MARI
Mari EnergiesLAST · PKR
52W RANGE
Source: PSX, First Asia Securities Research. Data as of 22 Jun 2026, EOD.
- Market cap
- 788bn
- P/E (ttm)
- 11.5×
- EPS (ttm)
- 57.11
- Dividend yield
- 2.5%
- Return on equity
- 25.1%
- Beta
- 0.14
- Free float
- 20%
- 52W high
- 795.00
- 52W low
- 544.56
- 1D change
- +0.03%
- YTD return
- −7.0%
Operator of the Mari gas field — Pakistan's second-largest — with sector-leading reserve replacement and an expanding minerals venture.
FAS DESK · FIRST ASIA SECURITIES RESEARCH · 23 JUN 2026 · EOD
The quality E&P — pay up for reserve growth
- 01
Buy, PKR 760 target: MARI earns a 25% ROE — best among the E&Ps — and the 11.5× premium is justified by sector-leading reserve replacement.
- 02
The Mari field anchors low-decline gas while a multi-basin push extends reserve life beyond peers.
- 03
The minerals venture is a free option the market prices at roughly nil.
- 04
At ~12.3× our FY26E EPS the target is PKR 760; a genuine grower deserves a premium to the cash-cow majors.
| Metric | FY25A | FY26E | FY27E |
|---|---|---|---|
| Net profitPKR bn | 69.0 | 75.0 | 81.0 |
| EPSPKR | 57.3 | 61.9 | 66.9 |
| DPSPKR | 16.6 | 17.9 | 19.3 |
| P/E× | 11.5× | 10.6× | 9.8× |
| EPS growth% | — | +8.0% | +8.0% |
A = REPORTED · E = FAS ESTIMATE
Reserves disappoint; minerals capex drags.
9.0× stressed EPS
Reserve growth holds; premium intact.
12.3× FY26E
Minerals de-risks; re-rate accelerates.
13.5× FY26E
Is 11.5× too expensive for a PSX E&P?
It is the priciest E&P — limited upside.
A 25% ROE and rising reserves warrant the premium; this is a grower, not a melting asset.
Reserve replacement slipping below peers.
Does the minerals venture matter?
A distraction from core gas.
Small today, but optionality priced at nil; any progress is upside.
Capital sunk into minerals at the expense of returns.
Low yield — where is the return?
A 2.5% yield is thin.
MARI reinvests for growth; return comes from reserve-led compounding, not the coupon.
Reinvestment failing to grow reserves.
| Assumption | Value | Basis |
|---|---|---|
| FY26E EPS | PKR 61.7 | FY25 base +8% |
| Target multiple | ~12.3× FY26E | growth premium on a 25% ROE |
| Minerals option | ~nil in price | upside if de-risked |
| 12-month target | PKR 760 | ≈12.3 × 61.7, rounded |
- 01Reserve replacementWATCH · Annual replacement ratio
- 02Gas pricing / policyWATCH · Wellhead gas notifications
- 03Minerals executionWATCH · Venture milestones, capex
- 04PKR / oilWATCH · PKR/USD, Arab Light
— GENERATED BY FIRST ASIA SECURITIES · NOT INVESTMENT ADVICE
| Symbol | Last | Chg % | P/E | M. Cap | 1Y |
|---|---|---|---|---|---|
| OGDCOil & Gas Development Company | 334.25 | +0.90% | 9.2× | 1.44tn | |
| MARIMari Energies— THIS PAGE | 658.67 | +0.03% | 11.5× | 788bn | |
| PPLPakistan Petroleum | 242.63 | +0.29% | 8.4× | 665bn | |
| POLPakistan Oilfields | 687.08 | −0.96% | 7.2× | 195bn |
Source: PSX, First Asia Securities Research. Data as of 22 Jun 2026, EOD.