National Bank of Pakistan (NBP): NBP’s BVPS Can Possibly Get Trimmed By PKR 14.57 – By IIS Research
<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The Supreme Court has apparently dismissed National Bank of
Pakistan’s (NBP) appeal against Lahore High Court’s decision regarding the
Pension Case. Although NBP still has the option to appeal the Supreme Court’s
decision, we believe that chances have increased that NBP will eventually pay
out the contested extra pension cost. As communicated earlier to clients, the
pension cost will give a one-time hit of PKR 47.7bn, or PKR 14.57 per share, to
NBP. It will also have a recurring impact of PKR 2-3bn, or PKR 0.61-0.92/share
every year. Our December 2018 target price will reduce to PKR 60 in case NBP
has to pay the extra pension cost.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">When Lahore Hig...
