AlMarai-CompanyUpdate(Nov12) - Bank Audi

ALMARAI
November 02, 2012
COMPANY UPDATE EQUITY RESEARCH
SAR million Changes to Our Forecasts
2011 2012e 2013e 2014e 2015e 2012e 2013e 2014e 2015e
Cash & Equivalents 272 202 228 276 279 -27% -24% -16% -25%
Inventories 1,697 2,165 2,496 2,799 2,922 12% 14% 11% 8%
Others 624 1,080 1,174 1,323 1,409 75% 89% 110% 135%
Total Current Assets 2,593 3,446 3,898 4,398 4,609 22% 25% 26% 26%
PPE net 10,508 13,373 15,637 17,779 19,747 7% 10% 14% 19%
Biological Assets 818 900 980 1,080 1,200 -8% -11% -11% -7%
Goodwill 821 1,383 1,383 1,383 1,383 65% 61% 59% 59%
Others 917 345 324 277 286 -63% -66% -70% -67%
Total Non Current
Assets
13,064 16,001 18,324 20,519 22,616 5% 7% 11% 15%
Total Assets 15,656 19,447 22,222 24,918 27,225 7% 10% 13% 17%
Short Term Loans 1,209 1,609 1,785 1,880 2,144 28% 36% 34% 40%
Payables & Accruals 1,516 1,700 1,967 2,205 2,364 12% 28% 52% 58%
Others 96 101 94 97 103 0% 0% 0% 0%
Total Current
Liabilities
2,821 3,410 3,846 4,182 4,611 19% 31% 42% 47%
Long Term Loans 5,717 7,331 8,715 9,870 11,256 3% 8% 15% 20%
Employees' Termination
Benefits
Total Non Current
Liabilities
243 300 360 430 500 9% 23% 43% 62%
6,058 7,777 9,221 10,446 11,902 4% 10% 16% 22%
Total Liabilities 8,879 11,187 13,067 14,628 16,513 8% 15% 23% 28%
Total Equity 6,778 8,260 9,155 10,290 10,712 6% 4% 2% 3%
2011 2012e 2013e 2014e 2015e
ROAA 8.1% 7.9% 7.2% 8.1% 9.4%
ROAE 17.7% 19.5% 18.7% 21.3% 25.2%
Net Debt to Equity 1.0 1.1 1.1 1.1 1.2
Interest Coverage Ratio 2.9 3.0 1.4 1.0 1.1
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