adopting a mature growth strategy almarai company - Search Center ...
adopting a mature growth strategy almarai company - Search Center ...
adopting a mature growth strategy almarai company - Search Center ...
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ALMARAI<br />
March 05, 2012<br />
INITIATION OF COVERAGE EQUITY RESEARCH<br />
2011 2012e 2013e 2014e 2015e<br />
ROAA 8.1% 9.0% 9.7% 10.6% 10.9%<br />
ROAE 17.7% 21.1% 22.6% 23.7% 24.2%<br />
Net Debt to Equity 0.98 1.04 1.02 0.96 1.01<br />
Interest Coverage Ratio 11.24 10.74 10.42 10.42 9.44<br />
Capex/Sales 41% 31% 23% 18% 15%<br />
Depreciation/Capex 16% 22% 28% 34% 41%<br />
PE 21.24 15.93 13.00 10.85 9.83<br />
PB 3.57 3.11 2.74 2.40 2.32<br />
Dividend Yield 2.1% 2.5% 3.1% 3.7% 8.7%<br />
EV/EBITDA 15.18 12.99 10.98 9.42 8.60<br />
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