النساجون الشرقيون    

Orwe ca 

Market price 27.72  Egp

Outstanding share 665 million 

Market value /18436.77 billion 

Captialization =market value +reservion+attending profit =18436 .77+15127

33563 billion 

Total asset  last TTM /36881 BILLION 

CURRENT ASSET LAST TTM /26763 BILLION 

GROWTH IN ASSET 10 YRS/11%

Growth in asset in 5 yrs include TTm /14%

BOOK VALUE LAST TTM /21771 BILLION /PER SHARE =32.73  EGP PER SHARE 

GROWTH IN EQUITY 10 YRS INCLUDED  TTM/5.7%

growth in equity 5 yrs included TTM /14%

PE /BOOK VALUE / fundemantel =.89 × ×21777=19381billion /per share  29.14 egp

Pe/Market price /book value =..866x

Short term debt last TTM =7957 BILLION 

LONG TERM DEBT +CAPTIAL LEASE =466 million

CASH LAST TTM =4844 billion 

Cash &cash equivalant =6868.306billion

Cash&cash equivalant &short term investment 9540.349 billion

working captial last TTM =current asset22962_current libabilities 11693=11269/per share =17egp /revenue =40%/17/42=40%per share

Captial employed lastTTm=21771+466=22237 billion 

Captial invested =21771+7957.411=29728.411 billion

Avg revenue in 3 yrs included TTM=26289bilion 

Growth in revenue 10 yrs  9.9%

Growth in revenue in 5 yrs =15%

Avg growth profit 3 yrs =3846.602 billion 

Margin growth profit =econimac business =14.6%

EbitDA TTm =2578.057 /margin %revenue avg 3yrs=9.8%

Pe /enterprise value /EV= market value +total debt _cash /EBITDA =7.38× damadron ideal 7 x 

Growth in Ebit 10 yrs=10 56%

Growth in EBit 5 yrs =30%

Margin %revenue avg 3 yrs =8.8%Return on captial =ebit (1_t)avg 3 yrs=8%Earning power/return on assets =6%

Reinvestment rate =capx _deprcate+change in non item/ebit(1_t)=39%

Pe/Ebit =1_reinvestment rate )(1_t)(1.g)/cost of captial _growth=11.8 xavg3yrs Ebit =27382 billion /41.16 egp per share

Avg ebit 3 yrs /price /12 62%

Beta leverage .75 according asset priceing model

According grade bonds

Risk free rate 8.5 eurobond egypt + risk premium 15.5

Cost of equity =19.93

Cost of captial.=72% equity ×19.93+.28×.775×.0635=15.3%

Earning power value  avg Ebit 3 yrs ×(1_t)+deprcate ×(1_t 33.5)/cost of captial 

12164 +fixed asset +net working captial _long term debt

11269+10116_553=33 billion /per share 49.61egp 

Total net profit in 10 yrs =15267 billion /per share 23 egp annualy =2.3 /per share

Growth profit in 10 yrs included TTm /15%

Avg profit in 3 yrs =2655 billion /per share /4 egp 

profit margin =10%

Growth profit in 5 yrs included TTm /27%

Ben graham method =2×g+8.5 ×treasury bond /corporate bonds

2×1.15+8.5×19/20 =10.25×avg 3yrs profit 

2655×10.25=27240billion /per share=41 egp 

Pe /ratio /price /avg 3 yrs /27.73/4/x6.9/ideal pe 

 x8.9

PEG/RATIO /pe ratio /growth in earning 10 yrs 

6.9 / 15 =.46 ideal peg /ratio 1.5

Payout ratio 54%/dividend yield%

Effective tax avgv5 yrs  12.7% marginal tax rate 22.5%

Cash earning /gross cash flow net profit +depracate

2655+142=2797 billion /per share/4.2 egp /pe 27.73/4.2 =6.6 x

Net cash flow from operation /avg 4 yrs =3471 billion /per share  5.22 /pe = market price /5.22

5.31 ×

Growth in cash flow =15.9 %

Cash flow leverage / 11316 billion /per share 17 avg 4 yrs per share 4.25 egp

Pe /cash flow 1/cost of equity _growth

7×4.25 =29.82  per share /19833 billion 

Increasing in price  2826×1.0445/.11

24530 billion /per share /36.9 egp

Continuing value =7217+captial invested _total debt 

7217+21044=28261 billion /per share/42.5 egp

Net profit margin avg 3 yrs =10%

Pe /revenue =.10× (1_(1.+g)/1+cost of equity /cost of equity _growth + net profit ^5×1.05×.5/cost of equity _  growth 5%

.937 time

.937×avg revenue 3 years included TTm =26289 billion ×.937=24632 billion /per share=37 egp ideal

Pe/Market price /avgc3 yrsxrevenue 27.73/39.5=.7x

Price =net prifit margin ×revenue /book value ×book value

.936×26289/21304×21304=24448 billion /per share /36.75 egp

Adjusted present value=19228 .76 billion /per share/28.91 egp

Avg firm value =24757.95bilion /per share 37.23egp

Efficency indicators 

Asset turnover  .71 /accout recirvable turnover  5.87 times/inventory turnover 2.27 times/account payable turnover 5.6 times

Captail invested period =365/accout recieveable +365/inventory turnover _365/account payable

62days+160 days +65days=287 days

Cash conversion cycle=62.18days+160 days _65 days=157 days/5 months and 7 days

Liquidation per share =liquadiation asset 16430 BILLION_total libabilities 12246 BILLION

 4184 BILLION

per share 6.29 EGP