Financials Obour Land for Food Industries S.A.E.

Equities

OLFI

EGS30AL1C012

Food Processing

End-of-day quote Egyptian Exchange Other stock markets 03:30:00 08/05/2024 am IST			5-day change	1st Jan Change
9.27 ^EGP	-3.54%		-9.74%	-13.36%

05/03	Obour Land for Food Industries S.A.E. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Obour Land for Food Industries S.A.E. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,240	2,268	2,344	3,112	4,280	3,708	-	-
Enterprise Value (EV) ¹	2,409	2,414	2,243	2,903	4,280	3,708	3,708	3,708
P/E ratio	8.62 x	8.34 x	7.61 x	7.7 x	10.4 x	4.98 x	4.36 x	4.29 x
Yield	-	8.82%	11.1%	-	-	14%	15.6%	17.4%
Capitalization / Revenue	0.87 x	0.83 x	0.78 x	0.68 x	0.59 x	0.46 x	0.42 x	0.4 x
EV / Revenue	0.87 x	0.83 x	0.78 x	0.68 x	0.59 x	0.46 x	0.42 x	0.4 x
EV / EBITDA	5.43 x	4.8 x	4.59 x	4.22 x	2.42 x	2.66 x	2.66 x	2.64 x
EV / FCF	7.44 x	15.9 x	4.41 x	7.91 x	-	7.77 x	5.74 x	4.32 x
FCF Yield	13.4%	6.27%	22.7%	12.6%	-	12.9%	17.4%	23.1%
Price to Book	2.63 x	2.66 x	2.34 x	2.85 x	3.82 x	2.73 x	1.93 x	1.7 x
Nbr of stocks (in thousands)	4,00,000	4,00,000	4,00,000	4,00,000	4,00,000	4,00,000	-	-
Reference price ²	5.600	5.670	5.860	7.780	10.70	9.270	9.270	9.270
Announcement Date	26/01/20	21/01/21	30/01/22	29/01/23	05/03/24	-	-	-

¹EGP in Million²EGP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,588	2,739	3,007	4,560	7,202	8,048	8,897	9,338
EBITDA ¹	412.8	472.4	510.7	738.2	1,767	1,392	1,392	1,406
EBIT ¹	366.4	409.1	442	669.7	1,701	1,320	1,392	1,468
Operating Margin	14.16%	14.94%	14.7%	14.69%	23.62%	16.4%	15.64%	15.72%
Earnings before Tax (EBT) ¹	382.4	401.8	454.7	600.4	644.1	1,090	1,270	1,357
Net income ¹	295.3	310.4	350.7	462.4	470.7	800.2	914.5	930
Net margin	11.41%	11.33%	11.66%	10.14%	6.54%	9.94%	10.28%	9.96%
EPS ²	0.6500	0.6800	0.7700	1.010	1.030	1.860	2.127	2.160
Free Cash Flow ¹	301.1	142.2	531	393.5	-	477	646	858
FCF margin	11.64%	5.19%	17.66%	8.63%	-	5.93%	7.26%	9.19%
FCF Conversion (EBITDA)	72.95%	30.1%	103.97%	53.31%	-	34.27%	46.41%	61.02%
FCF Conversion (Net income)	101.98%	45.82%	151.41%	85.11%	-	59.61%	70.64%	92.26%
Dividend per Share ²	-	0.5000	0.6500	-	-	1.300	1.443	1.610
Announcement Date	26/01/20	21/01/21	30/01/22	29/01/23	05/03/24	-	-	-

¹EGP in Million²EGP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 S1	2022 Q3	2022 Q4	2022 S2
Net sales ¹	-	1,303	820	883.7	923.8	-	1,343	1,420	-
EBITDA	-	-	-	-	-	-	-	-	-
EBIT	219.6	-	138.8	113.7	-	-	-	-	408.4
Operating Margin	-	-	16.92%	12.86%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income ¹	-	-	111.2	-	90.62	180.8	145.8	135.7	-
Net margin	-	-	13.56%	-	9.81%	-	10.86%	9.56%	-
EPS	-	-	-	-	-	0.3900	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	21/01/21	11/08/21	02/11/21	30/01/22	21/04/22	27/07/22	18/10/22	29/01/23	29/01/23

¹EGP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	169	146	-	-	-	-	-	-
Net Cash position	-	-	101	209	-	-	-	-
Leverage (Debt/EBITDA)	0.4091 x	0.3092 x	-	-	-	-	-	-
Free Cash Flow ¹	301	142	531	394	-	477	646	858
ROE (net income / shareholders' equity)	38.4%	34.8%	36.3%	44.2%	42.5%	58.3%	53.5%	50%
ROA (Net income/ Total Assets)	24.4%	23.3%	24.2%	22.5%	18.3%	28.2%	29.8%	28.5%
Assets ¹	1,210	1,330	1,452	2,058	2,577	2,843	3,074	3,263
Book Value Per Share ²	2.130	2.130	2.500	2.730	2.800	3.400	4.800	5.460
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	226	87.3	55.1	19.9	60.1	97	115	121
Capex / Sales	8.72%	3.19%	1.83%	0.44%	0.83%	1.21%	1.29%	1.29%
Announcement Date	26/01/20	21/01/21	30/01/22	29/01/23	05/03/24	-	-	-

¹EGP in Million²EGP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Obour Land for Food Industries S.A.E.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9.27 EGP

Average target price

14.13 EGP

Spread / Average Target

+52.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Dairy Products

	1st Jan change	Capi.
OBOUR LAND FOR FOOD INDUSTRIES S.A.E.	-13.36%	80.55M
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+5.53%	24.92B
CHINA MENGNIU DAIRY COMPANY LIMITED	-19.90%	8.62B
WANT WANT CHINA HOLDINGS LIMITED	-5.30%	6.92B
NESTLÉ (MALAYSIA)	+9.18%	6.35B
VIETNAM DAIRY PRODUCTS	+0.44%	5.59B
EMMI AG	+1.21%	5.41B
GLANBIA PLC	+23.47%	5.1B
CHINA FEIHE LIMITED	0.00%	5.09B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+25.35%	4.72B

Dairy Products