Fauji Fertilizer Company (FFC), listed on the Pakistan Stock Exchange, earns roughly $300 million in annual profit and is valued at about $3 billion—a price-to-earnings multiple of nearly 10×.

Coromandel International, a listed Indian fertilizer producer, generates around $280 million in annual profit yet commands a market valuation of roughly $8.5 billion—a price-to-earnings multiple close to 30×.

Same sector. Similar profits. Radically different pricing. Why?

FFC generates exceptionally strong, predictable operating cash flows. FFC has high plant utilization. FFC has low reliance on external borrowing. FFC has minimal net debt. FFC has a strong liquidity position. FFC is not a story stock. FFC is a system stock.

FFC is a proven dividend machine—often delivering double-digit yields. FFC combines scale, cash flow, balance-sheet strength, gas security, and dividends—an industrial profile that few industries in the world can replicate at this valuation.

Why does FFC trade at 10× while Coromandel trades at 30×? Red alert:........

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