Recent Research

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  FIRST LOOK NOTES

  25 Feb 2025

  RAK Ceramics

  BUY

  Last Closing Price

  AED 2.54

  Target Price

  AED 3.45

  Upside (%)

  +35.83%

  UAE Equity Research - RAK Ceramics (RAKCEC) 4Q24 - First Look Note

  Net debt declined from AED 1.56 Bn in 3Q24 to AED 1.39 Bn in 4Q24, while net debt to EBITDA ratio declined from 2.61x in 3Q24 to 2.35x in 4Q24. RAKCEC's working capital declined from AED 1.53 Bn in 3Q24 to AED 1.43 Bn in 4Q24.

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• 

  FIRST LOOK NOTES

  26 Nov 2024

  RAK Ceramics

  BUY

  Last Closing Price

  AED 2.45

  Target Price

  AED 3.55

  Upside (%)

  +44.90%

  UAE Equity Research - RAK Ceramics (RAKCEC) 3Q24 - First Look Note

  Revenue fell 4.1% YOY to AED 803 Mn in 3Q24 due to ongoing geopolitical tension, market volatility, higher interest rates, political unrest in Bangladesh and currency devaluation. Gross margins grew 247 bps YOY to 41.2% in 3Q24 due to favorable product mix.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  RAK Ceramics

  BUY

  Last Closing Price

  AED 2.40

  Target Price

  AED 3.80

  Upside (%)

  +58.33%

  Rising geopolitical tensions and lower sales volumes impact profitability

  Gross margins grew 113 bps YOY to 39.6% in 2Q24.

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• 

  FIRST LOOK NOTES

  21 May 2024

  RAK Ceramics

  BUY

  Last Closing Price

  AED 2.52

  Target Price

  AED 3.80

  Upside (%)

  +50.79%

  Growth in margins despite challenging macroeconomic conditions

  Gross and EBITDA margins grew 68 bps YOY and 151 bps YOY to 39.3% and 19.3% respectively in 1Q24.

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• 

  FIRST LOOK NOTES

  13 Feb 2024

  RAK Ceramics

  BUY

  Last Closing Price

  AED 2.71

  Target Price

  AED 3.80

  Upside (%)

  +40.22%

  Steady profitability despite challenging macroeconomic conditions

  RAKCEC capex increased 33.4% to AED 273.4 Mn in 2023. While the 2024 capex guidance of the Company stood at AED 300-350 Mn

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• 

  FIRST LOOK NOTES

  20 Nov 2023

  RAK Ceramics

  BUY

  Last Closing Price

  AED 2.46

  Target Price

  AED 3.80

  Upside (%)

  +54.47%

  Lower revenue negates margin improvement weighed on bottom-line

  RAKCEC revenue declined 7.7% YOY to AED 837 Mn in 3Q23 amid volatile market conditions across all core markets except UAE led by rising interest rates and currency devaluation

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