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General Motors Versus GB Auto Financial Comparison

The document provides an analysis of the financial performance of Ghabbour Auto (GB) and General Motors (GM) based on various liquidity, asset management, debt management, and profitability ratios. Key highlights include: GB's current and quick ratios are below industry averages indicating potential liquidity issues, while GM's ratios are around industry averages. GB's inventory turnover and days sales outstanding ratios suggest inventory management and credit collection issues. GM uses its assets more efficiently than GB based on higher fixed asset and total asset turnover ratios. Overall, GM's financial performance is stronger than GB's across most ratios analyzed.

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FINANCIAL ANALYSIS RESEARCH Industrial Goods and Service and Automobiles Sector GhabbourAuto (GB) and General Motors (GM) Presented By : HAYTHAM DARWEESH MAI EL REFAIE MENATALLAH MOHAMED
AGENDA  Egyptian Stock Exchange vs NYE Sectors  Sector Percentages  IndustrialGoods Services Sector Overview  Consumer Discretionary Sector Overview  Overview on GBAuto  Automobile Industry in the US  Overview on GM  High Level FinancialAnalysis  Financial Performance (Liquidity Ratios)  Financial Performance (Asset Management Ratios)  Financial Performance (Debt Management Ratios)  Financial Performance (Profitability Ratios)  Performance comparison between each company & Market Sector  Performance comparison between each company & entire Stock
VS.
MARKET SECTORS Sectors Banks Basic Resources Chemicals Construction and Materials Financial Services excluding Banks Food and Beverage Healthcare and Pharmaceuticals Industrial Goods and Services and Automobiles Oil and Gas Personal and Household Products Real Estate Retail Media Technology Telecommunications Travel & Leisure Utilities Sectors Utilities Telecommunication Services Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary
SECTORS %
INDUSTRIAL GOODS SERVICES & AUTOMOTIVE OVERVIEW  Relates to producing goods used in construction and manufacturing
CONSUMER DISCRETIONARY SECTOR  Non-essential by consumers, but desirable if their available income is sufficient to purchase them  Manufacturing segment includes automotive, household durable goods, high end apparel & leisure equipment  Services segment includes hotels, restaurants, media production and services, and consumer retailing and services
CONSUMER DISCRETIONARY SECTOR (CONTINUED)  Heavily influenced by the following economic factors:  Domestic and global economies  Employment  Exchange & Inflation & Interest rates  Personal income (wage growth)  Commodity price volatility (e.g. gas prices)  Imports and exports
HISTORY OF GHABBOUR AUTO 1948 •Sadek and Kamal Ghabbour establish a family-run business 1956 •The brothers’ firm incorporated as Ghabbour Brothers •Trading in automotive related products, home appliances, and construction materials such as cement and ceramics 1970s •Egypt’s open door policy , automotive industry focus •Licenses to market passenger cars, bus and automotive parts Grown from a small family operation to a top public
ABOUT GHABBOUR AUTO  Key markets and sectors throughout the Middle East and North Africa  Focused on automotive assembly, manufacturing, sales & distribution, financing and aftersales services
GHABBOUR AUTO LINES OF BUSINESS PASSENGER CARS 58% MOTORCYCLE & THREE WHEELS 15% COMMERCIAL VEHICLES & CONSTRUCTION EQUIPMENT 10% TIRES 4% FINANCING BUSINESSES 12% OTHERS 1%
GHABBOUR AUTO SHAREHOLDER STRUCTURE • 58.8% GHABBOUR FAMILY • 41.2% FREE FLOAT 59% 41% Ghabbour Family free float
AUTOMOBILE INDUSTRY (US)  Includes companies that produce :  Passenger automobiles  Light trucks  Motorcycles  Scooters  Three-wheelers  Does NOT include : 1. Producers of heavy duty trucks – belong to Construction and Farm Machinery and Heavy Trucks industry
GENERAL MOTORS HISTORY Bankrupt
ABOUT GENERAL MOTORS  One of the world’s largest manufacturers of automobiles and trucks  Sells 24 % of all cars and trucks in US  Sells 15 % of all cars and trucks worldwide  Based in Detroit, Michigan, GM is the largest corporation in the United States based on overall sales 18% market share in America – July 2015
FINANCIAL ANALYSIS GB and GM
GB FINANCIAL ANALYSIS Ratio Equation Ratio 2015 Ratio 2014 Ratio 2013 Aver. Ratio Liquidity Current Ratio Current Assets / Current Liabilities 1.15 1.07 1.08 1.10 Quick or Acid Test Current Assets - Inventories / Current Liabilities 0.68 0.65 0.61 0.65 Asset Management Short Term Inventory Turnover Sales / Inventories 4.16 5.25 4.29 4.54 Days Sales Outstanding (DSO) Receivables / (Annual Sales/365) 49.09 38.77 35.01 41.51 Fixed Assets Turnover Sales / Net Fixed Assets 6.00 6.74 5.34 6.04 Total Assets Turnover Sales / Total Assets 1.04 1.29 1.38 1.20 Debt Management Debt Ratio Total Liabilities / Total Assets 67% 71% 75% 70% Times Interest Earned (TIE) EBIT / Interest Charges 1.46 1.61 1.58 1.55 Profitability Profit Margin on Sales(ROS) Net Income available to common stockholders / Sales 2% 2% 2% 2% Basic Earning Power (BEP) EBIT / Total Assets 6% 9% 9% 8% Return on Total Assets (ROA) Net Income available to common stockholders / Total Assets 2% 2% 3% 2% Return on Common Equity (ROE) Net Income available to common 6% 11% 9% 8%
GM FINANCIAL ANALYSIS Ratio Equation Ratio 2015 Ratio 2014 Ratio 2013 Aver. Ratio Liquidity Current Ratio Current Assets / Current Liabilities 1.09 1.27 1.31 1.22 Quick or Acid Test Current Assets - Inventories / Current Liabilities 0.90 1.07 1.08 1.01 Asset Management Short Term Inventory Turnover Sales / Inventories 11.07 11.43 11.07 11.19 Days Sales Outstanding (DSO) Receivables / (Annual Sales/365) 63.22 59.95 53.57 58.88 Fixed Assets Turnover Sales / Net Fixed Assets 7.04 7.89 8.67 7.81 Total Assets Turnover Sales / Total Assets 0.78 0.88 0.93 0.86 Debt Management Debt Ratio Total Liabilities / Total Assets 0.79 0.80 0.74 0.78 Times Interest Earned (TIE) EBIT / Interest Charges 3.96 2.54 7.43 4.17 Profitability Profit Margin on Sales(ROS) Net Income available to common stockholders / Sales 6% 3% 4% 4% Basic Earning Power (BEP) EBIT / Total Assets 4% 3% 5% 4% Return on Total Assets (ROA) Net Income available to common stockholders / Total Assets 5% 2% 3% 4% Return on Common Equity (ROE) Net Income available to common stockholders / Common Equity 26% 11% 16% 18%
GB AUTO GM MOTORS Ratio Company average Industry Index Company average Industry Index Liquidity Current Ratio 1.1 1.35 1.22 1.35 Quick or Acid Test 0.65 1.14 1.01 1.14 Asset Management Short Term Inventory Turnover 4.54 8.33 11.19 8.30 Days Sales Outstanding (DSO) 41.51 39.65 58.88 47.85 Fixed Assets Turnover 6.04 5.8 7.81 4.56 Total Assets Turnover 1.2 0.7 0.86 0.69 Debt Management Debt Ratio 0.7 N/A 0.78 66.89 Times Interest Earned (TIE) 1.55 N/A 4.17 N/A Profitability Profit Margin on Sales(ROS) 2% N/A 4% N/A Basic Earning Power (BEP) 8% N/A 4% N/A Return on Total Assets (ROA) 2% 9.74 4% 5.25 Return on Common Equity (ROE) 8% 21.63 18% 12.63 GBVS GM FINANCIAL ANALYSIS
FINANCIAL PERFORMANCE Liquidity Ratios
CURRENT RATIO 𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑹𝒂𝒕𝒊𝒐 = 𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑨𝒔𝒔𝒆𝒕𝒔 𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔  Current Ratio of Ghabbour Auto is expected to improve according to 3 years trend but still below the Industry average  Current Ratio of General Motors is around the Industry average but it’s taking a decreasing trend Current Assets 78,007.00 83,626.00 81,501.00 Current Liabilities 71,466.00 65,657.00 62,412.00 Current Assets 7,274,196.00 5,978,700.00 4,914,930.00 Current Liabilities 6,344,106.00 5,593,537.00 4,550,785.00 GB AUTO 2015 2014 2013 GM MOTORS 2015 2014 2013
QUICK RATIO (ACIDTEST) 𝑸𝒖𝒊𝒄𝒌 𝑹𝒂𝒕𝒊𝒐 = (𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑨𝒔𝒔𝒆𝒕𝒔 − 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒊𝒆𝒔) 𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑳𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔  The Quick ratio of Ghabbour Auto is very low due to the high value of inventory, no improvement is currently forecasted  For General Motors, the Quick ratio is generally below the Industry Index and decreasing Current Assets 7,274,196.00 5,978,700.00 4,914,930.00 Current Liabilities 6,344,106.00 5,593,537.00 4,550,785.00 Inventories 2,950,981.00 2,345,709.00 2,127,589.00 GB AUTO 2015 2014 2013 Current Assets 78,007.00 83,626.00 81,501.00 Current Liabilities 71,466.00 65,657.00 62,412.00 Inventories 13,764.00 13,642.00 14,039.00 GM MOTORS 2015 2014 2013
QUICK RATIO (ACIDTEST) – CONT.  The average Quick ratio of General Motors over three years was 1.01X which means that the company is capable of liquidating its current assets and cover its current liabilities.  On the other hand, Ghabbour Auto’s average Quick ratio is only 0.65X which means that the company couldn’t cover its entire current liabilities
FINANCIAL PERFORMANCE Asset Management Ratios
INVENTORYTURNOVER 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝑻𝒖𝒓𝒏𝒐𝒗𝒆𝒓 𝑹𝒂𝒕𝒊𝒐 = 𝑺𝒂𝒍𝒆𝒔 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚  The Inventory turnover of Ghabbour Auto is not good - the firm might have old inventory or its control might be poor; no improvement is currently forecasted  General Motors’ Inventory turnover is very good  Average Turnover ratio of GM is approximately 3X the turnover ratio of GB Auto GM 2015 2014 2013 Sales 152,356.00 155,929.00 155,427.00 Inventories 13,764.00 13,642.00 14,039.00 GB AUTO 2015 2014 2013 Sales 12,264,689.00 12,322,079.00 9,126,721.00 Inventories 2,950,981.00 2,345,709.00 2,127,589.00
DAYS SALES OUTSTANDING (DSO) DSO=Receivables / (Annual Sales/365)  The DSO of GB Auto is getting worse compared to the DSO Industry index in the Egyptian market  DSO of GM shows that the firm collects too slowly and the situation is getting worse which shows poor credit policy. GB AUTO 2015 2014 2013 Receivables 1,649,624.00 1,308,954.00 875,500.00 Annual Sales/365 33,601.89 33,759.12 25,004.72 DSO IND Index 39.65 GM 2015 2014 2013 Receivables 26,390.00 25,610.00 22,810.00 Annual Sales/365 417.41 427.2 425.83 DSO IND Index 47.85
FIXED ASSETSTURNOVER 𝑭𝒊𝒙𝒆𝒅 𝑨𝒔𝒔𝒆𝒕𝒔 𝑻𝒖𝒓𝒏𝒐𝒗𝒆𝒓 = 𝑺𝒂𝒍𝒆𝒔 𝑵𝒆𝒕 𝑭𝒊𝒙𝒆𝒅 𝑨𝒔𝒔𝒆𝒕𝒔  GB Auto is around the Industry Index  We can notice that GM uses efficiently its fixed assets, they gain $7.81 on every dollar invested in fixed assets  GM is better than GB GB AUTO 2015 2014 2013 Sales 12,264,689.00 12,322,079.00 9,126,721.00 Net Fixed Assets 2,044,600.00 1,829,200.00 1,710,000.00 GM 2015 2014 2013 Sales 152,356.00 155,929.00 155,427.00 Net Fixed Assets 21,653.00 19,766.00 17,918.00
TOTAL ASSETSTURNOVER 𝑻𝒐𝒕𝒂𝒍 𝑨𝒔𝒔𝒆𝒕𝒔 𝑻𝒖𝒓𝒏𝒐𝒗𝒆𝒓 = 𝑺𝒂𝒍𝒆𝒔 𝑻𝒐𝒕𝒂𝒍 𝑨𝒔𝒔𝒆𝒕𝒔  GB’s ratio is better than GM’s ratio; both > average according to the industry index  Both companies have positive results in the efficiency of their total assets use GB AUTO 2015 2014 2013 Sales 12,264,689.00 12,322,079.00 9,126,721.00 Total Assets 11,798,200.00 9,585,100.00 6,624,930.00 1.2 EGP for every 1 EGP Invested in TA GM 2015 2014 2013 Sales 152,356.00 155,929.00 155,427.00 Total Assets 194,520.00 177,501.00 166,344.00 $0.86 for every $1 Invested in TA
FINANCIAL PERFORMANCE Debt Management Ratios
DEBT RATIO Total Liabilities / Total Assets  The Debt ratio for both companies is higher than the Industry index which is not a good indicator  GB Auto is improving while GM is getting worse GB AUTO 2015 2014 2013 Total Liabilities 7,865,116.00 6,811,207.00 4,985,601.00 Total Assets 11,798,200.00 9,585,100.00 6,624,930.00 GM 2015 2014 2013 Total Liabilities 154,470.00 142,040.00 123,740.00 Total Assets 194,520.00 177,501.00 166,344.00
TIMES INTEREST EARNED (TIE) EBIT / Interest Charges  The higher this ratio the better it is, which means the company can pay its interests from its earnings before income taxes  GM has a far better ratio than GB Auto which means that GM is better at covering its interest charges GB AUTO 2015 2014 2013 EBIT 750,164.00 857,434.00 586,499.00 Interest Charges 513,265.00 531,538.00 372,324.00 GM 2015 2014 2013 EBIT 8,161.00 4,649.00 7,790.00 Interest Charges 2,059.00 1,829.00 1,049.00
FINANCIAL PERFORMANCE Profitability Ratios
PROFIT MARGIN ON SALES (ROS) 𝑹𝑶𝑺 = 𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆 𝑺𝒂𝒍𝒆𝒔 GB Auto’s profit margin on sales is steady while GM’s ratio is way better than GB Auto for the years 2013, 2014 and 2015. GB AUTO 2015 2014 2013 Net Income 191,514.00 235,690.00 184,381.00 Sales 12,264,689.00 12,322,079.00 9,126,721.00 GM 2015 2014 2013 Net Income 9,687.00 3,949.00 5,687.00 Sales 152,356.00 155,929.00 155,427.00
BASIC EARNING POWER (BEP) 𝑩𝑬𝑷 = 𝑬𝑩𝑰𝑻 𝑻𝒐𝒕𝒂𝒍 𝒂𝒔𝒔𝒆𝒕𝒔  GB Auto’s ratios are higher than GM’s in general GB AUTO 2015 2014 2013 EBIT 750,164.00 857,434.00 586,499.00 Total Assets 11,798,200.00 9,585,100.00 6,624,930.00 GM 2015 2014 2013 EBIT 8,161.00 4,649.00 7,790.00 Total Assets 194,520.00 177,501.00 166,344.00
RETURN ONTOTAL ASSETS (ROA) 𝑹𝑶𝑨 = 𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆 𝑻𝒐𝒕𝒂𝒍 𝒂𝒔𝒔𝒆𝒕𝒔  GB Auto is below the Industry index and even getting worse  The ratios demonstrate that General Motors is better at using its assets to generate earnings than Ghabbour Auto GB AUTO 2015 2014 2013 Net Income 191,514.00 235,690.00 184,381.00 Total Assets 11,798,200.00 9,585,100.00 6,624,930.00 GM 2015 2014 2013 Net Income 9,687.00 3,949.00 5,687.00 Total Assets 194,520.00 177,501.00 166,344.00
RETURN ON EQUITY (ROE) 𝑹𝑶𝑬 = 𝑵𝒆𝒕 𝒊𝒏𝒄𝒐𝒎𝒆 𝑪𝒐𝒎𝒎𝒐𝒏 𝑬𝒒𝒖𝒊𝒕𝒚  Over 3 mentioned years, GM generates more ROE for its shareholders : it has more efficient management is in utilizing its equity base & better return to its investors  On the other hand GB Auto ROE’s ratio lies below the Industry index and getting worse GB AUTO 2015 2014 2013 Net Income 191,514.00 235,690.00 184,381.00 Common Equity 3,334,446.00 2,136,141.00 2,011,302.00 GM 2015 2014 2013 Net Income 9,687.00 3,949.00 5,687.00 Common Equity 376.63 374.67 347.62
GBVS GM FINANCIAL ANALYSIS GB AUTO GM MOTORS Ratio Ratio 2015 Ratio 2014 Ratio 2013 Aver. Ratio INDs Ratio 2015 Ratio 2014 Ratio 2013 Aver. Ratio INDs Liquidity Current Ratio 1.15 1.07 1.08 1.10 1.35 1.09 1.27 1.31 1.22 1.35 Quick or Acid Test 0.68 0.65 0.61 0.65 1.15 0.90 1.07 1.08 1.01 1.14 Asset Management Short Term Inventory Turnover 4.16 5.25 4.29 4.54 8.33 11.07 11.43 11.07 11.19 8.30 Days Sales Outstanding (DSO) 49.09 38.77 35.01 41.51 39.65 63.22 59.95 53.57 58.88 47.85 Fixed Assets Turnover 6.00 6.74 5.34 6.04 5.8 7.04 7.89 8.67 7.81 4.56 Total Assets Turnover 1.04 1.29 1.38 1.20 0.7 0.78 0.88 0.93 0.86 0.69 Debt Management Debt Ratio 0.67 0.71 0.75 0.70 N/A 0.79 0.80 0.74 0.78 66.89 Times Interest Earned (TIE) 1.46 1.61 1.58 1.55 N/A 3.96 2.54 7.43 4.17 N/A Profitability Profit Margin on Sales(ROS) 2% 2% 2% 2% N/A 6% 3% 4% 4% N/A Basic Earning Power (BEP) 6% 9% 9% 8% N/A 4% 3% 5% 4% N/A Return on Total Assets (ROA) 2% 2% 3% 2% 9.74 5% 2% 3% 4% 5.25 Return on Common Equity 6% 11% 9% 8%
GB AUTO GM MOTORS Ratio Company average Industry Index Company average Industry Index Liquidity Current Ratio 1.1 1.35 1.22 1.35 Quick or Acid Test 0.65 1.14 1.01 1.14 Asset Management Short Term Inventory Turnover 4.54 8.33 11.19 8.30 Days Sales Outstanding (DSO) 41.51 39.65 58.88 47.85 Fixed Assets Turnover 6.04 5.8 7.81 4.56 Total Assets Turnover 1.2 0.7 0.86 0.69 Debt Management Debt Ratio 0.7 N/A 0.78 66.89 Times Interest Earned (TIE) 1.55 N/A 4.17 N/A Profitability Profit Margin on Sales(ROS) 2% N/A 4% N/A Basic Earning Power (BEP) 8% N/A 4% N/A Return on Total Assets (ROA) 2% 9.74 4% 5.25 Return on Common Equity 8% 21.63 18% 12.63 GBVS GM FINANCIAL ANALYSIS
PERFORMANCE COMPARISON Performance comparison between each company & Market Sector
GB AUTOVS. INDUSTRIAL GOODS SERVICE AND AUTOMOBILES Volume Value Market Capital GB AUTO 178,350.00 554,616.00 3,402,370,269.63 MARKET SECTOR 6,648,441.00 83,849,179.00 51,357,512,476 GB % OF THE TOTAL SECTOR 2.68% 0.66% 6.62%
GB AUTOVS. INDUSTRIAL GOODS SERVICE AND AUTOMOBILES
GB AUTOVS. INDUSTRIAL GOODS SERVICE AND AUTOMOBILES - BETA GB Beta < 1 & Sector index which means that GB Stock is less risky than Average
GB AUTOVS. INDUSTRIAL GOODS SERVICE AND AUTOMOBILES – PRICETO BOOK Price to book ratio is very low comparing with sector Ind.
GB AUTOVS. INDUSTRIAL GOODS & SERVICE AND AUTOMOBILES • Sales 5 Yr Growth Rate higher than Sector Index • EPS is below Sector Index
GB AUTOVS. INDUSTRIAL GOODS & SERVICE AND AUTOMOBILES Dividend Yield -5Yr less than Sector 5yr yield * Current Dividend Yield = 0
GB AUTOVS. INDUSTRIAL GOODS & SERVICE AND AUTOMOBILES P/E RATIO DY (%) GB AUTO 17.71 0 Industrial Goods and Services and Automobiles 13.59 9.37 • GB P/E Ratio < Sector Ind. • DY% = 0
GMVS. CONSUMER DISCRETIONARY SECTOR Volume Value Market Capital GM 15,777,399 11582 $ 55,831,488,242 MARKET SECTOR -- -- 4.68 T GM % OF THE TOTAL SECTOR -- -- 1.19%
GMVS CONSUMER DISCRETIONARY SECTOR GM Beta > 1 , stock is riskier than average
GMVS CONSUMER DISCRETIONARY SECTOR Very low p to Book comparing with Sector Ind.
GMVS CONSUMER DISCRETIONARY SECTOR Very low 5 Yr Growth Rate GM Eps > Sector Eps “ good “
GMVS CONSUMER DISCRETIONARY SECTOR GM Dividend Yield < Sector Dividend Yield “ Good Sign “
GMVS CONSUMER DISCRETIONARY SECTOR P/E RATIO DY(%) GM 6.21 4.08 Consumer Discretionary Sector 25.1 2.05 • GM P/E Ratio <Sector Ratio “Good Sign “ • GM DY > Sector DY “ Good Sign “
PERFORMANCE COMPARISON Performance comparison between each company & Entire Stock Exchange
GB VS EGYPTIAN EXCHANGE MARKET CUTOF DATE 17/2/2017 DUETO AVAILABE DATA. Listed Securities Market 2013 2014 2015 2016 2017 Number of Listed Companies 212 214 221 222 223 Number of Traded Companies 204 206 209 209 202 Average Monthly Traded Companies 194 198 198 198 201 # of Traded Companies as a % of Listed Co. 96.23 102.34 94.57 94.14 90.58 Market Capitalization End of Year (LE Billion) 426.8 500 429.8 601.6 612.8 Turnover Ratio (%) 27.49 39.46 31.82 31.16 5.05 Non-Arab Foreign Participation as a % of Total Value Traded 14.33 9.66 11.14 11.51 13.59 Arab Participation as a % of Total Value Traded 6.21 6.25 4.63 6.72 9.17 Number of Trading Days 243 244 244 245 21 Exchange Rate LE/US$ (End of Period) 6.939 7.14 7.73 18.267 18.815
SELLVALUEVS BUYVALUE (EGYPTIANSVS NON-EGYPTIANS) Sell Value(LE) Buy Value(LE) Net Value(LE) Egyptians 664,833,327 637,534,819 -27,298,507 Arab 46,409,516 104,483,284 58,073,767 Non-Arab Foreigners 306,975,828 276,200,568 -30,775,260
GB AUTO STOCK PERFORMANCE GB AUTO 2014 2015 2016 2017 Close Price 38.7 36.08 2.27 3.36 Open Price 39.95 36.73 2.28 3.43 Change % -3.13 -1.77 -0.44 -2.04 Highest Price 40 36.88 2.3 3.41 Lowest Price 37 35.43 2.22 3.32 Highest Price (Over The Period) 43.76 37 3.52 3.48 Lowest Price (Over The Period) 1.79 1.79 1.79 2.94 Traded Volume (Over The Period) 1,278,957,241.00 1,243,802,843.00 993,648,290.00 69,663,558.00 Traded Value (Over The Period) 4,909,408,428.88 3,669,478,369.96 2,811,062,938.42 222,376,675.08 Number of Transactions (Over The Period) 154,084.00 142,760.00 93,404.00 9,615.00
GB AUTOVS EGYPTIAN EXCHANGE MARKET Value (LE) Volume Trades Market Cap (LE Million) GB AUTO 554,616 178,350 63 3,402 L.E TOTAL 995,974,282 213,724,761 26,271 534,415 USD TOTAL 17,237,719 3,165,479 267 30,901 Grand Total 1,013,212,001 216,890,240 26,538 565,316 Average PE/DY ITEM P/E RATIO DY (%) Total Market 24.05 6.86 EGX 30 Index Constituents 53.44 4.94 EGX 70 Index Constituents 22.42 4.82
GB AUTOVS EGYPTIAN EXCHANGE MARKET ITEM P/E RATIO DY (%) GB AUTO 17.71 0 Total Market 24.05 6.86 0 5 10 15 20 25 P/E RATIO DY(%) 17.71 0 24.05 6.86 GB AUTO Total Market
GMVS NEWYORK EXCHANGE MARKET CUTOFF DATE 17/2/2017 DUE TO AVAILABE DATA GM MOTORS 2014 2015 2016 2017 Close Price 34.91 34.01 34.84 37.22 Open Price 40.68 35.27 33.45 34.98 Change % -14.2% -3.57% 4.155% 6.4% Highest Price 41.0599 38.995 37.74 38.375 Lowest Price 28.82 24.62 26.69 34.72 Traded Volume (Over The Period) 4410771608 3814635850 3452678119 504381847
GM STOCK PERFORMANCE
THANK YOU

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General Motors Versus GB Auto Financial Comparison

  • 1.
    FINANCIAL ANALYSIS RESEARCH Industrial Goodsand Service and Automobiles Sector GhabbourAuto (GB) and General Motors (GM) Presented By : HAYTHAM DARWEESH MAI EL REFAIE MENATALLAH MOHAMED
  • 2.
    AGENDA  Egyptian StockExchange vs NYE Sectors  Sector Percentages  IndustrialGoods Services Sector Overview  Consumer Discretionary Sector Overview  Overview on GBAuto  Automobile Industry in the US  Overview on GM  High Level FinancialAnalysis  Financial Performance (Liquidity Ratios)  Financial Performance (Asset Management Ratios)  Financial Performance (Debt Management Ratios)  Financial Performance (Profitability Ratios)  Performance comparison between each company & Market Sector  Performance comparison between each company & entire Stock
  • 3.
  • 4.
    MARKET SECTORS Sectors Banks Basic Resources Chemicals Constructionand Materials Financial Services excluding Banks Food and Beverage Healthcare and Pharmaceuticals Industrial Goods and Services and Automobiles Oil and Gas Personal and Household Products Real Estate Retail Media Technology Telecommunications Travel & Leisure Utilities Sectors Utilities Telecommunication Services Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary
  • 5.
  • 6.
    INDUSTRIAL GOODS SERVICES& AUTOMOTIVE OVERVIEW  Relates to producing goods used in construction and manufacturing
  • 7.
    CONSUMER DISCRETIONARY SECTOR Non-essential by consumers, but desirable if their available income is sufficient to purchase them  Manufacturing segment includes automotive, household durable goods, high end apparel & leisure equipment  Services segment includes hotels, restaurants, media production and services, and consumer retailing and services
  • 8.
    CONSUMER DISCRETIONARY SECTOR (CONTINUED) Heavily influenced by the following economic factors:  Domestic and global economies  Employment  Exchange & Inflation & Interest rates  Personal income (wage growth)  Commodity price volatility (e.g. gas prices)  Imports and exports
  • 9.
    HISTORY OF GHABBOURAUTO 1948 •Sadek and Kamal Ghabbour establish a family-run business 1956 •The brothers’ firm incorporated as Ghabbour Brothers •Trading in automotive related products, home appliances, and construction materials such as cement and ceramics 1970s •Egypt’s open door policy , automotive industry focus •Licenses to market passenger cars, bus and automotive parts Grown from a small family operation to a top public
  • 10.
    ABOUT GHABBOUR AUTO Key markets and sectors throughout the Middle East and North Africa  Focused on automotive assembly, manufacturing, sales & distribution, financing and aftersales services
  • 11.
    GHABBOUR AUTO LINESOF BUSINESS PASSENGER CARS 58% MOTORCYCLE & THREE WHEELS 15% COMMERCIAL VEHICLES & CONSTRUCTION EQUIPMENT 10% TIRES 4% FINANCING BUSINESSES 12% OTHERS 1%
  • 12.
    GHABBOUR AUTO SHAREHOLDER STRUCTURE •58.8% GHABBOUR FAMILY • 41.2% FREE FLOAT 59% 41% Ghabbour Family free float
  • 13.
    AUTOMOBILE INDUSTRY (US) Includes companies that produce :  Passenger automobiles  Light trucks  Motorcycles  Scooters  Three-wheelers  Does NOT include : 1. Producers of heavy duty trucks – belong to Construction and Farm Machinery and Heavy Trucks industry
  • 14.
  • 15.
    ABOUT GENERAL MOTORS One of the world’s largest manufacturers of automobiles and trucks  Sells 24 % of all cars and trucks in US  Sells 15 % of all cars and trucks worldwide  Based in Detroit, Michigan, GM is the largest corporation in the United States based on overall sales 18% market share in America – July 2015
  • 16.
  • 17.
    GB FINANCIAL ANALYSIS RatioEquation Ratio 2015 Ratio 2014 Ratio 2013 Aver. Ratio Liquidity Current Ratio Current Assets / Current Liabilities 1.15 1.07 1.08 1.10 Quick or Acid Test Current Assets - Inventories / Current Liabilities 0.68 0.65 0.61 0.65 Asset Management Short Term Inventory Turnover Sales / Inventories 4.16 5.25 4.29 4.54 Days Sales Outstanding (DSO) Receivables / (Annual Sales/365) 49.09 38.77 35.01 41.51 Fixed Assets Turnover Sales / Net Fixed Assets 6.00 6.74 5.34 6.04 Total Assets Turnover Sales / Total Assets 1.04 1.29 1.38 1.20 Debt Management Debt Ratio Total Liabilities / Total Assets 67% 71% 75% 70% Times Interest Earned (TIE) EBIT / Interest Charges 1.46 1.61 1.58 1.55 Profitability Profit Margin on Sales(ROS) Net Income available to common stockholders / Sales 2% 2% 2% 2% Basic Earning Power (BEP) EBIT / Total Assets 6% 9% 9% 8% Return on Total Assets (ROA) Net Income available to common stockholders / Total Assets 2% 2% 3% 2% Return on Common Equity (ROE) Net Income available to common 6% 11% 9% 8%
  • 18.
    GM FINANCIAL ANALYSIS RatioEquation Ratio 2015 Ratio 2014 Ratio 2013 Aver. Ratio Liquidity Current Ratio Current Assets / Current Liabilities 1.09 1.27 1.31 1.22 Quick or Acid Test Current Assets - Inventories / Current Liabilities 0.90 1.07 1.08 1.01 Asset Management Short Term Inventory Turnover Sales / Inventories 11.07 11.43 11.07 11.19 Days Sales Outstanding (DSO) Receivables / (Annual Sales/365) 63.22 59.95 53.57 58.88 Fixed Assets Turnover Sales / Net Fixed Assets 7.04 7.89 8.67 7.81 Total Assets Turnover Sales / Total Assets 0.78 0.88 0.93 0.86 Debt Management Debt Ratio Total Liabilities / Total Assets 0.79 0.80 0.74 0.78 Times Interest Earned (TIE) EBIT / Interest Charges 3.96 2.54 7.43 4.17 Profitability Profit Margin on Sales(ROS) Net Income available to common stockholders / Sales 6% 3% 4% 4% Basic Earning Power (BEP) EBIT / Total Assets 4% 3% 5% 4% Return on Total Assets (ROA) Net Income available to common stockholders / Total Assets 5% 2% 3% 4% Return on Common Equity (ROE) Net Income available to common stockholders / Common Equity 26% 11% 16% 18%
  • 19.
    GB AUTO GMMOTORS Ratio Company average Industry Index Company average Industry Index Liquidity Current Ratio 1.1 1.35 1.22 1.35 Quick or Acid Test 0.65 1.14 1.01 1.14 Asset Management Short Term Inventory Turnover 4.54 8.33 11.19 8.30 Days Sales Outstanding (DSO) 41.51 39.65 58.88 47.85 Fixed Assets Turnover 6.04 5.8 7.81 4.56 Total Assets Turnover 1.2 0.7 0.86 0.69 Debt Management Debt Ratio 0.7 N/A 0.78 66.89 Times Interest Earned (TIE) 1.55 N/A 4.17 N/A Profitability Profit Margin on Sales(ROS) 2% N/A 4% N/A Basic Earning Power (BEP) 8% N/A 4% N/A Return on Total Assets (ROA) 2% 9.74 4% 5.25 Return on Common Equity (ROE) 8% 21.63 18% 12.63 GBVS GM FINANCIAL ANALYSIS
  • 20.
  • 21.
    CURRENT RATIO 𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑹𝒂𝒕𝒊𝒐= 𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑨𝒔𝒔𝒆𝒕𝒔 𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝒍𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔  Current Ratio of Ghabbour Auto is expected to improve according to 3 years trend but still below the Industry average  Current Ratio of General Motors is around the Industry average but it’s taking a decreasing trend Current Assets 78,007.00 83,626.00 81,501.00 Current Liabilities 71,466.00 65,657.00 62,412.00 Current Assets 7,274,196.00 5,978,700.00 4,914,930.00 Current Liabilities 6,344,106.00 5,593,537.00 4,550,785.00 GB AUTO 2015 2014 2013 GM MOTORS 2015 2014 2013
  • 22.
    QUICK RATIO (ACIDTEST) 𝑸𝒖𝒊𝒄𝒌𝑹𝒂𝒕𝒊𝒐 = (𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑨𝒔𝒔𝒆𝒕𝒔 − 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒊𝒆𝒔) 𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑳𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔  The Quick ratio of Ghabbour Auto is very low due to the high value of inventory, no improvement is currently forecasted  For General Motors, the Quick ratio is generally below the Industry Index and decreasing Current Assets 7,274,196.00 5,978,700.00 4,914,930.00 Current Liabilities 6,344,106.00 5,593,537.00 4,550,785.00 Inventories 2,950,981.00 2,345,709.00 2,127,589.00 GB AUTO 2015 2014 2013 Current Assets 78,007.00 83,626.00 81,501.00 Current Liabilities 71,466.00 65,657.00 62,412.00 Inventories 13,764.00 13,642.00 14,039.00 GM MOTORS 2015 2014 2013
  • 23.
    QUICK RATIO (ACIDTEST)– CONT.  The average Quick ratio of General Motors over three years was 1.01X which means that the company is capable of liquidating its current assets and cover its current liabilities.  On the other hand, Ghabbour Auto’s average Quick ratio is only 0.65X which means that the company couldn’t cover its entire current liabilities
  • 24.
  • 25.
    INVENTORYTURNOVER 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚 𝑻𝒖𝒓𝒏𝒐𝒗𝒆𝒓 𝑹𝒂𝒕𝒊𝒐= 𝑺𝒂𝒍𝒆𝒔 𝑰𝒏𝒗𝒆𝒏𝒕𝒐𝒓𝒚  The Inventory turnover of Ghabbour Auto is not good - the firm might have old inventory or its control might be poor; no improvement is currently forecasted  General Motors’ Inventory turnover is very good  Average Turnover ratio of GM is approximately 3X the turnover ratio of GB Auto GM 2015 2014 2013 Sales 152,356.00 155,929.00 155,427.00 Inventories 13,764.00 13,642.00 14,039.00 GB AUTO 2015 2014 2013 Sales 12,264,689.00 12,322,079.00 9,126,721.00 Inventories 2,950,981.00 2,345,709.00 2,127,589.00
  • 26.
    DAYS SALES OUTSTANDING(DSO) DSO=Receivables / (Annual Sales/365)  The DSO of GB Auto is getting worse compared to the DSO Industry index in the Egyptian market  DSO of GM shows that the firm collects too slowly and the situation is getting worse which shows poor credit policy. GB AUTO 2015 2014 2013 Receivables 1,649,624.00 1,308,954.00 875,500.00 Annual Sales/365 33,601.89 33,759.12 25,004.72 DSO IND Index 39.65 GM 2015 2014 2013 Receivables 26,390.00 25,610.00 22,810.00 Annual Sales/365 417.41 427.2 425.83 DSO IND Index 47.85
  • 27.
    FIXED ASSETSTURNOVER 𝑭𝒊𝒙𝒆𝒅 𝑨𝒔𝒔𝒆𝒕𝒔𝑻𝒖𝒓𝒏𝒐𝒗𝒆𝒓 = 𝑺𝒂𝒍𝒆𝒔 𝑵𝒆𝒕 𝑭𝒊𝒙𝒆𝒅 𝑨𝒔𝒔𝒆𝒕𝒔  GB Auto is around the Industry Index  We can notice that GM uses efficiently its fixed assets, they gain $7.81 on every dollar invested in fixed assets  GM is better than GB GB AUTO 2015 2014 2013 Sales 12,264,689.00 12,322,079.00 9,126,721.00 Net Fixed Assets 2,044,600.00 1,829,200.00 1,710,000.00 GM 2015 2014 2013 Sales 152,356.00 155,929.00 155,427.00 Net Fixed Assets 21,653.00 19,766.00 17,918.00
  • 28.
    TOTAL ASSETSTURNOVER 𝑻𝒐𝒕𝒂𝒍 𝑨𝒔𝒔𝒆𝒕𝒔𝑻𝒖𝒓𝒏𝒐𝒗𝒆𝒓 = 𝑺𝒂𝒍𝒆𝒔 𝑻𝒐𝒕𝒂𝒍 𝑨𝒔𝒔𝒆𝒕𝒔  GB’s ratio is better than GM’s ratio; both > average according to the industry index  Both companies have positive results in the efficiency of their total assets use GB AUTO 2015 2014 2013 Sales 12,264,689.00 12,322,079.00 9,126,721.00 Total Assets 11,798,200.00 9,585,100.00 6,624,930.00 1.2 EGP for every 1 EGP Invested in TA GM 2015 2014 2013 Sales 152,356.00 155,929.00 155,427.00 Total Assets 194,520.00 177,501.00 166,344.00 $0.86 for every $1 Invested in TA
  • 29.
  • 30.
    DEBT RATIO Total Liabilities/ Total Assets  The Debt ratio for both companies is higher than the Industry index which is not a good indicator  GB Auto is improving while GM is getting worse GB AUTO 2015 2014 2013 Total Liabilities 7,865,116.00 6,811,207.00 4,985,601.00 Total Assets 11,798,200.00 9,585,100.00 6,624,930.00 GM 2015 2014 2013 Total Liabilities 154,470.00 142,040.00 123,740.00 Total Assets 194,520.00 177,501.00 166,344.00
  • 31.
    TIMES INTEREST EARNED(TIE) EBIT / Interest Charges  The higher this ratio the better it is, which means the company can pay its interests from its earnings before income taxes  GM has a far better ratio than GB Auto which means that GM is better at covering its interest charges GB AUTO 2015 2014 2013 EBIT 750,164.00 857,434.00 586,499.00 Interest Charges 513,265.00 531,538.00 372,324.00 GM 2015 2014 2013 EBIT 8,161.00 4,649.00 7,790.00 Interest Charges 2,059.00 1,829.00 1,049.00
  • 32.
  • 33.
    PROFIT MARGIN ONSALES (ROS) 𝑹𝑶𝑺 = 𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆 𝑺𝒂𝒍𝒆𝒔 GB Auto’s profit margin on sales is steady while GM’s ratio is way better than GB Auto for the years 2013, 2014 and 2015. GB AUTO 2015 2014 2013 Net Income 191,514.00 235,690.00 184,381.00 Sales 12,264,689.00 12,322,079.00 9,126,721.00 GM 2015 2014 2013 Net Income 9,687.00 3,949.00 5,687.00 Sales 152,356.00 155,929.00 155,427.00
  • 34.
    BASIC EARNING POWER(BEP) 𝑩𝑬𝑷 = 𝑬𝑩𝑰𝑻 𝑻𝒐𝒕𝒂𝒍 𝒂𝒔𝒔𝒆𝒕𝒔  GB Auto’s ratios are higher than GM’s in general GB AUTO 2015 2014 2013 EBIT 750,164.00 857,434.00 586,499.00 Total Assets 11,798,200.00 9,585,100.00 6,624,930.00 GM 2015 2014 2013 EBIT 8,161.00 4,649.00 7,790.00 Total Assets 194,520.00 177,501.00 166,344.00
  • 35.
    RETURN ONTOTAL ASSETS(ROA) 𝑹𝑶𝑨 = 𝑵𝒆𝒕 𝑰𝒏𝒄𝒐𝒎𝒆 𝑻𝒐𝒕𝒂𝒍 𝒂𝒔𝒔𝒆𝒕𝒔  GB Auto is below the Industry index and even getting worse  The ratios demonstrate that General Motors is better at using its assets to generate earnings than Ghabbour Auto GB AUTO 2015 2014 2013 Net Income 191,514.00 235,690.00 184,381.00 Total Assets 11,798,200.00 9,585,100.00 6,624,930.00 GM 2015 2014 2013 Net Income 9,687.00 3,949.00 5,687.00 Total Assets 194,520.00 177,501.00 166,344.00
  • 36.
    RETURN ON EQUITY(ROE) 𝑹𝑶𝑬 = 𝑵𝒆𝒕 𝒊𝒏𝒄𝒐𝒎𝒆 𝑪𝒐𝒎𝒎𝒐𝒏 𝑬𝒒𝒖𝒊𝒕𝒚  Over 3 mentioned years, GM generates more ROE for its shareholders : it has more efficient management is in utilizing its equity base & better return to its investors  On the other hand GB Auto ROE’s ratio lies below the Industry index and getting worse GB AUTO 2015 2014 2013 Net Income 191,514.00 235,690.00 184,381.00 Common Equity 3,334,446.00 2,136,141.00 2,011,302.00 GM 2015 2014 2013 Net Income 9,687.00 3,949.00 5,687.00 Common Equity 376.63 374.67 347.62
  • 37.
    GBVS GM FINANCIALANALYSIS GB AUTO GM MOTORS Ratio Ratio 2015 Ratio 2014 Ratio 2013 Aver. Ratio INDs Ratio 2015 Ratio 2014 Ratio 2013 Aver. Ratio INDs Liquidity Current Ratio 1.15 1.07 1.08 1.10 1.35 1.09 1.27 1.31 1.22 1.35 Quick or Acid Test 0.68 0.65 0.61 0.65 1.15 0.90 1.07 1.08 1.01 1.14 Asset Management Short Term Inventory Turnover 4.16 5.25 4.29 4.54 8.33 11.07 11.43 11.07 11.19 8.30 Days Sales Outstanding (DSO) 49.09 38.77 35.01 41.51 39.65 63.22 59.95 53.57 58.88 47.85 Fixed Assets Turnover 6.00 6.74 5.34 6.04 5.8 7.04 7.89 8.67 7.81 4.56 Total Assets Turnover 1.04 1.29 1.38 1.20 0.7 0.78 0.88 0.93 0.86 0.69 Debt Management Debt Ratio 0.67 0.71 0.75 0.70 N/A 0.79 0.80 0.74 0.78 66.89 Times Interest Earned (TIE) 1.46 1.61 1.58 1.55 N/A 3.96 2.54 7.43 4.17 N/A Profitability Profit Margin on Sales(ROS) 2% 2% 2% 2% N/A 6% 3% 4% 4% N/A Basic Earning Power (BEP) 6% 9% 9% 8% N/A 4% 3% 5% 4% N/A Return on Total Assets (ROA) 2% 2% 3% 2% 9.74 5% 2% 3% 4% 5.25 Return on Common Equity 6% 11% 9% 8%
  • 38.
    GB AUTO GMMOTORS Ratio Company average Industry Index Company average Industry Index Liquidity Current Ratio 1.1 1.35 1.22 1.35 Quick or Acid Test 0.65 1.14 1.01 1.14 Asset Management Short Term Inventory Turnover 4.54 8.33 11.19 8.30 Days Sales Outstanding (DSO) 41.51 39.65 58.88 47.85 Fixed Assets Turnover 6.04 5.8 7.81 4.56 Total Assets Turnover 1.2 0.7 0.86 0.69 Debt Management Debt Ratio 0.7 N/A 0.78 66.89 Times Interest Earned (TIE) 1.55 N/A 4.17 N/A Profitability Profit Margin on Sales(ROS) 2% N/A 4% N/A Basic Earning Power (BEP) 8% N/A 4% N/A Return on Total Assets (ROA) 2% 9.74 4% 5.25 Return on Common Equity 8% 21.63 18% 12.63 GBVS GM FINANCIAL ANALYSIS
  • 39.
  • 40.
    GB AUTOVS. INDUSTRIALGOODS SERVICE AND AUTOMOBILES Volume Value Market Capital GB AUTO 178,350.00 554,616.00 3,402,370,269.63 MARKET SECTOR 6,648,441.00 83,849,179.00 51,357,512,476 GB % OF THE TOTAL SECTOR 2.68% 0.66% 6.62%
  • 41.
    GB AUTOVS. INDUSTRIALGOODS SERVICE AND AUTOMOBILES
  • 42.
    GB AUTOVS. INDUSTRIALGOODS SERVICE AND AUTOMOBILES - BETA GB Beta < 1 & Sector index which means that GB Stock is less risky than Average
  • 43.
    GB AUTOVS. INDUSTRIALGOODS SERVICE AND AUTOMOBILES – PRICETO BOOK Price to book ratio is very low comparing with sector Ind.
  • 44.
    GB AUTOVS. INDUSTRIALGOODS & SERVICE AND AUTOMOBILES • Sales 5 Yr Growth Rate higher than Sector Index • EPS is below Sector Index
  • 45.
    GB AUTOVS. INDUSTRIALGOODS & SERVICE AND AUTOMOBILES Dividend Yield -5Yr less than Sector 5yr yield * Current Dividend Yield = 0
  • 46.
    GB AUTOVS. INDUSTRIALGOODS & SERVICE AND AUTOMOBILES P/E RATIO DY (%) GB AUTO 17.71 0 Industrial Goods and Services and Automobiles 13.59 9.37 • GB P/E Ratio < Sector Ind. • DY% = 0
  • 47.
    GMVS. CONSUMER DISCRETIONARY SECTOR VolumeValue Market Capital GM 15,777,399 11582 $ 55,831,488,242 MARKET SECTOR -- -- 4.68 T GM % OF THE TOTAL SECTOR -- -- 1.19%
  • 48.
    GMVS CONSUMER DISCRETIONARY SECTOR GMBeta > 1 , stock is riskier than average
  • 49.
    GMVS CONSUMER DISCRETIONARY SECTOR Verylow p to Book comparing with Sector Ind.
  • 50.
    GMVS CONSUMER DISCRETIONARY SECTOR Verylow 5 Yr Growth Rate GM Eps > Sector Eps “ good “
  • 51.
    GMVS CONSUMER DISCRETIONARY SECTOR GMDividend Yield < Sector Dividend Yield “ Good Sign “
  • 52.
    GMVS CONSUMER DISCRETIONARY SECTOR P/ERATIO DY(%) GM 6.21 4.08 Consumer Discretionary Sector 25.1 2.05 • GM P/E Ratio <Sector Ratio “Good Sign “ • GM DY > Sector DY “ Good Sign “
  • 53.
    PERFORMANCE COMPARISON Performance comparison betweeneach company & Entire Stock Exchange
  • 54.
    GB VS EGYPTIANEXCHANGE MARKET CUTOF DATE 17/2/2017 DUETO AVAILABE DATA. Listed Securities Market 2013 2014 2015 2016 2017 Number of Listed Companies 212 214 221 222 223 Number of Traded Companies 204 206 209 209 202 Average Monthly Traded Companies 194 198 198 198 201 # of Traded Companies as a % of Listed Co. 96.23 102.34 94.57 94.14 90.58 Market Capitalization End of Year (LE Billion) 426.8 500 429.8 601.6 612.8 Turnover Ratio (%) 27.49 39.46 31.82 31.16 5.05 Non-Arab Foreign Participation as a % of Total Value Traded 14.33 9.66 11.14 11.51 13.59 Arab Participation as a % of Total Value Traded 6.21 6.25 4.63 6.72 9.17 Number of Trading Days 243 244 244 245 21 Exchange Rate LE/US$ (End of Period) 6.939 7.14 7.73 18.267 18.815
  • 55.
    SELLVALUEVS BUYVALUE (EGYPTIANSVS NON-EGYPTIANS) SellValue(LE) Buy Value(LE) Net Value(LE) Egyptians 664,833,327 637,534,819 -27,298,507 Arab 46,409,516 104,483,284 58,073,767 Non-Arab Foreigners 306,975,828 276,200,568 -30,775,260
  • 56.
    GB AUTO STOCKPERFORMANCE GB AUTO 2014 2015 2016 2017 Close Price 38.7 36.08 2.27 3.36 Open Price 39.95 36.73 2.28 3.43 Change % -3.13 -1.77 -0.44 -2.04 Highest Price 40 36.88 2.3 3.41 Lowest Price 37 35.43 2.22 3.32 Highest Price (Over The Period) 43.76 37 3.52 3.48 Lowest Price (Over The Period) 1.79 1.79 1.79 2.94 Traded Volume (Over The Period) 1,278,957,241.00 1,243,802,843.00 993,648,290.00 69,663,558.00 Traded Value (Over The Period) 4,909,408,428.88 3,669,478,369.96 2,811,062,938.42 222,376,675.08 Number of Transactions (Over The Period) 154,084.00 142,760.00 93,404.00 9,615.00
  • 57.
    GB AUTOVS EGYPTIANEXCHANGE MARKET Value (LE) Volume Trades Market Cap (LE Million) GB AUTO 554,616 178,350 63 3,402 L.E TOTAL 995,974,282 213,724,761 26,271 534,415 USD TOTAL 17,237,719 3,165,479 267 30,901 Grand Total 1,013,212,001 216,890,240 26,538 565,316 Average PE/DY ITEM P/E RATIO DY (%) Total Market 24.05 6.86 EGX 30 Index Constituents 53.44 4.94 EGX 70 Index Constituents 22.42 4.82
  • 58.
    GB AUTOVS EGYPTIANEXCHANGE MARKET ITEM P/E RATIO DY (%) GB AUTO 17.71 0 Total Market 24.05 6.86 0 5 10 15 20 25 P/E RATIO DY(%) 17.71 0 24.05 6.86 GB AUTO Total Market
  • 59.
    GMVS NEWYORK EXCHANGEMARKET CUTOFF DATE 17/2/2017 DUE TO AVAILABE DATA GM MOTORS 2014 2015 2016 2017 Close Price 34.91 34.01 34.84 37.22 Open Price 40.68 35.27 33.45 34.98 Change % -14.2% -3.57% 4.155% 6.4% Highest Price 41.0599 38.995 37.74 38.375 Lowest Price 28.82 24.62 26.69 34.72 Traded Volume (Over The Period) 4410771608 3814635850 3452678119 504381847
  • 60.
  • 61.

Editor's Notes

  • #6 Stocks in the S&P 500 make up about 75% of the total U.S. equity market, so the overlap is considerable.
  • #8 http://www.investopedia.com/terms/c/consumer-discretionary.asp
  • #15 The automaker was bounced from the S&P 500 around the time of its 2009 bankruptcy filing and $50 billion government bailout
  • #26 Apr 11, 2014 GM faces the continued fallout from its recall of 2.6 million vehicles that caused certain vehicles' ignition to flip to the off position, causing power loss. The defect has been linked to 13 deaths.