CI Capital - Telecom Egypt S.A.E. GDR Ministry of Communication meeting insights

Report

CI Capital

Sarah Shabayek

EUR 22.10 For Business Accounts Only

Ministry of Communication meeting insights

Maintain estimates and Neutral rating. Insights from our meeting with the minister on 8 June reveal that our wholesale revenue estimates published 3 June 2015 are conservative, as mobile operators commit to a minimum bill to compensate for lower prices. However, FBB price cuts would lead to a larger-thanexpected drop in retail revenue, neutralising the impact of higher transmission revenue. TE Data’s inability to use TE’s distribution network could lead to a miss on FBB net adds. We maintain our Neutral rating, pending clarity on the permanent management team’s long-term strategy.

10/05/2015 5 EN

Underlying

Telecom Egypt S.A.E. GDR

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US87927T2024 Egypt

Provider

CI Capital

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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Analysts

Sarah Shabayek

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Ministry of Communication meeting insights

Excellent start to the year

Q4 2016, Unexpected brutal crash

Drop to Neutral on proposed fixed broadband rate cuts

Egypt banks | Higher RRR: A manageable headwind; flag CAE

The Pulse | Cityscape Egypt 2022: Positive vibes

EKHO EY | EGP listing offers ideal currency hedge

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