Multipliers:

MultipliersNRLIndustryPeer (Attock Refinery Limited)

P/E multiplier17.9230.836.84

P/S multiplier0.093.070.13

P/BV of equity multiplier0.65 gurufocus2.780.53

P/BV of assets multiplier

P/OCF multiplier8.9215.6928.97

Comparison with Industry and Peer Companies:Since NRL has been operating in an oligopolistic industry, comparison is same for both the industry and its peers. While doing the comparison, it was found out that all of the multipliers of NRL are lesser as compared to that of the average industry multipliers. Thus, the average industry multipliers in oil and gas industry is higher than NRL. This means that NRL is seriously undervalued.Attock Refinery Limited has been decided to be a peer company of NRL. According to the valuation ratios, NRL has been undervalued as far as the P/S and P/OCF multiples are concerned. But, as for P/E and P/BV of equity is concerned, NRL is overvalued.Fundamental or Intrinsic P/E Ratio:Throughout a period of 5 years, NRL has been paying dividends except in year 2014 where the dividend payout ratio went to 0. The dividend payout ratio in 2013 was 42.17. One of the reasons for 0 dividend payout ratio in 2014 can be attributed to the undertaking of expansionary projects.