Talaat Moustafa Group Holding
​We valued TMGH on a DCF – SoTP basis at EGP 15.4/share, providing a massive upside potential of 85% over the previous market close; mainly supported from assuming a full monetization program for Madinaty`s massive commercial land by 2030, providing EGP 9.71/Share, equivalent to 59% of the group`s Enterprise Value of EGP 16.45/share. The residential developments in Madinaty city, are expected to add around EGP 4.55/Share equivalent to 28% of EV; hence, c. 86.6% of our estimated EV comes from Madinaty, indicating high concentration risk, in case our modest valuation scenario failed to be true. However, to accommodate such downside, we forecast a slowdown in pricing power starting in 2018/2019 (lower clientele purchasing power), while maintaining higher costs growth, over the horizon in time we set a slowly upward areas` sales scheme.
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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