Almarai Group

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Pages 55
table
Tables 31
Chart
Charts 15
Price $100

• Established in 1977, Almarai started its operation with production of fresh milk and laban . Almarai has now emerged as the largest vertically .....

Summary

• Established in 1977, Almarai started its operation with production of fresh milk and laban . Almarai has now emerged as the largest vertically integrated dairy company in the world and also the largest food and beverage manufacturing company in the Gulf region . 
• The group’s business operations can broadly be classified into four verticals – Dairy & Juice, Poultry, Bakery and Others. 
• Almarai’s sales have grown at a CAGR of 16.1% during the period 2010-14. The net income for the year 2014 reached USD 446.4 mn which was 11.4% higher than 2013. 
• Saudi Arabia continues to be one of the key markets for Almarai Group in terms of revenue (64%) in 2014. United Arab Emirates accounted for 9% of total sales followed by Oman, Kuwait, Qatar and Eqypt each accounting for 5% of total sales. Bahrain and Jordan accounted for 2% and 3% of total sales respectively. Exports and others accounted for the remaining 2% of the sales. 
• Saudi owned company Beyti, in which Almarai owns 52%, intends to invest in Egypt to establish a new juice plant and two milk farms. 
• A new Almarai bakery is slated to begin production in 2016 and another is planned to open the following year which will substantially increase the capacity. 
• Almarai stock is trading at P/E of 32x and it has provided an annualized return of 19.5% compared to 6.4% return by TASI during the period 2010 – 2014.

TOC

  1. Executive Summary
  2. Business Overview
    • Overview
    • Porter five force analysis
    • STEEPLED analysis
  3. Financial Overview
    • Revenue
    • Key Financial Ratios
    • Capital Expenditure (Capex)
    • Debt/Equity Ratio (D/E)
    • Return on Equity (ROE) and Return on Asset (ROA)
    • CFO-to-Sales
    • Earnings Quality (EQ)
  4. Projections
  5. Peer Analysis
    • Regional Peers
    • Global Peers
  6. Share Market Overview
    • Dividend
    • Risk Metrics
    • Liquidity
    • Analyst Calls
  7. Appendix
    • Sector Overview
    • Growth Drivers
    • Corporate Governance

Tables & Charts

Tables
1.1 Summary
1.2 Business View
1.3 Financial View (Long-Term)
2.1 Shareholding pattern
2.2 Ownership of 5% and more of the issued shares
2.3 Dairy and Juice segment data
2.4 Bakery segment data
2.5 Poultry segment data
2.6 New product launch across different categories in 2014
2.7 Performance indicators
2.8 Summary of Porter’s five forces analysis
2.9 Summary of STEEPLED analysis
2.10 SWOT analysis
3.1 Financial Ratios
3.2 Earnings Quality across time periods
3.3 Earnings Quality Components (Period End: Mar 2015)
4.1 Projections for Income Statement, Balance Sheet
4.2 Business Segment wise revenue projections
5.1 Regional Peer Overview
5.2 Peer comparison based on size, P/E and dividends
5.3 Peer comparison based on returns and margins (2014)
5.4 Peer comparison based on Balance Sheet strength (2014)
5.5 Rankings of Closest Global Peers based on Market Cap
6.1 Returns of Almarai vs. Tadawul index
6.2 Almarai Dividends, 2010-14
6.3 Risk Metrics
6.4 Liquidity Metrics
6.5 Analyst Calls
7.1 Projections for Income Statement, Balance Sheet 
7.2 Board of Directors and Executive Management 
7.3 Board Compensation

Charts
2.1: Almarai Business line
2.2: Almarai: Key milestones
2.3: Almarai Group Revenue: Business Line-Wise (2014)
2.4: Almarai Group Revenue: Country-Wise (2010 - 2014)
2.5: Almarai Group Revenue: Country-Wise 2014
3.1: Total Sales 2010-14 (in USD mn)
3.2: Almarai Group: Segment wise Revenue (USD mn)
3.3: Almarai CAPEX (USD Millions) and Capex/Sales ratio     (2010-14)
3.4: Almarai D/E Ratio, (2010-14)
3.5: ROE & ROA, (2010-14)
3.6: Cash Flow from Operations (in USD mn) and CFO-to-Sales ratio, 2010-14
6.1: Almarai vs. Tadawul All Share Index, Rebased April 2011 to 31st March, 2015 
6.2: Almarai Volume traded (in mn) vs. Price
6.3: Risk vs. Return: Almarai Group, Peers and Tadawul Index, 2010-14
7.1: GCC Population (in Millions)

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