Farida Salama

We update our valuation on ORWE and revise our FV to EGP11.75/share (down from EGP14.6/share) with an Equalweight recommendation on an upside of 10.0%.We lower our FV after factoring in the recent slowdown in demand, despite lower polypropylene price...

DOMT recorded 3Q19 revenues of EGP720 million, up 11.4% QoQ and 4.2% YoY in line with our expectations (c. GPM reflected on EBITDA margin to record 13.9%, up 2.6pps QoQ and 1.5pps YoY. However, annual EBITDA margin was partially trimmed by 1.7pps YoY...

3Q19 revenues recorded EGP2,347 million, down 10.9% QoQ and 8.6 % YoY, dragged annually by export revenues and sequentially by local and export revenues. Quarterly, local revenues dropped across all product segments, on lower volumes. Export revenues...

OLFI reported 3Q19 revenues of EGP733 million, up 20% QoQ and 15% YoY. Sequential growth is attributed to a 1% price increase in white cheese, implemented in Jul19, and a 20% QoQ increase in volumes sold. However, 9M19 EBITDA margin recorded 17.1% up...

We update the DCF valuation for our F&B coverage after incorporating new products, revising estimates and rolling over our forecast period by one year. Hence, JUFO, DOMT and OLFI are creating new growth opportunities through 1) expanding their portfo...

Carton pack holds 80% of the cheese market (the remainder is loose cheese). OLFI signed a contract for 4 new production lines at an investment cost of USD11 million, which will replace 10-11 old production lines to help fight the Chinese packaged pro...