Egypt Macro | IMF-backed reforms now a reality
Reasons to be positive. While we have argued over the past 12 months about the importance of Egypt securing an IMF facility—its amount (USD12bn), further inflows targeted by the Cabinet, and the suggested timeline have scope to surprise the Egyptian equity market on the upside. With the IMF loan discussion and implementation of the long-awaited economic reforms becoming a reality, we would be buyers of Egypt. It is under-owned, with the lowest market cap/GDP since 2006 (18% vs. an EEMEA average of 32%) and in USD terms has not performed relatively well. Egypt trades on a 2017e P/E of 8.1x, 30% lower than the average for MSCI EM and frontier markets, although its earnings growth expectations are superior at 20% vs. 14%.
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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