Juhayna: Q1 20 – Margin gains boost bottom line
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Sales recorded slight yoy expansion in volumes from growth in the dairy (7.9% yoy) and yogurt (2.0% yoy) segments
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NPM +2.2% yoy gains supported by lower COGS, SG&A and financing expense, along with strong march revenues
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Stockpiling of staple and Ramadan sales should support Q2 20 top line and margins; maintain FV at EGP10.75/share, Buy
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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