reports
- Bassma Bakry
B Investments Holding: Initiation of Coverage – Embracing ingenuity
VALUATION SUMMARY & BRIEF STORY We Initiate coverage on BINV with an overweight recommendation, based on an equity value of EGP2,827 million and a fair value of EGP17.67/share, offering an upside of 105%. We valued BINV using the sum of the parts methodology by looking at each individual investment. B Investments is a leading Egyptian private equity firm that was established in 2006, and it currently has a portfolio of 8 investments across different sectors including real estate, downstream o...
- Bassma Bakry
B Investments: Management webinar key takeaways
CURRENT COMPANY STATUS AND INVESTMENT STRATEGY Established in 2006 and listed in 2018, B Investments currently owns a portfolio of 8 investments across different sectors in Egypt, serving the company’s investment strategy which is defined by the following pillars: * Firstly, investments should be in Egypt, in consumer-driven sectors as to benefit from the company’s extensive knowledge in the local market, in addition, capitalize on Egypt’s attractive growing demographics (Large population, a...
- Bassma Bakry
B Investments: Management webinar key takeaways
INVESTMENT STRATEGY AND PORTFOLIO OVERVIEW B Investments follows a very structured investment strategy that revolves around four main pillars: * All Investments are focused on Egypt, supporting the company’s goal of capitalizing on Egypt’s demographics (Large population, growing middle class, good understanding of the local market) * All Investments are diversified and sector agnostic, capitalizing on Egypt’s large population, the company currently has investments in 6 different sectors...
- Michel Said
Uncovered play on Egypt themes; Initiate with OW
A well-diversified, debt free PE firm. B Investments’ portfolio offers exposure to: i) the real estate market, via MNHD* (EGP3.85/share), ii) IT integration, via Giza Systems (GS) (EGP1.90/share), iii) downstream oil and gas, via Total Egypt (EGP1.74/share), vi) non-banking financial services (NBFS), via Ebtikar (EGP0.82/share), and, recently, v) FMCG, via Gourmet Group (EGP0.78/share). The firm plans to deploy its net cash position of EGP491mn (EGP3.07/share) within the: i) NBFS, ii) renewable ...
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