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NBK Capital: Almarai to see strong profit growth over next three years

NBK Capital: Almarai to see strong profit growth over next three years
ALMARAI
2280
-1.25% 55.20 -0.70
In a recent report, NBK Capital has stated that it maintains its positive outlook on Almarai and expects significant growth in the bottom line over the next two to three years.

Therefore, the research firm upgraded its recommendation to ‘Buy’ after raising the stock’s fair value by 5% to SAR 78.0, implying upside of 20%.

This increase in the fair value is primarily a result of the impact of the time value of money on our DCF valuation since our last update on January 30, 2014 and a higher peer-based valuation.

NBK Capital believes the increase is warranted despite a minor downward revision to our 2014 net profit forecast.