Recent Research

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  FIRST LOOK NOTES

  12 Nov 2024

  Americana Restaurants

  BUY

  Last Closing Price

  AED 2.31

  Target Price

  AED 3.15

  Upside (%)

  +36.36%

  UAE Equity Research - Americana Restaurants International PLC (AMR) 3Q24 - First Look Note

  Americana revised its store guidance for FY2024 from 175-185 in 2Q24 to 150-160 stores in 3Q24 to align with business trend. The Company added 32 gross new stores in 3Q24 leading to a total store count of 2,504 stores at the end of 3Q24.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  Americana Restaurants

  BUY

  Last Closing Price

  AED 2.63

  Target Price

  AED 3.40

  Upside (%)

  +29.28%

  Prolonged geopolitical tension and demand slowdown in some markets impacted financials

  Americana Restaurant added 81 new stores in UAE and KSA with a portfolio of 2,477 restaurants in 1H24.

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• 

  FIRST LOOK NOTES

  21 May 2024

  Americana Restaurants

  ACCUMULATE

  Last Closing Price

  AED 3.26

  Target Price

  AED 3.62

  Upside (%)

  +11.04%

  The geopolitical situation and seasonal effect of Ramadan impacted the top-line

  Americana added 37 restaurants in 1Q24 with a total restaurant of 2,456 and plans to add 200-225 restaurants in FY2024.

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• 

  FIRST LOOK NOTES

  19 Feb 2024

  Americana Restaurants

  ACCUMULATE

  Last Closing Price

  AED 3.29

  Target Price

  AED 3.75

  Upside (%)

  +13.98%

  Current geopolitical situation and Unfavorable FX movements impacted the revenue growth

  AMR revenue declined 15.0% YOY to USD 516 Mn in 4Q23, mainly due to the ongoing geopolitical situation and unfavorable FX movements.

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• 

  FIRST LOOK NOTES

  21 Nov 2023

  Americana Restaurants

  BUY

  Last Closing Price

  AED 3.40

  Target Price

  AED 4.15

  Upside (%)

  +22.06%

  Healthy LfL growth, rise in restaurant portfolio, and decline in commodity inflation drove bottom-line

  AMR launched dynamic pricing strategy in key markets for KFC in four countries and Hardees in three countries

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• 

  FIRST LOOK NOTES

  08 Aug 2023

  Americana Restaurants

  HOLD

  Last Closing Price

  AED 4.05

  Target Price

  AED 4.15

  Upside (%)

  +2.47%

  Strong LfL growth and decline in high-cost inventory benefitted profit

  Americana Restaurants (AMR) plans to open 250-260 net new stores in 2023, with a strong focus on growth opportunities in its market of operation, with a key focus in Saudi Arabia.

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