reports
- Nauman Khan
BinDawood Holding: FY 2022 earnings call summary
Below are the key highlights of BinDawood Holdings’ 2022 earnings call. We have attached 2022 earnings presentation and our Q4 22 result analysis report for your reference. FINANCIAL PERFORMANCE * Revenue increased by 11.7% yoy to SAR4.90bn in 2022. The improvement in revenue is mainly driven by higher footfall in the Haramain region due to the gradual return of pilgrims. * Sales of BinDawood stores increased by 27.1% yoy while the sales of Danube stores grew by 2.2% yoy. * On LFL ...
- Nauman Khan
BinDawood: Pilgrims to drive profitability normalization
We remain Neutral on BinDawood with a PT of SAR64.8. We believe the company is well-placed to benefit from the normalization of Hajj and Umrah activities, as it is the number one retailer serving pilgrims. However, we highlight the pressure on consumer disposable income and the emergence of alternative spending avenues (such as Riyadh Season) will keep the company’s margins under pressure. Following a difficult 2022, we expect net income to recover by 202% yoy to SAR243mn in 2023f (similar to...
- Nauman Khan
BinDawood Earnings Call Summary – Q3 22
Financial performance * Total revenue grew by 9.7% yoy to SAR1.18bn in Q3 22, mainly driven by the increased contribution from BinDawood store sales and contributions from overseas subsidiary Ykone. * Sales of BinDawood stores increased by 38.4% yoy due to higher footfalls while Ykone contributed SAR38mn to total revenue. Danube stores’ sales declined by 4.7% yoy mainly due to lower sales to corporate customers. However, in-store sales of Danube increased by 6% yoy. * The group’s L...
- Nauman Khan
BinDawood Holding: Q3 22 Results Analysis | First quarterly losses on ...
BinDawood reported a disappointing set of Q3 22 results, with net losses of SAR48.0mn compared to a net profits of SAR70.2mn and SAR42.3mn in Q3 21 and Q2 22, respectively. This is significantly lower than the SNB Capital and consensus estimates profits of SAR60.9mn and SAR48.0mn, respectively. The variance is driven by 1) lower gross margins which stood at 26.0% vs 36.9% in Q3 21 and our estimate of 33.0% due to increased promotional activities and lower supplier incentives and 2) higher ope...
- Nauman Khan
BinDawood Holding: Weak results due to lower gross margins
BinDawood reported a weaker than expected set of Q2 22 results, with net income declining by 55.4% yoy (-35.3% qoq) to SAR42.3mn. This is lower than the SNB Capital and consensus estimates of SAR81.9mn and SAR87.0mn, respectively. Revenue increased by 8.7% yoy (+3.9% qoq) to SAR1.22bn and came in-line with our estimates. The variance is driven by lower than expected gross margins due to higher discounts offered during marketing campaigns and loyalty program activities. * Revenue increased by...
- Nauman Khan
BinDawood Holding: Earnings Call Summary
FINANCIAL PERFORMANCE * Total revenue increased by 8.7% yoy (+3.9% qoq) to SAR1.22bn in Q2 22, mainly driven by the return of pilgrims for Hajj and Umrah, coupled with marketing and promotions carried out during Ramadan seasons. * Sales of BinDawood stores increased by 32% yoy due to higher footfalls of Haramain stores. Non-Haramain BinDawood stores sales increased by 4.7% yoy, while Danube stores’ sales declined by 0.5% yoy (+8.2% qoq). * Gross profits decreased by 5.3% yoy to SAR...
- Nauman Khan
BinDawood Holding: Earnings Call Summary – Q1 22
Financial performance * Total revenue increased by 4.5% yoy (+11.2% qoq) to SAR1.18bn in Q1 22 mainly driven by Ramadan and Back to School seasons. Also, the company’s Haramain stores benefited from the lifting of Covid-19 related restrictions. * Sales of BinDawood stores increased by 13.8% yoy (+18.5% qoq), benefiting from the removal of Covid related restrictions. Danube stores’ sales improved by 0.9% yoy (+8.2% qoq) driven by Back to School and Ramadan seasons. * Revenue of 8 Ha...
- Nauman Khan
BinDawood Holding: One-off rental reliefs offset by higher opex
BinDawood reported a weaker than expected set of Q1 22 results with net income increasing by 5.4% yoy (+395% qoq) to SAR65.5mn. This is lower than the SNB Capital and consensus estimates of SAR72.3mn and SAR71.1mn, respectively. We note that BinDawood reported a one-off rental relief of SAR17.1mn in Q1 22, excluding this the net income stood at SAR48.4mn. Revenue increased by 4.5% yoy (+11.2% qoq) to SAR1.18bn and came in-line with our estimates of SAR1.16bn. The negative variance in earnings...
BINDAWOOD HOLDING sees an upgrade to Slightly Positive due to a better...
The general evaluation of BINDAWOOD HOLDING (SA), a company active in the Asset Managers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 18, 2022, the closing price was...
- Nauman Khan
BinDawood Holding: Higher pilgrims and store expansion to drive growth
We remain Neutral on BinDawood with a PT of SAR105.0. We believe the company’s outlook is positive driven by 1) the expected increase in the number of pilgrims and 2) store expansion plans. However, we highlight that high inflation levels is expected to keep margins under pressure. We forecast net income to decline to SAR298mn in 2021f (-33.3% yoy) before recovering to SAR431mn in 2023f. The stock is trading at 2022f PE and EV/EBITDA of 27.9x and 11.4x higher than the global peers average of ...
- Nauman Khan
BinDawood Holding: Opex growth leads to weaker results
BinDawood reported a weaker than expected set of Q3 21 results with a net income of SAR70.2mn declining by 10.7% yoy and 26.1% qoq. This is lower than the SNBC and consensus estimates of SAR97.6mn and SAR93.1mn respectively. The negative variance in earnings is due to 1) lower than expected sales which stood at SAR1.08billion (-0.4% yoy, -4.0% qoq) compared to our estimates of SAR1.13bn 2) higher than expected operating expenses due to the suspension of COVID-19 related governmental waivers a...
- Nauman Khan
BinDawood Holding: Strong results on higher margins
BinDawood reported better than expected set of Q2 21 results, with net income of SAR95.0mn (-48.8% yoy, +53% qoq). This compares to the SNB and consensus estimates of SAR80.0mn and SAR103.3mn, respectively. We believe the positive variance was mainly due to: 1) higher than expected gross margins of 35.6% (+3.0% yoy), driven by the increased efficiency in procurement and inventory management; and 2) marginally lower than expected Opex. * Revenues declined 27.4% yoy to SAR1.12bn and was lower ...
- Nauman Khan
BinDawood Holding: Weak results on lower sales and margins
BinDawood reported a weak set of Q4 20 results with a net income of SAR57.4mn, down -53.7% yoy (-27.0% qoq). This compares to the NCBC and consensus estimates of SAR122mn and SAR118.5mn, respectively. The weakness is primarily due to lower sales and gross margins. Sales declined by -8.8% yoy (+2.8% qoq) to SAR1.11bn and were lower than our estimates of SAR1.2bn. Gross margins contracted by -231bps to 32.3% in Q4 20 compared to 34.6% in Q4 19. BinDawood revenues declined -8.8% yoy to SAR1.11bn...
- Nauman Khan
BinDawood Holding: Initiation – Saudi’s premier grocery retailer with ...
We initiate coverage on BinDawood Holding (BDH) with a Neutral rating and a PT of SAR118.6. BDH is the 3rd largest grocery retailer in terms of revenues and the most profitable in Saudi. It operates in a fast growing sector which is expected to benefit from consolidation and high disposable income. High profitability, strong supplier relations, measured expansion approach and strong management team are the stock’s key strengths. Earnings are expected to grow at a CAGR of 10.8% during 2019-2...
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