A discounted cash flow values a business on the cash it can generate, not the prevailing narrative — the logic in plain terms, and the three assumptions that decide the answer.
The KSE-100 index recently hit an all-time high of 170,719 points. In PKR terms, the index has delivered extraordinary returns for investors who held through Pakistan’s 2023 crisis period. The question now is whether the index is still a value play — or whether the easy money has been made. Where the P/E sits The…