Added to YB: 2026-06-24
Pitch date: 2026-06-22
SPWL.KA [neutral]
Saif Power Limited
Author Info
Saadiyat Capital has been an investment analyst for various hedge funds in the UK, USA, and Germany (currently in London). Sign up for the newsletter.
Company Info
Saif Power Limited builds, owns, operates, and maintains a combined cycle power generation plant in Pakistan.
Market Cap
PKR 3.9B
Pitch Price
N/A
Price Target
N/A
Dividend
14.93%
EV/EBITDA
13.39
P/E
-231.94
EV/Sales
0.97
Sector
Independent Power and Renewable Electricity Producers
Category
dividend
Saif Power Limited - $SPWL.KA
SPWL.KA (pass): Single 225MW RLNG plant in Pakistan, sole buyer CPPA-G. Structurally impaired: Feb 2025 Hybrid Take-and-Pay removed guaranteed ROE below 35% dispatch; utilisation collapsed to ~8% on rooftop solar displacement. Net losses 2024-25, net worth -37% since 2021. Mid-teens div funded by shrinking capacity payments—IMF reform target. Cautious initiation; downside-skewed.
Read full article (9 min)