A cheap play on all consumer outlay levels, initiate at Overweight
65% upside potential. MTI is a leading multi-brand distributor of consumer goods (mainly mobile phones) with access to c40k PoS across Egypt. It has an offering covering a wide price-point array (EGP5 to EGP10mn), via non-exclusive distribution agreements. Another feature is the planned roll-out of consumer finance alongside existing e-payment services addressing affordability pressures and stimulating volumes. The stock trades on a 2018e P/E of 7.3x (c12x on our TP) vs. 13x for peers, and offers 2017e dividend yield of 6.3% as per management’s 50% payout target.
MM Group for Industry and International Trade SAE is an Egypt-based company, which operates in the consumer electronics distribution and retail segment. The Company operates through five divisions: Automotive, which provides vehicle brands such as Land Rover, Jaguar, Maserati, Bentley and Ducati; Consumer electronics division includes distribution of mobile phones, televisions and air conditioners; Telecom business includes the operation of Vodafone branded retail franchises and distribution of mobile services and accessories to individual and business customers, including pre-paid and post-paid, e-top-up terminals, Vodafone-branded and non-branded mobile devices and accessories; Tractors division is engaged in the assembly and distribution of agricultural tractors, namely Belarus, as well as Supply of seamless steel pipes in Egypt.
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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