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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 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.
Technical & Fundamental Review
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.
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.
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...
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.
Accra (Ghana)--(BUSINESS WIRE)--
Hier soir, la Fondation Jack Ma a organisé sa première grande finale annuelle de l’initiative « Africa Netpreneur Prize » (ANPI), attribuant une récompense d’une somme d’un million de dollars américains à 10 entrepreneurs de toute l'Afrique.
Ce communiqué de presse contient des éléments multimédias. Voir le communiqué complet ici : Africa Netpreneur Prize Initiative Finale Judges (from left to right) - Strive Masiyiwa, Jack Ma, Ibukun Awosika, and Joe Tsai (Photo: Business Wire)
L'ANPI est une initiative phare de la Fondation Jack Ma, lancée par Jack Ma après ...
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...
ACCRA, Ghana--(BUSINESS WIRE)--
Last night the Jack Ma Foundation hosted its first annual Africa Netpreneur Prize Initiative (ANPI) grand finale awarding $1 million in prize money to 10 entrepreneurs from across Africa.
This press release features multimedia. View the full release here: Africa Netpreneur Prize Initiative Finale Judges (from left to right) - Strive Masiyiwa, Jack Ma, Ibukun Awosika, and Joe Tsai (Photo: Business Wire)
The ANPI is a flagship initiative of the Jack Ma Foundation, created by Jack Ma after his first trip to Africa in 2017. The aim of the prize is to support and in...
Daily technical analysis & trade ideas
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.
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