HEALTHY GROWTH ACROSS ALL BUSINESS LINES The company intends to focus on providing different financial services, providing the company’s customers and merchants with access to financing services, including both saving and lending services. Management believes that the financial services offers complements the company’s ecosystem for payments, fueling the number of transactions growth and increasing the number of services offered by the company. FWRY is still experiencing healthy growth across...
Resume at OW. We reach a 12M TP of EGP5.67/share, posing c38% upside. Fawry displays a strong medium to long-term growth investment profile. The two major short-term overhangs – the MSCI Standard Index exclusion and rights issue dilution – are now behind us. We see the stock as one of the main beneficiaries from the high interest rate environment. The stock trades on a 2022e EV/EBITDA multiple (excl. cash in transit) of 18.9x, and a P/E adjusted for ESOP of 43.3x, dropping to 12.7x and 28.1x in ...
The independent financial analyst theScreener just awarded an improved star rating to FAWRY FOR BANK (EG), active in the Business Support Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date April 5, 2022, the...
A FULL-FLEDGED PLAYER MOST RECENT UPDATES AND STRATEGIC DIRECTION IN 2022 * FWRY obtained the consumer finance license, with service offering to the market expected in 3Q22. * FWRY participated in a mutual fund with Misr Capital, implying that the company’s offerings to consumes of having a sort of a saving product through the mutual fund is expected to be soon launched between February to March. The company intends to focus on providing different financial services, providing the ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Looking at valuation from new angles: We’ve looked at our peer group average from 2 different perspectives. 1. Throughput (Total Payment Value [TPV]): Looking at global peers and given FWRY’s aggressive growth in total value of throughput, FWRY is expected to achieve on of the highest expected annual growth rates in Total Payment Values (TPV). According to our estimates, FWRY’s TPV is expected to grow by 50.0% and 48.0%, compared to average peer growth of 41.6% and 29.0% in 2021f and 2022f,...
ON THE GROUND UPDATE AND 2020 OUTLOOK * Financial performance in 2020 matched management expectations and market consensus for revenues (+40.0% YoY, cEGP1.24 bn), EBITDA (+48% YoY, c.EGP337 mn), implying a margin of 27.2% and net profits (+38% YoY, cEGP180 mn), implying a margin of 14.5%. * Total value of e-payments in Egypt is around EGP120-130 billion, however cash out transactions have a total valuEGP1,250 billion; implying a wide gab and a large consumer base (cashing out) that are ...
Strong proposition of growth and profitability; High conviction Overweight. We initiate coverage on Fawry, Egypt’s leading e-payment provider, with a TP of EGP37.3/share (30% upside). Fawry offers top exposure to the financial inclusion and digitalisation themes in Egypt, given its leading market share of 26%. Our valuation implies a 2022e PEG ratio of 0.9x, lower than peers’ average of 1.1x, and primarily reflects: i) favourable industry dynamics, supporting strong throughput potential, ii) Faw...
Dynamics of Egyptian market supports conversion to e-payments * E-payments currently represents around 1.5% of household consumption component within the GDP. * Cash withdrawn from ATMs to the usage of plastic cards is around 90%-10%. * The size of e-commerce market is around EGP100 billion out of which 20% is electronically paid and the magnitude of the PoS acceptance is around EGP100-110 billion; which brings the total size of the e-payment transactions value is to around EGP130 ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.