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SODIC analysis

Topics: Revenue, Income, Real estate Pages: 7 (501 words) Published: November 21, 2013
SODIC
Company Analysis

Contents
Company profile…………………………………………………………………………………………………………………..3 Shareholders …………………………………………………………………………………………………………...3 Capital structure….……………………………………………………………………………………………………4 Main product……….…………………………………………………………………………………………………..5 Market share………….…………………………………………………………………………………………………5 Board of directors……..………………………………………………………………………………………………5 SWOT…………………………………………………………………………………………………………………………………..6 Strengths……………………….…………………………………………………………………………………………6 Weaknesses…………………….……………………………………………………………………………………….6 Opportunities…………….……………………………………………………………………………………………..6 Threats………………….………………………………………………………………………………………………….6 Income statement analysis…………………………………………………………………………………………………..7 Conclusion……………………………………………………………………………………………………………………………8

Company profile
Shareholders
SODIC is a publicly listed company with no single controlling shareholder. Its shareholders comprise of thousands of local and international shareholders including individuals, of which international institutions account for more than 50% of the company.1 Top Holders

 
Shares Held
% O/S
Share Change
Filing Date
EFG - Hermes Holding Company SAE
13,307,636
14.7
-828,592
06/30/13
Abanmy (Sulaiman Bin Abdul Mohsen Bi
11,486,231
12.7
0
06/30/13
Olayan Family
11,237,896
12.4
1,000
06/30/13
Government of Egypt
1,252,119
1.4
392,927
06/30/13
Blakeney LLP
580,000
0.6
-45,000
12/31/12
Parametric Portfolio Associates LLC
508,111
0.6
0
06/30/13
EFG - Hermes Asset Management
411,126
0.5
32,518
03/31/13
Norges Bank Investment Management (NBIM)
338,214
0.4
338,214
12/31/12
Van Eck Associates Corporation
312,993
0.4
38,594
03/31/13
State Street Global Advisors (US)
272,738
0.3
-4,407
06/30/13
……………………………………………………………………………………………………………………..2

Capital structure
Enterprise Value (EGPmn) 2,545
Net Debt (EGPmn) (500)
Market Cap. (EGPmn) 3,022
……………………………………………………………………………………………………………………..3 short-term credit facilities of EGP85 million

SODIC Valuation (EGPmn)

Terminal Value Growth Rate
3.00%
NPV: FCF
1968
Net Debt/ (Cash)
-861
Equity
2821
Outstanding shares
36
Value per share
78
Land Valuation
2354
Outstanding shares
36
Value per share
65
Total Value
143
……………………………………………………………………………………………………………………..4

……………………………………………………………………………………………………………………..5 Main product
Real Estate development
Market share
Company’s market share in Egypt’s real estate market ranges between 17 % and 20%.6 Board of directors
Ahmed Demerdash Badrawi Managing Director
Hatem ElHalwagy Chief Projects Officer
Frank Konings Chief Technical Officer
Ahmed Labib Chief Commercial Officer
Basil Ramzy Chief Project Development Officer, SODIC
Omar Elhamawy Chief Financial Officer
Hazem El Tawil Chief Planning and Compliance Officer
Ashraf Farid Executive Director of Ope.7

SWOT
Strengths
Creating future downtowns, with a land bank that is strategically located Holds a well-diversified product portfolio (40% residential, 33% office, 27% retail / hotels) Strong financial position (E£853 million cash, E£133 million bank debt) Delivery from Allegria to boost FY11 earnings

Relatively young company with a strong management team
land liabilities (E£192 million)8
Weaknesses
No presence in the upper to middle / middle income segment, missing the ‘real demand’ Dependency on third party contractors and sub developers
Delay in handover could impact margins, revenue recognition
Lacks experience in doing business outside Egypt
Opportunities
A key beneficiary of the upcoming demand in Cairo’s underserved commercial / office segment JV with Solidere is key to build ‘happening downtowns’ outside Cairo Their stock outperformed its peers in 2010, and during 2011 has fallen relatively less compared to its peers9 Threats

Political uncertainty in Egypt, Syria, land bank risk a major headwind...
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