Financials Juhayna Food Industries S.A.E.

Equities

JUFO

EGS30901C010

Food Processing

End-of-day quote Egyptian Exchange Other stock markets 23:00:00 01/05/2024 BST			5-day change	1st Jan Change
15.18 ^EGP	+2.15%		+16.77%	-3.13%

04-08	Juhayna Food Industries S.A.E. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Juhayna 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	8,124	5,583	7,202	9,216	14,752	14,291	-	-
Enterprise Value (EV) ¹	9,404	6,364	7,424	9,359	15,014	14,144	13,515	14,291
P/E ratio	24.7 x	12.9 x	13.7 x	14.4 x	16 x	9.5 x	7.22 x	6.59 x
Yield	2.32%	3.37%	4.58%	-	-	3.55%	7.06%	8.56%
Capitalization / Revenue	1.06 x	0.73 x	0.82 x	0.81 x	0.91 x	0.71 x	0.65 x	0.58 x
EV / Revenue	1.23 x	0.83 x	0.84 x	0.82 x	0.93 x	0.7 x	0.62 x	0.58 x
EV / EBITDA	8.6 x	5.05 x	6.07 x	6.61 x	6.76 x	5.34 x	4.24 x	3.7 x
EV / FCF	20.8 x	9.9 x	13.9 x	39.4 x	14.5 x	7.48 x	5.31 x	5.76 x
FCF Yield	4.81%	10.1%	7.2%	2.54%	6.91%	13.4%	18.8%	17.4%
Price to Book	2.98 x	1.92 x	2.27 x	2.7 x	3.47 x	2.63 x	2.11 x	1.76 x
Nbr of stocks (in thousands)	941,405	941,405	941,405	941,405	941,405	941,405	-	-
Reference price ²	8.630	5.930	7.650	9.790	15.67	15.18	15.18	15.18
Announcement Date	10/02/20	07/06/21	28/04/22	29/03/23	08/04/24	-	-	-

¹EGP in Million²EGP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,636	7,642	8,806	11,364	16,128	20,261	21,855	24,706
EBITDA ¹	1,093	1,261	1,224	1,415	2,222	2,651	3,188	3,866
EBIT ¹	813.1	791.5	833.9	1,025	1,802	2,295	2,789	3,229
Operating Margin	10.65%	10.36%	9.47%	9.02%	11.17%	11.33%	12.76%	13.07%
Earnings before Tax (EBT) ¹	483.6	675.8	766.4	903.4	1,365	2,073	2,699	2,992
Net income ¹	328.7	440	526.2	637.7	1,021	1,497	1,897	2,107
Net margin	4.3%	5.76%	5.98%	5.61%	6.33%	7.39%	8.68%	8.53%
EPS ²	0.3491	0.4600	0.5600	0.6800	0.9800	1.598	2.101	2.303
Free Cash Flow ¹	451.9	643	534.6	237.3	1,038	1,890	2,544	2,483
FCF margin	5.92%	8.41%	6.07%	2.09%	6.44%	9.33%	11.64%	10.05%
FCF Conversion (EBITDA)	41.34%	50.99%	43.67%	16.77%	46.72%	71.3%	79.78%	64.23%
FCF Conversion (Net income)	137.5%	146.14%	101.59%	37.21%	101.68%	126.25%	134.09%	117.83%
Dividend per Share ²	0.2000	0.2000	0.3500	-	-	0.5388	1.072	1.300
Announcement Date	10/02/20	07/06/21	28/04/22	29/03/23	08/04/24	-	-	-

¹EGP in Million²EGP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2023 Q2	2023 S1	2023 Q3	2023 Q4
Net sales ¹	2,435	2,282	2,403	2,761	-	-	4,500	4,474
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	243.3	-	-	-	-	-	-	482
Operating Margin	9.99%	-	-	-	-	-	-	10.77%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	173.5	36.17	-	-	216.9	556.1	322.5	143
Net margin	7.12%	1.58%	-	-	-	-	7.17%	3.2%
EPS	-	-	-	-	0.2300	0.5900	0.3400	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	13/01/22	28/04/22	07/07/22	15/08/22	08/08/23	08/08/23	02/11/23	08/04/24

¹EGP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,280	781	222	142	262	-	-	-
Net Cash position ¹	-	-	-	-	-	147	776	-
Leverage (Debt/EBITDA)	1.171 x	0.6193 x	0.1815 x	0.1005 x	0.118 x	-	-	-
Free Cash Flow ¹	452	643	535	237	1,038	1,890	2,544	2,483
ROE (net income / shareholders' equity)	12.3%	15.2%	17.3%	19.4%	26.7%	29.7%	32.9%	27.3%
ROA (Net income/ Total Assets)	6.23%	8.2%	9.93%	10.8%	13.8%	15.3%	19.5%	17.4%
Assets ¹	5,277	5,366	5,298	5,915	7,412	9,784	9,744	12,111
Book Value Per Share ²	2.900	3.080	3.360	3.620	4.510	5.770	7.200	8.620
Cash Flow per Share ²	0.8600	1.040	0.8200	0.4700	1.570	1.510	2.670	-
Capex ¹	361	290	234	203	561	1,011	732	503
Capex / Sales	4.73%	3.79%	2.65%	1.78%	3.48%	4.99%	3.35%	2.04%
Announcement Date	10/02/20	07/06/21	28/04/22	29/03/23	08/04/24	-	-	-

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 Juhayna Food Industries S.A.E.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.18 EGP

Average target price

17.67 EGP

Spread / Average Target

+16.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Dairy Products

	1st Jan change	Capi.
JUHAYNA FOOD INDUSTRIES S.A.E.	-3.13%	298M
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+6.95%	25.08B
CHINA MENGNIU DAIRY COMPANY LIMITED	-17.52%	8.44B
WANT WANT CHINA HOLDINGS LIMITED	-4.24%	6.83B
NESTLÉ (MALAYSIA)	+9.10%	6.35B
VIETNAM DAIRY PRODUCTS	-2.96%	5.41B
EMMI AG	-0.33%	5.37B
CHINA FEIHE LIMITED	+4.22%	5.15B
GLANBIA PLC	+18.31%	4.96B
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+23.61%	4.59B

Dairy Products