reports
- Ankur Khetawat
Poised to rerate
A strong rebound in regional markets will continue providing tailwind to the IB platform’s valuation. While the stock currently factors in EFG’s non-core portfolio, it is yet to price-in the investment banking (IB) platform. Several factors—strong economic recovery in Egypt, the Saudi market opening up, and MSCI upgrading UAE and Qatar from FM to EM status—should increase foreign participation in MENA markets, directly benefitting EFG’s revenues. Also, cost-optimisation should reduce operating l...
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