reports
- Alaa Tolba
Another stifled year ahead, initiate with Neutral
Expect ST pressures, with 2018e EPS down c13% y-o-y. Farm Superstores, the largest grocery retailer in Saudi’s Eastern region (63% of revenue), is tapping into new areas in Saudi to diversify its footprint. But rising labour costs and high margin non-core segments (7% of revenue, 15% of GP), once key attributes, are at risk, being more exposed to affordability pressures, dragging margins. We believe the 4% discount to Al-Othaim on 2018e P/E of 17.7x is fair given Farm’s weaker LFL growth (-6% vs...
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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