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1. Business
Description
Competitive
position
timelineIndustry
Derivers
Financial
Analysis
Valuation
Fady Emaan Habiba
Mayar Marwan
Risks

2. Business
Competitive
position
timelineIndustry
Derivers
Financial
Analysis
Valuation
Risks
732 Trucks
97 Distribution centers
over 30 warehouse
3,500 Employee
28 production line
Partnership and Supplier
Domty’s Fleet

3. Business
Competitive
position
timelineIndustry
Derivers
Financial
Analysis
Valuation
Risks
Juice
Cheese Market Share
Obour Land Domty Rhodes other
Juice Market Share
Juhayna Beyti El-Masria Domty other
Bakery Market Share
Edita Domty others
Cheese Bakery
31%
6%
22%
39%
25%
7%
62%
25%
11%
4% 6%
16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Cheese Juice Bakery
Domty’s Market Share
Domty Obour Land Juhayna Rhodes Edita Beyti El-Masria Others
Source: team analysis

4. Business
Competitive
position
timelineIndustry
Derivers
Financial
Analysis
Valuation
Risks
F&B Contribution of total GDP
High population Moderating inflation Decrease of interest rate Rise of income level
40% of income spent toward food and beverage
MENA Region
5
Demand drivers
Food &
Beverage
Egyption GDP
Food & Beverage other
Source: team analysis

5. Business
Competitive
position
timelineIndustry
Derivers
Financial
Analysis
Valuation
Risks
High Population
Per Consumption
More Affordable Easy to store
Increase Income Level Increase Tourism
Shutdown Obourland’s
Mozzarella Production Line
Per Consumption
Increase Income Level
Healthy Life Shifting
More Affordable
Lowest Price as Ready Meals
Carton pack cheese Juice segment
Bakery segment
Proceeds Cheese

6. Business
Competitive
position
timelineIndustry
Derivers
Financial
Analysis
Valuation
Risks
88.8% 85.7%
76.0% 70.4% 67.6% 65.3% 63.6% 62.2% 61.1%
11.2% 12.3%
11.5%
10.5% 10.4% 10.3% 10.3% 10.4% 10.4%
1.9%
12.5% 19.1% 22.0% 24.4% 26.1% 27.5% 28.4%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Dairy % of revenue Juice % of revenue Bakery % of revenue
Sales
0%
10%
20%
30%
40%
50%
60%
70%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Cheese Sales UR
In Million
0%
10%
20%
30%
40%
50%
60%
70%
80%
-
100,000
200,000
300,000
400,000
500,000
600,000
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Juice Sales UR
In Thousands
0%
20%
40%
60%
80%
100%
120%
-
200
400
600
800
1,000
1,200
1,400
1,600
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Bakery Sales UR
In Million
Source: team analysis
Source: team analysis

7. Business
Competitive
position
timelineIndustry
Derivers
Financial
Analysis
Valuation
Risks
Cost Of Good Sold
Profitability
23%
28%
22% 22%
26%
28%
26% 26% 27% 27% 28% 28%
9%
16%
7%
9%
14%
13%
11% 11% 12% 12% 13% 13%
3%
9%
2%
3%
6% 6%
5% 5% 6% 6% 7% 8%
0%
5%
10%
15%
20%
25%
30%
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
GPM EBITDA NPM
CAGR
of
Juice
is
9.3%
16%
12%
16%
15%
13%
16%
16%
16%
16%
16% 16%
16%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Sales SG&A
In Million
Source: team analysis
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
In Million
Source: team analysis

8. Business
Competitive
position
timelineIndustry
Derivers
Financial
Analysis
Valuation
Risks
CAPEX New
Bakery
Machine
Cash Conversion Cycle
79
102
95
89
93
107
81 79 76 74 71
0
20
40
60
80
100
120
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Debt Ratio
2.2
1.7
1.4
1.0
0.9
1.2
0.9
0.8
0.7
0.5
0.3
4.91
1.27
1.58
2.56
3.98
3.06
3.57
5.02
5.91
7.35
11.20
0.00
2.00
4.00
6.00
8.00
10.00
12.00
0.0
0.5
1.0
1.5
2.0
2.5
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Source: team analysis
2%
12%
3%
4%
7%
2% 2% 2%
3%
2% 2%
0%
2%
4%
6%
8%
10%
12%
14%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Sales CAPEX
In Million
Source: team analysis

9. Business
Competitive
position
timelineIndustry
Derivers
Financial
Analysis
Valuation
Risks
DCF Valuation
WACC Year 1
Market CAP 1,664,565
Weight of equity 62%
weight of debt 38%
Risk free rate(5-year T-bonds) 14.81%
Risk free rate post tax 11.85%
Adjusted Beta 0.54
Equity risk premium 8.70%
Cost of equity 16.50%
Cost of debt 11.80%
Cost of debt post tax 9.10%
WACC 13.70%
Traditional DCF
Perpetuity Value
Growth rate
5%
Intrinsic Value of
share
9.3
Potential 58%
Recommendation BUY
Rolling DCF
Perpetuity Value Growth rate 5%
Intrinsic Value of share 8.98
Potential 53%
Price of 2025 19.57
Internal Rate of Return 26%
Recommendation BUY
Upside
DCF Calculation
Moving WACC
Source: team analysis
Source: team analysis

10. Business
Competitive
position
timelineIndustry
Derivers
Financial
Analysis
Valuation
Risks
DCF Valuation
Terminal
Growth
WACC
11.7% 12.7% 13.7% 14.7% 15.7%
3% 7.9 7.5 7.2 6.8 6.5
4% 8.9 8.5 8.1 7.7 7.4
5% 10.2 9.7 9.3 8.9 8.4
6% 11.9 11.3 10.8 10.3 9.8
7% 14.2 13.5 12.9 12.3 11.7
BUY
Using P/E and EV/EBITDA
Another ways of analysis
Multiples Valuation
Sensitivity Analysis
Source: team analysis

11. Business
Competitive
position
timelineIndustry
Derivers
Financial
Analysis
Valuation
Risks
Another ways of analysis
0
5
10
15
20
25
DCF-Base Case DCF-Dream Case DCF-Nightmare Case DDM P/E EV/EBITDA 52-week High/Low
• Potential 85%
• Price 10.87 EGP
• Potential 20%
• Price 7.06 EGP
9.5 EGP
Scenario Analysis
Football field analysis
Source: team analysis

12. Business
Competitive
position
timelineIndustry
Derivers
Financial
Analysis
Valuation
Risks
Risk
Probability
High
High
Low
Low
Medium
Medium
Interest rate
FX Rate Price sensitivity
Positioning
Source: team analysis
Hard Competition
CCC

14. Q & A