Value Call- MARI- Dec 09'2015

Value Call December 09, 2015

Oil and Gas

TSL Rese

arch

Mari Petroleum Company Limited Glowing in the gloomy night We initiate coverage on Mari Petroleum Company Limited (MARI) with a ‘Buy’ stance. The

rising E&P star would benefit from i) gradual uptick in the entitlement factor in gas prices from

Mari field, ii) exploratory finds in concessions falling under Petroleum Policy 2012 and

iii) anticipated recovery in crude oil prices by FY18. In next 3 years, MARI earnings are likely to

surge by 29% CAGR while revenues CAGR would be above 21%.

We have valued MARI on reserve based DCF with a cost of equity of 15.5% and come up at

June’16 price target of PKR727/share, offering a total return of 28%. The scrip is currently

trading at an attractive forward PE and EV/EBITDAX multiple of 9.1x and 4.4x, respectively.

Entitlement factor gradually rising towards the cliff

Mari field gas price, which is now linked to Arab‐light crude oil price, falls under Petroleum Policy

2001, a formula comparable to Sui field pricing mechanism. However, there is a discount

applicable on gas prices, which is gradually shirking, entitling the company for higher well head gas

prices within a span of 5 years. Hence, the well head gas price would jump semiannually to

USD1.4/mmbtu at a reference crude oil price of USD50/bbl (TSL assumption for FY19) as

entitlement factor discount eliminates in FY19. We calculate PKR23 per share incremental EPS

impact due to rising entitlement factor from current 59.8% to 100% in Jan’19.

Shifting exploratory activities into next gear

Exploratory activities on Hala (Fazl X‐1, stake 35%) and Karak block (stake 40%) have remained

successful and would be out flowing crude oil and gas production of 890bopd and 28mmcfd,

respectively, by FY17. The aforesaid production would have an earnings impact of PKR6.8/share

since the blocks would fall under Petroleum Policy 2012.

Stellar earnings growth going forward

Despite dwindling crude oil prices and related impact on crude linked gas rates, we believe

profits of MARI are likely to jump in FY17 and FY18 to PKR6.9bn (EPS PKR63) and PKR9.9bn (EPS

PKR89). The earnings accretion would stem from rise in entitlement factor (69.9%/83.3% in

FY17/18) in addition to expected upturn in gas and crude oil production.

Eyes on incremental gas production from Mari field

As per Petroleum Policy 2012, if a company enhances its production by 10% from an existing field,

it would qualify for higher well head gas prices under PP2012 on that incremental production.

Currently, MARI is mulling to raise its flows bar by 100‐150mmcfd from Mari field in order to opt for

the PP2012, which offers a massive improvement of 4x in gas prices as opposed to current

PKR80/mmbtu under current applicable GPA arrangement. MARI has applied to Govt. for grant of

PP2012 for this incremental production. In our view, earnings of the company would massively lift

by PKR40/share (target price impact of PKR250/share), assuming crude oil prices at USD40/bbl and

flows of 100mmcfd, if Govt. accepts the request.

Crude prices likely to remain subdued at USD40‐45 till FY18

Recently, OPEC has raised ceiling of crude oil production to 31.5mnbpd which has further weighed

on crude oil prices in international market. We opine OPEC might consider curbing output only if

all key crude oil producers, including Russia and Brazil, join hands with a firm commitment to abide

by the production quota. In short term, slowdown in China, looming recession in Japan, weakness

in the Eurozone and US Shale boom would keep crude oil prices low. We expect Arab light crude oil

price to average at USD40/bbl in FY16/FY17 which would gradually rise to USD50‐55/bbl in next

years.

Please refer to the end of the report for Analyst Certification and other important disclosures.

Usman Riaz AC [email protected] Direct: +92‐21‐35216403

Continued on page 2

Price Performance

Source: Taurus Research

‐

150

300

450

600

750

900

Mar‐13

Jul‐13

Nov‐13

Mar‐14

Jul‐14

Nov‐14

Mar‐15

Jul‐15

Nov‐15

MARI KSE100INDEX

MARI PA BUY

Stock price 568.9

Target price 726.5

27.7%

110

63

Free float 20%

3M Avg. daily value traded (PKRmn) 93.5

3M Avg. daily volume (mn) 0.2

3M High 524

3M Low 363

Key financials PKR bn

FY15A FY16E FY17F FY18F

Revenues 19.4 19.4 23.8 30.4

Oper. Cost 5.4 5.6 6.7 8.6

Explor & Pros. Cost 3.2 3.8 4.2 4.6

Operating Profit 7.8 7.5 9.7 12.9

Finance Cost 1.8 0.4 0.7 0.8

Finance income 0.5 0.4 0.5 0.9

PAT 5.7 5.3 6.9 9.9

Key Matrices FY15A FY16E FY17F FY18F

EPS 51.3 47.8 62.8 89.4

DPS 5.2 5.5 5.7 5.8

BVPS 104.3 146.9 206.1 293.2

P/E (x) 11.1 11.9 9.1 6.4

P/BV (x) 5.5 3.9 2.8 1.9

Dividend Yield 1% 1% 1% 1%

Earnings growth 43% ‐7% 31% 42%

ROA 9% 8% 9% 12%

ROE 40% 38% 36% 36%

EV/EBITDAX 5.5 5.7 4.4 3.1

Outstanding shares (mn)

Market Cap (PKR bn)

Current upside/(downside)

Value Call TSL Research

MARI: Unlocking new avenues of growth Abandoning the old cost plus formula, Govt. has recently approved international crude oil linked

pricing mechanism for Mari gas field. The incumbent GPA would rewrite the growth story of the

company as it is providing higher realized prices on existing flows along with motivation to

improve production. In addition, the company is mulling to explore new fields which come under

PP2012 (higher realized gas prices). In near future, we foresee impressive profitability growth at

29% CAGR during FY17‐19. The elevation in earnings would stem from i) phased uptick in the

entitlement factor of gas prices from Mari field, ii) exploratory finds in concessions falling under

PP2012 , and iii) likely higher crude oil prices in 2‐3 years. In addition, new mechanism would also

improve cash flows of the company.

Entitlement factor gradually rising towards the cliff

Mari field gas price, which is now linked to Arab‐light crude oil price, falls under the PP2001, a

formula comparable to Sui field pricing mechanism. But; there is a discount applicable on the gas

prices. However, this discount would gradually decline by Jan’19, entitling the company for the

higher well head gas prices. Hence, the well head gas price would jump semiannually reaching its

100% in FY19 to USD1.4/mmbtu at a reference crude oil price of USD50/bbl (TSL assumption for

FY19).

Shifting exploratory activities into next gear

MARI is now aggressively undertaking a multi‐pronged approach to enhance production from the

existing fields and expanding the exploration program. In past two years, the company has

acquired its own 2D/3D seismic unit, 3 land drilling rigs and developed in‐house capabilities in

2D/3D seismic data processing center and technologies.

Apart from Mari gas field, exploratory workings on Hala (Fazl X‐1, stake 35%) and Karak block

(stake 40%) remained spot on and would be out flowing Hydrocarbons in FY17 with a cumulative

crude oil and gas production of 890bopd and 28mmcfd, respectively. The aforesaid production

would have an earnings impact of PKR6.8/share (assuming oil at USD40/bbl) as the blocks would

be monetized under PP2012. Just to mention, we have incorporated incremental flows from

aforesaid blocks from 2nd half FY17 in our model.

Continued on page 3

Mari Gas Price FY16 FY17 FY18 FY19 FY20

Gas Price Zone III (Mari) 2.71 2.76 2.88 3.00 3.12

Final Well head Price 1.36 1.38 1.44 1.50 1.56

Entitlement Discount 56% 70% 83% 97% 100%

Applicable Price 0.77 0.96 1.20 1.45 1.56

Source: Taurus Research

Block Well Stake Status

Mari Mari 100 100% Under dril l ing and testing Bright prospects for gas

Hala Fazl X‐1 35% Final testing phase Condensate (Initial estimates given)

Karak Kalabagh ‐1A 60% Advance testing phase Condensate (Initial estimates given)

Sujawal Sujawal X‐1 100% Advance testing phase Gas discovered, working for target depth

Kohlu Kohlu 30% Suspended Suspended due to security concern

Source: PPIS & Taurus Research

Analyst Remarks


Eyes on Petroleum Policy 2012 and incremental gas production

As per Petroleum Policy 2012, if a company enhances its production by 10% from an existing field,

it would qualify for higher well head gas prices under PP2012 on that incremental production.

Currently, MARI is mulling to raise its flows bar by 100‐150mmcfd from Mari field in order to opt for

the PP2012, which offers a massive improvement of 4x in gas prices as opposed to current PKR80/

mmbtu under current applicable GPA arrangement.

It is pertinent to mention here that the company has successfully drilled 2 development wells

(MARI 98‐99) while digging on the 3rd well (MARI‐100) is in progress. MARI has applied to Govt. for

grant of PP2012 for this incremental production. In our view, earnings of the company would mas‐

sively lift by PKR40/share (target price impact of PKR250/share), assuming crude oil prices at

USD40/bbl and flows of 100mmcfd, if Govt. accepts the request.

However, we assert that the additional production would outpour by FY17. We have not

incorporated the incremental effect in our valuations as we are awaiting Govt. approval for higher

well head gas prices.

Crude prices likely to remain subdued at USD40‐45 till FY18

As size of OPEC is continuously reducing in the global oil production pie due to competition and

rising production from non‐OPEC countries (US, Brazil and Russia), any production cut from OPEC,

to prop up prices, may be aggressively compensated by other players. Recently, OPEC has raised

ceiling of crude oil production to 31.5mnbpd which has further weighed on crude oil prices in inter‐

national market. We opine OPEC might consider curbing output only if all key crude oil producers,

including Russia and Brazil, join hands with a firm commitment to abide by the production quota.

In short term, slowdown in China, looming recession in Japan, weakness in the Eurozone and US

Shale boom would keep crude oil prices low. We expect Arab light crude oil price to average at

USD40/bbl in FY16/FY17 which would gradually rise to USD50‐55/bbl in next years.

Continued on page 4

Petroleum Policy 2012 (Gas Prices in USD/mmbtu)

Crude Price (USD/bbl) 30.00 40.00 50.00 60.00 70.00 80.00 90.00

Zone 1 3.72 4.34 4.96 5.33 5.70 5.95 6.20

Zone 2 3.55 4.14 4.73 5.09 5.44 5.68 5.92

Zone 3 3.38 3.94 4.51 4.85 5.18 5.41 5.63

Source: PPIS & Taurus Research

World Crude Demand & Supply (mb/d)

Source: EIA & Taurus Research

89

90

91

92

93

94

95

96

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

Demand Supply

OPEC crude oil production (mn bbl/d)

Source: EIA & Taurus Research

18

22

26

30

34

2008

2009

2010

2011

2012

2013

2014

2015E


MARI: BUY with TP of PKR727/share

Immense growth in profitability

We initiate coverage on Mari Petroleum Company Limited (MARI) with a ‘Buy’ stance. The rising

E&P star would benefit from i) gradual uptick in the entitlement factor in gas prices from Mari field,

ii) exploratory finds in concessions falling under Petroleum Policy 2012 and iii) anticipated

recovery in crude oil prices by FY18.

In next 3 years, we expect company revenues would grow by 21% CAGR to PKR34.3bn by FY19.

Further, margins would also improve due to rising entitlement factor and application of PP2012 on

production from new blocks. As a result, MARI earnings are likely to surge by 29% CAGR to

PKR11.3bn by FY19.

However, dividends would remain curtailed in the range of PKR5‐6/share owing to restriction on

payout till FY24. Till that period, company would reinvest the retained profits for its exploration

and development activities. In another scenario, any re‐negotiation between MARI and the Govt.,

though unlikely, on dividend policy may unclip payouts to PKR75‐85/share.

We have valued MARI on reserve based DCF with a cost of equity of 15.5% and come up at June’16

price target of PKR727/share, offering a total return of 28%. The scrip is currently trading at an

attractive forward PE and EV/EBITDAX multiple of 9.1x and 4.4x, respectively.

Gas production to grow to 660mmcfd in FY18; up 7%

In past 3 years, MARI gas flows have improved by 3% CAGR and averaged at 613mmcfd in FY15.

The prime contributor to this production was Mari gas field, wherein gas production from SML

formation averaged around 500mmcfd while Mari Deep flows remained at above 93mmcfd. On the

flip side, gas flows from the remaining fields have remained meager around 20mmcfd.

Simultaneously, crude oil production has also jumped up to 1.2kbpd in FY15 from 0.5kbpd in FY13.

We expect production to grow to 660mmcdf and 1.8kbbl during by FY18, thanks to upcoming pro‐

duction from Kalabagh and Fazl X‐1. (We have not considered incremental flows from Mari field).

Lower crude oil prices would keep FY16 earnings in check

Though dwindling crude oil prices and related impact on crude linked gas rates would hurt

revenues and profits of MARI in FY16, rise in entitlement factor (56.5% in FY16) in addition to 7%

YoY and 11% YoY expected upturn in gas and crude oil production, respectively, would partially

offset the impact of lower crude oil price. We expect EPS of PKR47.8 for MARI in FY16, down 6.7%.

Key Risks

Further slide in crude oil prices

Disruption in production flows from Mari field would adversely hit company’s

profitability

Exploration expense or dry well cost

Suspension of drilling efforts in Baluchistan due to security concerns

Movement in PKR could impact revenues as prices are benchmarked on

international crude oil prices

Continued on page 5

Mari's Production (Crude bpd & Gas mmcfd)

Source: Company Accouts & Taurus Research

‐

200

400

600

800

1,000

1,200

‐

100

200

300

400

500

600

FY11

FY12

FY13

FY14

FY15

Gas Crude oil (RHS)


Continued on page 6

Mari ‐ Income Statement (PKR mn) FY15A FY16E FY17F FY18F FY19F

Net Sales 19,376 19,415 23,803 30,439 34,314

Operating Costs 5,396 5,602 6,680 8,644 9,780

Royalty 2,519 2,524 3,095 3,957 4,461

Exploration & Prospecting Costs 3,194 3,833 4,217 4,638 5,102

Other charges 499 450 592 796 903

Other income 55 450 450 450 450

Operating Profit 7,823 7,455 9,671 12,853 14,517

Finance income 517 363 465 948 1,582

Finance Cost 1,788 434 676 768 872

Profit before Taxation 6,552 7,385 9,460 13,033 15,227

Profit after Taxation 5,650 5,271 6,929 9,861 11,268

Balance Sheet (PKR mn) FY15A FY16E FY17F FY18F FY19F

Issued Subscribed & Paid ‐up 1,103 1,103 1,103 1,103 1,103

Exploration and development reserve 8,241 9,574 9,806 10,187 10,519

Profit & loss account 36 4,700 11,001 20,222 30,851

Total Equity 11,496 16,195 22,727 32,329 43,290

Redeemable preference shares 9,290 9,290 9,290 9,290 9,290

Long‐term Liabil ities 14,759 13,984 14,478 15,027 14,027

Trade and Other Payables 36,656 38,489 40,414 42,434 44,556

Current Liabil ities 39,399 39,931 41,856 43,877 45,998

Total Equity + Liabilites 65,654 70,110 79,061 91,233 103,315

Property Plant & Equipment 9,775 11,658 11,979 12,301 12,823

Development & Decommisioning assets 2,188 2,777 3,661 4,254 5,026

Exploration & Evaluation Assets 9,400 9,574 9,806 10,187 10,519

Total Non Current Assets 23,786 26,553 28,114 29,544 31,308

Stores & Spares 1,718 1,804 1,894 1,989 2,088

Trade Debts 32,355 35,591 39,150 43,065 47,371

Cash & bank balances 4,901 2,280 6,020 12,752 18,665

Total Current Assets 41,868 43,557 50,946 61,689 72,007

Total Assets 65,654 70,110 79,061 91,233 103,315

Mari ‐ Key Ratios FY15A FY16E FY17F FY17F FY17F

EPS 51.3 47.8 62.8 89.4 102.2

DPS 5.2 5.5 5.7 5.8 5.8

BVPS 104.3 146.9 206.1 293.2 392.7

P/E (x) 11.1 11.9 9.1 6.4 5.6

P/BV (x) 5.5 3.9 2.8 1.9 1.4

Dividend Yield 1% 1% 1% 1% 1%

Earnings growth 43% ‐7% 31% 42% 14%

ROA 9% 8% 9% 12% 12%

ROE 40% 38% 36% 36% 30%

EV/EBITDA 7.5 8.2 6.0 4.0 3.1

EV/EBITDAX 5.5 5.7 4.4 3.1 2.4

EV/Sales 3.5 3.7 2.8 2.0 1.6

Source: Company Accounts & Taurus Research


Continued on page 7

Flash back on MARI’s well head gas prices As per former Mari field GPA (Gas Pricing Agreement), MARI’s top‐line was determined from the

sale of liquid as well as gas flows, which should be ample to deliver the approved percentage return

on shareholder’s equity after accounting for all the expenses such as i) operating expenditure

(including royalty, depreciation, amortization and interest expense), ii) capital expenditures for the

year deducting depreciation and amortization, 3) minimum working capital requirements,

4) principal repayments, 5) other expenses (WPPF and WFF), and 6) current year taxation.

Old GPA clipped shareholders’ earnings

In old mechanism, the company’s financial performance was primarily reliant on its production

levels, paid up capital & undistributed reserves. To elaborate further, the company’s earnings had

two components; first was the distributable guaranteed return (minimum 30% at 425mmcfd which

was increased by 1% for every 20mmcfd incremental production up to maximum to 45%) while the

second component (GPA earnings) was required to be retained by the company to meet its capital

expenditures, debt obligations and upholding some pre‐determined ratios (current ratio of 1:1.2,

debt service ratio 1:1.5, and long term debt equity ratio not greater than 70:30).

Restricted exploratory activities

Prior to 2001, MARI was a solely a production company. Afterwards, the company was allowed to

initiate the exploration program with the support of GoP. Initially, the exploration cost had a

ceiling of USD20mn which was than raised to USD40mn gradually. Consequently, the aforesaid

activities remained lackluster and the company counted on Mari gas field for 99% of its production.

2014: EEC approved crude oil price linked new formula ECC has revised the gas price agreement of Mari Petroleum Company Limited, effective from

FY15, which is now linked to Arab‐light crude oil prices in international market.

Key conditions and its application in new formula

Gas prices of Mari gas field are now linked to Arab‐light crude oil prices, more or less resembling to

Sui field; however, with a discount of 50%. It is pertinent to highlight here that Mari gas field is

entitled to only 53.1% (entitlement factor) of this price at the moment, which would gradually rise

to 100% by Jan’19 .

The Company has issued a special dividend to GoP and general public in the shape of

non‐voting, non‐cumulative, unlisted redeemable preference shares of worth PKR9.67bn with a

profit rate linked to 1 year KIBOR plus a spread of 300bps. In addition, MARI has also converted

PKR920mn into preference shares in favor of GoP, which was appearing as GoP investment in

seismic unit.

Now, all related risks & rewards by endeavoring exploration and development activities would be

borne by the company as the Govt. has taken its hands off from providing USD40mn/year funds to

carry out exploration and development activities.

Dividend distribution would remain in line with old RoE based formula for upcoming 10 years

ending FY24 with payout hovering around PKR5‐6/share till FY24. Further, additional profits would

be reinvested in undertaking and expanding exploration & development activities.


About the Company

Mari Gas Field was originally owned by Pakistan Stanvac petroleum project, a joint venture formed

in 1954 between Government of Pakistan and M/s Esso Eastern, having 49% and 51% ownership

interest, respectively. The first gas discovery was made by the Joint Venture in 1957 while produc‐

tion from the field started in 1967. In 1983, M/s Esso Eastern transferred its entire share to Fauji

Foundation, which set up a public limited company for the purpose of acquiring the assets and li‐

abilities of the Project.

In 1984, MARI Gas Company Limited (MGCL) was incorporated with Fauji Foundation, Govern‐

ment of Pakistan and OGDCL as its shareholders having 40%, 40%, and 20% shareholding, respec‐

tively. Upon formation, the company took over the assets, liabilities and operational control of

Mari Gas Field. In 1985, the company commenced business in its own name and was given gas

price through MARI Gas Wellhead Price Agreement (MARI GPA). In 1994, the Government di‐

vested half of its holding and the company became listed on all the stock exchanges of Pakistan.

Mari operated as a production company, developing in phases the already discovered Habib Rahi

Reservoir in Mari Gas Field for supply of gas to new fertilizer plants. Simultaneously, the Company

also pursued appraisal activities within its MARI D&P Lease area by drilling step‐out wells to deter‐

mine the extent of Habib Rahi Reservoir.

In 2001, the Company expanded its operations and entered into exploration business. The com‐

pany is now operating eleven exploration and production assets (two D&P leases and nine oper‐

ated blocks) and has partnership with leading national and international E&P companies in six non‐

operated blocks. Moreover, the name of the Company was changed from "MARI Gas Company

Limited" to "MARI Petroleum Company Limited" (MPCL) in November 2012.

A major development during 2014 was approval of five year extension in Mari lease period. This

means that MPCL would enjoy the development and production rights in the Lease Area till 2019.

The extension will enable MPCL to enhance the recovery and produce more natural gas which is

critically needed in the Country.

Mari's Shareholdings Pattern

Source: Company Accounts & Taurus Research

60.0%20.0%

18.4%

1.6%

Fauji Foundation OGDC GoP Others

Analyst Certification

The research analyst(s), denoted by AC on the cover of this report, who exclusively reports to the research department head, primarily involved in the preparation, writing and publication of this report, certifies that (1) the views expressed in this report are unbiased and independent opinions of the Research Analyst which accurately reflect his/her personal views about all of the subject companies/securities and (2) no part of his/her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report.

The research analyst or any of its close relatives do not have a financial interest in the securities of the subject company aggregating more than 1% of the value of the company and the research analyst or its close relative have neither served as a director/officer in the past 3 years nor received any compensation from the subject company in the past 12 months. The Research analyst or its close relatives have not traded in the subject secu‐rity in the past 7 days and will not trade in next 5 days.

Disclaimer

This report has been prepared by Taurus Securities Ltd (hereinafter referred as TSL) and is provided for information purposes only. Under no cir‐cumstances is to be used or considered as an offer to sell or solicitation of any offer to buy. While all reasonable care has been taken to ensure that the information contained therein is not untrue or misleading at the time of publication, we make no representation as to its accuracy or com‐pleteness and it should not be relied upon as such. This report is provided solely for the information of professional advisers who are expected to make their own investment decisions without undue reliance on this report. Statements regarding future prospects may not be realized while all such information and opinions are subject to change without notice. TSL recommends investors to independently evaluate particular investments and strategies and it encourages investors to seek the advice of a financial advisor.

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Taurus Contact DetailsCORPORATE OFFICE

Address: Suite # 604, 6th Floor, Progressive Plaza, Beaumont Road, Karachi, Pakistan. UAN : (021) 111 82 87 87 Fax : (92) 021‐3568‐6279

Syed Zain Hussain Chief Executive Officer 021‐35683728 [email protected]

Asif Jan Mohammad Head of Broking 021‐35682690 [email protected]

Fahed Fazal Head of Sales 021‐35651128 [email protected]

Adeel Ahmed Head of Online Trading 021‐35684228 [email protected]

RESEARCH

Zeeshan Afzal Head of Research Strategy, Economy 021‐35216403 [email protected]

Rohit Kumar Senior Equity Analyst Banks, Cements 021‐111828787 Ext: 202 [email protected]

Usman Riaz Equity Analyst E&Ps, OMCs, Power 021‐111828787 Ext: 203 [email protected]

Mehwish Zafar Research Associate Power 021‐111828787 Ext: 203 [email protected]

Fahad Rauf Equity Analyst Ferti l izers 021‐111828787 Ext: 203 [email protected]

Hasan Azhar Equity Analyst FMCGs, Telecom, Automobiles 021‐111828787 Ext: 202 [email protected]

Adnan Sami Sheikh Equity Analyst Textiles & Steel 021‐111828787 Ext: 203 [email protected]

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Taurus Stock Rating System

Different securities firms use a variety of rating terms/systems to describe their recommendations. TSL employs a 3‐tier rating mechanism i.e Buy,

Hold and Sell, which is based upon the level of expected return for a specific stock. Similar rating terms used by other securities companies may not

be equivalent to TSL rating system. When total return (capital gain + dividends) exceeds 16%, a Buy rating is assigned. A Sell rating is issued when‐

ever total return is less than ‐6% and for return in between the 2 ranges, Hold rating is meted out. Time horizon is usually the annual financial re‐

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Frequently Used Acronyms

TP Target Price DDM Dividend Discount Model

FCF Free Cash Flows FCFE Free Cash Flows to Equity

FCFF Free Cash Flows to Firm PE Price to Earnings ratio

PBv Price to Book ratio BVPS Book Value per Share

EPS Earnings per Share DPS Dividend per Share

ROE Return on Equity ROA Return on Assets


Value Call- MARI- Dec 09'2015

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Transcript of Value Call- MARI- Dec 09'2015