Arab Finance : EFG-Hermes raised, in a recent study, Juhayna Food Industries - Fair Value (FV) by 14% to EGP14 /share and reiterated neutral rating. Hermes expect 2014 to be another strong year (earnings +30% Y-o-Y) as volume growth will be aided by the launch of the new yogurt plant (1Q2014), accelerated conversion to packaged milk (partly on higher public sector minimum wages) and new product development (mainly in yogurt). it added that favourable base effects will help as 3Q2013 earnings (-22% Y-o-Y) were affected by the imposition of a curfew that interrupted distribution. Hermes added in a note" We remain Neutral, however, as we believe Juhayna's robust growth outlook is priced in with the stock trading at c22x 2014e earnings, which is a c20% premium to the peer average (18x). "
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