Must

In: Business and Management

Submitted By zohaibmir91
Words 3830
Pages 16
Pakistan Construction & Materials: Lucky Cement

19 December 2014
Target Price: PKR 596 Current Price: PKR 477
Stock Data
Price (PKR/Share) Reuters LUKC.KA Bloomberg LUCK PA 477 Website www.lucky-cement.com 513.8 /278.4 2% 154 1,534 269 2.8

Lucky Cement Limited
Company Report

Growing on all fronts!
We initiate coverage on Lucky Cement Limited (LUCK) with a target price of PKR596/sh, offering an upside of 25%. Our conviction for the scrip stems from i) growing cement demand in the country (5 year CAGR of 4%), ii) expanding footprint beyond national borders (Congo and Iraq), iii) increasing margins backed by cost efficiencies, iv) accumulating cash reserves, v) diversification into low risk power business and vi) growing profitability of subsidiary ICI. Factoring in the mentioned factors, our 3yr earnings (consolidated) CAGR for the company settles at 15%. Additionally, mounting cash reserves will result in continued funding of investments through internal cash generation, making a strong case for multiple expansion via continued scrip re-rating. Given a strong track record and management efficacy, LUCK stands out as a preferred long term play –BUY! Expanding beyond borders: Given limited space in the local industry, LUCK has opted to expand aboard specifically in Africa to benefit from higher demand and margins in the region. This is expected to add significantly to the bottomline of company given ~80%-100% higher margins compared to Pakistan. As per the management, Congo and Iraq offer margins of USD80-100/ton and USD15-20/ton while we have assumed utilization levels of 80% and 100%, respectively for the countries. We expect the Basra plant to add PKR673mn (PKR2.08/sh) from FY15 whereas Congo’s earnings are expected to be realized from FY17 onwards with an estimated impact of PKR2,272mn (PKR7.0/sh). Cost efficiencies to support margins: Despite being the most…...

Similar Documents

Actions Must Coincide with Beliefs

...Actions must coincide with beliefs South Dakota has very lofty goals for their sweeping ban on abortion. The only allowance they grant for obtaining an abortion is “to prevent the death of a pregnant mother” (South Dakota Legislature - handout). The main, and probably most controversial, premise of the South Dakota argument is that the other rights of the pregnant woman are “not sufficient to morally outweigh the prenatal human being’s right to life.” I am in agreement with this ban on abortion mainly because of this premise. One may argue that the pregnant woman indeed has other rights that are more important than that of the prenatal human being and because of this has the right to abort. However, if this was the case then the woman should have been acting in accordance to how important those other rights are to her. If there is something that one values dearly, then their actions should coincide with that belief. Their actions should reflect the importance of the thing that they value. In other words, if obtaining a college degree or establishing a career is most important to a person, then their actions should reflect how important this belief is by not knowingly performing acts or making decisions that are counterproductive to obtaining their goals. The right to life is a universal, important belief that many people hold. Thus, typically, when a person decides to have intercourse with another person, one ensures that this other person does not have sexual......

Words: 1121 - Pages: 5

The Gods Must Be Crazy

...The Gods Must be Crazy; Overview and Criticize In “The Gods Must be Crazy” they take the perspective of a simple Coke (glass) bottle form a tribe that has never seen such a thing. It shows a coke bottle thrown from a passing plane landing in a tribe. This coke bottle instantly seems to turn into a gift from the gods. Everyone in the tribe starts to fight over it and even use it as a weapon at one point. A tribe member is sent to throw it back to the gods. On his journey back he kills a goat, not knowing the meaning of “property”. He is put in jail where a man that used to be in his tribe saves him. He and his buddy then save Kate (the school teacher) from some guerillas and continue his journey to ”the end of the world”. He later gets to a cliff that may seem to him like the end of the world where he chucks the bottle and returns to his tribe. This movie not only makes the tribal people seem ridiculous unintelligent it makes them seem clueless in a sense. They find a bottle and al of a sudden start to go mad. I did enjoy how dim some scenes are in this but this as about all I enjoyed. The lack of realism that the movie shows is a part that makes it seem as if it could never happen. Overall Jamie Uys (director, producer and writer) do not do a good job making the plot and story realistic enough for any of this to be real....

Words: 271 - Pages: 2

Hbr Must Reads of Strategy

...www.hbr.org ARTICLE COLLECTION If you read nothing else on strategy, read these bestselling articles. HBR’s Must-Reads on Strategy Included with this collection: Strategy Development 2 What Is Strategy? by Michael E. Porter 23 The Five Competitive Forces That Shape Strategy by Michael E. Porter 42 Building Your Company’s Vision by James C. Collins and Jerry I. Porras 57 Reinventing Your Business Model by Mark W. Johnson, Clayton M. Christensen, and Henning Kagermann 69 Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne Strategy Execution 81 The Secrets to Successful Strategy Execution by Gary L. Neilson, Karla L. Martin, and Elizabeth Powers 95 Using the Balanced Scorecard as a Strategic Management System by Robert S. Kaplan and David P. Norton 110 Transforming Corner-Office Strategy into Frontline Action by Orit Gadiesh and James L. Gilbert 121 Turning Great Strategy into Great Performance by Michael C. Mankins and Richard Steele 133 Who Has the D?: How Clear Decision Roles Enhance Organizational Performance by Paul Rogers and Marcia Blenko Product 12601 www.hbr.org What Is Strategy? by Michael E. Porter Included with this full-text Harvard Business Review article: 3 Article Summary The Idea in Brief—the core idea The Idea in Practice—putting the idea to work 4 What Is Strategy? 22 Further Reading A list of related materials, with annotations to guide further exploration of the article’s ideas and......

Words: 83082 - Pages: 333

Must Finance and Strategy Clash

...“Must Finance and Strategy Clash?” “Good project evaluation considers all the relevant factors, including hard quantifying costs and benefits. It also takes into account the more neglected consequences of not investing. It recognized the value of opening up options and, by not arbitrarily restricting the time horizon of setting discount rate too high, avoids undervaluing long-term projects. Understanding project evaluation is easy. Doing it is the real challenge.” The above argument is stating that you always need to consider every possible outcome of a project. I completely agree with this statement because whether or not your project is a success or failure, you need to make sure you’ve covered every angle and eliminate the chance of surprise or uncertainty. Every angle consists of the marketing side as well as the financial side seeing as these two sides are in a constant tug of war with each other as to whether an investment is a good one or not. From the financial side, a good investment is one with a positive net present value and whose value exceeds its costs. From the marketing perspective, a good investment must pass two tests: does the product or service have enough value to enough customers to support prices and volumes that exceed the costs of capital and does the company have enough sources of sustainable competitive advantages to exploit, develop, and defend the opportunity? If correctly applied, good financial analysis complements rather then......

Words: 941 - Pages: 4

The Gods Must Be Crazy

...The film "The Gods Must Be Crazy" illustrates the stark contrast between the culture of the Bushmen and modern society through the interactions between socialized members of each of these very different cultures. The cultural contrasts are evident in the characters' actions, values and differing world views. The film paints an exceptional portrait of the differences between human cultures, as well as the belief in the superiority of one's own ethnic group, that runs common to all. The Bushmen culture is one of simplicity and contentment. The pace of life in the Bushmen culture is relaxed and slow. The Bushmen culture was one without social classes. They never punished or even spoke harshly to their children and yet the children were surprisingly well behaved. The Bushmen place the greatest value on their family and their relationship with god. The Bushmen seem to have a deep respect for all life both human and non-human. In the film, the Bushman shoots an animal with a tranquilizer dart and waits until the animal lays down to go to sleep; before taking the animal's life the Bushmen would apologize for having to kill the animal and explained that he must do it so that his family could eat. His action was important because it showed that the Bushmen hunted only out of necessity and never for sport. Although the Bushmen lived in circumstances that we think of as squalor they seemed to be very happy and completely content with their lives. The most striking aspect of the......

Words: 1372 - Pages: 6

The God's Must Be Crazy

...The Gods Must Be Crazy This film was a mash up of three separate stories – the journey of a Bushman to the “end of the world,” the romance between a researcher and a school teacher, and a group of revolutionaries fleeing persecution. The story begins with Xi and his tribe of Bushman members living well in the Kalahari Desert. These unique sets of individuals only wear a piece of cloth over their lower bodies and occasionally have a headpiece as well. They are happy since the gods have provided for them and everyone is at peace. One day, a glass Coke bottle was thrown out of an airplane and falls to earth – appearing as if it was sent from the gods. The significance of the bottle falling from the plane is that it is spreading from the city to an isolated civilization that was not familiar to prior to the fall (diffusion). It was put to good use then later as it began to cause chaos amongst the tribe due to the fact is was not originally part of their customs. Since causing unhappiness to the tribe, Xi decides that the bottle is an evil thing and must be thrown off the edge of the earth. He begins his quest and encounters Western civilization for the first time. Along with the plot line of the Bushman’s journey, there is also the story of a shy biologist, Andrew Steyn, who is studying the local animals (also known as manure-collecting) with a funny romance of a newly hired village school teacher, Kate Thompson. And some guerillas led by Sam Boga, who are being pursued by...

Words: 580 - Pages: 3

One Must Suffer to Be Beautiful

...Bartoszek 1 Magdalena Bartoszek Professor Mathew Sarkowicz ENG 101 5761 12 December 2011 One must suffer to be beautiful – Beauty standards in America. People are obsessed with beauty. Nowadays media creates an image of attractiveness showing only young, slim and beautiful people. Extreme dieting is very popular and cosmetic surgeries become a lucrative business. But how far are you willing to go in order to be beautiful? It may seem unbelievable what a female is willing to go through and what she is able to do to herself to be loved and accepted. The French say “L'un doit souffrir pour être beau” which translates to “One must suffer to be beautiful”. It is well known that women for centuries have suffered to be perfect. Robin Marantz Henig, the author of “The Price of Perfection” walks us through epochs and different cultures to demonstrate how the trends were changing over the years. Back in times ladies had had different methods to improve themselves. In China well-born girls were binding their feet to ensure the size of three- or four-inch long. Small feet represented the economic and social attraction. Girl’s foot was folded in half and wrapped tightly with bandage. After a while the feet were turning blue, sometimes soles and toes dropped off. Every few weeks the feet were squeezed into a smaller size of shoe until it became about four inches creating a “perfect foot called the Golden Lotus”. Back in 17th century, a tightlacing was......

Words: 632 - Pages: 3

Politics Must Defeat Politics

...POLITICS MUST DEFEAT POLITICS Byung Gyu Lim History 117A-06 Professor Prater April 21, 2014 John Adams was born in 1735 at Braintree, Massachusetts; he was the eldest of four brothers. He graduated from Harvard College (University) in 1755. Sometimes, John Adams was contradictory and outspoken, but he was a gentle husband to Abigail Adams. His wife was extremely intelligent and an advisor to her husband’s political career. One reason John Adams felt quite fortunate for his wife was because she was good on a federalist point of view and greatly influential in her husband’s political career because he lacked charisma and political charm. John Adams had a good political career before becoming president of the United States. Adams was well-educated and had diplomatic experience in France and Great Britain. John’s message in the following quotation: “On November 1, 1800, just before the election, Adams arrived in the new Capital City to take up his residence in the White House. On his second evening in its damp, unfinished rooms, he wrote his wife “Before I end my letter, I pray Heaven to bestow the best blessings on this house and all that shall hereafter inhabit. May none but honest and wise Men ever rule under this roof.” Before becoming president, John Adams was a lawyer and his service fee was low, but he was proud that his political argument was published in several newspapers. Let me give some brief background on President Washington’s cabinet; he......

Words: 1368 - Pages: 6

Basic Beliefs Must Exist

...Basic Beliefs Must Exist The root of knowledge has always been a great question of philosophy. What do we know? Or do we really know what we think we know? What justifies our beliefs as knowledge? It all comes down to the same question, same question asked in cosmology, biology and many others: How did it all begin? Where scientific data is inadequate, epistemology tried to find answers and possibilities and asked their version of the question: Are there any epistemically basic beliefs? In other words, how does knowing begin? Or to some, does knowledge exist at all? Foundationalism suggested that after all there must be an epistemically basic belief at the root of the rest of them, a starting point that doesn’t need justification because it justifies itself. In this essay I will explain that there are epistemically basic beliefs, which has been proven and exemplified by various philosophers of Foundationalism. First I will explain Foundationalism and give examples to epistemically basic beliefs, then I will explain how coherentism refutes the idea of a basic belief and lastly I will examine how both stand in front of the regress argument, proving the existence of basic belief for the existence of knowledge. If there is knowledge it must have a starting point. Foundationalism is an epistemological view that suggests that the chain of justification of beliefs has a starting point, which is called basic belief. All our beliefs are justified by these basic or foundational...

Words: 1180 - Pages: 5

Leadership: a Must for Nation Building

...Leadership: A Must for Nation Building By: Christine Joy Itchon Julian Philippine history books let us know that our country had undergone countless revolutions, numerous heroic deeds and several struggle for reform and development. Leaders of different generation stand for justice and sacrifice themselves for “Freedom” and “Independence” from invaders and fought for “peace”. It was the scenario during the Spanish regime in our land. But the values that our ancestors portrayed must neither be forgotten nor be buried in the depth of forgetfulness rather they must always serve as a good example especially for the youth of this era. Like them we must not be afraid to assert our rights and fight for the truth and integrity. On the other hand we must also know our responsibilities in our community as well as our duty as a citizen of humanity. My fellow youth, in behalf of the Youth in Media and Sigaw KA!bataan, I am encouraging you to exercise your right to suffrage, our decision and vote will determine what lies ahead of us. Our choice is a crucial factor that will define what kind of government leaders will lead us after the election. We are given the chance to participate in a struggle of transformation. We must not miss that opportunity or let it pass us by. Let us make a change while there is still a chance because time will come that there will be a lot room for changes but no more chances. Let us take the initiative to be different. It is our call to action. Let us......

Words: 521 - Pages: 3

Silence Must Be Heard

...Silence Must Be Heard Good morning and AssalamAlekum Ladies and Gentlemen. It gives me great pleasure to represent an elite university at another elite university however as I speak these words, another Christian house has been ransacked, another neighbourhood ravaged, another bus of Hazaras has been shot up, another sole breadwinner eliminated, another family has been shredded by a Hellfire missile, another father and son exterminated for their beliefs. Welcome to the |slamic Republic Of Pakistan where savagery, hate, barbarianism and injustice are the order of the day. All these maladies, all these evils which have eaten through the fabric of this diverse and varied society, hollowing its roots to an extent where the country teeters on the edge of dismemberment and obliteration are of our own making and shoot from one and one spring alone. Silence. Silence of those who were the armor of civilization, silence of those who could’ve vetoed the insatiable massacre of humanity , silence of those who proclaimed themselves selected and most importantly the silence of those who called themselves the children of Adam. This nation, this land, this state which was born from the womb of injustice, of wrong, of prejudice quickly forgot what our forefather had stood on and what slogans they had raised when , we, the populace were the ones being persecuted, subjugated. Today, decades later it is us who are the persecutors; it is us who are the subjugators. Every second ,every moment......

Words: 712 - Pages: 3

The Gods Must Be Crazy

...name, Earthling? Loki: Uh, Loki. *Continues reading* Hades: And what’s that you’re reading? Loki (smugly) : What you’re looking at, my dear friend, is a masterpiece that will one day be considered the greatest work mankind has ever laid its eyes upon! *Receptionist makes exaggerated gestures at Hades indicating that Loki is mad* Hades (To Loki): And what have you named this “great masterpiece”? Loki: Why don’t you take a look yourself? Hades (Flipping through the pages): The Gods Must Be Crazy?! Finally! Someone who sees things my way! Not bad, kid. Not bad at all. Loki (beaming) : Maybe I’ll let you have the first signed copy of my book. . . *Meanwhile, Zeus and Hera are still fighting* Zeus: But Hera! Hera: No buts! *Ares enters panting and out of breath, and frantically looks around* Hera: Ares? What’re you doing here? Ares: Shhh! Quick, I need a place to hide! They’ll come looking for me any moment now! Zeus: Ares, you are the God of War! If you’ve gotten so worked up, it must be someone scary. Who’s after you? A ghost? A werewolf? A vampire? Hades: Zeus, I think you’ve been reading too much teen fiction. But wait, what’s a vampire? Loki: You know, those sparkly old men who have absolutely no problem getting young girls. Oh and they suck blood. Ares: NO! It’s worse than that. The ones out to get me are . . .*dramatic background music* *Enter Hermes, a casually dressed young guy* Hermes: WAIT! (In a grave tone and looking at Ares) I have some......

Words: 2135 - Pages: 9

400 Must Have Words

...NEED MORE TOEFL MATERIALS?? Go Here: http://www.yosite.ru 400 Must-Have Words for the TOEFL® This page intentionally left blank. 400 Must-Have Words for the TOEFL® LYNN STAFFORD-YILMAZ LAWRENCE J. ZWIER MCGRAW-HILL New York Chicago San Francisco • Lisbon London • Madrid • Mexico City • Milan • New Delhi San Juan • Seoul • Singapore • Sydney • Toronto • • Copyright © 2005 by The McGraw-Hill Companies, Inc. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-146707-6 The material in this eBook also appears in the print version of this title: 0-07-144328-2. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill.com or (212)...

Words: 38371 - Pages: 154

Grading Must Be Abilished

...is done explicating science as a process and a way of knowing. Disciplinary teaching emphasizes fact over concept. (Brophy, D.A. (2004) Every science discipline should be taught with a process base pervasive from the first to the last day of the course. Science teaching needs be revamped to provide an integrated, non-redundant exposition of the discipline focused on principles of which the theory of evolution is only one. Science must to be related both to technology and society. Teaching has to be directed to elicit the desired ends of education and not be regarded simply as a system to deliver fragments of knowledge. The participation of zoologists in delineating the discipline of science and countering pseudo science is essential. Scientists must become involved in science education and participate in updating teachers and insisting on their subject matter competence. University scientists must be concerned beyond the training of majors to provide meaningful education for non-science majors as well. To ensure quality science education zoologists must become active in resisting incursions of scientific nonsense in science classrooms. (Braxton, J. M., Vesper, N., & Hossler, D. (1995) Many United States universities and colleges award bachelor's degrees with Latin honors, usually (in ascending order) cum laude 'with honor/praise,' magna cum laude 'with great honor/praise,' summa cum laude 'with highest honor/praise,' and the occasionally seen maxima cum laude 'with......

Words: 2041 - Pages: 9

Why Must It Hurt

...Believed that society must establish a powerful “Leviathan”—the state –in order to curb the savage instincts of human beings. Negative view of human nature. A nature that must be controlled by the state if anarchy is to be prevented. The difference between assassination and murder? Assassination is the murder of a prominent person or political figure by a surprise attack, usually for payment or political reasons. Murder: The unlawful killing of one human by another, especially with premeditated malice. The difference between serious crimes and misdemeanors, and provide some examples? Serious crimes are committed and reported to police per one hundred thousand people –murder and nonnegligent manslaughter, forcible rape, robbery, aggravated assault, burglary, larceny, and etc. Prison time with serious crimes. Misdemeanors are f you have been charged with a misdemeanor, you will have been given a citation prepared by a police officer, or a complaint prepared by a prosecutor. The citation or complaint includes a short statement of the offense with which you are charged, and states whether the offense is an infraction, a misdemeanor, or a felony. Jail with misdemeanors. Describe the Federal policy on war on drugs? Federal antidrug policy should be normal “unbold” can be divided into three categories: interdiction, enforcement, and education. Describe three requirements for crime deterrence? If law enforcement is to be a deterrent to crime, punishment must be perceived......

Words: 1474 - Pages: 6