Financials Orascom Development Egypt S.A.E.

Equities

ORHD

EGS70321C012

Hotels, Motels & Cruise Lines

End-of-day quote Egyptian Exchange Other stock markets 06:00:00 2024-04-27 pm EDT			5-day change	1st Jan Change
9.89 ^EGP	-4.72%		-17.17%	-10.90%

Mar. 10	Orascom Development Egypt Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Orascom Development Egypt Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,710	5,533	6,783	7,947	12,548	11,847	-	-
Enterprise Value (EV) ¹	9,849	7,037	7,106	9,754	12,548	11,847	11,847	11,847
P/E ratio	11.2 x	10.2 x	5.5 x	4.69 x	4.39 x	4.62 x	2.51 x	1.93 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	1.65 x	1.11 x	0.96 x	0.77 x	0.82 x	0.65 x	0.53 x	0.45 x
EV / Revenue	1.65 x	1.11 x	0.96 x	0.77 x	0.82 x	0.65 x	0.53 x	0.45 x
EV / EBITDA	6.37 x	4.32 x	3.03 x	2.24 x	2.61 x	2.09 x	1.5 x	1.16 x
EV / FCF	87.9 x	14.3 x	8.2 x	-26.4 x	-10.7 x	6.21 x	6.75 x	3.81 x
FCF Yield	1.14%	7%	12.2%	-3.79%	-9.35%	16.1%	14.8%	26.3%
Price to Book	3.22 x	1.87 x	1.63 x	1.38 x	1.46 x	1.01 x	0.68 x	0.46 x
Nbr of stocks (in thousands)	1,130,474	1,129,087	1,130,474	1,130,474	1,130,474	1,130,474	-	-
Reference price ²	6.820	4.900	6.000	7.030	11.10	9.890	9.890	9.890
Announcement Date	4/12/20	3/16/21	3/20/22	3/19/23	3/11/24	-	-	-

¹EGP in Million²EGP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,660	4,987	7,054	10,269	15,326	18,252	22,268	26,529
EBITDA ¹	1,210	1,280	2,240	3,549	4,809	5,664	7,899	10,253
EBIT ¹	979.7	1,096	2,053	3,345	4,534	5,335	7,514	9,801
Operating Margin	21.02%	21.97%	29.11%	32.57%	29.58%	29.23%	33.74%	36.94%
Earnings before Tax (EBT) ¹	998.1	781.1	1,780	2,570	4,166	3,769	5,912	8,512
Net income ¹	678.6	532.2	1,209	1,672	2,829	2,424	4,456	5,786
Net margin	14.56%	10.67%	17.14%	16.28%	18.46%	13.28%	20.01%	21.81%
EPS ²	0.6100	0.4800	1.090	1.500	2.530	2.140	3.940	5.120
Free Cash Flow ¹	87.67	387.2	826.9	-301	-1,173	1,908	1,754	3,111
FCF margin	1.88%	7.76%	11.72%	-2.93%	-7.66%	10.45%	7.88%	11.73%
FCF Conversion (EBITDA)	7.25%	30.24%	36.92%	-	-	33.69%	22.21%	30.34%
FCF Conversion (Net income)	12.92%	72.75%	68.41%	-	-	78.71%	39.37%	53.77%
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	4/12/20	3/16/21	3/20/22	3/19/23	3/11/24	-	-	-

¹EGP in Million²EGP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2022 Q1	2022 Q2	2022 Q3
Net sales ¹	1,907	1,932	-	2,862
EBITDA	-	-	-	-
EBIT ¹	671.5	596.4	-	1,030
Operating Margin	35.21%	30.87%	-	35.98%
Earnings before Tax (EBT)	-	-	-	-
Net income ¹	-	420.1	365.9	596.8
Net margin	-	21.75%	-	20.85%
EPS	-	-	0.3300	-
Dividend per Share	-	-	-	-
Announcement Date	11/15/21	5/18/22	8/15/22	11/14/22

¹EGP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	2,139	1,505	323	1,807	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.768 x	1.176 x	0.1441 x	0.509 x	-	-	-	-
Free Cash Flow ¹	87.7	387	827	-301	-1,173	1,908	1,754	3,111
ROE (net income / shareholders' equity)	33.7%	19.9%	34%	33.7%	39.4%	22%	33.3%	31.2%
ROA (Net income/ Total Assets)	5.24%	3%	5.82%	6.57%	8.38%	5.14%	9.54%	11.1%
Assets ¹	12,949	17,748	20,768	25,456	33,752	47,160	46,703	52,362
Book Value Per Share ²	2.120	2.610	3.690	5.090	7.620	9.770	14.60	21.30
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	345	361	436	1,347	-	-	-	-
Capex / Sales	7.4%	7.24%	6.18%	13.12%	-	-	-	-
Announcement Date	4/12/20	3/16/21	3/20/22	3/19/23	3/11/24	-	-	-

¹EGP in Million²EGP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Orascom Development Egypt S.A.E.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9.89 EGP

Average target price

26.42 EGP

Spread / Average Target

+167.14%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Hotels, Motels & Cruise Lines

	1st Jan change	Capi.
ORASCOM DEVELOPMENT EGYPT S.A.E.	-10.90%	233M
MARRIOTT INTERNATIONAL, INC.	+6.79%	69.42B
HILTON WORLDWIDE HOLDINGS INC.	+10.97%	50.54B
INTERCONTINENTAL HOTELS GROUP PLC	+11.59%	16.25B
HYATT HOTELS CORPORATION	+16.60%	15.31B
ACCOR	+20.75%	11.17B
THE INDIAN HOTELS COMPANY LIMITED	+33.07%	9.7B
MINOR INTERNATIONAL	+13.56%	5.05B
HILTON GRAND VACATIONS INC.	+8.84%	4.64B
ASSET WORLD CORP	+24.16%	3.79B

Other Hotels, Motels & Cruise Lines