Investor Presentaiton
TPL Properties Limited - Consolidated Results
Trading at a Steep Discount to Regional Peers & Intrinsic Value
Key Metrics
1.
ROI: 2.4x (since IPO) v/s 1.2x of KSE-100 Index
2. BVPS: PKR 24.1 / Shr
3. P/BV 0.51x is 62% discount to Comps (Regional P/BV: 1.35 x)
4. Share Price is at a 45.9% discount to 52 Week High of PKR 22.71 / Shr
5. Highly traded scrip @ 5.2% of Traded Volume (last 90 days of KSE 100 Index)
6. Target EPS FY23E = PKR 6
7. Latest Dividend of PKR 2 / Shr (June 2023)
Regional Trading Comps
Valuation Summary
[PKR / Shr]
70
60
50
40
30
20
10
0
LDCP
2.6x
Sum of Parts - Intrinsic Value
1.9x
Implied P/BV
Sum of Parts
Company
Ticker
Country
P/BV
[PKR / Shr]
70
Ayala Land
Godrej Properties
Emaar
ALI PM
GPL IN
Phillipines
1.65
60
India
4.67
50
EMAAR UH
UAE
1.04
40
Country Garden Services Holdings
Nova Land Investment Group
Phat Daat Real Estate Development Corp
Median
6098 HK
NVL VN
PDR VN
Hong Kong
0.62
30
Vietnam
0.77
20
Vietnam
1.79
10
1.35
0
Source: Reuters
TPL
Developments
TPL Property
Management
Net Debt
TPL Properties
Note: The valuation presented in this briefing is based on a series of assumptions, including but not limited to, financial projections, market conditions, and economic outlook. Changes in these assumptions can lead to variations in the estimated value.
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