TELECOM EGYPT – VALUATION UPDATE
​We downgrade our TE fair value to EGP 13.94/share with a “Buy†recommendation, entailing 35% upside potential. This represents almost 12% down from previous fair value of EGP 15.15/share in our last Risk free rate cuts report. We used an average WAAC of 19.02%, as we account for a 2% uncertainty risk discount surrounding the company’s prospects in the medium term, specifically related to mobile operation segment performance, the segment that should be driving growth in the company’s top line in the coming years, as wholesale segment contribution to top line would fade over our forecasted horizon
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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