Reiterate Overweight; improved risk-reward profile
Turnaround on track. Over the past year GT was able to turn around its second out of three opcos, benefit from Algerian regulations, refinance the Vimplecom (VIP) loan, and turn net profit positive. GT still trades at a 35% discount to peers on 2017e EV/EBITDA even after a c54% rally y-t-d. We believe there is more to come as this track record gives us confidence in GT’s and specifically Algeria’s turnaround. GT remains our top MENA telecoms pick.
Global Telecom Holding, through its subsidiaries, is a mobile telecommunications company operating in markets in the Middle East, Africa, and Asia. As of Dec 31 2014, Co. had a total population under license of approximately 415 million. Co. operates mobile networks in Algeria (OTA), Pakistan (Mobilink), and Bangladesh (Banglalink). In addition Co. has an indirect equity ownership in Telecel Zimbabwe through its subsidiary Telecel Globe.
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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