Atlas Honda Ltd — DIY Valuation Dashboard FY2027E

Move the levers to see target price, upside/downside and dividend yield. Built only from Atlas Honda Ltd Working.xlsx. Not a buy call.

Your Levers

Volume growth (FY27 vs FY26)20.0%

Applied to FY26 base of 1,585,086 units. Price/bike held flat at PKR 156,222.

Operating margin11.0%

History: FY20 4.1% → FY25 8.1% → FY26 10.8%. Model base FY27 ≈ 11.0%.

Dividend payout ratio70%

% of EPS paid as dividend. History ≈ 60%. Drives DPS and dividend yield below.

P/E multiple (justified base)7.67x

Defaults to the justified P/E computed below. Use the buttons to apply the historic premium or an uncertainty discount.

Current market price (PKR)

Workbook current price = 1,630. Change to today's price for live upside.

FY2027E — how EPS is built

Units sold
× Price / bike (flat)	156,222
Motorcycle revenue (PKR m)
+ Parts revenue (PKR m)	32,875
Net sales (PKR m)
× Operating margin
Operating profit (PKR m)
+ Other income / charges / assoc.	+5,746
Profit before tax (PKR m)
− Tax @ 37.3%
Profit after tax (PKR m)
÷ Shares (m)	124.09
EPS (PKR)
DPS = EPS × payout (PKR)

Market-justified P/E — derive the multiple from rates, growth & risk premium

Forward interest rate11.0%

GDP / earnings growth3.5%

Equity risk premium6.0%

Historic premium to market2.00x

ATLH's historic PE ÷ market's historic PE ≈ 2.0x (from your sheet).

Uncertainty discount25%

Haircut on the justified P/E for risk / no-rerating.

Cost of equity (rate + ERP)

Justified P/E (base) = (1+g)/(CoE−g)

With historic premium (× premium)

With uncertainty discount (× 1−disc)

The dashboard opens on the justified P/E — target price, upside and dividend yield all flow from it. Buttons re-point the P/E lever to the premium or discounted case.

Target price (EPS × P/E)

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Current price

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Upside

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Dividend / share (DPS)

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Dividend yield

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Total return (price + dividend)

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Fixed assumptions (from the workbook, not levers): FY26 base volume 1,585,086 · price/bike PKR 156,222 (flat) · parts PKR 32,875m · below-the-line net +5,746m · tax 37.3% · shares 124.09m.
Sanity note: FY26 base already assumes ~106% utilisation; your volume lever compounds on top. Tax held at FY25's 37.3% (FY24 was ~3%) — it swings EPS materially.

Disclaimer
InvestKaar holds no responsibility for the correctness of these numbers. This is a do-it-yourself illustration only. Investors should do their own research before taking any action on this company. This is not a buy or sell call on the company.