<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Pakistan listed energy landscape is about to witness its
first ever completion of PPA as KAPCO is all set to enter into its last year of
operations, completing its 25 year PPA. While putting aside extension or
termination debate, we think that market has battered KAPCO more than it
deserve, considering the net amount available to equity holders, even in case
of PPA termination. In this note, we explain different scenarios that may arise
after completion of KAPCO’s PPA and merits & demerits of extension. While
we restrain our self by assigning it any target price, we scrutinize different
net working capital available to equity holders under each possible way ahead.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size...
