Stay OW on positive mobile price trend in Morocco
Morocco is set to resume growth. The inflection point in MT's mobile voice prices that our Overweight call was betting on materialised in 2Q16. We believe this puts MT on track to stabilise its mobile revenue in 2017 and return to growth supported by its fixed line business in 2016. We expect growth of 3% p.a. in 2016- 19e. Morocco contributes 75% of our TP and remains MT’s most significant cashgenerating entity (80% of CFFO), so it is key for higher dividends. We project MT’s EPS to grow at a 2016-19 CAGR of 10% and dividend yield to expand from 5% (in line with the global sector average) in 2016 to 7% by 2019.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.