Al Razzi Holding Company

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Al Razzi Holding Company"

Transcription

1 4 February 214 Analyst Analyst Title Recomm. Subsidiaries, 213 Stake (%) Shifa Healthcare 1% Warba Medical Supplies 8% Dawaa Manufacturing 99% Environmental Industries Held through Shifa Healthcare NR Per Share Value (KWD).15 99% Bayan Medical 77% Ibn Sina International 8% Associates, 213 Stake (%) Al Nawadi 2% IMC Holding Company 2% Al Razzi Holding Company Higher government spending and acquisitions to drive growth We expect Al Razzi Holding Company (Al Razzi) to benefit from its strategic investments in the healthcare industry. Furthermore, Al Razzi is well poised to benefit from increased healthcare spending in Kuwait and conscious efforts by the government to boost private sector participation via Public Private Partnerships (PPP). Moreover, the management continues to pursue high growth opportunities. It acquired a 33% stake in Sama Educational Company in May 213 (a fast growing company in education sector); this is likely to bolster profitability as well as diversify earnings, in our opinion. Based in Kuwait, Al Razzi Holding Company is a private specialized healthcare investment company. Its provides medical and pharmaceutical services, healthcare provider services and health information management and insurance services via its subsidiaries. Strategic investments in the high growth healthcare sector boosted the company s revenues at a CAGR of 13.4% over FY29 FY213; its operating profit improved from KWD.3mn in FY29 to KWD1.6mn in FY213. In addition to being a dominant player in the healthcare sector, Al Razzi is diversifying operations into other sectors. As of March 213, the company s other operations included managing and processing electronic waste via subsidiary Environmental Industries Company, and providing health club and spa services via its 2% stake in Al Nawadi Holding Company. In May 213, Al Razzi acquired a 33% stake in Sama Educational Company from NBK Capital. Sama Educational Company caters to the educational needs in secondary school levels. The sector has high growth prospects as it has been receiving government focus with increased investments and reforms to improve the quality of education in Kuwait. Valuation: We arrived at per share value of KWD.15 for Al Razzi by using two valuation methodologies: DCF and relative valuation (PER and EV/EBITDA). We assigned 5% weightage to the DCF valuation and 25% weightage to PER and EV/EBITDA each. DCF valuation is based on cost of equity of 2.% and terminal growth rate of 4.%. For relative valuations, we assigned PER and EV/EBITDA multiples of 17.9x and 15.x, respectively. Revenue (KWD ) and EBITDA Margin (%) EBIT (KWD ) and EPS (KWD) 25, 15.% 3,.2 2, 13.% 2,5 15, 1, 11.% 9.% 2, 1,5 1,.1. 5, 7.% 5 5.% -.1 Revenues EBITDA Margin EBIT EPS (RHS) Source: Company Data, KFIC Estimates Source: Company Data, KFIC Estimates 1

2 4 February 214 Revenue trend (KWD ) 16, 12, Healthcare Exp (as of 21) Govt Exp Pvt Exp 8, 4, 5.% 4.% 3.% 2.% 1.%.% FY211 FY212 FY % 8.4% 81.1% 73.% 66.% 71.1% 22.5% 19.6% 18.9% 27.% 34.% 28.9% Qatar Kuwait Oman UAE KSA Bahrain Healthcare expenditure to GDP (%) EBITDA Margin (%) 2.% 15.% 1.% 5.%.% FY211 FY212 FY213 Focused investments in healthcare driving strong growth even during economic downturns Al Razzi is actively pursuing growth strategies in the fast-growing healthcare sector in GCC. Since its establishment in 24, the company has acquired several businesses across the healthcare value chain. In fact, Al Razzi now has diversified interests ranging from pharmaceuticals and hospitals to ambulatory services, information technology and insurance. Strong growth in all these sub-segments enabled the company to report a CAGR of 13.4% in revenues over FY29-FY213, resisting the economic downturn of Increase in government initiatives expected to boost growth Al Razzi remains well poised to take advantage of the increasing opportunities in Kuwait s healthcare sector. Its operations in the healthcare sector are integrated, ranging from pharmacy supplies, hospitals, ambulatory services to health information management and insurance services. This provides an edge to the company to utilize the upcoming growth opportunities in the healthcare sector. Healthcare spending in Kuwait is expected to remain high as there is an urgent need to address the shortfall in facilities. Kuwait faces issues of under supply of hospital beds, with just 2 beds per 1, people (compared to 2.2 beds in Saudi Arabia and 3 beds in the US and UK each). This is a serious shortfall considering the rate of growth in Kuwait s population and higher cases of chronic diseases such as hypertension, obesity and diabetes. The current healthcare expenditure is estimated to be around 2.7% of GDP, which is well below that of developed countries. Kuwait s healthcare expenditure is expected to be at KWD1.4bn in 212, with an annual increase of 5.3% over Business Monitor International expects expenditure to increase at a CAGR of 9.7% to KWD2.2bn by 217. Sama acquisition diversifies and augments growth prospects In May 213, Al Razzi announced acquisition of a 33% stake in Sama Educational Company KSCC (SAMA) from NBK Capital. SAMA was established in 28 and operates a diversified portfolio of educational assets in the K-12 level. Since inception, it has doubled its capacity, and student count has increased from around 2,4 to over 4, as of May 213. Education is currently an attractive industry in the MENA region, with increasing demand for new enrollments, a decline in dropout rates, increase in demand for private sector education and higher government spending. In addition, the business model remains attractive with high revenue visibility, lower working capital requirement and higher demand due to under supply of education facilities in the region. Furthermore, like healthcare, education remains a sector that is resistant to economic downturns. Cash conversion cycle (no. of days) Yiaco Al Razzi Al-Mowasat Margins to remain steady EBITDA margins improved from 5.4% in FY29 to 12.% in FY213. This was mainly due to higher operating efficiencies. EBITDA margins for FY213 are higher compared to Yiaco Medical Co KSCC (Yiaco) s 7.6%, but lower than Al-Mowasat Health Care Co. (Al-Mowasat) s 18.6%. Kuwait s government plans to intervene in the private healthcare sector, forcing service providers to lower treatment costs and service fees that are much higher than that offered by the public sector. We believe this could restrict margin expansion, resulting in EBITDA margins stabilizing at around 12.5% by FY215E FY211 FY212 FY213 Source: Company Data, WHO, KFIC estimates Healthy balance sheet provides support Al Razzi boasts of a debt-free balance sheet as of FY213. Furthermore, it had adequate cash on its balance sheet (KWD22.8mn in FY213), providing Al Razzi with sufficient funds to acquire new companies. Its good performance record would help the company easily raise debt for potential acquisitions or capital expansions. Despite an increase in inventory (by four days) and debtor days (by 11), cash conversion cycle for FY213 stands comfortable at 11 days, which is marginally higher compared to Yiaco s 17 days and below Al Mowasat s 25 days. 2

3 4 February 214 Historical Financial Performance Income Statement (KWD, ) FY211 FY212 FY213 Revenues 1,648 13,16 14,58 EBITDA 829 1,498 1,742 EBIT 639 1,349 1,555 Net Income -3,732 1,41 2,562 EPS Balance Sheet (KWD, ) FY211 FY212 FY213 Cash 18,677 21,677 22,765 Curr. Assets 26,558 29,158 32,326 Debt Equity 41,358 43,292 45,28 Revenues reports annual growth of 13.4% over FY29 FY213 Al Razzi s revenues resisted the economic downturn in Kuwait during 29 1 due to the high quality of its investments in the healthcare services sector and incidences of chronic diseases in the country. The company s revenues grew to KWD14.5mn at end- FY213 (year ending March 31) from KWD8.8mn in FY29. Higher level of healthcare spending, coupled with an increase in PPP, is expected to help Al Razzi report doubledigit growth. Efficiencies from integrated operations helping margin expansion Efficiencies in operating costs and higher margins helped Al Razzi s operating profit improve from KWD.3mn in FY29 to KWD1.6mn in FY213. EBIT margins expanded from 3.9% in FY29 to 1.7% in FY213. However, net income remained volatile due to losses and impairment costs on sale of various available-for-sale investments over FY29 FY211. We expect the acquisition of Sama Educational Co. to boost earnings while EBITDA margins to remain stable at 12 13% levels by FY216E. Return Ratios FY211 FY212 FY213 ROA -8.1% 3.1% 5.3% ROCE 1.5% 3.2% 3.5% ROE -8.7% 3.3% 5.8% Return Ratios Al Razzi s steady revenue growth, coupled with margin expansion, helped boost return ratios. Return on assets (RoA) peaked at 5.3% in FY213 compared with 2.4% in 21 and 3.1% in FY212. Return on Equity (RoE) increased to 5.8% in FY213 from 2.6% in FY21 and 3.3% in FY212. However, the ratios remain volatile due to net income volatility. Cash Flows (KWD, ) FY211 FY212 FY213 Capital Exp CFO 431 1, Cash Flow Analysis Al Razzi s capital expenditure (KWD.2mn in FY213), as a percentage of sales, increased from 1.% in FY211 to 1.3% in FY213. Operational cash flow fell from KWD.4mn in FY211 to KWD.3mn in FY213. Source: Company Data 3

4 4 February 214 Revenue (KWD ) 25, 2, 15, 1, 5, Net Income (KWD ) 6, 4, 2, -2, -4, -6, Gross Profit Margin 35.% 3.% Current Ratio 14.x 12.x 1.x 8.x 6.x 25.% 4.x 2.x 2.%.x Return on Equity Return on Assets 1.% 1.% 8.% 8.% 6.% 6.% 4.% 4.% 2.% 2.%.%.% -2.% -2.% -4.% -4.% -6.% -6.% -8.% -8.% -1.% -1.% Source: Company Data 4

5 4 February 214 SWOT Analysis Strengths Weakness Strong exposure to highly potential healthcare sector. This helped revenues grow at a CAGR of 13.4% over FY29- FY213. Growing exposure to other attractive opportunities. In May 213, Al Razzi acquired a 33% stake in Sama Educational Company. This is expected to strengthen earnings growth. Strong balance sheet, with no debt and high cash balance. This should continue support future growth avenues The company s net profit remains volatile due to fluctuations in gain/loss on sale or impairments on available-for-sale investments. Despite a strong balance sheet, Al Razzi is slow in terms of expansion via capex/acquisitions. Opportunities Threats Healthcare spending in Kuwait is expected to increase at a CAGR of 9.7% over Higher demand for healthcare services due to high incidences of chronic diseases Education has high growth prospects and has been receiving government focus with increased investments and reforms Kuwait s government s interference in the private health sector to lower fees could negatively impact margins of service providers. Higher competition from regional players could result in a price war and add to margin pressure in the private pharmacy sector. Recent Developments 5 May 213: Al Razzi Holding Company purchased stake in Sama Educational Company KSCC from NBK Capital. Business Description: Established in 24, Al Razzi Holding Company, KSC, headquartered in Kuwait, is a specialized healthcare investment company. Its activities are compliant with the Sharia principles and can be divided into three categories: (i) Healthcare medical and pharmaceutical services, which includes operations in medical and pharmaceutical value chain, ranging from manufacturing to wholesaling and retailing; (ii) Healthcare provider services, with services like hospitals, ambulatory care, and free standing clinical support services; and (iii) Health information management and insurance services, which includes healthcare information technology, health insurance, and third party administration activities. Al Razzi is a private company having 125 shareholders, with Global Investment House, Wafra International Investment Company and Gulf Bank being the three major shareholders. 5

For personal use only GALE PACIFIC LIMITED

For personal use only GALE PACIFIC LIMITED GALE PACIFIC LIMITED RESULTS FOR YEAR ENDED 30 JUNE 2013 FY13 Review FY13 FY12 FY11 A$M S A$M S % Variance A$M S Sales 120.0 110.5 9% 95.6 EBITDA 18.0 18.0 0% 15.8 EBIT 12.9 12.5 4% 9.9 NPAT 9.1 8.5 7%

More information

Dallah Healthcare Holding Company Dallah Health

Dallah Healthcare Holding Company Dallah Health Recommendation Fair Value (SR) Price as of 23 rd of April 2014 (SR) Expected return Company data Tadawul symbol 52- week high (SR) 52-week low(sr) YTD change Average trading volume (thousand shares) Market

More information

Mouwasat Medical Services Company - Mouwasat

Mouwasat Medical Services Company - Mouwasat Recommendation Overweight Fair Value (SR) 92.00 Price as of 2 nd of March 2014 (SR) 81.75 Expected return 12.5% Company data Tadawul symbol 4002.SE 52- week high (SR) 94.00 52-week low(sr) 52.25 YTD change

More information

Gulf Cable and Electrical Industries Company KSC (CABLE) - Financial and Strategic SWOT Analysis Review

Gulf Cable and Electrical Industries Company KSC (CABLE) - Financial and Strategic SWOT Analysis Review Brochure More information from http://www.researchandmarkets.com/reports/2522449/ Gulf Cable and Electrical Industries Company KSC (CABLE) - Financial and Strategic SWOT Analysis Review Description: Gulf

More information

Financial Analysis Project. Apple Inc.

Financial Analysis Project. Apple Inc. MBA 606, Managerial Finance Spring 2008 Pfeiffer/Triangle Financial Analysis Project Apple Inc. Prepared by: Radoslav Petrov Course Instructor: Dr. Rosemary E. Minyard Submission Date: 5 May 2008 Petrov,

More information

BUY. KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16. CMP 226.50 Target Price 260.00. JANUARY 9 th 2015 SYNOPSIS ISIN: INE164B01022

BUY. KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16. CMP 226.50 Target Price 260.00. JANUARY 9 th 2015 SYNOPSIS ISIN: INE164B01022 BUY CMP 226.50 Target Price 260.00 KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16 JANUARY 9 th 2015 ISIN: INE164B01022 Index Details Stock Data Sector IT Software Products BSE Code 519602

More information

Financial Information

Financial Information Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow

More information

Health Care Worldwide

Health Care Worldwide Health Care Worldwide Credit Suisse Global Credit Products Conference September 18, 2014 Miami Credit Suisse Global Credit Products Conference, September 18, 2014 Copyright Page 1 Safe Harbor Statement

More information

J.P. MORGAN HIGH YIELD & LEVERAGED FINANCE CONFERENCE FEBRUARY 24, 2015

J.P. MORGAN HIGH YIELD & LEVERAGED FINANCE CONFERENCE FEBRUARY 24, 2015 J.P. MORGAN HIGH YIELD & LEVERAGED FINANCE CONFERENCE FEBRUARY 24, 2015 DISCLAIMER This presentation contains, in addition to historical information, certain forward-looking statements within the meaning

More information

Group Financial Outlook and Strategy. Mark Langer, CFO Paris, November 19, 2014

Group Financial Outlook and Strategy. Mark Langer, CFO Paris, November 19, 2014 Investor Day 2014 Group Financial Outlook and Strategy Mark Langer, CFO Paris, November 19, 2014 HUGO BOSS 19-Nov-14 2 Agenda Review of past financial performance Current trading update Financial implications

More information

Financial Results. siemens.com

Financial Results. siemens.com s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014

More information

Investor & Analyst Presentation Acquisition of Centor US Holding Inc. Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 28, 2015

Investor & Analyst Presentation Acquisition of Centor US Holding Inc. Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 28, 2015 Investor & Analyst Presentation Acquisition of Centor US Holding Inc. Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 28, 2015 Disclaimer 1. This presentation may contain certain forward-looking

More information

Chapter 5: Business Valuation (Market Approach)

Chapter 5: Business Valuation (Market Approach) Chapter 5: Business Valuation (Market Approach) This methodology values larger companies based upon the value of similar publicly traded For smaller companies, otherwise known as micro businesses (e.g.,

More information

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) BUY CMP 196.40 Target Price 225.00 STYLAM INDUSTRIES LIMITED Result Update (PARENT BASIS): Q2 FY16 DECEMBER 16 th. 2015 ISIN: INE239C01012 12 th h, 2013 Index Details Stock Data Sector Plastic Products

More information

Investor Presentation ahlibank.com.qa

Investor Presentation ahlibank.com.qa Investor Presentation 2015 ahlibank.com.qa Overview ABQ Founded in 1983 Listed on the Qatar Exchange with a market cap of c.qar 8 billion Strategic Partner of the Qatar Foundation 47% owned by Qatar Holding

More information

Financial facts. Sales by Service Line. Customer sales in 2014: EUR million EBIT margin excl. one-off items *) : 9.9% Tieto s market position:

Financial facts. Sales by Service Line. Customer sales in 2014: EUR million EBIT margin excl. one-off items *) : 9.9% Tieto s market position: Tieto Corporation Financial facts Customer sales in 214: EUR 1 523 million EBIT margin excl. one-off items *) : 9.9% Sales by Service Line Tieto s market position: Market leader in Finland Among top 3

More information

2015 Results and Prospects

2015 Results and Prospects PRESS RELEASE Paris, 23 March 2016 2015 Results and Prospects Revenues: 2,579.3 million, up 3.2% EBITDA: 342.0 million, an operating margin of 13.3% 2016 Objectives: revenues close to 3 billion and an

More information

ZetaDisplay. Europe leads the way. EPaccess

ZetaDisplay. Europe leads the way. EPaccess EPaccess Media Sweden 22 November 213 Equity Research +46 8 463 8 analys@penser.se ZetaDisplay Europe leads the way Risk and Return Potential Return Potential Risk High High Risk Current Price 4,8 High/Low

More information

LOGO BUSINESS SOLUTIONS

LOGO BUSINESS SOLUTIONS LOGO BUSINESS SOLUTIONS Analyst Presentation for FY 2014 Gülnur Anlaş Chief Financial Officer February 16, 2015 12 1 Disclaimer This presentation contains information and analysis on financial statements

More information

Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2008

Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2008 February 5, 2008 Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2008 Corporate Name: Alfresa Holdings Corporation (Code: 2784, 1st sections of Tokyo Stock Exchange

More information

Fundamental analysis

Fundamental analysis Fundamental analysis 2 June 2016 CERN Finance Club c.laner@cern.ch Introduction Let s cover the two main types of investment analysis used in traditional investing Today: Fundamental analysis Next time:

More information

Health Care Worldwide. Citi - European Credit Conference September 24, 2015 - London

Health Care Worldwide. Citi - European Credit Conference September 24, 2015 - London Health Care Worldwide Citi - European Credit Conference September 24, 2015 - London Safe Harbor Statement This presentation contains forward-looking statements that are subject to various risks and uncertainties.

More information

Health Care Worldwide

Health Care Worldwide Health Care Worldwide Barclays European High Yield and Leveraged Finance Conference October 30, 2014 London Barclays European High Yield and Leveraged Finance Conference, October 30, 2014 Copyright Page

More information

Development of Health Insurance in the GCC & MENA Region

Development of Health Insurance in the GCC & MENA Region Development of Health Insurance in the GCC & MENA Region Dr. Michael Bitzer Arab-German Finance & Investment Conference November 17, 2011 Agenda Healthcare Expenditures in the GCC and MENA Insurance penetration

More information

This document may not be used, reproduced or sold without the authorisation of the Groupe HEC

This document may not be used, reproduced or sold without the authorisation of the Groupe HEC Please send any questions on this case study to the author via the mail box on the web site www.vernimmen.com Pascal Quiry October 2010 This document may not be used, reproduced or sold without the authorisation

More information

Uchumi Supermarkets Limited Valuation 11 th December, 2015

Uchumi Supermarkets Limited Valuation 11 th December, 2015 Uchumi Supermarkets Limited Valuation 11 th December, 2015 Uchumi Supermarkets Limited Valuation Summary We recommend an BUY with a target price of Kshs 9.7 We recommend a BUY on Uchumi, with a target

More information

Pfeiffer Vacuum announces results for FY 2014

Pfeiffer Vacuum announces results for FY 2014 PRESS RELEASE Pfeiffer Vacuum announces results for FY 2014 Total sales of 406,6 million EBIT margin at 11,0 percent Dividend proposal of 2.65 euros Asslar, Germany, March 26, 2015. Total sales for FY

More information

IFGL REFRACTORIES LTD. RESULT UPDATE PRESENTATION, February 2016

IFGL REFRACTORIES LTD. RESULT UPDATE PRESENTATION, February 2016 IFGL REFRACTORIES LTD RESULT UPDATE PRESENTATION, February 2016 Safe Harbor This presentation and the accompanying slides (the Presentation ), has been prepared by IFGL Refractories Limited (the Company

More information

Tree House Education & Accessories

Tree House Education & Accessories 2QFY2016 Result Update Educational Services November 10, 2015 Tree House Education & Accessories Performance Highlights Y/E March (` cr) 2QFY16 2QFY15 % chg (qoq) 1QFY16 % chg (yoy) Net sales 57 50 15.1

More information

Company Announcement

Company Announcement Company Announcement The following is a Company Announcement by Lombard Bank Malta p.l.c. pursuant to Malta Financial Services Authority Listing Rules: Quote The Board of Directors of Lombard Bank Malta

More information

Financial Ratios Used In BSG-Online

Financial Ratios Used In BSG-Online Financial Ratios Used In BSG-Online Profitability Ratios (as reported on pages 2 and 5 of the Footwear Industry Report) Earnings per share (EPS) is defined as net income divided by the number of shares

More information

The General Department of Insurance Control

The General Department of Insurance Control Saudi Arabian Monetary Agency The General Department of Insurance Control The Saudi Insurance Market Report 2014 Table of Contents Introduction 4 Insurance Market Performance - Overall Gross Written Premiums

More information

Borussia Dortmund GmbH & Co. KGaA

Borussia Dortmund GmbH & Co. KGaA BANKHAUS LAMPE // 58 Borussia Dortmund GmbH & Co. KGaA There is still potential 28/01/2016 Buy (Buy) 5.00 EUR (5.00 EUR ) Close 25/01/2016 3.93 EUR Bloomberg: BVB GY WKN: 549309 Sector Share price performance

More information

Canadian Tire: Value Under the Hood

Canadian Tire: Value Under the Hood Canadian Tire: Value Under the Hood May 2006 Pershing Square Capital Management, L.P. Disclaimer Pershing Square Capital Management's ("Pershing") analysis and conclusions regarding Canadian Tire Corporation

More information

Health Care Worldwide

Health Care Worldwide Health Care Worldwide Goldman Sachs - Leveraged Finance Healthcare Conference March 4, 2014 New York Goldman Sachs Leveraged Finance Conference, Fresenius SE & Co. KGaA Copyright, March 4, 2014 Page 1

More information

Investor Presentation. December 2014

Investor Presentation. December 2014 Investor Presentation December 2014 Contents I. UNB Introduction 1 II. UAE Economy and Banking Industry 3 III. UNB Business Overview 5 IV. Financial Highlights and Performance 11 V. Awards and Certifications

More information

INVESTOR NEWSLETTER. Contents. 2... Financial Highlights 6... Share Price History 7... About LTLS. November 4 th, 2015

INVESTOR NEWSLETTER. Contents. 2... Financial Highlights 6... Share Price History 7... About LTLS. November 4 th, 2015 November 4 th, Distributor and Manufacturer - Basic and Specialty Chemicals INVESTOR NEWSLETTER Contents 2... Financial Highlights 6... Share Price History 7... About LTLS PT Lautan Luas Tbk @PTLAUTANLUASTbk

More information

DCC Overview DCC is an international sales, marketing, distribution and business support services group operating across four divisions

DCC Overview DCC is an international sales, marketing, distribution and business support services group operating across four divisions Company Overview DCC Overview DCC is an international sales, marketing, distribution and business support services group operating across four divisions Profit by division * Profit by geography * 14% 4%

More information

Finance Master. Winter 2015/16. Jprof. Narly Dwarkasing University of Bonn, IFS

Finance Master. Winter 2015/16. Jprof. Narly Dwarkasing University of Bonn, IFS Finance Master Winter 2015/16 Jprof. Narly Dwarkasing University of Bonn, IFS Chapter 2 Outline 2.1 Firms Disclosure of Financial Information 2.2 The Balance Sheet 2.3 The Income Statement 2.4 The Statement

More information

Logista Q Results. February 9, 2016

Logista Q Results. February 9, 2016 Logista Q1 2016 Results February 9, 2016 Logista reports Q1 2016 Results Logista announces today its First Quarter Results for 2016. Main highlights: Revenues growing by 2.3% Good performance of Economic

More information

GCC Pharmaceutical Industry

GCC Pharmaceutical Industry GCC Pharmaceutical Industry First coordination meeting for the pharmaceutical industry in the GCC and Yemen Dr. Aasim Qureshi 11 April 2011 Global Pharmaceuticals Industry The pharmaceutical industry is

More information

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010 BUY CMP 1677.00 Target Price 1880.00 ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16 SEPTEMBER 2 nd, 2015 ISIN: INE738I01010 Index Details Stock Data Sector IT & ITes BSE Code 532927 Face

More information

Corporate Communications. Media Information 5 November 2013. - Check against delivery - Ladies and gentlemen, Good morning from my side as well.

Corporate Communications. Media Information 5 November 2013. - Check against delivery - Ladies and gentlemen, Good morning from my side as well. - Check against delivery - Statement Dr. Friedrich Eichiner Member of the Board of Management of BMW AG, Finance Conference Call Interim Report to 30 September 2013, 10:00 a.m. Ladies and gentlemen, Good

More information

For personal use only

For personal use only DWS Limited HY2013 RESULTS PRESENTATION Excellence DWS Limited HY2013 RESULTS PRESENTATION 1. Introduction Danny Wallis (CEO) Lachlan Armstrong (CFO) 2. Results Presentation Headlines 3. HY2013 Financial

More information

THE WAY TO MAKE IT. Results 2013 and Outlook 2014. Agenda. 26 March 2014. Results 2013. Focus and outlook 2014 Discussion

THE WAY TO MAKE IT. Results 2013 and Outlook 2014. Agenda. 26 March 2014. Results 2013. Focus and outlook 2014 Discussion Results 2013 and Outlook 2014 26 March 2014 26 March 2014 / Results 2013 and Outlook 2014 / 1 Agenda Results 2013 Operational performance Financial performance Focus and outlook 2014 Discussion 26 March

More information

MATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES

MATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES MATELAN Research Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES 2/5/12 2/7/12 2/9/12 2/11/12 2/1/13 2/3/13 2/5/13 2/7/13 2/9/13

More information

Fourth Quarter And Fiscal 2012 Results Presentation. Nov 28, 2012

Fourth Quarter And Fiscal 2012 Results Presentation. Nov 28, 2012 Fourth Quarter And Fiscal 2012 Results Presentation Nov 28, 2012 Safe Harbor Statement This presentation contains forward-looking statements. These statements are made under the safe harbor provisions

More information

Earnings Release Q4 FY 2015 July 1 to September 30, 2015

Earnings Release Q4 FY 2015 July 1 to September 30, 2015 Munich, Germany, November 12, 2015 Earnings Release FY 2015 July 1 to September 30, 2015 Strong finish for fiscal 2015»We delivered what we promised, and are well positioned to deliver on our plans for

More information

INDUSTRY ANALYSIS. Fundamental Analysis. Current Market Price: $37.96 Fair Price (Conservative): $42 Expected Return: 12% Address

INDUSTRY ANALYSIS. Fundamental Analysis. Current Market Price: $37.96 Fair Price (Conservative): $42 Expected Return: 12% Address HURON CONSULTING GROUP, INC. (NSQ: HURN) Current Market Price: $37.96 Fair Price (Conservative): $42 Expected Return: 12% Address Website Exchange Industry Market Cap $ 870.9 52 Week Range $ 37.67-38.17

More information

Tieto Corporation. 26 October 2015. Tanja Lounevirta Head of IR

Tieto Corporation. 26 October 2015. Tanja Lounevirta Head of IR Tieto Corporation 26 October 215 Tanja Lounevirta Head of IR Financial facts Customer sales in 214: EUR 1 523 million EBIT margin excl. one-off items *) : 9.9% Sales by Service Line Tieto s market position:

More information

Half year results 2011

Half year results 2011 Half year results 2011 29 July 2011 Bert De Graeve, Chief Executive Officer Bruno Humblet, Chief Financial Officer Address by Bert De Graeve, Chief Executive Officer Introductory remark The consolidated

More information

Year-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14

Year-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14 This research is intended for UK institutional investors only and market professionals. It is not intended for retail customers and any retail customer should seek professional, independent advice before

More information

AXIS BANK LTD. Company Details : Company Profile: Investment Rationale: Share Holding Pattern (%) Snapshot as on 30th June 2014:

AXIS BANK LTD. Company Details : Company Profile: Investment Rationale: Share Holding Pattern (%) Snapshot as on 30th June 2014: Date: September 22 nd 2014 Company Details : CMP(`) 407 NSE Symbol AXISBANK BSE Code 532215 Face Value (`) 2.00 Dividend Yield (%) 1.00 Book Value 170 Market Cap (Cr) 94,800 EPS - TTM (`): 27.6 P/E Ratio

More information

OptimizeRx OPRX. Buy. Platform Potential Continues to Grow $0.87 $4.00. Refer to the last two pages of this report for Disclosures

OptimizeRx OPRX. Buy. Platform Potential Continues to Grow $0.87 $4.00. Refer to the last two pages of this report for Disclosures Nov 14, 2014 Healthcare OptimizeRx Platform Potential Continues to Grow Other OTC OPRX Buy Rating Unchanged Current Price $0.87 Target Price $4.00 Market Capitalization 20.32M Shares Outstanding 23.36M

More information

Al Tayyar Travel Group

Al Tayyar Travel Group We initiate Al Tayyar with an Overweight recommendation and a PT of SAR 1.6 reflecting our positive outlook for the company and the sector. We view Al Tayyar as one of our favorite picks in the market

More information

Earnings Release Q2 FY 2015 January 1 to March 31, 2015

Earnings Release Q2 FY 2015 January 1 to March 31, 2015 Munich, Germany, May 7, 2015 Earnings Release FY 2015 January 1 to March 31, 2015 Portfolio gains drive income»for business volume, we performed well in our markets. The profitability of our Industrial

More information

QUADRANT SKEW CAPITAL Syllabus

QUADRANT SKEW CAPITAL Syllabus QUADRANT SKEW CAPITAL Syllabus OVERVIEW Quadrant Skew Capital s Equity Research Program focuses on material, content and skills that are directly applicable to real-world application. Our program provides

More information

2009 First Quarter Results Presentation

2009 First Quarter Results Presentation 2009 First Quarter Results Presentation February 17, 2009 Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the safe harbor provisions of the

More information

Protection notice / Copyright notice

Protection notice / Copyright notice Infrastructure & Cities (IC) Analyst Call Dr. Roland Busch Member of the Managing Board of Siemens AG CEO of Infrastructure & Cities Sector December 5, 2011 Protection notice / Copyright notice Safe Harbour

More information

Capital Markets Day 2012 DHL Supply Chain. Bruce A. Edwards London, 24 May 2012

Capital Markets Day 2012 DHL Supply Chain. Bruce A. Edwards London, 24 May 2012 Capital Markets Day 2012 DHL Supply Chain Bruce A. Edwards London, 24 May 2012 What we said in the past... Capital Markets Day 2009 Capital Markets Day 2010 Continued to improve our financial metrics to

More information

Interim Report. Second Quarter and First Half of Fiscal 2011. www.siemens.com

Interim Report. Second Quarter and First Half of Fiscal 2011. www.siemens.com Interim Report Second Quarter and First Half of Fiscal 2011 www.siemens.com Table of contents Key figures 1 Revenue growth continuing operations 3 Q2 2011 17,717 Q2 2010 16,523 6% Table of contents New

More information

Midyear Presentation 2013. market strategy

Midyear Presentation 2013. market strategy Midyear Higher order Results intake, Presentation lower profitability 2013 focused market strategy THE SAFE HARBOR STATEMENT UNDER THE US PRIVATE SECURITIES LITIGATION REFORM ACT 1995 This presentation

More information

Empresaria (EMR.L) Empressive finish to the year

Empresaria (EMR.L) Empressive finish to the year 26 th January 2015 56 54 52 50 48 46 EMR EMPRESARIA ORD 5P Empresaria (EMR.L) Empressive finish to the year 44 42 40 38 Q1-2014 Q2-2014 Q3-2014 Q4-2014 Price: 43.0p Sourc e: Fides s a 12m High 56.0p 12

More information

I know it s a busy day as HSBC are also reporting. and we re doing the same again today. with the equivalent period in 2008

I know it s a busy day as HSBC are also reporting. and we re doing the same again today. with the equivalent period in 2008 Barclays Interim Management Statement 10 November 2009 Chris Lucas Good morning and thanks for joining us I know it s a busy day as HSBC are also reporting so I m going to talk for about fifteen minutes

More information

Company Presentation VTG AG Connecting worlds. Analyst Conference April 14, 2015

Company Presentation VTG AG Connecting worlds. Analyst Conference April 14, 2015 Company Presentation VTG AG Connecting worlds Analyst Conference April 14, 2015 Table of content 1 Highlights 2014 2 Performance & Financials 2014 3 Update on Strategy 4 Outlook 2015 5 Appendix 1 Executive

More information

Q3 Fiscal Year 2015 Earnings Conference Call

Q3 Fiscal Year 2015 Earnings Conference Call NASDAQ: CMCO Q3 Fiscal Year 2015 Earnings Conference Call January 29, 2015 Timothy T. Tevens President & Chief Executive Officer Gregory P. Rustowicz Vice President - Finance & Chief Financial Officer

More information

Financial Translation. Pierre Courduroux Senior Vice President and Chief Financial Officer

Financial Translation. Pierre Courduroux Senior Vice President and Chief Financial Officer Financial Translation Pierre Courduroux Senior Vice President and Chief Financial Officer Forward-Looking Statements Certain statements contained in this presentation are forward-looking statements, such

More information

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) BUY CMP 170.30 Target Price 196.00 GEOMETRIC LTD Result Update (CONSOLIDATED): Q2 FY16 DECEMBER 17 th 2015 ISIN: INE797A01021 12 th h, 2013 Index Details Stock Data Sector IT Consulting & Software BSE

More information

TRADING UPDATE YTD Q3 2015 RESULTS ROYAL VOPAK 6 NOVEMBER 2015 ANALYST PRESENTATION

TRADING UPDATE YTD Q3 2015 RESULTS ROYAL VOPAK 6 NOVEMBER 2015 ANALYST PRESENTATION TRADING UPDATE YTD Q3 RESULTS ROYAL VOPAK 6 NOVEMBER ANALYST PRESENTATION FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, based on currently available plans and forecasts.

More information

FY2016 Annual Results Announcement For The Year Ended 31 March 2016

FY2016 Annual Results Announcement For The Year Ended 31 March 2016 FY2016 Annual Results Announcement For The Year Ended 31 March 2016 Highlights For the year ended 31 March (million ) 2015 2016 Change Net sales 1,177.9 1,282.7 +8.9% Gross profit 963.2 1,061.5 +10.2%

More information

BUY RSWM LTD SYNOPSIS. CMP 292.20 Target Price 336.00. SEPTEMBER 1 st 2015. Result Update(PARENT BASIS): Q1 FY16

BUY RSWM LTD SYNOPSIS. CMP 292.20 Target Price 336.00. SEPTEMBER 1 st 2015. Result Update(PARENT BASIS): Q1 FY16 BUY CMP 292.20 Target Price 336.00 RSWM LTD Result Update(PARENT BASIS): Q1 FY16 SEPTEMBER 1 st 2015 ISIN: INE611A01016 Index Details Stock Data Sector Textiles BSE Code 500350 Face Value 10.00 52wk. High

More information

Smruthi Organics Limited BSE Scrip Code: 590046

Smruthi Organics Limited BSE Scrip Code: 590046 Smruthi Organics Limited BSE Scrip Code: 590046 Pharmaceuticals September 21, 2012 Equity Statistics Current Market Price Rs. 218.1 52 Week High / Low Rs. 273.9 / 155 Market Capitalisation Rs. crores 83.2

More information

VALUATIONS I Financial Metrics, Ratios, & Comparables Analysis. Fall 2015 Comp Week 6

VALUATIONS I Financial Metrics, Ratios, & Comparables Analysis. Fall 2015 Comp Week 6 VALUATIONS I Financial Metrics, Ratios, & Comparables Analysis Fall 2015 Comp Week 6 CODE: COMPS Timeline Date Topic 9/10/15 Introduction to Finance 9/17/15 Qualitative Analysis: SWOT and Porter s Five

More information

QUALITY THROUGH SPECIALISATION Presentation Q1 29 April 2009

QUALITY THROUGH SPECIALISATION Presentation Q1 29 April 2009 QUALITY THROUGH SPECIALISATION Presentation Q1 29 April 2009 Background information An international health care company Specialised clinics within specific areas; spine, dental, orthopaedics, bariatrics,

More information

Interim report January - March 2015

Interim report January - March 2015 Interim report January - March 2015 April 22 th 2015 Lars Wollung, CEO Erik Forsberg, CFO Q1 Key highlights Strong financial performance EBIT excluding revaluations and fx-impact +12% Investment grade

More information

Financial Terms & Calculations

Financial Terms & Calculations Financial Terms & Calculations So much about business and its management requires knowledge and information as to financial measurements. Unfortunately these key terms and ratios are often misunderstood

More information

Simplex Infrastructures

Simplex Infrastructures 2QFY216 Result Update Infrastructure November 17, 215 Simplex Infrastructures Performance Highlights Quarterly highlights - Standalone Y/E March (` cr) 2QFY16 1QFY16 2QFY15 % chg (yoy) % chg (qoq) Net

More information

Etisalat Group. Aspire Forward. Q1 2014 Results Presentation 28 April 2014

Etisalat Group. Aspire Forward. Q1 2014 Results Presentation 28 April 2014 Etisalat Group Aspire Forward Q1 2014 Results Presentation 28 April 2014 Disclaimer Emirates Telecommunications Corporation and its subsidiaries ( Etisalat or the Company ) have prepared this presentation

More information

Saudi Pharmaceutical Industries & Medical Appliances Corporation NOVEMBER 2012. Results Update 3 rd Quarter 2012. Research Division Company Reports

Saudi Pharmaceutical Industries & Medical Appliances Corporation NOVEMBER 2012. Results Update 3 rd Quarter 2012. Research Division Company Reports NOVEMBER Saudi Pharmaceutical Industries & Medical Appliances Corporation Results Update 3 rd Quarter Research Division Company Reports Please read Disclaimer on the back All rights reserved, AlJAZIRA

More information

Anglo-Mauritius Stockbrokers Ltd. 29 th Apr Lottotech Ltd Monopolistic game player. Shareholding Structure

Anglo-Mauritius Stockbrokers Ltd. 29 th Apr Lottotech Ltd Monopolistic game player. Shareholding Structure Lottotech Ltd Monopolistic game player 29 th Apr.2014 Offer Price Rs10.00 Market Cap Rs 3,400 m US 112.7m Year End 31-Dec Issued Shares 340 (m) Security Code LOTO.N0000 Lottotech is the exclusive operator

More information

Third Quarter Fiscal 2012 Results Presentation. Aug 16, 2012

Third Quarter Fiscal 2012 Results Presentation. Aug 16, 2012 Third Quarter Fiscal 2012 Results Presentation Aug 16, 2012 Safe Harbor Statement This presentation contains forward-looking statements. These statements are made under the safe harbor provisions of the

More information

Delta Galil Reports 2016 First Quarter Results

Delta Galil Reports 2016 First Quarter Results Delta Galil Reports 2016 First Quarter Results Sales Rise to $256.7 Million; Net Income to Shareholders is $7.9 Million Reaffirms 2016 Guidance; Sales Expected to Reach $1,090 Million-$1,110 Million and

More information

Metsä Board Metsä Board

Metsä Board Metsä Board Metsä Board Financial 215 Financial statements statements review review 215 Highlights in 215 Paperboard delivery volumes increased by 12% compared to 214 Operating profit improved 32% Strong operating

More information

Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015

Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015 Press release For business desks 7 May 2015 Commerzbank: Operating profit more than doubled to EUR 685 m in the first quarter of 2015 Revenues before loan loss provisions in the Group increased year-on-year

More information

Top 5 Deal Opportunities in the Southeast

Top 5 Deal Opportunities in the Southeast WWW.IBISWORLD.COM May 2013 1 May 2013 Top 5 Deal Opportunities in the Southeast By Natalie Everett The Southeast s aging population and interest in wellness will benefit several industries and provide

More information

Klöckner & Co SE. Q3 2014 Results

Klöckner & Co SE. Q3 2014 Results Klöckner & Co SE A Leading Multi Metal Distributor Gisbert Rühl CEO Marcus A. Ketter CFO Results Analysts and Investors Conference November 6, Disclaimer This presentation contains forward-looking statements

More information

Chapter 17: Financial Statement Analysis

Chapter 17: Financial Statement Analysis FIN 301 Class Notes Chapter 17: Financial Statement Analysis INTRODUCTION Financial ratio: is a relationship between different accounting items that tells something about the firm s activities. Purpose

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares

More information

Fiscal Q Supplemental Financial Information

Fiscal Q Supplemental Financial Information Supplemental Financial Information Fiscal Q4 2015 (quarter ended July 3, 2015) July 31, 2015 Fiscal Q1 2016 Supplemental Financial Information October 30, 2015 1 Safe Harbor Statement This document contains

More information

The Edge Market - Features v 1 WW 1

The Edge Market - Features v 1 WW 1 The Edge Market - Features v 1 WW 1 Key Features of The Edge Market Dashboard The Dashboard offers data & analytics on all listed companies on the Bursa Malaysia and Singapore Exchange. These include the

More information

Consolidated Management Indicators

Consolidated Management Indicators Consolidated Management Indicators Isetan Mitsukoshi Holdings Ltd., Consolidated Subsidiaries and Affiliated Companies Net sales Gross profit Selling, general and administrative expenses Operating income

More information

Ludwigshafen, February 25, 2014

Ludwigshafen, February 25, 2014 Ludwigshafen, February 25, 2014 Analyst Conference FY2013 Cautionary note regarding forward-looking statements This presentation may contain forward-looking statements that are subject to risks and uncertainties,

More information

Value creation. Coloplast Capital Market Day 2014 Lene Skole, CFO. Page 1

Value creation. Coloplast Capital Market Day 2014 Lene Skole, CFO. Page 1 Value creation Coloplast Capital Market Day 214 Lene Skole, CFO Page 1 Today we announce our new long-term guidance Revenue growth - annual organic - EBIT margin - annual expansion - 7 1%.5 1.% Page 2

More information

FSA Note: Summary of Financial Ratio Calculations

FSA Note: Summary of Financial Ratio Calculations FSA Note: Summary of Financial Ratio Calculations This note contains a summary of the more common financial statement ratios. A few points should be noted: Calculations vary in practice; consistency and

More information

FY 2014-2015 press release

FY 2014-2015 press release FY 2014-2015 press release (Results for the year ended 31 March 2015) Press release May 29, 2015 Huizingen, Belgium Under embargo until May 29, 2015 1,8 year-over-year turnover growth resulting from 9,6

More information

China Pharma Holdings, Inc. Reports Second Quarter 2010 Financial Results

China Pharma Holdings, Inc. Reports Second Quarter 2010 Financial Results China Pharma Holdings, Inc. Reports Second Quarter 2010 Financial Results HAIKOU CITY, China, August 10, 2010 China Pharma Holdings, Inc. (NYSE AMEX: CPHI) ( China Pharma or the Company ), a leading fully

More information

DATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015

DATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015 BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) 12.50 EUR (12.50 EUR ) Close 15/09/2015 9.75 EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price

More information

CMP: 1152.10 JUNE 2016 SWARAJ ENGINES LTD

CMP: 1152.10 JUNE 2016 SWARAJ ENGINES LTD Index Details SWARAJ ENGINES LTD Result Update (PARENT BASIS): Q4 FY16 Stock Data Sector Auto Parts & Equipment BSE Code 500407 Face Value 10.00 52wk. High / Low (Rs.) 1207.90/762.00 Volume (2wk. Avg.)

More information

Corporate presentation

Corporate presentation Corporate presentation To be among the best developers of sports and fashion brands November 2012 Index 1 INTRODUCTION 2 HISTORY 3 ORGANISATION 4 BRANDS 5 CORPORATE STRATEGY 6 CORPORATE RESPONSIBILITY

More information

First Quarter Fiscal 2010 Results Presentation

First Quarter Fiscal 2010 Results Presentation First Quarter Fiscal 2010 Results Presentation March 2, 2010 Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the safe harbor provisions of the

More information