Maximising shareholder value
Focus on higher returns; maintain Overweight. Our 6%-higher target price incorporates the sale of CL, though partially offset by lower IB assumptions and higher CoE. Divesting non-core operations should boost RoE to 11-13% over our forecast horizon from 5% in 2015. The current market price almost fully reflects the value of excess cash and investments, while assigning zero weight to the core business. The stock currently trades at 0.77x 2016e book, a deep discount vs.1.5x pre-2011, our implied multiple of 1.2x, and the global peer trading average of 2.7x.
EFG-Hermes Holding is bank based in the Arab world. Co. is engaged in investment banking, securities brokerage, asset management, private equity and research. Co. also participates in the establishment of companies which issue securities or in increasing their share capitals, custody activities and margin trading.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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