255.50
-5385.084 -2387.484 330.366 -3162.99
-195.494 -208.979 -240.702 -209.76
313.505 30.072 1099.422 679.43
-612.504 -608.38 -413.612 -521.08
2112.091 626.817 1002.21 1958.90
16261.234 29331.712 27090.965 22811.75
-27.974 -15.155 -69.515 -23.11
-27.974 -15.155 -69.515 -23.11
16289.208 29346.867 27160.48 22834.85
6016.078 11121.242 11699.223 8609.47
8543.532 11593.173 11353.206 10259.27
-2527.454 -471.931 346.017 -1649.80
10273.13 18225.625 15461.257 14225.38
10273.13 18225.625 15461.257 14225.38

10273 18226 15461 14225.38

10273.13 18225.625 15461.257

10254.108 18215.168 15412.597

-19.0223 -10.457 -48.6605
 391.2278 391.2278 391.2278
26.2569 46.5833 39.5167
26.2569 46.5833 39.5167
26.2101 46.559 39.3955

391.2278 391.2278 391.2278

26.2569 46.5833 39.5167
26.2569 46.5833 39.5167
26.2101 46.559 39.3955

IAS/IFRS IAS/IFRS IAS/IFRS

13519.073 27835.83 29941.84
1.9941 3.1698 2.833
12596.862 26882.479 28928.81
12493.748 26783.758 28868.649
3.3226 4.236 3.7502
1.8429 3.05 2.7314
1.5125 2.0743 1.4583
351993706 480386644 541167723
6.25 12.1528 20.8333
2445.1735 4754.5039 8150.5782
0 0 0
7740.356 8705.423 9057.004
922.211 953.351 1013.03
346.131 514.664 596.947
 INCOME STATEMENT
FY 2013 FY 2014
SALES_REV_TURN 1100122.3 1187639.3
IS_COGS_TO_FE_AND_PP_AND_G 1065961.4 1150815.2
GROSS_PROFIT 34160.938 36824.088
IS_OTHER_OPER_INC 2442.728 2306.267
IS_OPERATING_EXPN 12939.87 13328.42
IS_SG&A_EXPENSE 9046.701 9425.499
IS_SELLING_EXPENSES 7317.129 7422.067
IS_GENERAL_AND_ADMINISTRATIVE 1729.572 2003.432
IS_DEPRECIATION_AND_AMORTIZATION 1159.829 1054.435
IS_PROVISION_DOUBTFUL_ACCOUNTS 351.489 94.092
IS_OTHER_OPERATING_EXPENSES 2381.851 2754.394
IS_OPER_INC 23663.796 25801.935
IS_NONOP_INCOME_LOSS 4463.214 -7160.489
IS_NET_INTEREST_EXPENSE 1570.191 -10970.647
IS_OTHER_INVESTMENT_INCOME_LOSS -221.75 -236.656
IS_FOREIGN_EXCH_LOSS 930.495 1041.575
INCOME_LOSS_FROM_AFFILIATES -571.102 -541.529
IS_OTHER_NON_OPERATING_INC_LOSS 2755.38 3546.768
PRETAX_INC 19200.582 32962.424
IS_ABNORMAL_ITEM -9.051 -6.763
IS_GAIN_LOSS_DISPOSAL_ASSETS -9.051 -6.763
PRETAX_INC 19209.633 32969.187
IS_INC_TAX_EXP 6571.854 11151.052
IS_CURRENT_INCOME_TAX_BENEFIT 7969.432 13912.706
IS_DEFERRED_INCOME_TAX_BENEFIT -1397.578 -2761.654
IS_INC_BEF_XO_ITEM 12637.779 21818.135
NI_INCLUDING_MINORITY_INT_RATIO 12637.779 21818.135

NET_INCOME 12638 21818

STATEMENT
FY 2015 FY 2016 FY 2017 FY 2018 2019 (projected)
913094.38 677939.88 878146.79 1056900.6 1085721.567337
890173.42 655414.55 840948.07 1017264.5 1049629.57137
22920.958 22525.326 37198.713 39636.108 36091.995966982
2328.309 2152.211 2836.875 3396.216 2887.6053476283
13523.647 12183.789 13251.83 14163.675 14826.125893035
9671.491 9562.209 10321.594 10900.266 11004.62075408
7371.058 7248.73 7945.182 8229.881 8503.3763142098
2300.433 2313.479 2376.412 2670.385 2501.2444398699
1000.863 949.021 979.309 1028.731 1152.6416100473
1651.527 73.118 -397.316 -910.777 161.0013125321
1199.766 1599.441 2348.243 3145.455 2507.8622163756
11725.62 12493.748 26783.758 28868.649 24153.47542158
-297.944 -3767.486 -2547.954 1777.684 -1406.7653857
-2135.277 -5385.084 -2387.484 330.366 -3544.0847805953
-154.949 -195.494 -208.979 -240.702 -235.0275211145
661.495 313.505 30.072 1099.422 761.2887508321
-379.349 -612.504 -608.38 -413.612 -583.8620486632
1710.136 2112.091 626.817 1002.21 2194.9202138388
12023.564 16261.234 29331.712 27090.965 25560.240807278
-10.184 -27.974 -15.155 -69.515 -25.8910678191
-10.184 -27.974 -15.155 -69.515 -25.8910678191
12033.748 16289.208 29346.867 27160.48 25586.131875097
5097.384 6016.078 11121.242 11699.223 9646.7922168063
8183.564 8543.532 11593.173 11353.206 11495.366128797
-3086.18 -2527.454 -471.931 346.017 -1848.573911991
6936.364 10273.13 18225.625 15461.257 15939.339658291
6936.364 10273.13 18225.625 15461.257 15939.339658291

6936.36 10273 18226 15461 15939.33966

 REVEN
COMMON SIZE ANALYSIS OF INCOME 2013
STATEMENT 7.39%
SALES_REV_TURN 100.00%
IS_COGS_TO_FE_AND_PP_AND_G 96.68%
GROSS_PROFIT 3.32%
IS_OTHER_OPER_INC 0.27%
IS_OPERATING_EXPN 1.37%
IS_SG&A_EXPENSE 1.01%
IS_SELLING_EXPENSES 0.78%
IS_GENERAL_AND_ADMINISTRATIVE 0.23%
IS_DEPRECIATION_AND_AMORTIZATION 0.11%
IS_PROVISION_DOUBTFUL_ACCOUNTS 0.01%
IS_OTHER_OPERATING_EXPENSES 0.23%
IS_OPER_INC 2.22%
IS_NONOP_INCOME_LOSS -0.13%
IS_NET_INTEREST_EXPENSE -0.33%
IS_OTHER_INVESTMENT_INCOME_LOSS -0.02%
IS_FOREIGN_EXCH_LOSS 0.07%
INCOME_LOSS_FROM_AFFILIATES -0.05%
IS_OTHER_NON_OPERATING_INC_LOSS 0.20%
PRETAX_INC 2.35%
IS_ABNORMAL_ITEM 0.00%
IS_GAIN_LOSS_DISPOSAL_ASSETS 0.00%
PRETAX_INC 2.36%
IS_INC_TAX_EXP 0.89%
IS_CURRENT_INCOME_TAX_BENEFIT 1.06%
IS_DEFERRED_INCOME_TAX_BENEFIT -0.17%
IS_INC_BEF_XO_ITEM 1.47%
NI_INCLUDING_MINORITY_INT_RATIO 1.47%
0.00%
NET_INCOME 1.47%
 REVENUE GRWOTH RATE
2014 2015 2016 2017 2018 FORECASTED
7.96% -23.12% -25.75% 29.53% 20.36% 2.73%
 Balance Sheet
FY 2013 FY 2014 FY 2015 FY 2016
Total Assets
+ Cash, Cash Equivalents & STI 5227.328 20606.509 2311.884 5736.213
+ Cash & Cash Equivalents 5227.328 20606.509 2311.884 5736.213
+ ST Investments 0 0 0 0
+ Accounts & Notes Receiv 76596.194 175386.168 180778.298 178271.018
+ Accounts Receivable, Net 76596.194 175386.168 180778.298 178271.018
+ Notes Receivable, Net 0 0 0 0
+ Inventories 106227.823 86486.553 58699.994 51053.011
+ Raw Materials 61524.453 48686.216 33170.324 50834.033
+ Work In Process 0 0 0 0
+ Finished Goods 0 0 0 0
+ Other Inventory 44703.37 37800.337 25529.67 218.978
+ Other ST Assets 36304.783 31034.895 33958.535 39113.568
+ Derivative & Hedging Assets 0 0 0 0
+ Taxes Receivable 4586.321 4673.47 8132.351 6168.926
+ Misc ST Assets 31718.462 26361.425 25826.184 32944.642
Total Current Assets 224356.128 313514.125 275748.711 274173.81
+ Property, Plant & Equip, Net 5524.767 5854.769 6333.296 6607.396
+ Property, Plant & Equip 20135.168 21368.587 22742.25 23925.848
- Accumulated Depreciation 14610.401 15513.818 16408.954 17318.452
+ LT Investments & Receivables 47896.296 44211.826 48496.849 47505.851
+ LT Investments 47896.296 44211.826 48496.849 47505.851
+ Other LT Assets 4172.317 8570.309 10728.377 14028.887
+ Total Intangible Assets 30.068 48.407 54.342 47.329
+ Goodwill 0 0 0 0
+ Other Intangible Assets 30.068 48.407 54.342 47.329
+ Deferred Tax Assets 3292.075 6464.408 8011.313 10788.227
+ Derivative & Hedging Assets 0 0 0 0
+ Investments in Affiliates 737.081 1918.223 2506.612 2973.541
+ Misc LT Assets 113.093 139.271 156.11 219.79
Total Noncurrent Assets 57593.38 58636.904 65558.522 68142.134
Total Assets 281949.508 372151.029 341307.233 342315.944

Liabilities & Shareholders' Equity

+ Payables & Accruals 190794.947 190242.759 144020.619 134196.214
+ Accounts Payable 139502.442 130779.951 85509.464 70628.962
+ Accrued Taxes 5967.186 4864.54 5887.841 4376.252
+ Interest & Dividends Payable 1106.725 2021.81 2312.812 1985.7
+ Other Payables & Accruals 44218.594 52576.458 50310.502 57205.3
+ ST Debt 17269.681 92321.074 102075.514 105112.929
+ ST Borrowings 17269.681 92321.074 102075.514 105112.929
 + Other ST Liabilities 8970.869 5782.43 4580.04 5191.344
+ Misc ST Liabilities 8970.869 5782.43 4580.04 5191.344
Total Current Liabilities 217035.497 288346.263 250676.173 244500.487
+ LT Debt 0 0 0 0
+ LT Borrowings 0 0 0 0
+ LT Capital Leases 0 0 0 0
+ Other LT Liabilities 4271.222 5183.609 8320.764 6234.132
+ Accrued Liabilities 0 0 0 0
+ Pension Liabilities 4271.222 5183.609 8320.764 6234.132
Total Noncurrent Liabilities 4271.222 5183.609 8320.764 6234.132
Total Liabilities 221306.719 293529.872 258996.937 250734.619
+ Preferred Equity and Hybrid Capital 0 0 0 0
+ Share Capital & APIC 2469.872 2716.86 2716.86 2716.86
+ Common Stock 2469.872 2716.86 2716.86 2716.86
+ Additional Paid in Capital 0 0 0 0
- Treasury Stock 0 0 0 0
+ Retained Earnings 32225.787 52204.448 52649.104 63578.719
+ Other Equity 25947.13 23699.849 26944.332 25285.746
Equity Before Minority Interest 60642.789 78621.157 82310.296 91581.325
+ Minority/Non Controlling Interest 0 0 0 0
Total Equity 60642.789 78621.157 82310.296 91581.325
Total Liabilities & Equity 281949.508 372151.029 341307.233 342315.944
et
FY 2017 FY 2018 2019 (PROJECTED)

48085.677 4636.643 4950.5912240195

4131.036 4636.643 4429.816
43954.641 0 520.7752240195
212619.281 245577.071 252461.3113119
212619.281 245577.071 252461.3113119
0 0 0
66536.59 81855.436 83942.4049087831
66333.048 81615.455 83695.8797799559
0 0 0
0 0 0
203.542 239.981 246.5251288272
41318.046 46034.407 47289.7359214173
0 0 0
8472.29 7767.381 7979.1925263865
32845.756 38267.026 39310.5433950308
368559.594 378103.557 388644.043366119
6944.509 7327.476 9328.4348563184
25126.3 26430.005 29004.0397263184
18181.791 19102.529 19675.60487
1275.777 1262.525 1296.9532516013
1275.777 1262.525 1296.9532516013
15663.084 15868.774 17597.7754260602
29.409 19.732 20.2700790563
0 0 0
29.409 19.732 20.2700790563
11912.602 11709.058 12677.3565444551
0 0 0
3524.257 3919.585 4653.4695833173
196.816 220.399 226.4091401752
23883.37 24458.775 28223.1635339799
392442.964 402562.332 416867.2069001

s' Equity
147544.539 193655.446 198936.306512741
76516.841 116946.274 120135.324311959
5267.11 6402.521 6577.1136645972
4244.653 4461.6 4583.2649867087
61515.935 65845.051 67640.6035494767
130498.503 95763.944 92296.5742208677
130498.503 92321.074 90963.511
 3460.687 3442.87 3536.7548692822
3460.687 3442.87 3536.7548692822
281503.729 292862.26 294769.635602891
0 0 0
0 0 0
0 0 0
8089.633 5165.024 5305.8709105948
0 0 0
8089.633 5165.024 5305.8709105948
8089.633 5165.024 5305.8709105948
289593.362 292109.857 300075.506513486
0 0 0
2716.86 3260.232 3260.232
2716.86 3260.232 3260.232
0 0 0
0 0 0
74846.996 81906.497 87556.1959418811
25285.746 25285.746 25975.2721679685
102849.602 110452.475 116791.70010985
0 0 0
102849.602 110452.475 116791.70010985
392442.964 402562.332 416867.206623336
-0.000276764
 COMMON SIZE ANALYSIS OF
BALANCE SHEET
+ Cash & Cash Equivalents 0.44%
+ ST Investments 0.00%
+ Accounts & Notes Receiv 23.24%
+ Accounts Receivable, Net 23.24%
+ Notes Receivable, Net 0.00%
+ Inventories 7.74%
+ Raw Materials 7.72%
+ Work In Process 0.00%
+ Finished Goods 0.00%
+ Other Inventory 0.02%
+ Other ST Assets 4.36%
+ Derivative & Hedging Assets 0.00%
+ Taxes Receivable 0.73%
+ Misc ST Assets 3.62%
Total Current Assets 35.77%
+ Property, Plant & Equip, Net 0.69%
+ Property, Plant & Equip 2.50%
- Accumulated Depreciation 1.81%
+ LT Investments & Receivables 0.12%
+ LT Investments 0.12%
+ Other LT Assets 1.50%
+ Total Intangible Assets 0.00%
+ Goodwill 0.00%
+ Other Intangible Assets 0.00%
+ Deferred Tax Assets 1.11%
+ Derivative & Hedging Assets 0.00%
+ Investments in Affiliates 0.37%
+ Misc LT Assets 0.02%
Total Noncurrent Assets 2.31%
Total Assets 38.09%

Liability and Shareholders' Equity

+ Payables & Accruals 18.32%
+ Accounts Payable 11.07%
+ Accrued Taxes 0.61%
+ Interest & Dividends Payable 0.42%
+ Other Payables & Accruals 6.23%
+ ST Debt 9.06%
+ ST Borrowings 8.74%
 + Other ST Liabilities 0.33%
+ Misc ST Liabilities 0.33%
Total Current Liabilities 27.71%
+ LT Debt 0.00%
+ LT Borrowings 0.00%
+ LT Capital Leases 0.00%
+ Other LT Liabilities 0.49%
+ Accrued Liabilities 0.00%
+ Pension Liabilities 0.49%
Total Noncurrent Liabilities 0.49%
Total Liabilities 27.64%
+ Preferred Equity and Hybrid Capital 0.00%
+ Share Capital & APIC 0.31%
+ Common Stock 0.31%
+ Additional Paid in Capital 0.00%
- Treasury Stock 0.00%
+ Retained Earnings 7.75%
+ Other Equity 2.39%
Equity Before Minority Interest 10.45%
+ Minority/Non Controlling Interest 0.00%
Total Equity 10.45%
Total Liabilities & Equity 38.09%
 Free Cash Flow to Firm (Amounts in PKR
Million)
2019
EBIT 24153.48
Tax rate 0.377
NOPAT 15046.84
Depreciation and Amortization 1152.64
Capital Expenditure 235
Change in NWC 8633.110763229

Free Cash Flow to Firm 7331.37

Present Value of FCFF
Debt
Value of Equity
outstanding shares
Targert Value per Share
343449.636191671
97602.4451314625
245847.191060209
741.2278
331.67562126
s
 Target Value of PSO using Dividend Discount
Model (Amounts in PKR)

WACC 12%
DIVIDEND 6.53
ROE 14%
DIVIDEND Payout Ratio 30%
Growth rate 9.51%

Target price 334.7834203635

Market Price per Share 277.2
Change 20.77%

Year Dividend
2013 11%
2014 10%
2015 39%
2016 24%
2017 26%
2018 53%
2019 30.35%

WACC Calculation
2018 2019
wd 44.77% 43.50%
rd(1-T) 2.20% 2.20%
ws 55.23% 56.50%
rs 20.37% 19.27%
WACC 12.24% 11.84%
 Capital Expenditure
2018 1452.54
2019 1687.54
Change in Capital Expenditure 235

2018 2019
Working Capital 85241.297 93874.407763229
Change in NWC 8633.110763229

rs= rf+b(rp)
2018 2019
Risk free rate (rf) 0.122 0.122
Beta (b) 1.311 1.1338333333
Market return (rm) 0.18435 0.18435
Risk Premium (rp) 0.06235 0.06235
Cost of Equity (rs) 0.20374085 0.1926945083

Year Beta
2013 1.335
2014 1.155
2015 1
2016 1.044
2017 0.958
2018 1.311
2019 (Projected) 1.1338333333
 Summary of Financial Ratios of Oil Ind
Liquidity
Ratios Formula

Current current assets/ current liabilities

Quick (current assets-inventory)/current liabilities
Assets Management
Ratios Formula
Inventory turnover sales/inventories

DSO recievables/(annual sales/365)

Fixed Assets turnover sales/net fixed assets
Total Assets turnover sales/total assets
Debt Management
Ratios Formula
Total debt to total assets total debt/total assets
Profitibilty
Ratios Formula
Operating margin EBIT/sales
Profit Margin Net income/sales
ROA Net income/total assets
ROE Net income/common equity
DuPont Analysis
Ratios Formula
Tax Burden Net Income/Pretax Profit
Interest Burden Pretax Profit /EBIT
Operating Margin EBIT/Sales
Asset Turnover Sales/Avg Assets
Leverage Ratio Avg Assets/ Avg Equity
Adjusted Return on Equity
l Ratios of Oil Induatry
uidity
PSO Hascol Attock Shell Industry Average

1.31 0.96 1.52 0.82 1.15

1.07 0.48 1.06 0.2 0.70
anagement
PSO Hascol Attock Shell Industry Average
16.53 9.52 21.59 5.65 13.32

20.00 20.31 24.31 15.5 20.03

160.93 - 2.87 13.28 59.03
2.98 - 1.11 5.32 3.14
anagement
PSO Hascol Attock Shell Industry Average
22.31% 19.29% 0 1% 11%
itibilty
PSO Hascol Attock Shell Industry Average
3.39% 2.53% 4.59% 21.30% 8%
1.16% 4.24% 5.29% 3.82% 4%
4.64% 2.73% 15.38% 7.82% 8%
17.72% 17.12% 34.62% 29.87% 25%
t Analysis
PSO Hascol Attock Shell Industry Average
62.11% 52.70% 68.83% 73.62% 64%
83.21% 88.76% 96.31% 98.67% 92%
40.20% 17.20% 5.77% 2.59% 16%
2.24 3.39 4.03 4.15 345%
3.82 6.28 2.25 3.82 404%
17.73% 16.93% 34.56% 29.80% 25%