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JUMBO Company Note, November 2019

Jumbo S.A. is the leading retailer of toy, baby, home and seasonal products in the Greek market and at the same time has a strong presence in Romania, Bulgaria and Cyprus.

LVMH Flash Note, November 2019

LVMH Moet Hennessy Louis Vuitton SE is a luxury goods company. Its business activities are divided into various business groups, including Wines & Spirits, Fashion & Leather Goods, Perfumes & Cosmetics, Watches & Jewelry, Selective retailing and Other activities.

Comment on EUR/USD Exchange Rate by VRS, November 2019

Technical & Fundamental Review   

Myss Semeida

Egypt (Pharos): EK Holding – 3Q19 – ONS ramp-up offsets volumes lost at Alex Fert

EK Holding’s overall performance came in line with expectations despite lower-than-expected growth at Nat Energy, and the drop in volumes at Alex Fert. We expect next quarter to be stronger on the back of 1) the newly linked wells to ONS’ production profile, 2) utilization ramp-up at Alex Fert, 3) continued strength at Sprea, and 4) energy subsidy cuts kicking in at Nat Energy.

Farida El Askalany

Egypt (Pharos): Al Baraka Bank Egypt – 3Q19 – Provision reversal drives qoq earnings; weak operationally

We reiterate our Equalweight recommendation on SAUD on a FV of EGP15.81/share. The stock is trading at P/E20 of 2.3x, and P/B20 of 0.4x, on ROAE of 20%. These multiples are considerably below Egypt’s sector average of P/E20 of 4.1x, and P/B20 of 0.8x. Our Equalweight recommendation is underpinned by a low focus on aggressive growth or market share gains, and a strategy that had focused on treasury investments, which is no longer going to pay off, in light of the new tax treatment.

Mohamed Hamza

Egypt (Pharos): Eastern Tobacco – 1Q19/20 – Volume boosts topline; margins enhanced

Higher Volumes Across All Business Segments: EAST recorded EGP3,682 million in revenues in 1Q19/20, up 9% YoY and 7% QoQ. Both local sales and toll-manufacturing sales increased by 9.1% YoY and 5.6% YoY, respectively. Topline enhancement was mainly volume-driven since management has not enacted any price adjustments during the past year. Unlike previous years, EAST has not announced its annual price increases in Q1 of every year as a result of the delay in the amendment of the tobacco tax bracket. Therefore, tobacco traders have not stockpiled quantities in 1Q19/20. Instead, we should see EAS...

Myss Semeida

Egypt (Pharos): Sidi Kerir Petrochemicals – 3Q19 – Margins at an all-time low on major price losses

Massive volume growth offsets unprecedented QoQ price losses: Sidi Kerir Petrochemicals (SKPC) released its full financials for 3Q19. The company’s revenue of EGP1,401 million (+8% QoQ, -6% YoY) was boosted QoQ by an enormous jump in polyethylene volumes sold to reach 71,000 tons (+43% QoQ, +28% YoY). SKPC’s polyethylene export price took a massive hit, plummeting to USD944/ton (-19% QoQ, -24% YoY); 15% below our expectations. Volume growth on an annual basis could not offset the sharp price losses combined with a stronger EGP.

Mayar Elashry

Egypt (Pharos): Palm Hills Developments – 3Q19 – Sales pressured by a challenging year

Sales in 3Q19 reached EGP2.1 billion, up 1.7% y/y and down 45.8% q/q, bringing 9M19 sales to EGP8.1 billion, down 17.5% y/y from a 9M18 that had been boosted by the launch of Badya. Sales in 3Q19 were supported by the company’s Ready to Move campaign in September for units available for immediate delivery, which generated EGP0.5 billion in sales, 24.2% of 3Q19 sales. We presume these units might be lower in price than the unit mix sold in 3Q18 and 2Q19 which would explain the significant annual and sequential rise in 3Q19 sales volume coupled with almost flat y/y and lower q/q 3Q19 sales value...

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Philip Morrish

Value Indicator - UK Utilities 18112019

Currently '(TM)Value Indicator - UK utilities' is a value  analysis of the Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Construction & Materials 18112019

Currently '(TM)Value Indicator - UK construction & materials' is a value analysis of the Construction & Materials sector of companies quoted on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

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