SODIC - Valuation Update
​We raise SODIC`s fair value to EGP 18.5/share up from EGP 15.4/share (+20%) as we apply higher pricing hikes in 4Q2016 and 2017 of c. 20%, substituting for cutting down the target debt weight to an average of 20% over the horizon down from our previous assumption of 50%, guided by 9M2016 debt weight and the anticipated needed financing for the yet un-launched projects. Hence, we currently advice a “Buy†for SODIC although we are currently utilizing a higher average WACC of c. 20% (c. +200bps).
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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