reports
- Marina William
Egypt Tiles Producers 3Q21 – revenue recovers on volumes and prices
Tiles & Sanitary ware producers faced a very healthy quarter, supported by both prices and volumes. Exports did not shine like the previous quarter, due to supply chain disruptions, resulting from the current energy crisis. The latest gas price hikes are expected to pressure margins and affect competitiveness in the export markets. ECAP: GOVERNMENT PROJECTS DRIVES LOCAL DEMAND; GAS PRICES RISE STILL IN FAVOUR ECAP continued to show outstanding performance in 3Q21 – 9M21 results. The bottom li...
- Marina William
Gemma: 2021 valuation update – Quality and flexibility are key
LARGE SCALE PROJECTS, PURCHASING POWER RECOVERY, AND PRODUCTION FLEXIBILITY PUSH FV UPWARDS We update our valuation on ECAP to 18.70/share and our recommendation to Overweight with an upside of 63.2%. We increase our FV to factor in the recovery in purchasing power in both the local and export markets after receiving a strong hit by the pandemic, as well as recovery of world trade which supported exports noticeably during 1H21. Sales are expected to be solid and show recovery during the rest ...
- Marina William
Egypt: Tiles & Sanitary Ware Producers – 1Q21 – Positive start for bot...
RECOVERY IN BOTTOM-LINE, DESPITE A SEQUENTIAL DROP IN SALES 1Q21 was generally positive for ceramics and tiles producers, impacted by the effect of economies opening up and demand picking up. Interest rate cuts, lower energy prices, and low-interest-rate loans for the industrial sectors were properly utilized to drive financial performance. The positive start for 2021 paves the way for a strong year, however, the second quarter is expected to witness a slight drop in performance compared to t...
- Marina William
- Zeyad Ahmed
4Q20 Tiles & Sanitary Ware– improvement in performance backed by volum...
IMPROVEMENT IN PERFORMANCE BACKED BY VOLUMES RECOVERY 4Q20 saw a noticeable recovery, especially in the local market for ceramics and tiles producers, after economies opened and demand picked up again. Also, the companies were able to take advantage of the interest rate cuts, lower energy prices, and the low-interest-rate loans for the industrial sector. The strong closing for FY2020 puts ceramics & tiles manufacturer on a good footing for 2021, with indications suggesting that the demand rec...
- Marina William
- Zeyad Ahmed
Egypt tiles and sanitary ware: Sequential volumes recovery on eased lo...
3Q20 saw a recovery in both export and domestic sales across ceramics and tiles producers, after economies re-opened and as companies made use of government and CBE initiatives to aid the sector during 1H20, whether through lower energy prices, interest rate cuts, and or offering low-interest-rate loans for the industrial sector. Looking ahead, we expect the recovery in demand to be maintained, as long as no lockdowns occur in both local and export markets. We expect to see companies ramping ...
- Zeyad Ahmed
Egypt tiles and sanitary ware: Volume slump hits revenues; bottom line...
CHALLENGING QUARTER FOR DEMAND AND PRICES MAGNIFIED BY SEASONALITY AND SHUTDOWN OF EXPORT MARKETS The ceramics and tiles industry has been facing strong headwinds tied to weaker demand putting downward pressure on prices and volumes, and weak margins in light of relatively high energy costs. FY20 has escalated the challenges with the pandemic-induced lockdowns and Ramadan’s slow season which both massively hit volumes during 2Q20. Export volumes were hit the most, dropping significantly by no....
- Mark Adeeb
Egypt: Government incentives offer respite but will not prevent losses
The Government slashes natural gas and electricity prices In an attempt to alleviate the current pressure, the government has reduced natural gas prices to USD4.5/mmbtu, down from USD5.5/mmbtu for steel, aluminium and tiles producers and down from USD6/mmbtu for cement. In our view, the key beneficiaries are ESRS, IRAX, ECAP, and LCSW. The government will also reduce the electricity tariff by EGP0.10/KWh, which will have a positive impact on EGAL and our cement coverage. We do not rule out th...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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