GB AUTO - SPOTLIGHT
​We update our fair value for GB Auto (AUTO.CA) to EGP 3.19/share with a “HOLD†recommendation. This represents almost 4% decrease in our fair value compared to our last report. The update mainly accounts for 1)Higher USD/EGP rates during our forecast horizon 2)Interest rate hikes post floatation 3)Price hikes and distressed volumes starting 4Q2016. In addition, the cut in our fair value also resulted from the higher 1 year risk free rate which witnessed a 300 bps increase post the floatation, thus increasing average WACC to stand at 14.23% compared to only 13% in our last update.
Since its founding in 1992 as a privatization consulting office to the government of Egypt, Prime has successfully reinvented itself as a regional investment bank with a presence in major Arab markets. We provide innovative and outstanding financial services to corporations, institutions, governments, and individuals, using the breadth of our expertise to enable them to reach their objectives.
Over the years, we have refocused our business and our people while extending our geographical reach and strengthening our technological capabilities.
Today, Prime is:
- A competitive leader in the region
- Focused on both clients and products
- Led by pioneers who see change as an opportunity that constructively challenges the status quo
- Driven by a fearless and unconditional commitment to delivery and performance
- Supported by a culture that emphasizes teamwork and a sense of urgency
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