Engro Holdings (ENGROH): Earnings and Dividend Revised Down; Buy Stance Maintained - By Topline Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We revise down our earnings estimate for Engro Holdings (ENGROH) for 2025 and 2026 by 23% and 27% to Rs17.5/share and Rs20/share, respectively. The downward adjustment in earnings outlook is on the back of revision in earnings of Engro Fertilizers and after incorporating expiry of Engro Vopak Terminal from mid 2026.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Engro Connect Tower Deal not yet incorporated: We have not incorporated earnings contribution from recently announced deal of Engro Connect as transaction is yet to be completed. However, based on our estimates, Engro Connect (Tower Company) will achieve breakeven in Year 1 of its operations and then will post earnings of Rs1.6bn and Rs5.3bn in ...