OKAZ Stock Brokers & Investment Consultants raises its fair value for Juhayna Food Industries Co. to EGP 11.24 from EGP 7.7, downgrading is recommendation to ‘Sell’ from ‘Hold’.
Enas Mohamed, financial analyst, OKAZ, said the company’s FY13 earnings rose 1% to EGP 328.2 million from EGP 325.3 million in FY12.
Meanwhile, the company’s sales declined in Ramadan due to political unrest and curfew that negatively impacted sales during the third quarter.
The analyst expected the company’s performance to recover this year, forecasting consolidated revenues to rise 23% to EGP 4.055 billion at FY14-end and with 18% CAGR for the five-year period 2013-2018.
The analyst also forecasted consolidated net profit to grow 18% to EGP 387.3 million in FY14.