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Pakistan Strategy: Earnings sensitivity on FX, volumes suggest balanced outlook
In light of our discussion with investors and recent devaluation, we stress our earnings estimates of BMA Universe under two scenarios; (i) no pass-on of devaluation impact for cyclicals, and (ii) no pass-on of devaluation in addition to 5% drop in volume in FY19/CY19E.
Our analysis substantiates our view that risk to earnings outlook is balance...
EUR GBP - 17 July 2018
Eutelsat Communications : Eutelsat - 17 July 2018
Derwent London : Derwent London - 17 July 2018