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Quarter3 2016 earnings review
Volumes benefit as price increases are foregone in favour of market share retention But earnings disappoint and margins suffer from parallel market FX sourcing Post-deval outlook should be materially different- we expect further margin pressure in an inflationary environment
- Omneya El Hammamy
ARABIAN FOOD INDUSTRIES – DOMTY – INITIATION OF COVERAGE
​We initiate our coverage for Arabian Food Industries - Domty - with a “Buy†rating driven from a upside potential of 16%; driven from our estimated Fair Value of EGP 6.75 /share Using the DCF valuation methodology for Domty, we utilized an average WACC over our forecasted horizon of 15.60%, a risk free rate of 13.14%, and a market risk premium of 8%. We used the average F&B Sector Beta which is equivalent to 0.6. Currently, the stock is being traded at a discount to its global and local p...
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