Podcast appearances and mentions of ev ebitda

Tourist arrivals rose 25% y/y in 1Q25 to 3.9 million. Tourism minister expects the 5% y/y increase in 2024 to be followed by an 8% y/y increase in 2025.The House of Representatives will start discussing amendments to the Old Rent Law today.The IMF said in its latest Regional Economic Outlook that “economic activity is expected to pick up but remain modest” this year in Egypt.According to IMF data, public debt fell to 89% of GDP by the end of FY23/24, compared to 95.7% at the end of the previous year.Fitch Solutions expects Egypt's economic indicators to gradually improve during the period from the current fiscal year until 2027/2028.Net sales of government bonds and treasury bills by foreign investors amounted to approximately USD1.7 billion during the month of April 2025.President El Sisi has given the final approval for the revamped Labor Law.International oil companies Chevron, Shell, and Eni have submitted offers for exploration blocks in the Mediterranean.Eni plans to inject USD1 billion in new investments in the Zohr field.Japanese medical device manufacturer JMS, its local agent Interpharm, and the Egyptian Company for Medical Investments will establish a EGP1.4 billion factory for blood collection bags and tubes in Ain Sokhna's industrial zone.Chinese firm XinGaoyi Medical Equipment (XGY) and the Arab African Company for Medical Industries (AACMI) signed a partnership agreement to establish a factory to locally manufacture medical equipment.Chinese solar tech company TrinaSolar is looking to increase its solar panel sales in Egypt by 20% y/y in 2025 to reach USD600 million.CIEB 1Q25 consolidated bottom line recorded EGP1,869 million (-4% q/q, -18% y/y). CIEB is currently trading at P/E25 of 3.1x and P/B25 of 0.9x.SWDY will distribute cash dividends of EGP1.00/share on 15 May 2025 for shareholders on record on 12 May 2025 (DY 1%).The Ministry of Finance intends to unify the value-added tax rate on contracting activities at 14% instead of the 5% currently applied to supply and installation works combined. CIRA released its 2Q24/25 financial results, reporting a net profit of EGP226 million (+20.3% YoY, +26.8% QoQ). CIRA is currently trading at FY24/25f P/E of 29.6x and EV/EBITDA of 7.6x.GBCO plans to introduce three new models of the Chinese automotive brand, Changan, in the Egyptian market during 2H25.RMDA's general assembly approved cash dividends of EGP0.11/share to be distributed over two equal installments in June and November. The assembly also approved 0.3:1 bonus shares.ALCN released financial indicators showing 9M24/25 net profit of EGP5.4 billion, up 31.1% y/y.CCAP has contracted with independent financial advisor Graviton Financial Advisory for Securities to conduct a study of the fair value of the company's shares. Upon completion, the extraordinary general assembly will be invited to consider increasing the company's capital.

Send us a textIn this episode of 15 Minutes of Finance, James breaks down the latest market news, shares insights on why Palantir (PLTR) remains one of his favorite companies, and dives into the world of valuation ratios. He explains how different analysts often interpret financial metrics like P/E, PEG, and EV/EBITDA in varied ways—and why these estimates are almost never spot on, often missing the mark by several percentage points. If you've ever wondered why stock analysis feels more like art than science, this episode is for you. Want your spot in May for a financial plan? Go to our website here: West and Walters and send us a message! And if you want to follow us on Instagram as we expand our social outreach (youtube coming soon), Follow us here: 15 minutes of finance 

This quarter's CEOBarometer spotlights subdued trading conditions, faltering investment flows, and the selective rise of AI. Organic growth has slowed across the board—Software companies posted 13% growth, while ICT Services lagged at 7%. The deceleration is sharpest in consulting services, where low recurring revenue and discretionary budget cuts have driven many businesses into stagnation. In contrast, recurring revenue models continue to provide resilience in Software, where growth has largely stabilised at pre-COVID levels. Despite these challenges, standout performers in areas like cybersecurity and defence—such as Bridewell, DIGI2AL, and FSP—are still delivering strong double-digit growth, proving that execution and sector positioning remain critical. The investment landscape also reflects mounting caution. UK-listed tech valuations have dipped below 10x EV/EBITDA, IPO activity remains stalled, and private equity deal volumes have halved year-on-year. Meanwhile rising debt levels and cash interest payments continue to cause stress for some. While top-tier software firms continue to command strong multiples, ICT Services valuations—particularly in consulting—have seen a significant reset. Venture funding tells a two-speed story: capital remains available for late-stage, AI-native businesses such as Quantexa and Luminance, but pre-Series A funding has collapsed, narrowing the pipeline for future investment. As the sector recalibrates, this episode offers critical insights into where growth is holding up, where confidence is fading, and what tech leaders need to consider as they navigate another year of cautious optimism and selective momentum. About this podcast Our quarterly podcast offers a clear, strategic perspective on the forces shaping the UK tech sector—M&A, capital flows, valuations, AI, and more. Hosted by Megabuyte's Founder & Chairman, Ian Spence, and Megabuyte's Head of Research & Consulting, Neel Arampatta, the CEOBarometer is designed for CxOs of scale-ups and mid-market companies who value depth over noise. Learn how at www.megabuyte.com or search ‘Megabuyte for CxOs'. Skip to: Growth Outlook 01m 37s Capital Markets 22m 20s Private Equity 33m 57s Venture & Growth Capital 55m 56s M&A 01h 01m 18s    

To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms. https://open.spotify.com/show/7x8Nv1RlOKyMV5IftIJwP1?si=bf5ecbaedd8f4ddc This is Nelson John, and I'll bring you the top business and tech stories, let's get started.  Zepto Bets Big on Cold Chain for Fresh Produce Quick commerce is fast, but fresh produce needs better logistics. Zepto is doubling down on cold chain infrastructure to improve margins and quality. CEO Aadit Palicha is actively seeking cold supply chain experts to enhance operations. The company has partnered with Transport Corporation of India to expand storage in the South. Fruits and vegetables account for 8-10% of quick commerce sales but face 15% wastage due to India's fragmented cold chain. The market is projected to grow from $14.5 billion (2023) to $53 billion (2032). Zepto's private-label meat brand, Relish, leveraged cold logistics to hit ₹150 crore ARR in six months. Zomato Lays Off 600 Employees Amid Automation Push Zomato has reportedly laid off 600 customer support employees in a bid to cut costs as growth slows. The layoffs follow AI-driven automation in customer service and financial pressures at its quick commerce arm, Blinkit. Employees claim they were dismissed without notice periods or clear explanations, while Zomato cites performance issues. On Reddit, ex-employees shared grievances, with one alleging termination for being late by 28 minutes over three months. Despite the layoffs, Zomato's stock closed 0.84% higher at ₹203.20. Aditya Birla Exits Paper Business, Sells to ITC for ₹3,500 Crore Aditya Birla Real Estate Ltd (ABREL) is exiting the paper sector, selling Century Pulp and Paper to ITC Ltd for ₹3,500 crore. The deal surpassed estimates, with Nomura valuing it at 18x EV/EBITDA for FY25. ABREL's paper segment has struggled, with revenue falling 5.5% YoY in FY24 and margins shrinking by 410 basis points. The sale will help reduce net debt (₹4,300 crore) to near-zero, boosting ABREL's real estate expansion. However, significant cash flow from projects like Niyaara will only materialize from FY27 onwards. ABREL's stock is down 21% in 2025, and investors await Q4 results and the Niyaara Phase 3 launch in FY26. CAG Report Flags Revenue Losses, Weak Oversight in Telecom & Digital Infra The Comptroller and Auditor General (CAG) has raised alarms over governance failures in telecom, electronics, and postal services: • Telecom: The Department of Telecommunications (DoT) failed to recover ₹2,463.67 crore from telcos due to delayed audits. BSNL lost ₹1,757.76 crore by failing to bill Reliance Jio for technology use. • Electronics Manufacturing: Under M-SIPS, only ₹2,136 crore was disbursed from ₹36,991 crore in committed investments, causing policy instability for investors. • Digital Infrastructure: The ₹6,548-crore National Knowledge Network for research institutions was flagged for poor bandwidth utilization and cybersecurity gaps. • Postal Services: GST mismanagement and irregular promotions resulted in ₹17.22 crore in tax losses. The findings expose execution flaws in India's push for digital self-reliance. Shapoorji Pallonji Faces Insolvency Plea Over Unpaid ₹2.72 Crore The National Company Law Tribunal (NCLT)-Mumbai has issued a notice to Shapoorji Pallonji & Co. Pvt. Ltd (SPCPL) over an insolvency plea filed by Chennai-based Intertouch Metal Buildings Pvt. Ltd. The roofing firm alleges unpaid dues for work on Port Blair's Veer Savarkar International Airport. SPCPL must respond within seven days, with the next hearing on April 24. This isn't SPCPL's first insolvency dispute. In October 2024, NCLT dismissed a similar plea by KBC Infrastructure, ruling that insolvency laws cannot be used as a debt recovery tool. As legal proceedings unfold, all eyes are on Shapoorji Pallonji's response and whether the case progresses to full-fledged insolvency.

Gas output dropped 20% y-o-y to 4.3 billion cubic feet per day (bcf/d) in January, marking its lowest monthly level since December 2016.Dana Gas, one of the key producers in the Nile Delta, plans to launch a USD100 million project to develop production after receiving the rest of its outstanding dues. The European Union has agreed to fast-track the approval and disbursement of the second phase of the its macro-financial assistance and budget support program, worth EUR4 billion.The Suez Canal Economic Zone (SCZone) has launched the first phase of a new digital services platform for investors.The House gave the initial thumbs up to the entirety of the re-drafted Labor Act, with the bill's final approval by the legislative body penciled in for an upcoming session. The Customs Authority is preparing to launch a pilot operation of a new system for inspecting goods based on AI to combat customs evasion at ports, by creating a unified database for the prices of imported goods at all Egyptian ports.Tarek Sultan, Vice Chairman of Agility, a company specializing in supply chain services, infrastructure, and innovation, said his company intends to invest USD60 million to establish modern customs and logistics facilities in the Suez Canal Economic Zone.The German Development Bank (KfW Bank) intends to provide financing worth EUR52 million to the Ministry of Electricity to finance clean energy transition projects, sources at the German Embassy said.ORAS (FV: EGP425.00, OW) announced that its 50-50 joint venture with Técnicas Reunidas has signed an Engineering, Procurement, and Construction (EPC) contract to build the Qurayyah IPP Expansion Project, a large-scale 3 GW combined cycle gas-fired power plant in the Eastern Province in Saudi Arabia. The value of projects undertaken by Egyptian contractors in Iraq jumped to USD12 billion, according to the Chairman of the Egyptian Federation for Construction and Building Contractors. CLHO (FV: EGP9.00, OW) issued 4Q24 results. 4Q24 attributable net profit amounted to EGP191 million, down 8% QoQ but up 78% YoY. FY24 attributable net profit came in at EGP723 million (+73% YoY). CLHO is currently trading at FY25 multiples of P/E 15.2x and EV/EBITDA of 7.4x.ADIB AGM approved increasing issued and paid-in capital from EGP6 billion to EGP12 billion, an increase of EGP6 billion through distributing 1:1 bonus shares.DSCW reported 4Q24 bottom line of EGP80 million (-53.2% YoY, -75.0% QoQ). This brought FY24 bottom-line to EGP901 million (+101.1% YoY).DSCW BoD approved the establishment of Dice for Ready Made Garments in Morocco for the trade and distribution of ready-made clothing. Also, it proposed shares distribution for FY24 at a rate of half a share for each original share.Weekly Commodities Update

Egypt is expected to receive four LNG shipments by April, as the country looks to build up a strategic gas reserve.The Sovereign Fund of Egypt is conducting a comprehensive review of the privatization program that could see it expand the program to 40-60 state-run companies.Chinese textile manufacturer Jiangsu Guotai signed an agreement to set up a USD10 million readymade garment factory in the Qantara West Industrial Zone.The Tourism Support Fund approved extending the Aviation Incentive Program, which expires next April, to the summer season from May to October 2025. The CBE's net foreign assets rose to c. USD12.12 billion by the end of February, compared to c. USD12.02 billion the previous month, an increase of around USD99 million.SKPC Board of Directors proposed a cash dividend distribution of EGP0.75/share for FY24, implying a payout ratio of 26.8% and a dividend yield of 3.3%.ALCN (FV: EGP32.50, OW) issued neutral 2Q24/25 preliminary results. Bottom line amounted to EGP1.5 billion in 2Q24/25, down 21% QoQ but up 24.3% YoY. 1H24/25 bottom line came in at EGP3.4 billion (+55.9% YoY). ALCN is currently trading at FY24/25f P/E of 9.2x and EV/EBITDA of 8.1x.The Finance Ministry is expected to kick off the first phase of its planned desalination plants tenders, involving four plants with a combined capacity of 3 million cubic meters per day, in 2Q25. SCEM recorded strong FY24 results. Attributable net Income came in at EGP3,077.5 million in FY24, compared to a net loss of EGP121.4 million in FY23, noting that EGP1,517.4 million was attributed to the sale of an investment.Weekly Commodities Update

Oil Minister Karim Badawi met with CEO of US-based LNG solutions company Excelerate Energy Steven Kobos where they discussed leasing floating storage and regasification units to Egypt, sharing technical expertise, and LNG trade cooperation, according to a Ministry statement.A high-level investment delegation has received preliminary approval to visit Iraq, unnamed sources said. The Holding Company for Food Industries intends to list a number of its subsidiaries on the EGX in the coming period.Oil producer Capricorn Energy said it has reached a preliminary agreement with the EGPC to improve gas pricing to increase production, under terms aimed at boosting investment and production, along with updated commercial terms.British company BP seeks to increase gas production in Egypt by approximately 160 million cubic feet per day, from two wells in the King Mariout and Fayoum concession areas in the deep waters of the Mediterranean Sea, in 2H25.A government official said that the Ministry of Petroleum expects to receive four shipments of imported LNG during April. President Abdel Fattah El-Sisi approved a USD131 million loan agreement from the African Development Bank to help finance the first phase of the Private Sector Development and Economic Diversification Support Program, as part of the state budget support, according to a report published in the Official Gazette.SWDY reported steady 4Q24 results with attributable earnings coming in at EGP4.2 billion (+106% YoY, -13% QoQ). FY24 attributable earnings surged to EGP17.5 billion (+73% YoY). SWDY board of directors proposed a cash dividend distribution of EGP1.00/share, implying a payout ratio of 12.3% and a dividend yield of 1.2%. SWDY is trading at FY25e P/E of 9.7x and EV/EBITDA of 5.5x.EGAL signed a 25-year USD-denominated corporate Power Purchase Agreement with Scatec for a 1.1 GW solar plant and 200MWh battery energy storage system in Naga Hammadi backed by a sovereign guarantee. Scatec targets to reach financial close and start construction within the next 12 months. We expect the new plant to save around 10-15% of the company's electricity cost which could contribute to increasing our FV by EGP20.00/share to EGP175.00/share. We remind you that electricity represents more than 40% of production costs and EGAL's gross margin shrinks by 2-3% for every EGP0.25/kWh increase in electricity tariff, according to our calculations.CIEB lowered its proposed 2024 dividend payout to EGP3.20/share, representing 50.2% of distributable profits, down from a previously planned EGP3.82/share, or 60% of distributable profits, according to a Board decision. The payout remains subject to the general assembly's approval.OLFI is to distribute cash dividends of EGP2.00/share for FY24 on 27 March 2025, for shareholders on record on 24 March 2025, implying a DY of 10.4%.EFID's BoD is considering the approval of doubling the company's capital to EGP280 million. The proposed capital increase of EGP140 million will be distributed on 700 million shares and financed through the company's retained earnings of FY23. 

Egypt has reportedly set a pricing and payment mechanism for securing LNG supply agreements for the summer months.Chinese firm Di Seta has begun construction work on a USD40 million ready-made garments factory in the Qantara West Industrial Zone.Egypt's merchandise exports reached USD4.3 billion during January 2025, compared to USD3.3 billion in the same month of 2024, a growth of 30% YoY.The House of Representatives approved granting workers an annual bonus of no less than 3% of the insured salary within the new draft labor law instead of 7% of the basic salary.Minister of Finance said that tax revenue jumped 38% YoY in 1H FY2024/25 to EGP913.4 billion.MASR's (FV: EGP8.11, OW) net profit in 4Q24 decreased 48.8% y/y and 62.6% q/q to EGP397.6 million, taking FY24 net profit up 36.9% y/y to EGP2.9 billion. The Board of Directors proposed the distribution of cash dividends of EGP0.25/share, implying a payout ratio of 18.3% and dividend yield of 6.0%. The Board also approved purchasing 85.4 million treasury shares. EFID reported 4Q24 financial results. Net profit reached EGP407 million (+0.9% YoY, +1.4% QoQ). FY24 bottom line came in flat at EGP1,634 million. EFID is currently trading at FY25 P/E of 7.6x and EV/EBITDA of 5.4x.MFPC released FY24 financial indicators. Net profit soared by 153% YoY to EGP15.1 billion in FY24. The company attributed the increase to an EGP7.1 billion rise in FX translation differences from the year before in addition to a EGP1.4 billion increase in interest revenue. MFPC is currently trading at 2025f PE of 6.9x and EV/EBITDA of 6.1x.The FRA gave the nod for EKHO to proceed in its stock dividend distribution to shareholders at 5% of the issued and paid-up capital to reach USD295.81 million, with an increase of USD14.09 million distributed over 56.34 million shares at par value of USD0.25/share (1:20 ratio). 

The General Authority for Investment and Freezones is pitching a USD17 billion investment to build the world's largest green hydrogen plant in South Sinai. Egypt and Greece are set to begin implementing their 3 GW electricity interconnector (Gregy) before the end of 2H25, with the project set to receive a grant and concessional financing totaling EUR1 billion. Eight Turkish apparel and textile manufacturers are in talks to enter the Egyptian market this year.The government has approved a proposal submitted by the National Organization for Social Insurance to swap part of its debts owed to companies in the public and private business sectors for assets, including land plots and buildings. The General Authority of the Suez Canal Economic Zone signed two contracts for two new projects in the Qantara West Industrial Zone, with a total investment of USD28 million in the fields of textile manufacturing, printing, and dyeing.PHAR issued 4Q24 results.Net profit came in at EGP112 million, down 45.5% QoQ and 46.1% YoY. 2024 bottom line registered EGP1.097 billion, higher by 29% YoY. PHAR is currently trading at FY25 multiples of P/E of 5.7x and EV/EBITDA of 4.2x.LCSW's (FV: EGP37.00, OW) attributable net profit surged 99% to EGP890.3 million, reflecting improved operational efficiency and strong revenue growth. Over the quarter, net profit declined 69% to EGP34.6 million, reflecting weaker profitability in the quarter.GBCO's BoD proposed cash dividend distribution of EGP0.35/share for FY24. This implies payout ratio of 13.0% and dividend yield of 2.0%.HRHO raised EGP463 million in ValU's first securitization bond issuance in 2025.CICH and Compass Capital officially launched their C3 capital private equity fund. Weekly Commodities Update

The government is working on a number of ways of facilitating customs including electronically linking data with the Egyptian Tax Authority to expedite data verifications, improving issues related to duty drawback, temporary admission, and pre-release procedures for shipments.Adnoc Distribution plans to expand its aviation fuel services in Egypt beyond its existing presence at Cairo and Marsa Allam airports.The Oil Ministry signed an MoU with Greece's Environment and Energy Ministry to collaborate on carbon capture, storage, and utilization. Egypt will ink an agreement to rent a floating regasification unit from Cyprus next month.Twenty German companies are planning to invest in Egypt's manufacturing sector.Saudi energy company ACWA Power has secured a power purchase agreement (PPA) with the state-run Egyptian Electricity Transmission Company (EETC) for a major wind energy project in Egypt's south Hurghada.Minister of Labor revealed that the government aims to reduce the unemployment rate to 5.7% in 2025, compared to the previous rate of 6.4%.The FRA revised regulations related to SPACs, allowing them to merge, swap shares, or acquire credit balances of their target company. COMI (FV: EGP135.00, OW) 4Q24 net profit post-minority interest recorded EGP12,848 million (-13% q/q, +78% y/y), bringing FY24 bottom line to a strong EGP55,196 million (+86% y/y). The stock is currently trading at P/E25 of 4.1x and P/B25 of 1.3x.BTFH has completed the acquisition of SODIC Securitization Company for EGP8.6 million.EGAL reported steady KPIs for 2Q24/25. Net profit after tax came in at EGP3.1 billion in 2Q24/25 (+73% YoY, -26% QoQ). 1H24/25 net profit after tax surged 114% YoY to EGP7.4 billion. EGAL is currently trading at FY24/25e P/E of 5.5x and EV/EBITDA of 3.1x.EGX is considering adopting a real-time settlement mechanism for the voluntary delisting of ESRS shares where transaction settlement and fund disbursement take place immediately upon execution with the opening of the OPR.FWRY, Banque Misr, and EBC launched a new cash in and out service for e-wallets.ETEL and Orange Egypt signed transmission and infrastructure services. 

IMF boss confirmed that the Fund will continue to support the Egyptian economy as it carries out reforms. The government will pay out USD1 billion of arrears owed to foreign energy companies early next month.The Emirati company Dana Gas will resume its drilling activities in Egypt starting next March, after receiving part of its overdue dues from the Egyptian Petroleum Authority.BP kicked off production from the second development phase of its Raven natural gas field in its North Alexandria offshore concession. The Arab Organization for Industrialization is in talks with Emirati investors to set up three new factories in Egypt. The planned facilities will specialize in car tires, MDF wood from palm tree fronds, and advanced defense manufacturing.A number of tax facilities regarding SMEs, simplifying tax procedures, and settling disputes will take effect in March.EAST released outstanding 1H24/25 financial results. 1H24/25 net profit recorded EGP5,382 million (+85.8% YoY). EAST is currently trading at FY24/25f P/E of 6.8x and EV/EBITDA of 6.1x.AMOC released 2Q24/25 full financial results. Net profit dropped 35% YoY (-68% QoQ) to EGP148 million. Net profit declined 5% YoY to EGP610 million in 1H24/25. AMOC is currently trading at a FY24/25e PE of 4.3x and EV/EBITDA of 2.1x.MASR achieved strong FY24 sales of EGP46.1 billion, up 54.2% y/y, implying 4Q24 sales of EGP13.4 billion, down 10.8% y/y and up 13.7% q/q.EGAL is studying establishing a new 600k ton aluminum plant with no further details announced. SWDY's Chairman expects the company to start supplying building materials to Ras Al Hekma project in North Coast in two months. SWDY is also eyeing an entrance into Brazil and India as part of its expansion plan.CLHO announced the execution of an agreement to extend Cleopatra October (Haven) Hospital through a Build-to-Suit lease to add approximately 200 beds to the existing hospital. The expansion is expected to increase the hospital's total capacity to up to 300 beds by 2026. CIRA Education will submit a mandatory tender offer (MTO) to up its stake in Cairo for Educational services (CAED) to up to 90% from the current 69.4%. CIRA is looking to acquirean additional 20.6% of its subsidiary at an initial share price of EGP30.Weekly Commodities Update 

The government is currently working on preparing the budget for FY 2025-26, all while preparing a comprehensive three-year budget with a financial ceiling that can only be exceeded in exceptional cases, one of the sources said. Government entities will also submit another budget covering FY 2026-27 to FY 2029-30. Ministries will be given cabinet-approved financial ceilings that can't be exceeded.The Public Government Budget is set to rise to somewhere in the vicinity of EGP8 tn in the fiscal year 2025-2026, up from EGP6.6 tn in the current fiscal year, as the government looks to incorporate additional state economic bodies' budgets into the budget, a government source told local press.The budget pencils in growth of around 5-5.5%, reduced public debt, and a primary surplus amounting to approximately 4% of GDP.The government is also working on reducing the amount of funds allocated for fuel subsidies from the current fiscal year's EGP150 bn.The government is planning to further cut down public investments and is set to, instead, rely on self-financing through various entities and limit spending to highly urgent projects or those already nearing completion, the sources said.The Finance Ministry is looking to launch a new public debt policy document by the end of March.Phase two of the new capital's development will be offered to a French investment consortium in March.The Minister of Finance revealed the features of the proposed package of reforms of the customs system through 19 proceduresزCIEB released 4Q24 consolidated bottom line of EGP1,944 million (+4% q/q, +44% y/y ), bringing FY24 bottom line to EGP8,030 million (+55% y/y and perfectly in line with Al Ahly Pharos estimate of EGP8,039 million). CIEB is currently trading at P/E25 of 3.1x (based on bottom line post minority and appropriations) and P/B25 of 0.9x. CIEB's BoD proposed cash dividend distribution of EGP3.82/share, implying a payout ratio of 60% and DY of 20%, pending the CBE and AGM approvals.CCAP reported a consolidated net profit after minority interest of EGP114.5 million in 3Q24 (-94% YoY, -108% QoQ). The company is currently trading at FY25e P/E of 1.4x and EV/EBITDA of 4.8x.Minister of Petroleum appointed Maged Mostafa El Kordy as acting chairman and managing director for AMOC. State-owned El Nasr for Fertilizers & Chemical Industries (Semadco) is gearing up to set up a wind farm and solar power stations with a combined capacity of 500 MW to power its new green ammonia factory in Suez, according to local media.FWRY has acquired a majority stake in Code Zone, a manager of local hospitals and medical institutions, as part of its strategy to invest in complementary startups. The company is also in negotiations with Gulf firms to expand its presence in Saudi Arabia and the UAE. In the first quarter, Fawry plans to launch new investment services focused on the stock market and gold, including various investment funds. Additionally, the company is considering applying for a digital bank license and has introduced Fawry Business, a platform designed to assist local companies with digital transformation, offering payment management, e-receipts, SME loans, and salary management solutions.EFIH and its sister company eHealth will work together to link the Universal Health Insurance System with social protection systems under an MoU they inked with the Social Solidarity Ministry and the Universal Health Insurance Authority (UHIA).ARCC signed a EUR25 million loan agreement with the European Bank for Reconstruction and Development (EBRD) to fund energy efficiency upgrades and expand alternative fuel use. 

Kuwait's Bukhamseen Group is planning to acquire one of Egypt's largest tourism and hospitality investment companies in a USD4.9 billion transaction, Al Mal reports without disclosing the identity of the sought after company.The government is in talks to temporarily use Cyprus' floating storage and regasification unit Etyfa Prometheus, according to industry publication Mees. Suez Canal Authority head Osama Rabie went on a campaign to persuade shipping lines to return to the Canal, telling representatives of 23 leading companies in the field that “the current conditions in the Red Sea region are witnessing many positive indicators towards the start of stability returning to the region,” according to an authority statement.The European Central Bank lowered interest rates by 25 bps to 2.75% at the end of last week as it pivots from fighting inflation to tackling sluggish growth, it said in a statement.RMBV (RMBV Private Equity), based in the Netherlands, plans to invest USD100 million in the Egyptian market in 2025. The Suez Canal Economic Zone achieved a 32% YoY growth in its revenues during 1H FY2024/25, recording about EGP5.6 billion, compared to EGP4.3 billion during the same period of the previous fiscal year, and an increase of 8% over the budget expectations.The CBE plans to issue USD1 billion worth of one-year dollar T-bills during the current week, in line with the maturity of USD1.06 billion worth of T-bills, at yield of 5.1%.The Senate will discuss today proposed legislative amendments to the Capital Market Law, aiming to enhance the investment climate and attract foreign investments. CIRA reported solid 1Q24/25 financial results, where net income came in at EGP178 million in 1Q24/25 with NPM of 18%, compared to net income of EGP107 million in 1Q23/24 with NPM of 12% and net loss of EGP374 million in 4Q23/24. CIRA is currently trading at FY24/25f P/E of 50.2x and EV/EBITDA of 8.5x.HELI received the 766 feddan land plot in Capital Gardens in East Cairo. The value of the land plot amounts to EGP12.1 billion, with HELI having paid the down payment and secured an installment schedule for the remaining amount over eight years.EGTS's court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is postponed to 4 February 2025.El Attal Holding intends to go public in 2025, with the developer planning to list around 28% of its shares on the EGX in 3Q25.An unnamed Emirati company has submitted an offer to acquire a controlling stake in indebted Building Materials Industry Company (BMIC) in exchange for settling its EGP4 billion in outstanding debts, according to local media. State-owned Assiut Oil Refining Company (ASORC) has broken ground on its EGP550 million, 10 MW solar power project, according to an Oil Ministry statement. The FRA approved the capital increase decision of ATLC, increasing authorized capital from EGP1 billion to EGP4 billion and increasing issued and paid-up capital from EGP558.67 million to EGP1 billion; the increase is distributed over 176.53 million shares with a nominal value of EGP 2.5 per share. ETRS and Saudi Arabia launched a new shipping company — Egytrans Arabia —that will serve as a central hub for delivering logistics services and strengthening industry partnerships. The UAE's Burjeel Holdings will establish a bone marrow transplant unit in Egypt under an MoU signed with the Health Ministry. The project will be led by Burjeel Medical City and supported by Burjeel Cancer Institute.Hilton opened the 255-room Hilton Cairo Nile Maadi overlooking the Nile.

The House approved a new simplified tax system for SMEs that proposed that businesses with an annual turnover of up to EGP15 million will pay a simple flat tax that covers income tax, value-added tax, duty tax, and others. The Economic Committee approved a framework agreement with the African Development Bank to phase out LIBOR as a reference interest rate.French shipping line CMA CGM will continue to avoid the Suez Canal and use the Cape of Good Hope passage despite the ceasefire in Gaza. The shipping giant sees the Gaza ceasefire as “a positive but fragile sign for the global shipping and logistics industry.”The Finance Ministry is providing EGP20 billion to EgyptAir Holding Company to help expand the state-owned airline's fleet and reduce its debts.Foreign investments in treasury bills worth about USD24 billion are maturing next March, according to media reports. These investments entered the market at the same time last year following the unification of the EGP rate, which raised foreign investments in Egyptian debt instruments to about USD33 billion by the end of March 2024.The Egyptian Stock Exchange is expected to receive new investments from private insurance funds - under the amendments made by the FRA. According to estimates by an official at the Authority, these investments will not be less than EGP6 - 7.5 billion and may reach between EGP18 - 22.5 billion at their maximum if they invest the ceiling of the 15% limit allowed in the rules.AMOC release 2Q24/25 financial indicators. Net profit dropped 27% YoY (-61% QoQ) to EGP180 million. During 1H24/25, net profit declined 3% YoY to EGP642 million. AMOC is currently trading at a FY24/25e PE of 4.6x and EV/EBITDA of 2.3x.The consortium of an engineering and construction company of SWDY was awarded a 500-650 MW combined cycle power plant project of a subsidiary of the Hungarian Electricity Co. (MVM). BP and the Metallurgical Industries Holding inked a five-year agreement to restart production in the Egyptian Anode Blocks Company after a two-year production hiatus. Sustainable Capital Africa has sold its entire 9.67% stake in CIRA for a total of EGP873.3 million. The transaction was executed at an average price of EGP15.5/share.Weekly Commodities Update

Prime Minister Madbouly announced the formation of six advisory committees that will ensure continued and deepened communication between policymakers and the private sector as the state pushes its reform drive into the new year. French energy company TotalEnergies and Italian energy giant Eni and the Madbouly government will next month ink agreements to transport Cypriot gas to Egypt to be liquefied and exported. AD Ports inked an MoU with the Transport Ministry to explore joint development and operations of a 1.1 sq km integrated logistics park in Alexandria Port.Egypt plans to host a US economic forum in May, Foreign Minister said. A French trade mission will visit Egypt in May to explore potential investments in the local market.Manufacturing, tourism, and CIT sectors were among the biggest contributors in GDP growth in 1Q 2024-2025, which recorded about 3.5%, up from 2.4% in 4Q FY 2023-2024. MPs are reconvening today after a two-week break to discuss and vote on three draft tax-related laws.The Ministry of Finance is looking into swapping debt for assets and investments with several international parties and institutions, in both clean energy and human development.Foreign investments, including Arabs, through the secondary market exceeded a net purchase of about USD2.57 billion in 20 business days from December 29 to January 23.The Financial Regulatory Authority (FRA) has amended the rules governing private insurance funds and the caps on their investments in a move aimed at helping them diversify their investment portfolios. The decision allows private insurance funds that operate defined benefit pension plans to invest up to 10% of their total assets in metal-related funds or instruments traded on the EGX.SKPC released 4Q24 financial indicators. Net profit increased by 1% YoY (-2% QoQ) to EGP650 million during 4Q24. Full year net profit increased by 3% YoY to EGP2.5 billion in 2024. SKPC is currently trading at a 2025e PE of 6.3x and EV/EBITDA of 5.8x.The FRA Grievance Committee reviewed the complaint from Ahmed Ezz, the main shareholder in ESRS, regarding the exclusion of his shares and the shares of related parties from voting on the general assembly's decisions related to the delisting of the stock from EGX. The committee accepted the grievance for review but ultimately rejected it on substantive grounds. Egyptian contractors, including ORAS, SWDY's Rowad, and Hassan Allam, are close to wrapping up one of Libya's mega infrastructure projects, with investments of USD1 billion, according to local media. 

Egypt plans to issue USD1-1.5 billion worth of eurobonds or green bonds in international markets as soon as next month, followed by an issuance of sovereign sukuk, to take advantage of rising investor interest in Egyptian debt, a senior government official said.The African Development Bank (AfDB) has approved a USD170 million loan to Egypt to foster private sector development and green growth, the lender said in a statement. The funds will help support the FY2024-25 budget with the aim of boosting private investment and creating jobs, namely to women and the youth.The Financial Regulatory Authority has increased the minimum value of unlisted securities ownership transfers requiring approval to EGP60 million, up from EGP20 million currently, according to an authority statement. Transactions below this threshold will follow standard announcement procedures.SUGR released FY24 financial indicators, reporting 4Q24 net profit of EGP286 million (+52.9% YoY, +795.6% QoQ) with NPM of 12% (-0.8pps YoY, +9.3pps QoQ). This brought FY24 net profit to EGP1,258 million (-20.9% YoY) with NPM of 26.7% (+4.1pps YoY). SUGR is currently trading at 2025f P/E of 5.1x and EV/EBITDA of 5.9x.According to local media, HELI's co-development projects with MASR and Middle East for Real Estate Development and Investment are expected to be launched in 2025. Real estate investment firm, Bonyan, has secured EGX approval to list its shares on the EGX under the ticker BONY.CA. The company is planning to list on the EGX in 1H25.Shell will start drilling three new gas wells in the West Delta region within days. The new wells, which will see USD230 million in investments, will add 150 million cubic feet of gas per day to Shell's local natural gas production by year-end.Suez Methanol Derivatives Company plans to start operations of the methanol derivatives project inside Damietta port during 2H25. The project's investment cost could reach USD122 million.OFH, Orascom Financial Holding, changed its name to O B Financial Holding after B investments acquired 70% of the company through a share swap. OFH approved canceling treasury shares, thereby decreasing paid in capital to EGP1.464 billion.Local e-payments firm and payment cards manufacturer Masria Digital Payments launched operations in Libya after migrating card processing for North African Bank, which hosts 61 branches in Libya, to its platform. The company is also exploring opportunities to support additional financial institutions in Libya as part of its strategy to grow its regional footprint.

Wall St closed mixed to start the new trading as investors shift out of tech stocks and into the industrials sector of the market. The Dow Jones rose 0.86%, the S&P500 gained 0.16% and the tech-heavy Nasdaq ended the day down 0.38%. Rising bond yields also pressured equities at the start of the week as investors shift to the relatively safer returns of bonds over equities when bond yields rise.In Europe overnight, markets in the region closed lower amid rising bond yields and a soaring USD. The STOXX 600 fell 0.55% on Monday, Germany's DAX lost 0.41%, the French CAC fell 0.3% and, in the UK, the FTSE100 ended the day down 0.3%.Across the Asia region on Monday, markets closed lower taking lead from Wall St on Friday and on the back of key economic data being released out of China. China's imports rose 1% in December, which significantly topped economists' expectations of a 1.5% decline while exports jumped 10.7% YoY which was also above the 7.3% rise markets were expecting. China's CSI index fell 0.3% on Monday, Hong Kong's Hang Seng lost 0.73% and South Korea's Kospi Index ended the day down 1.04%.The local market started the new trading week lower, ending the day down 1.2% as negative sentiment on the rate front in the US filtered into our local market on Monday. A stronger-than-expected jobs report out in the US on Friday dampened hopes of rate cuts out of the Fed anytime soon, which sparked the broad sell-off in Australia yesterday.Department store giant Myer tumbled over 23% yesterday after the retailer released an ‘in-line' trading update with flat growth amid challenging trading conditions during the high interest rate environment. The update dragged down shares in Premier Investments too by 16% as Premier is the largest shareholder in Myer.Meanwhile Insignia Financial rallied 2.43% after Bain Capital moved to match its takeover bid to that of CC Capital's $4.30/share as the race to take over one of Australia's leading wealth providers heats up.And Novonix tumbled almost 10% on Monday after the US Department of Energy didn't permit the battery materials producer access to specific tax credits to make it eligible for an additional loan to fund its Tennessee facility.What to watch today:Ahead of Tuesday's session on the ASX the SPI futures are anticipating the local market will open the day up 0.45%.On the commodities front this morning oil is trading 3% higher at US$78.89/barrel, gold is down almost 1% at US$2660/ounce and iron ore is flat at US$98.09/tonne.The Aussie dollar has slightly strengthened overnight against the greenback to buy US$0.61, 96.90 Japanese Yen, 50.64 British Pence and NZ$1.11.Trading Ideas:Bell Potter has increased the 12-month price target on Lynas Rare Earths (ASX:LYC) from $7.50 to $7.70 and maintain a hold rating on the rare earths producer ahead of the release of the company's 2QFY25 report on 17th January. The analyst is looking for commentary on ramp up and production guidance across the business given weaker than anticipated Rare Earth prices but increases the price target due to their blended forward EV/EBITDA picking up a greater portion of FY26.And Trading Central has identified a bullish signal on Ramelius Resources (ASX:RMS) following the formation of a pattern over a period of 22-days which is roughly the same amount of time the share price may rise from the close of $2.18 to the range of $2.46 to $2.52 according to standard principles of technical analysis.

The CBE's MPC is scheduled to meet on Thursday, 26 December. We expect the CBE to prefer to hold rates unchanged in its upcoming meeting.  Even though the annual inflation reading dipped below 26% in November, some price hikes such as the recent telecom hikes are still passing through inflation readings. Besides, the recent gradual increase in USD rate – breaching the EGP50 border – accompanied by unfavorable geopolitics add another reason for the CBE to show some patience before easing, which looks more probable in 1Q2025.Foreign and Arab investors are looking to shift EGP bns from short-term t-bills into Egypt's three-year t-bonds, capitalizing on a sharp rise in yields.The Mostakbal Misr Agency for Sustainable Development, the new agency in charge of importing commodities, is currently holding talks with major Russian wheat exporters. A move that could help reduce the transaction costs of paying for grains.The European Investment Bank issued EGP1 billion bonds in 3 tranches. The National Printing Company (NAPR) will make its EGX debut in 2H 2025.Egyptians living abroad can now purchase up to two premium housing units using FX through a new government initiative.The Industry Ministry is currently studying plans to establish a ready-built industrial complex of 450 factories in South Port Said Industrial Zone's extension.Egypt plans to sign separate agreements with Bahrain and the UAE in 1Q 2025 to reduce customs clearance times to a few hours.We upgraded our FV for ALCN to EGP32.50/share, with an Overweight recommendation to factor in the latest market developments. The updated FV reflects:Weak local currency which positively impacts the company's USD-denominated revenues.New contracts signed by the company that will enable ALCN will be able to increase the volumes of containers handled from 800 to 1,000 TEUs per month.Stable gross profitability on the back of USD-denominated revenues and EGP-denominated COGS. We expect ALCN's revenue to grow by a 5yr CAGR of 21% throughout our forecast period to reach EGP19.5 billion in FY28/29.We expect net profit to grow by a 5yr CAGR of 20% throughout our forecast period to reach EGP14.6 billion in FY28/29.We expect ALCN to continue being a dividend play with a payout ratio maintained at 85% throughout our forecast horizon.ALCN is currently trading at FY24/25f P/E of 9.3x and EV/EBITDA of 8.3x.CCAP announced that, as of December 20, 2024, its subsidiary, ERC has successfully finalized its Senior and Subordinated debt Restructuring. Following the completion of this restructuring the net senior debt now stands at USD363 million, down from an initial amount of USD2.35 billion, which is expected to be fully repaid by December 2025. The subordinated debt currently stands at USD751 million, with an expected repayment completion by 2030. This progress in debt reduction positions ERC to begin distributing dividends to shareholders, with the first anticipated dividend payout expected in 2026.COMI has announced that there would be a 2% fee when topping up the e-wallet with money from CIB cards.  The Health Ministry launched the National One Health Plan (2024-27) and a health climate adaptation framework (2024-30), targeting shared health risks from zoonotic diseases, food and water safety, and climate-related challenges.Weekly Commodities Update

Derivates will begin trading on the EGX in 2Q 2025, Financial Regulatory Authority Deputy Chairman Islam Azzam said. Azzam highlighted futures contracts for indices as being among the incoming additions.The FRA is also considering offering financial leasing loans for industrial lands from the Industrial Development Authority (IDA) for the first time, Financial Regulatory Authority Deputy Chairman Islam added.The government committee tasked with reforming state economic authorities has completed studies on 40 of the 59 authorities, according to a cabinet statement.Egypt has reportedly chartered a third floating storage regasification unit to process LNG imports to dock at Ain Sokhna by June 2025, according to an unnamed government official.Egypt's imports from Israeli gas increased by c.8% during the first week of this December, reaching 970 million cubic feet per day, compared to an average of 900 million cubic feet per day in the last two weeks of November.The Finance Ministry is mulling letting industrial projects pay customs taxes in installments in a bid to increase liquidity in the sector and support its growth, unnamed government sources said.The government is set to finalize its charter outlining strategies and recommendations for supporting startups in 2025 as part of the government's new Entrepreneurship Ministerial Committee, Planning and International Development Minister Rania Al Mashat said.Delta Insurance, 63.39% owned by EKHO received two bids for acquiring not less than 75% and up to 100% of the company's shares at an indicative price of EGP50/share. This indicative price translates into USD0.06/share of EKHO's outstanding shares, using an exchange rate of EGP50/share. We remind you that in our latest update published on 28 November 2024, we valued EKHO's stake in Delta Insurance at USD0.06/share of EKHO. Our FV for EKHO using SoTP valuation method was USD1.19/share.EGCH released 1Q24/25 unaudited financial indicators posting net profits worth EGP28 million during 1Q24/25, an 89% YoY decline (-98% QoQ) as compared to a net profit of EGP350 million in 1Q23/24 and EGP2.4 billion in 4Q23/24 which included EGP2 billion in real estate revaluation gains. EGCH is currently trading at a 2024/2025e PE of 26.6x and EV/EBITDA of 9.2x.United Bank's shares will debut on the EGX today under the ticker UBEE.CA, at a price of EGP 13.85 per share. The stock will trade with expanded price limits of ±40% on its first day, with no temporary suspensions, and a 30-day stabilization period beginning today until 8 January 2025, during which shares from the public offering can be sold back at the IPO price.ATLC is officially licensed for mortgage financing from the FRA. BTFH signs a joint venture agreement with an Italian company, CRIF to support the launch of a new entity that will offer a set of credit ratings services primarily in the Egyptian market, potentially expanding to MENA region. ESRS confirmed, in a release to LSE, that the company is not tendering for the GDRs in the planned buyback and, if a holder of GDRs wishes to tender the underlying shares, the holder must first surrender the GDRs and receive delivery of the underlying shares.Abu Dhabi-based Electra Investment Holding has acquired some 8.3 million additional shares of SWDY, some 0.39% of the company, for EGP88.15/share, bringing Electra's stake in SWDY to 20.37%. Naguib Sawiris plans to list his real estate development company, Ora Developers, on a stock exchange within three years.RACC will buy back up to 7.1% of its shares between 9 December and 9 January. The company has already purchased some 5.9 mn treasury shares, equals to 2.9% of the total shares, between March and April of this year.

Egypt is in talks with the International Monetary Fund to extend timelines for key reforms under its economic reform program, a senior government official said. The official expects Egypt to be placed on the IMF Executive Board's agenda before the Christmas holidays for the amendments to be given the final greenlight.The average yield on three-month EGP-denominated t-bills rose to 31.419% in Sunday's auction by the Central Bank of Egypt, up 0.219 percentage points since the same bills last went to auction. Net foreign reserves remained flat at USD47.0 billion at the end of November 2024.Chinese luggage manufacturer Hangzhou Henneway Travel Goods kicked off construction on its USD50 million factory in the Suez Canal Economic Zone's (SCZone) Qantara West Industrial Zone.CBE data revealed that Egypt paid USD1.3 billion in repo agreements (repurchase international bonds) worth USD1.3 billion last month.The trade deficit recorded USD31.275 billion during the first 10 months of 2024, an increase of 1% compared to a deficit of USD31.025 billion in the same period last year.United Bank's shares will debut on the EGX tomorrow under the ticker UBEE, following the close of its heavily oversubscribed retail and private offerings that put the company's share price at EGP13.85.ESRS Board of Directors agreed to begin procedures for delisting its shares from the EGX, pending the general assembly's approval. Saudi cable manufacturer Al Mousa Cables is set to establish its first EUR50 million cable production factory in Egypt, according to local media. We updated our FV for EAST to EGP48.11/share, maintaining our Overweight recommendation. EAST is currently trading at FY24/25 P/E of 6.3x and EV/EBITDA of 5.5x.CLHO reported positive 3Q24 results with 3Q24 attributable net profit amounted to EGP207 million, up 45% QoQ and 73% YoY, yielding a NPM of 14.2%. On a YTD basis, 9M24 attributable net profit came in at EGP532 million (+71% YoY) yielding a NPM of 13.9% (+1.61pps YoY). CLHO is currently trading at FY25 multiples of P/E 14.2x and EV/EBITDA of 7.0x.According to AMIC, auto sales increased by 7.3% YoY and 1.1% MoM in October to record 9.6kvehicles up from 9.0k vehicles during October 2023 and 9.5k vehicles in September 2024. Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 71.1 | -2.5% | Diesel-HSFO Spread, USD/ton | 229.3 | -3.8% | Egypt Urea, USD/ton | 364.0 | 2.8% | Polyethylene, USD/ton | 950.0 | 0.0% | Polypropylene, USD/ton | 960.0 | 0.0% | Iron Ore 65%, USD/ton | 123.6 | -0.2% | Steel/Iron Ore Spreads, USD/ton | 377.1 | -1.0% | LME Aluminum Cash Price, USD/ton | 2,569.8 | -0.3% | LME Copper Cash Price, USD/ton | 9,011.9 | 1.4% | Egyptian Retail Cement, EGP/ton | 2,847.0 | 0.0% | Steam Coal FOB Newcastle Australia, USD/ton | 133.3 | -5.8% | SMP, USD/MT | 2,848.0 | -1.2%

Prime Minister said that there is a plan to offer three to four companies affiliated with the military on the EGX. We should know more next week with the release of the government's privatization plan for the coming period.Prime Minister said that foreign companies, both new to the market and veterans, are getting ready to launch projects, including in the automotive and renewable energy industries.Scatec's Obelisk Solar was granted a golden license for a USD600 million solar project over a 16.3 sq km area in Nagaa Hammadi. Scooter manufacturer Piaggio is mulling reopening its factory in Egypt.Home appliances manufacturer Ariston is thinking about expanding its presence in the Egyptian market. Railway company HitachiRail, which recently acquired Thales' ground transportation unit, is looking to expand its footprint in Egypt.Luxury yacht manufacturer Navigo highlighted its interest in investing in Egypt's yacht industry.Industrial vehicles manufacturer Iveco is conducting a feasibility study to launch a new factory in Egypt for truck manufacturing.Railway and urban mobility company Salcef Group discussed establishing a new company in collaboration with Egyptian Railways for Track Renewal and Maintenance Company.The Prime Minister stated that there are five global alliances competing to plan the area surrounding the Pyramids, the Grand Egyptian Museum, and the Sphinx Airport.Italian state-owned Italian State Railways discussed submitting an offer to manage and operate Egypt's high-speed electric rail network.China's New Hope Group is exploring a USD100 million investment to establish a feed production complex in an industrial zone.FutureFert is set to launch the first phase of its USD40 million fertilizer plant after receiving a golden license for the project. Yemen's Al Kbous Tea plans to invest around USD30 million in Egypt over the next two years to boost production capacity and upgrade machinery.The New Urban Communities Authority is mulling a EGP150 billion sukuk program in 2025, which would help fund the development of land plots in new cities.United Bank's shares are expected to debut on the EGX next week, with sources telling media that shares could start trading on Tuesday. HRHO announced the completion of its advisory services for the IPO of United International Holing (UICH) in Tadawul Saudi Arabia with a market cap of USD264 million. ATLC general assembly approved the distribution of cash dividends of EGP0.599/share forFY23, implying a dividend yield of 13.1%.EFIH's cash dividends of EGP0.197/share record date is on 24 December 2024 and distribution date is on 29 December 2024.MBSC reported solid financial performance in 3Q24. Net profit came in at EGP165.4 million (+7.3% YoY, -8.1% QoQ). 9M24 net profit recorded EGP387.0 million, up from EGP243.7 million in 9M23. MBSC is trading at FY25 P/E of 10.3x and EV/EBITDA of 7.7x.ARCC is to distribute cash dividends of EGP1.585/share for FY23, implying a payout ratio of 87% and a dividend yield of 11%.CCAP's waste management company Ecaru will close and rehabilitate the Qalabshu landfill in Dakahlia as part of the Kitchener Drain Project, under a EUR10 million agreement inked with the Local Development Ministr

Hassan Allam Holding and ADP France have submitted a joint proposal to manage and operate Egyptian airports.UAE-based EV infrastructure company Zero Carbon is currently undertaking feasibility studies ahead of a launch in the Egyptian market.Egypt is planning to carry on importing liquefied natural gas until the country closes the gap between domestic production and consumption in either 2029 or 2030.MPs are expected to give their final approval to a government-drafted cash-based subsidies bill aimed at supporting citizens living under the poverty line.MPs are also set to decide on five draft agreements authorizing the Oil Ministry to partner with foreign companies for oil and gas exploration.International financial institutions invested nearly USD890 million in Egypt's private sector during November, with climate finance, SMEs, sustainable tourism, and renewable energy projects.The General Authority for Investment and Freezones (GAFI) is working with the World Bank and relevant ministries to develop a national strategy for foreign direct investment from 2025-30, with the complete strategy to be announced in “the coming months”.The Central Bank sold EGP60.4 billion worth of three-month t-bills with an average yield of 31.20%, up 0.28 percentage points from its last auction and surpassing the EGP40 billion target. UAE company Green Coast aims to pump investments worth USD50 million into the Egyptian market over the next three years. Finance Minister said that EGP10 billion due to pharmaceutical companies will be provided before the end of this year. The Central Bank of Egypt will issue today one-year treasury bills denominated in foreign currency, worth USD900 million. Egypt is looking forward to increasing the volume of German investments by 20% during the next year, to reach the range of USD3.6 billion.We raised our FV for EFIC from EGP89.00/share to EGP165.91/share and maintain our Overweight recommendation of the stock. EFIC is currently trading at a 2025f PE of 4.7x and EV/EBITDA of 4.0x.Egypt Gas announced signing the shareholder agreement to establish a company for producing polyethylene pipes with a total capital of EGP340 million. The Swiss company, George Fisher, will hold 74% of the new company, Egypt Gas will hold 25%, and the Emirati Corys company will hold the remaining 1%.HELI (FV: EGP18.84, OW) shareholders voted to postpone the capital increase.MASR (FV: EGP8.11, OW) signed an MoU with CCAP subsidiary, ASEC Automation, to construct the second phase of infrastructure and road networks in Sarai, with investments exceeding EGP580.0 million.CIRA reported 4Q24 financial results. Bottom line recorded loss of EGP374 million in 4Q23/24. This brought FY23/24 net profit to EGP35.6 million, a decline of 71% YoY. CIRA is currently trading at FY24/25f P/E of 25.2x and EV/EBITDA of 7.6x.DSCW reported 3Q24 results, showing net profit of EGP319 million (+105.1% YoY, -12.9% QoQ). This brought 9M24 net profit to EGP803 million, a growth of 1.9x YoY. DSCW is currently trading at 2025f P/E of 3.2x and EV/EBITDA of 3.6x.OFH reported 3Q24 net loss of EGP1.5 million compared to net profit of EGP26.4 million in 2Q24 and net loss of EGP0.9 million in 3Q23, leading to a 9M24 net income of EGP2.4 million (-96% y/y).Banque du Caire recorded a net profit during 9M24 of EGP8.6 billion (+90.2% y/y). The National Bank of Egypt recorded a net profit of EGP70.6 billion during 1H24 (+185% y/y). Weekly Commodities Update

German companies are mulling several investments in Egypt, including:A EUR 1 billion direct reduced iron factory.A EUR 30 million flame-resistant material factory.A EUR 5 million first phase of a bicycle parts factory. Auto parts factory in Egypt.China Glass Holding subsidiary CNG Egypt New Energy Glass kicked off construction work on a USD300 million glass factory.The ro-ro shipping line connecting Damietta Port with Italy's Port kicked off operations on Thursday with its first shipment setting sail. Net foreign assets in the Egyptian banking system fell to USD9.2 billion by the end of October, down from USD10.31 billion in September.The Cabinet approved the creation of a desert land development chamber under the Federation of Egyptian Industries. MPs are set to discuss and vote on a draft cash-based subsidies bill today that aims to give cash-based subsidies to citizens under the poverty line without access to social insurance.The CBE sold EGP47.0 billion worth of the bills, surpassing its EGP35.0 billion target, at 30.86%, 0.27% higher than their last auction. Minister of Finance announced that Egypt is set to issue a sovereign sukuk denominated local currency. The issuance is scheduled for the first quarter of 2025.Prime Minister said that the government will not repeat previous mistaken policies of keeping the exchange rate static on the assumption that a fixed rate demonstrates stability. The Supreme Council for Investment is preparing to issue new decisions aimed at empowering the private sector in strategic projects that the government seeks to expand during the coming period. Egypt has reopened fish exports to the EU after a three-year freeze.We maintain our overweight recommendation of EKHO at a downgraded FV of USD1.19/share. Despite the outstanding risks represented in further currency depreciation and downward pressure on global prices or lag in local repricing, EKHO is exerting efforts to withstand such risks. EKHO is currently trading at a FY25f PE of 5.0x and EV/EBITDA of 3.7x.EFIC released 3Q24 consolidated financial results. Net income grew 569% YoY (+49% QoQ) to EGP535 million, bringing 9M24 net income to EGP1.3 billion (+157% YoY). EFIC is currently trading at a 2025f PE of 7.3x and EV/EBITDA of 4.7x.CANA has exited from investments in four entities worth EGP142 million.The total value of the bank's investment portfolio in September 2024 amounted to about EGP2.8 billion, compared to about EGP1.9 billion at the end of 2023.HRHO's commercial bank Bank NXT partnered with global payment solutions firm Mindgate Solutions to launch a new digital platform for corporate clients.CICH and Compass received FRA approval to launch the C3 Capital Fund targeting EGP3 billion. HRHO has finished its role in advising Maarif Education on its takeover of Ibn Khaldoun Education. MNOs are set to launch eSIM cards before the end of 2024. 

Imported mobile phones could be subject to customs and tax fees totaling 37.5%, as part of incoming government regulations to support the country's mobile phone manufacturing localization efforts.Prime Minister is gearing up to announce “positive news” regarding the airport privatization plan developed with the International Finance Corporation (IFC).Infinity Power, UAE's Masdar, and Hassan Allam Utilities will soon launch a tender for a contractor to carry out their combined 1.2 GW solar projects planned for the Dahkla Oasis and Benban plant in Upper Egypt.The Ministry of Petroleum intends to launch an international bid for gold exploration in areas in the Eastern Desert.The CBE balances at the International Monetary Fund rose to EGP31.172 billion at the end of October, compared to EGP18.243 billion at the end of September 2024.The Egyptian government expects the World Bank to respond in 1Q25 to its request for new financing worth USD250 million in order to implement the state ownership policy.Jade Textile Company, a subsidiary of the Turkish Yeshim Group in Egypt, is implementing investment expansions in its factories in Cairo, Ismailia, and Alexandria, with a total investment of USD180 million.ORAS reported a steady set of results for 3Q24. Net income attributable to shareholders came in at USD21.6 million (+34% YoY, +12% QoQ) in 3Q24. This brought 9M24 bottom line to USD87.0 million, down 24% YoY. ORAS is currently trading at FY25e PE of 5.3x and EV/EBITDA of 1.2x.United Bank private placement on the EGX will wrap up later today. The offering is reportedly already 3x oversubscribed with still one day left of the placement to go. Retail subscription is starting on Wednesday until 3 December.The IFC inked an agreement with COMI that will see it grant the bank some USD150 million in soft financing aimed at supporting COMI's efforts to promote micro and small and medium-sized enterprises.BTFH's platform NEBIT aims to penetrate non-traditional fertilizer activities and agricultural supplements. Catalyst Partners Middle East (CPME) made its EGX debut yesterday. The SPAC listed 1 million shares with a nominal value of EGP10/share. JUFO BoD has initially approved the merge of Elmasreya for Dairy Products Company, Eldawleya Modern Food Industries Company, Egyptian Food Industries Company - EGYFOOD, and Al Marwa Food Industries Company into JUFO based on the book value of these companies according to FY23 financials.Egypt's chemicals and fertilizers exports increased by 5% YoY to USD6.5 billion in 9M24. Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 75.2 | 5.80% | Diesel-HSFO Spread, USD/ton | 260 | 9.20% | Egypt Urea, USD/ton | 354 | 0.00% | Polyethylene, USD/ton | 975 | -0.50% | Polypropylene, USD/ton | 960 | -0.50% | Iron Ore 65%, USD/ton | 121 | 2.70% | Steel/Iron Ore Spreads, USD/ton | 389 | -4.00% | LME Copper Cash Price, USD/ton | 8,848 | -0.40% | LME Aluminum Cash Price, USD/ton | 2,597 | -1.20% | Egyptia Retail Cement, EGP/ton | 2,849 | 0.00% | Steam Coal FOB Newcastle Australia, USD/ton | 141 | -0.40% | SMP, USD/MT | 2,882 | 1.10% | Last price may vary week over week in some indices due to time difference

 Hassan Allam Holding inked a memorandum of understanding with Abu Dhabi wealth fund ADQ portfolio company and Ras El Hekma project master developer Modon Holding, in an agreement to cooperate on projects in the “infrastructure, energy, and water and wastewater treatment, and special building” sectors, the companies said in a joint statement. The CBE payment platform Instapay will start accepting Egypt-bound remittances from Gulf nations before within two months, the bank's deputy assistant governor for payment systems and services said. For the time being, transfers will be received in EGP, but opening this up to AED and SAR is being studied. The Oil Ministry is in talks with suppliers to postpone LNG shipments from 4Q 2024 to 1Q 2025, a government source said. The shipments are part of the 20 cargoes of LNG that the government bought for USD 907 mn to cover domestic needs between October and December.The Readymade Garments Export Council is negotiating with foreign companies from China, Turkey, and Vietnam to establish factories in Egypt, some of which are based on the localization of imported industries. We raise our FV of SWDY to EGP75.00/share, up from the previous EGP45.69/share, yet we maintain our Equalweight recommendation given the recent price rally in the stock price. SWDY is trading at FY25e P/E of 10.2x and EV/EBITDA of 5.0x. DOMT reported 3Q24 results, showing a net profit of EGP166.9 million (+63.5% YoY, 90.2% QoQ), with NPM of 6.6% (+1.5pps, +2.3pps QoQ). DOMT is currently trading at 2025f P/E of 13.3x and EV/EBITDA of 7.7xNTRA has given its preliminary approval to MNOs to increase prices of telecom services (phone calls and internet services) in Egypt.Following HELI's Board approval in August to start procedures to acquire a 770 feddan land plot in Capital Gardens, HELI disclosed that the land plot area is 766 feddans worth EGP12.6 billion, 10% of which has been paid and the rest of which will be paid over six years.Al Ahly Sabbour is looking to list around 20-25% of its shares on the EGX.The indicative price range for the United Bank IPO, set between EGP 12.70 and EGP 15.60 per share, suggests significant upside potential within the sector, valuing the bank between EGP 13.97 billion and EGP 17.16 billion. This pricing translates to a projected 2025 P/B of 0.8x to 1.0x and a P/E of 4.7x to 5.8x. In contrast, the sector averages for 2025 stand at 0.8x P/B and 2.9x P/E, highlighting a notable discrepancy. HRHO announced that its private equity arm has launched a USD 300 million Saudi Education Fund (“SEF”) with the target of building an institutional world-class K-12 operator in the Kingdom of Saudi Arabia. BTFH is continuing to reap the benefits of its growth strategy during 9M24, with consolidated operating revenues increasing at 404% y/y to record EGP4.8 billion, while net profit exceeded EGP1.13 billion, up from 86 million pounds during the same period of the previous year. CNFN launches a new project in Zayed City with investments amounting to EGP1.5 billion.State-owned El Nasr Automotive and the privately held Al Safy Group have set up a joint venture, dubbed SN Automotive, to assemble global car brands locally to sell in Egypt and export to other North African nations. Egypt's car imports witnessed a significant decline of more than 28% in August 2024, amounting to USD156.09 million, compared to approximately USD217.09 million during the same month last year.

Cabinet spokesperson named banking, airports, pharma, plastics, glass, and petrochemicals as among the sectors where we will see stakes in state-owned entities offered up by the end of June. In addition, there are another 15 stake offerings in the pipeline after the current fiscal year. The Private Sector Partnership Unit in the Ministry of Finance intends to launch six projects through PPP, during 1Q25.The government decided to transfer a number of renewable energy projects that will produce green hydrogen from areas in the east and west of the Nile to three new sites near the Suez Canal Economic Zone, for cost-related reasons.The British company United Oil and Gas announced the completion of the legal procedures related to its exit from the 22% stake in Abu Sinan concession in Egypt.The Ministry of Communications aims to reach USD9 billion in outsourcing industry exports by the end of 2026, up from USD3.7 billion currently.The Tax Authority has canceled the imposition of VAT on services provided by commercial agents and legal representatives of foreign companies and branches of foreign companies operating in Egypt, such as marketing and promotion.MPs are back in the House again today to resume discussions over draft laws that pertain to refugees, the newly amended Criminal Procedures Law, and urban development plans.TMGH (FV: EGP75.00, OW) achieved strong 3Q24 results. Net profit in 3Q24 increased 118.9% y/y and 64.1% q/q to EGP2.5 billion, taking 9M24 net profit up 136.5% y/y to EGP6.3 billion. PHDC (FV: EGP8.78, OW) achieved stellar 3Q24 results. Net profit in 3Q24 reached EGP648.9 million, up 47.0% y/y and down 7.5% q/q, taking 9M24 net profit up 124.2% y/y to EGP2.4 billion.EMFD's net profit in 3Q24 increased 80.0% y/y and 41.0% q/q to EGP2.7 billion, bringing 9M24 net profit up 107.4% y/y to EGP10.3 billion.EMFD's Board approved the IFA report valuing EMFD at EGP10.71/share and Albro North Coast for Developments at EGP14.55/share, with an equity swap ratio of 1.359 shares in the increased capital of EMFD for each share in the capital of Albro North Coast for Developments. This will result in a total issuance of 917.6 million shares in the increased capital of EMFD in exchange for acquiring 675.0 million shares in the capital of Albro North Coast for Developments.We upgraded our FV for JUFO to EGP52.53/share, reiterating our Overweight recommendation. JUFO is currently trading at 2025f P/E of 8.9x and EV/EBITDA of 5.7x.ORWE reported 3Q24 financial results. Net profit of EGP701 million (+8.0% YoY, -23.4% QoQ). This brought 9M24 bottom line to EGP2,173 million (+57.2% YoY). ORWE is currently trading at 2025f P/E of 5.8x and EV/EBITDA of 5.3x.EKHO released 3Q24 consolidated financial results. Net profit dropped 5% YoY (+24% QoQ) to USD34 million. In 9M24, net profit declined 9% YoY to USD124 million EKHO is currently trading on 2025f PE of 7.2x and EV/EBITDA of 3.9x. CNFN's 3Q24 consolidated bottom line expanded to EGP235 million (+24% y/y, +79% q/q). 9M24 net profit recorded EGP410 million (-6%y/y). ValU raised EGP667.3 million in a securitized bond issuance.MNT Halan is considering listing on the EGX in 12-24 months.ARCC's Board proposed a cash dividend distribution of EGP1.585/share for FY23, pending general assembly approval. This implies a payout ratio of 86% and a dividend yield of 11%.RAYA recorded net profit of EGP1.3 billion in 9M24 (+160% YoY). RAYA has tapped Attijariwafa Bank as its financial advisor and Baker McKenzie as its legal counsel for the transaction that will see Africa-focused and London-based PE outfit Helios Investment Partners acquire 49% of subsidiary Raya Foods.Weekly Commodities Update

 A member of the IMF mission in Cairo said to local media that the mission did not discuss with the Egyptian government an extension of economic reforms schedule, during the fourth review. Adding that the mission did not decide anything regarding postponing some reforms.Remittances from Egyptians working abroad increased 65.6% y-o-y in August to hit USD 2.6 bn.Egypt reduced its imports of liquefied gas through the gasification complex at the port of Ain Sokhna, by about one third to 500 million cubic feet per day.The country's sole agent for China's Jinbei, Jinbei Royal Egypt, has landed an agreement to assemble their models in Egypt starting early 2025, Chairman Khaled Saad said. Prime Minister Moustafa Madbouly chaired the second meeting of the Entrepreneurship Ministerial Committee, to discuss ways to boost the startup landscape in the country. The CBE has accepted bids worth USD1.6 bn in USD-denominated, one-year t-bills, with an average yield of 4.5%. The World Bank decided to disburse a new tranche to the Social Housing and Mortgage Finance Fund amounting to USD170 million, as part of a total financing amounting to USD1 bn, the Ministry of Housing reported. The American “Apache” Petroleum Company spent USD388 million on exploration in Egypt during the first 9 months of this year, expanding its operations after signing an agreement to stimulate production, but still less than the USD405 million spent during the same period last year.We raised our ORHD FV from EGP26.26/share to EGP34.74/share mainly as a result of inputting the USD225/sqm land price at which ORHD had sold the 145k sqm land plot in El Gouna in 2Q24.We maintain our Overweight recommendation of ORHD based on our FV of EGP34.74/share and reiterate ORHD as one of our top picks. ORHD sold a 110k sqm land plot in El Gouna to Hassan Allam Properties for USD37.4 million, implying a land price of USD340/sqm. MASR achieved a net profit in 3Q24 increased 39.8% y/y and 285.4% q/q to EGP1.1 billion. We raised our MASR FV from EGP5.24/share to EGP8.11/share and maintain our Overweight recommendation for the stock. EFIH Net attributable profit recorded EGP631 million (+47% YoY, +110% QoQ), implying a NPM of 54.4% (+12.7pps YoY, +27.9pps QoQ) in 3Q24. During 9M24, net attributable profit stood at EGP1.39 billion (+21.5% YoY), implying a NPM 40.5%. EFIH is currently trading at 2025f P/E of 23.2x and EV/EBITDA of 17.6x.ETEL and Vodafone Egypt have signed several landmark service agreements for infrastructure services. These agreements aim to develop Vodafone Egypt's networks and support its preparations for the rollout of 5G services. The combined total value of these commercial agreements amounts to around EGP30 billion, to be disbursed over the duration of the agreements, which have varying maturities up to 2034.Qatar Energy has inked an agreement with US oil and gas giant Chevron to acquire a 23% operational stake in the Mediterranean's North El Dabaa Block, according to a company statement. Germany's 2G Energy is in talks with five Egyptian companies to set up green hydrogen, biogas, and combined heat and power (CHP) projects locally.TAQA posted 16.4% YoY growth in 9M24 consolidated net profit to record EGP424.87 million. Revenues increased 34.3% ti EGP13.13 billion.CBE-owned United Bank has set an indicative price range of EGP 12.70-15.60 per share for its upcoming IPO on the EGX, potentially rasing between EGP 4.2-5.1 bn. This values the bank at up to EGP 17.2 bn. Which translates into implied multiples of P/B25 of 1.0x and P/E25 of 5.8x. Egypt's Competition Authority approved a filing by Tanmiya Capital Ventures (TCV) to acquire a 20.9% stake in El Abd for Investment, Manufacturing, and Sweet Trading. 

Annual urban inflation came almost flat in October, registering 26.5% YoY, up from 26.4% YoY in September. Monthly urban inflation decelerated to 1.1% MoM in October from 2.1% MoM in September. The Central Bank of Egypt will auction USD1.5 billion in USD-denominated, one-year t-bills today.The government now only has USD1 billion in outstanding arrears to foreign oil and gas companies, after having cleared another USD1 billion in arrears last week.The Ministry of Finance intends to launch the central clearing system, which aims to settle the obligations and rights of taxpayers with the government starting 2025.ORHD's (FV: EGP26.26, OW) net profit in 3Q24 reached EGP1.2 billion, up 25.7% y/y and down 36.9% q/q, bringing 9M24 net profit up 1.9% y/y to EGP1.8 billion.ADIB (FV: EGP80.00, OW) recorded a strong 3Q24 consolidated bottom line post minority of EGP2,228 million (-9% q/q, +61% y/y), bringing 9M24 bottom line post minority to EGP6,802 million (+91% y/y). The bank is currently trading at 0.8x P/B25 and 2.8x P/E25.ADIB's BoD approved obtaining a subordinated loan of USD66.9 million from the main shareholder ADIB-UAE. The financing is to support the growth and expansion plan, with a tenor of 7 years.CICH began promoting the IPO of 30% of United Bank's shares in Saudi Arabia, Dubai, London, and South Africa this week.CNFN is continuing its regional expansion plans in the MENA region and aims to reach Europe in the future.ABUK released 1Q24/25 financial indicators. Net profit declined 35% YoY (-4% QoQ) to EGP1.28 billion. ABUK is currently trading at FY24/25f PE of 4.7x and EV/EBITDA of 4.1x. CCAP Chairman, Ahmed Heikal, announced that there is no intention currently to float ERC's shares on the EGX.The Egyptian Competition Authority approved requests from ADQ to acquire 25% of EDC, 30% of Ethydco, and 35% of ELAB.The Egyptian Railway Authority of the Ministry of Transportation will bid for the development and renovation of the USD285 million Robeiky-Tenth of Ramadan-Belbeis freight and passenger railway line next month. The three main qualified consortiums include Spanish Talis - ORAS, France's Alstom - Rowad Modern Engineering, and Italy's Mermec - Egypt's Hazeq. SCEM posted its consolidated results for 3Q24, recording a surge in net attributable income to EGP2.1 billion, reversing comparative quarter losses of EGP41.7 million, and up 16% compared to the previous quarter. This brought 9M24 earnings to EGP2.7 billion reversing comparative period losses of EGP121.4 million. It is worth highlighting that the bottom line included EGP1.5 billion as gain from sale of investments. Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 73.9 | 1.1% | Diesel-HSFO Spread, USD/ton | 225 | -5.7% | Egypt Urea, USD/ton | 406 | 0.0% | Polyethylene, USD/ton | 980 | 0.0% | Polypropylene, USD/ton | 965 | 0.0% | Iron Ore 65%, USD/ton | 124 | 2.4% | Steel/Iron Ore Spreads, USD/ton | 401 | -2.0% | LME Copper Cash Price, USD/ton | 9,302 | -1.5% | LME Aluminum Cash Price, USD/ton | 2,584 | 0.5% | Egyptia Retail Cement, EGP/ton | 2,848 | 0.5% | Steam Coal FOB Newcastle Australia, USD/ton | 143 | -0.4% | SMP, USD/MT | 2,850 | 3.8% | Last price may vary week over week in some indices due to time difference

The Supreme Constitutional Court ruled on Saturday that the 7% flat rate in the Old Rental Law for residential properties is unconstitutional and called on the Egyptian parliament to amend the law.The US Federal Reserve cut interest rates for the second time, this time by 25 bps, bringing them to 4.5%-4.75%.The Oil Ministry launched the Sustainable Aviation Fuel Production Company, which will invest USD530 million to develop production facilities and integrate the facility with other petroleum companies in Alexandria governorate. US multinational conglomerate Honeywell has finished its feasibility study with the European Bank of Reconstruction and Development for SAF production in Egypt, according to a statement from the Ministry.Emirati oil and gas giant Dana Gas is waiting for USD24 million out of a total USD59 million of outstanding dues owed by the government to be paid before it launches a USD100 million project to develop production, the company said.Tourist footfall is expected to reach a record high of 15.3 million in 2024, increasing 5% YoY, according to a statement from the Tourism Ministry. An unnamed Chinese company is looking to set up a USD360 million tire factory in the Suez Canal Economic Zone (SCZone) in partnership with the state-owned Arab Organization for Industrialization (AOI). Austrian wood panels manufacturer Kronospan wants to partner with Nag Hamady Fiberboard Company to set up a 150k sqm production line in the Egyptian company's existing factory to produce MDF, according to a statement by the Industry Ministry. Egypt is committed to repaying loans worth USD3 billion to Gulf banks in November. Egypt will repay some USD1.3 billion in USD-denominated bonds today for debt issued in 2016, according to Al Arabiya, citing unnamed sources. The Shalatin Mineral Resources Company, affiliated with the Ministry of Petroleum, aims to deliver gold to the CBE amounting to a ton by the end of this year 2024.ISPH reported positive 3Q24 results: Bottom line amounted to EGP185 million, up 49.8% QoQ and 3.4x YoY. 9M24 bottom line came in at EGP407 million, up 1.3x YoY. ISPH is trading at 2025 multiples of EV/EBITDA of 3.0x and P/E of 9.8x.EBRD gave its initial approval to a USD120 million equity bridge loan to Obelisk Solar — a special purpose vehicle owned by Norway's Scatec — to fund part of Scatec's 1-GW solar power plant in Nagaa Hammadi to power EGAL's industrial complex with 2 GW of green energy.Ministry of Electricity set the feed-in tariff for solar panels using the battery energy storage system at USD0.023/kWh for privately-owned solar panels and USD0.014/kWh for state-owned solar panels. CCAP's subsidiary, Egyptian Refining Company (ERC), plans to repay USD200 million of its outstanding USD742 million debt by December, company head Mohamed Saad stated. EFID announced the signing of a toll manufacturing agreement in the biscuit business with Misr Food Additives (MIFAD). Phillip Morris increased the prices of its tobacco products for the the third time this year, raising prices by EGP5 across its offerings in the local market.

Cyprus' Energy Minister Giorgos Papanastasiou said yesterday that his country is prepared to supply natural gas to Egypt to re-export to European marketsزOil Ministry to unveil full incentives policy framework during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024) which is being held in the UAE until Thursday, Oil Minister Karim Badawi said.Egypt will pay about USD818 million to the IMF during November, according to local press. The government has already paid USD259 million in commissions, additional fees, and interest due to the Fund on November 1. The budget achieved a primary surplus of EGP90 billion during 1Q FY24/25, representing more than four times the surplus achieved in previous years, according to a press citing Ministry of Finance statement.Finance Minister Ahmed Kouchouk laid out three near-term priorities to ensure economic stability and stimulate private sector growth. KThe House is set to vote on an amendment to extend the tax dispute settlement deadline to 30 June 2025.The General Authority for Supply Commodities has encountered higher wheat supply prices than usual during a global tender on Monday.The value of Egypt's agricultural exports increased by about 32% YoY during the first 10M2024, recording USD4.1 billion.The CBE sold one-year EUR denominated T bills worth EUR642.8 million in an auction with an average return of 3.5%.The Egyptian Railway Authority of the Ministry of Transportation will bid for the development of Tanta–El Mansoura–Damietta Rail Project in January 2025, according to local media. The qualified consortiums include Talis-ORAS, Alstom-Al Rowad, Siemens-Madkour, Chinese CRSC, and Korean LS- KNR. SIC has offered to purchase some 284.3 mn of CIRA's shares at EGP 15 a piece, EGP 1 higher than previously expected. This implies transaction value of EGP4.26 billion and would imply FY24/25f P/E of 26.6x and EV/EBITDA of 4.3x. The General Authority for Investment (GAFI) and Educational Buildings Authority aim to attract investments to establish 1k schools by offering fresh facilities. HRHO's subsidiary Tanmeyah is planning to expand by adding 100 more branches in the next period. CICH announces the issuance of a securitization bond with a total amount of EGP3.919 billion to Tasaheel. CICH Asset Management received the regulatory greenlight to open the subscription door for its CI Sector Fund, a diversified investment fund, starting 11 November and for a two-month period. CNFN now announces its expansion plan by providing its new digital finance and an investment platform services soon. ATLC's general assembly approved the issuance of an accumulated cash dividend of EGP0.599/share for the year 2023 implying a payout ratio of 78.3% and a dividend yield of 14.4%. FWRY announced that its fully in-house developed Soft POS solution has successfully completed the MPOC certification cycle.Mobily, a leading Technology, Media, and Telecom company in the Kingdom of Saudi Arabia, and ETEL have signed a cooperation agreement to land the first Saudi submarine cable linking Saudi Arabia and Egypt. Egyptian Cabinet approved the contractual agreement between the Universal Health Insurance Authority (UHIA) and eHealth, a subsidiary of EFIH. Memphis pharma appointed a new CEO "Tarek Mahrous Salman" after the resignation of the old CEO Bassem Abdallah. Egypt is set to establish three new shipyards in partnership with the private sector in the Suez and Red Sea governorates, with investments exceeding USD100 million.

IMF's Managing Director Kristalina Georgieva kicked off talks with Egyptian officials, including Prime Minister Moustafa Madbouly and CBE governor Hassan Abdalla yesterday after landing in Egypt. The USD rose more than 0.4% against the EGP on Thursday to reach EGP48.94 to the greenback, marking its highest level since August.Budget deficit narrowed to 2.12% of the country's GDP in 1Q 2024-2025, recording EGP361.8 bn, compared to an EGP455.8 bn deficit during the same period last year. This was driven by an increase in revenues, mainly from the taxpayers. Government spending increased by 4.7% YoY, standing at EGP827.7 bn, while interest payments dipped 5.4% YoY, at around EGP452 bn.Fitch Ratings upgraded Egypt's credit rating from ‘B-' to ‘B' with a stable outlook for the first time since 2019, citing FX inflows from the USD35 bn Ras El Hekma agreement, our expanded USD8 bn IMF program, and the EU's EUR7.4 bn aid package, alongside greater confidence in the durability of our structural reforms.The IMF expects constraints on Egypt's growth to ease as regional tensions subside and structural reforms are implemented. The Fund noted that “an assumed easing of the conflict in Gaza and Israel next year and steady implementation of reforms are projected to help lift growth in Egypt to 4.1% in 2025 and above 5% over the medium term.”Net foreign asset surplus in the Egyptian banking system rose 6% to record USD10.31 bn in September, up from USD9.7 bn in August.The House will discuss and vote on amendments to the law regulating the tax dispute settlement on Tuesday, which will see the deadline for settlements pushed to 30 June 2025. Egypt is aiming for 120 GW of total electrical capacity by 2040, with 60% set to come from renewable sources.A consortium of China State Construction Engineering Corporation (CSCEC) subsidiary Umi Group and IGI Holding have signed an MoU with the New Urban Communities Authority to manage and operate the Central Business District in the New Administrative Capital.We update our FV on ISPH to EGP9.50/share, up from EGP4.12/share maintaining our overweight recommendation; factoring in the upward revision for prices, increased market share, updating our macro assumptions, and rolling over the model for an additional year.  ISPH is currently trading at 2025 multiples of P/E of 8.8x and EV/EBITDA of 1.8x.EFIC released 3Q24 unaudited standalone results. Net profit increased by 722% YoY (+6% QoQ) to EGP265.2 million, bringing 9M24 net profit to EGP586.7 million, a 150% YoY.SKPC sent a release announcing that the Council of Ministers has approved the establishment of a project to produce sodium cyanide as free zone project for Draschem Company, which is a partnership between the Austrian Holding Company for Petrochemicals and the Czech Company “Draslovka”. A lease agreement has been signed between them and SKPC for a plot of land to establish the project. Currently, SKPC is considering a 15% partnership in Draschem.EKHO sent a release in reference to the news published regarding the company's withdrawal from Al Mohandes Insurance Company, EKHO announced that this news is entirely false and there are no negotiations with any party regarding this matter. Egypt has welcomed the first oil tanker as part of an MoU inked with the Emirate of Fujairah earlier this year.The finance and tourism ministries have officially launched a new EGP50 bn subsidized loan program for the tourism sector. The initiative will offer financing at 12% interest, with a focus on key tourist destinations in Luxor, Aswan, Greater Cairo, the Red Sea, and South Sinai governorates.

Finance Minister Ahmed Kouchouk said that while in Washington for the IMF and World Bank's annual meetings he had expressed the government's expectation that it would have “positive and constructive discussions” with the Fund during the fourth review of our loan program. The review, which if successfully passed will unlock USD 1.3 bn in funds, had been previously expected to commence after the IMF annual meetings wrapped up this past Saturday.The EGX is considering allowing sole proprietorships to be listed and traded on the bourse without having to become joint-stock companies — a change that would require an amendment to the Capital Market Act, Al Borsa quotes EGX boss Ahmed El Sheikh as saying.There might be a new Emirati industrial zone coming to the new capital, with the Administrative Capital for Urban Developments (ACUD) set to ink an MoU with an unnamed company from the UAE for a 500-feddan project in the coming days, ACUD Chairman Khaled Abbas said. ACUD is also in negotiations with a Turkish company over a similar project.The Minister of Supply said that the ministry will receive a shipment of Russian wheat amounting to 430,000 tons starting next November. He added that mixing corn with wheat in bread production is currently being studied.Prime Minister expressed to Manfred Weber, Chairman of the European People Party in the European Parliament that he is looking forward to receiving EUR1 billion before the end of this year, representing the first tranche of the EUR5 billion financial support package that the EU will provide to support Egypt's economy.Sumou Holding Group subsidiary Adeer plans to set up an Egyptian real estate investment fund in partnership with Saudi fund manager said. AMOC released 1Q24/25 unaudited financial indicators posting a net profit growth of 14% YoY (+11% QoQ) to EGP479 million with a NPM of 5.4%, compared to EGP421 million and a NPM of 6.0% in 1Q23/24 and versus EGP432 million and a NPM of 3.9% in 4Q23/24. AMOC is currently trading at a FY24/25e PE of 4.0x and EV/EBITDA of 2.1x.Nas Investment Holding acquired a 32.4% stake in EgyFert (Samad Misr), purchasing 3.1 million of phosphate exporting company MidFert Misr's shares in the fertilizer producer. MASR achieved strong 3Q24 sales of EGP15.8 billion, up 65.5% y/y and 163.5% q/q, bringing 9M24 sales up 147.0% y/y to EGP36.7 billion.According to local media, HELI 1) intends to repay the EGP700.0 million remaining part of its loan until 2026, 2) receives around EGP350.0 million annually from its SODIC East co-development with OCDI, and 3) plans to launch a 400 feddan plot in New Heliopolis.CICH is conducting a promotional tour for the United bank's 30% stake in the new IPO that's to take place next month. Almost 25% of the bank's shares will be in private placement. China's state-owned auto manufacturer BAIC Group has inked an agreement with local agent Alkan Auto to establish an EV factory with the start of production penciled in for the end of 2025, according to local media. ETEL secured a seven-year syndicated credit facility of EGP18 billion to refinance its existing short-term EGP facilities. The Federation of Egyptian Industries' pharma division stated that Pharma sales during 3Q24 increased by 50% on a yearly basis after the increase in prices.

The IMF has kept our growth forecast for the current fiscal year unchanged at 4.1% in its updated World Economic Outlook.President Sisi met his Russian counterpart Vladimir Putin on the sidelines of the Brics Summit, which kicked off in Kazan yesterday. The conversation centered around Egypt's role in the bloc, bilateral relationship, and regional and international issues.El Sisi made a case for using the Brics platform to find workarounds for external trade restrictions that hamper intra-bloc trade, particularly that between Egypt and Russia.The Ministry of Civil Aviation has completed the final phase of the technical study and timetable for offering a number of EgyptAir Holding Company affiliated companies for management and operation.The government will work to localize the manufacture of 12 products selected by the ministries of housing and industry. Africa-focused and London-based PE outfit Helios Investment Partners is looking into acquiring stakes in another three Egyptian companies, the company's consumer and healthcare head Raed Barkatis said. LG Electronics Egypt intends to launch a new line for producing refrigerators at its factory in 10th of Ramadan City with investments of no less than USD150 million.The government is working on a plan to help Egyptian industry adjust to meet the EU's new standards, the Carbon Border Adjustment Mechanism (CBAM), which is set to fully go into effect starting 2026, to safeguard Egypt's export competitivenessThe FRA has released a circular outlining new regulations for securitization activity, to protect those who invest in securities and ensure the market operates efficiently. SUGR released 3Q24 financial indicators, reporting bottom line of EGP214 million in 3Q24 (-32% YoY, -70% QoQ), reflecting a NPM of 19% (+3.4pps YoY, -116.5pps QoQ). The sequential drop-in bottom-line performance is attributed to the high base effect of 2Q24, which was significantly impacted by investment income and other income, accounting for 61.4% of total income for that quarter. On 9M basis, net profit recorded EGP1,154 million (-17.8% YoY) with NPM of 50% (+24.5pps YoY). SUGR is currently trading at 2025f P/E of 5.7x and EV/EBITDA of 4.9x.EGAL's general assembly approved the distribution of a cash dividend of EGP7.0/share for FY23/24, implying a payout ratio of 31% and a dividend yield of 6%. HELI's board approved the final price to acquire the 52k sqm Mansoura land plot for EGP2.2 billion. HELI had already previously paid EGP2.0 billion as a deposit, leaving EGP202.4 million as the remaining amount to be paid.Khalda Petroleum, a JV between US oil producer Apache and EGPC, will allocate USD70 million of its planned USD1.3 billion in investments earmarked for the current fiscal year to launch a new diesel production project.

In line with our expectation, the MPC decided to keep the CBE's overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged.The Ministry of Petroleum and Mineral Resources announced on Friday the third fuel price increase in 2024. However, prices of Mazut supplied to power plants and food industries have been kept unchanged. The Prime Minister stated that fuel prices will continue shifting gradually until the end of 2025; however, this will be paused over the next six months.Six international companies have shown interest in managing and operating airports being offered up by the state.The government is looking to issue new sukuk and green bonds worth between EGP5-10 billion in 3Q-4Q of FY24-25.S&P Global Ratings affirmed Egypt's B-/B rating and decided to keep the country's long- and short-term sovereign credit rating outlook as positive.The government has chosen to postpone the offering of stakes in the 545-MW Zafarana wind farm and the Beni Suef power plant to foreign investors.Readymade garments manufacturer Akay for Readymade Garments is planning to gradually invest EGP1.5 billion over the next six years as part of its expansion agenda.SKPC posted 3Q24 unaudited financial results. Net profit rose 10% YoY (flat QoQ) to EGP663 million in 3Q24. On a nine-month basis, net profit increased by 4% YoY to EGP1.89 billion. SKPC is currently trading at a 2025f PE of 5.2x and EV/EBITDA of 4.0x.Canada-based oil and gas company TAG Oil secured a no-objection letter from the Egyptian General Petroleum Company (EGPC) for its binding proposal submitted in 2Q24 to acquire a 2k km concession in the Western Desert.ECHEM is currently negotiating with banks over a USD700 million loan to finance the bioethanol project with USD100 million, soda ash project with USD350 million, and silicon project with USD250 million.Tobacco distributor JTI-Nakhla has renewed a three-year contract with EAST to produce JTI's products at EAST's production facilities. EAST plans to open letters of credit worth USD800 million over the next nine months.EAST aims to produce 70 billion cigarettes in FY24/25, a significant increase from the 43 billion cigarettes produced in FY23/24.DOMT BoD has decided to postpone granting Arla Food permission to conduct due diligence on the company. The delay is intended to seek further clarification on several points regarding the acquisition offer.FWRY (FV: EGP13.00, OW) has announced the launch of its new medical insurance product, Sehetak Fawry, as part of its ongoing strategy to expand its financial services portfolio.RAYA has received a binding offer from an unnamed bidder to acquire up to 49% of its 100%-owned subsidiary Raya Foods for USD40 million. The implied valuation of the 49% stake of Raya Foods translates to EGP0.45 per RAYA share.RMDA is planning on investing EGP2 bn in the coming period to acquire new medicines. The company is in negotiations to acquire 10-15 new pharma products, with the acquisition coming as part of the company's plan to expand its operations in the Egyptian market and boost exports.The Administrative Capital for Urban Development postponed selecting a financial advisor to offer its shares on the EGX until 2H25. 

We published today our earnings expectations sheet for companies under coverage in 3Q24/FY24/FY25: 1) In 3Q24, aggregated net profit is expected to increase 49% YoY and decrease 14% QoQ, 2) Aggregated net profit is expected to increase 53% YoY in FY24 and 15% YoY in FY25, 3) Stocks that are expected to witness a shift from net loss to net profit YoY in 3Q24: HELI, ESRS, MCQE, 4) Stocks that are expected to witness a spike (>80%) in net profit growth YoY in FY25: EGCH, CIRA, MCQE, ECAP (sorted from highest rise in net profit)It is interest rate day. We remind you that we expect the CBE to prefer to hold rates unchanged in its meeting, on a relatively sticky inflation in 4Q24. IThe World Bank sees the Egyptian economy growing at a 3.5% clip during the fiscal year 2024-2025, trimming its outlook 0.7 percentage points from the 4.2% forecasted in June, on lower Suez Canal revenue and persistent uncertainty.Prime Minister Moustafa Madbouly explained at his weekly press conference that the government is preparing for all potential scenarios in the region amid escalating tensions around Israel's war on Gaza and Lebanon.The Prime Minister touched on the potential for local currency transactions between Egypt and Saudi Arabia.Head of the European Union delegation expects the European Parliament to start discussing a loan to Egypt in January. The total value of the loan amounts to EUR5 billion, of which EUR1 billion does not require a parliament approval. The Canadian company Tag Oil announced that it obtained the approval from the General Petroleum Authority regarding the company's proposal to acquire a large concession in the Western Desert in Egypt.The net foreign assets of the CBE increased by about USD186 million to reach USD10.459 billion by the end of last September.The Prime Minister said that the electrical interconnection line between Saudi Arabia and Egypt will enter service in May or June 2025, and the capacity of the first phase will reach 1,500 megawatts out of the total capacity of the line, which amounts to 3,000 megawatts.United Bank has officially submitted a request to list its shares on the EGX as the Central Bank pushes ahead with its plan to sell a stake in the lender in an IPO before the end of 1Q25.COMI and HSBC cut interest rates on their local currency high-yield CDs yesterday. The government will within weeks offer a desalination plant to private players to be implemented under a public-private partnership (PPP) in the Suez Canal Economic Zone.EAST dividends distribution of EGP2.70/share for FY23/24 will be paid out in two installments, with the first paid on 21 October 2024 and the second on 25 November 2024.According to local media, the minority stake that El-Damaty family intends to retain in DOMT will be around 20%, as part of a non-binding purchase offer from Denmark's Arla Foods. EFIH's general assembly approved distributing cash dividends of EGP0.197/share from 1H24 profits. This implies a payout ratio of 60% and a dividend yield of 1%.CIRA's general assembly approved cash dividends of EGP0.26/share for FY23. This implies dividend payout ratio of 120% and dividend yield of 1.8%.EGCH released 4Q23/24 revised unaudited financial indicators, posting net profit of EGP2.4 billion during 4Q23/24 compared to net profit of EGP46 million in 4Q22/23 and a net loss of EGP411 million in 3Q23/24. On an annual basis, net profit grew by 131% YoY to EGP2.5 billion in FY23/24 from EGP1.2 billion in FY22/23. EGCH is currently trading at a 2024/2025e EV/EBITDA of 10.3x.

Net foreign asset (NFA) surplus fell 27% to USD9.7 bn in August, down from USD13.3 bn in July. NFA of banks registered a deficit of USD536 mn, down from a surplus of USD2.8 bn in July. Egypt's PMI registered 48.8 in September, the headline index was below the 50.0 no-change value to indicate a modest decline in business conditions at non-oil private sector companies. The cabinet approved a draft law that grants administrative bodies the right to handle any encroachments on state-owned lands under their jurisdictions through “administrative procedures”. The cabinet approved a decision to set up a USD60 mn freezone for the production of linen in Sadat City — dubbed Kingdom Linen. Egypt GASC has struck one of its largest ever direct wheat deals for monthly supplies from November to April, according to Reuters. The wheat will be shipped to the General Authority for Supply Commodities (GASC) with around 510,000 metric tons to be supplied every month sourced from Black Sea origins, and totalling up to 3.12 million tons over the period.PHDC Board approved 1) acquiring Executive Chairman Yasseen Mansour's 29.6% stake in TALM at EGP8.65/TALM share, translating into a value of EGP1.9 billion, 2) acquiring El Mansour and El Maghraby for Investments and Development's 9.5% stake in Maccor Hotels for EGP175.6 million, taking PHDC's stake in Maccor Hotels to 69.5%, 3) a capital decrease through retiring 61.7 million treasury shares, and 4) buying 88.2 million treasury shares.EGTS's court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is postponed to 19 November 2024.We updated our FV for EGAL to EGP155.00/share (+30% upside potential) factoring in updated exchange rate estimates reflecting further expected weakness in local currency, rolling over the model, and updating our operational and other macro assumptions, maintaining our Overweight recommendation for the stock. EGAL is currently trading at FY24/25e P/E of 4.6x and EV/EBITDA of 2.7x. The Egyptian Competition Authority (ECA) extended the cement supply cut for a fourth year, head of the cement division of the Federation of Egyptian Industries Ahmed Shireen Korayem said.COMI announced the signing of an agreement to obtain a long-term loan worth USD150 million from the International Finance Corporation. The loan term is ten years and will be included in the second tranche of the bank's capital base.

 In the US on Tuesday, Wall Street retreated from record territory as investors assess the potential impacts of escalating tensions in the Middle East. The Dow Jones fell 0.41%, the S&P500 lost 0.93% and the tech-heavy Nasdaq ended the day down 1.53%.Energy stocks rallied on Wall St though on Tuesday as the price of West Texas Intermediate crude spiked after Israel Defence forces said Iran was firing missiles at the country.The European markets ended Tuesday's trading session mostly lower on escalating tensions in the Middle East, despite the release of favourable fresh Eurozone inflation data coming in at a decline of 0.1% for September which was lower than August's reading of a 0.1% increase. On a yearly basis, the Eurozone inflation rate eased to 1.8% from 2.2% in August, in-line with market forecasts. The STOXX 600 fell 0.4%, Germany's DAX lost 0.58%, the French CAC fell 0.81%, and in the UK, the FTSE100 ended the day up 0.48%.Across the Asia region on Tuesday, markets closed mostly higher led by Hong Kong's Hang Seng rising 2.43%, while Japan's Nikkei added 1.93%, but South Korea's Kospi Index fell 2.13% on Tuesday.The local market started the trading month of October mixed with a record close on Monday before sliding 0.74% on Tuesday as Australian retail sales data came in hotter than economists' were expecting, providing further evidence that inflation remains sticky, and the RBA shouldn't consider cutting rates just yet. Materials stocks slid 2.3% while healthcare stocks rallied 1.12%. Retail sales rose 0.7% MoM in August which exceeded market forecasts of a 0.4% rise and was a rise for a 5th straight month.Sigma Healthcare soared 23% on Tuesday after the pharmacy operator offered to make court-enforceable undertakings to satisfy the ACCC concerns over the company's proposed merger with Chemist Warehouse.Qantas shares fell 3.4% yesterday on news that Qatar Airways has moved to purchase of a 25% stake in Qantas rival, Virgin.And REA Group rallied 5% yesterday after the leading real estate business confirmed it would abandon its takeover bid for Rightmove after the UK-based company rejected REA's fourth bid in a number of weeks.  What to watch today:Ahead of the midweek trading session here in Australia the SPI futures are anticipating the ASX to open the day up just 0.02%.On the commodities front this morning, oil is trading almost 3% higher at US$70.18/barrel on supply fears out of the Middle East as tensions in the region escalate, while gold is up 1.04% at US$2662/ounce and iron ore is up 0.91% at US$93.83/tonne.The Aussie dollar is buying US$0.69, 99.07 Japanese Yen, 51.84 British Pence and NZ$1.10.Trading Ideas:Bell Potter has maintained a hold rating on WiseTech Global (ASX:WTC) and raised the 12-month price target on the leading logistics software company from $115/share to $132.50/share post the release of the company's FY24 result in August and news last month of DSV's acquisition of Schenker (where DSV is a global rollout customer of WiseTech Global but Schenker is not. Bell Potter believes the stock looks expensive on an FY25 PE ratio and EV/EBITDA of 120x and 67x respectively hence the hold rating is maintained and the price target is raised based on the strong growth outlook.And Trading Central has identified a bullish signal on Autosports Group (ASX:ASG) following the formation of a pattern over a period of 69-days which is roughly the same amount of time the share price may rise from the close of $2.22 to the range of $2.28 to $2.32 per share according to standard principles of technical analysis.

We've Accelerated Our Transition to a Higher Margin Business: Nigel Pocklington, CEO of Good Energy #GOOD  In this interview Nigel Pocklington, CEO, Good Energy Group who describes how they are accelerating their transition to a higher margin business.  He also discusses how they are in a great position, with £33m of net cash, to take advantage of the fragmented solar market in the UK.  This cash means they have an enterprise value of just £10m (market cap £46m). Given that they are forecast to generate a net profit of £4.7m this year means they are on an EV / EBITDA of just 2.  Combine this with the inevitable march towards renewable energy, especially with the Labour government embracing this transition and it puts Good Energy in a very strong position.  Brokers have a 500p target and the share price currently sits at 253p. PLEASE DO YOUR OWN RESEARCH. NOTHING IN THIS PODCAST SHOULD BE CONSIDERED AS INVESTMENT ADVICE OR AN ENDORSEMENT OF THE COMPANIES MENTIONED. I MAY PERSONALLY HOLD A POSITION IN THIS SOME OF THE COMPANY'S FEATURED. 

The government has hiked the prices of butane gas cylinders as part of efforts to rationalize subsidies for fuel. The price of household cylinders has gone up 50% to EGP150 ex-factory, while the price of cylinders for commercial use has increased 33.3% to EGP200 ex-factory.The value of the budget savings resulting from the increase in butane cylinder prices are estimated at EGP12 - 14 billion, during the current fiscal year 2024-2025.Egypt's fuel import bill amounted to about USD9.3 billion during 8M2024, compared to USD8.3 billion in the same period last year.Turkish state-run gas company Botas has inked a ten-year agreement to import LNG from French energy giant TotalEnergies with the option to redirect cargoes to Egypt and Europe, Bloomberg reports. The Federal Reserve cut interest rates Wednesday by a half-point, the first time officials trimmed borrowing costs since the pandemic's early days. Egypt and Cyprus are reportedly exploring the construction of a 90-km marine pipeline to transport Cypriot gas to our Zohr field's production facilities. The Investment Ministry is preparing a vision for investment and trade policies for 2024-2030, Investment Minister Hassan El Khatib said on Tuesday. The signing of the anticipated Agreement on Promotion and Mutual Protection of Investments between Egypt and Saudi could see upwards of USD10 bn in bilateral investments over the next three years.Foreign investments in T-bills declined by about USD800 million in June, reaching USD36.6 billion, compared to USD37.44 billion in May.CCAP released 1Q24 full financial statements posting a consolidated net profit of EGP7.2 billion in 1Q24, significantly higher than a net profit of EGP73 million in 1Q23 and EGP4.8 billion in 4Q23 which included a capital gain of EGP5.0 billion mainly related to TAQA debt settlement. The company is currently trading at a 2024f EV/EBITDA of 4.9x.The Saudi Egyptian Investment Company (SEIC) - a wholly-owned subsidiary of Saudi Arabia's Public Investment Fund - has sold a 1.0% stake in ABUK for nearly EGP556 million.EGAL is studying four new projects with estimated investments of USD6 billion. LCSW's Board of Directors approved a motion to merge the company's three sanitary ware and tile manufacturing subsidiary companies in Egypt into Lecico Egypt S.A.E. (the parent company) to improve operational and financial efficiencies, as LCSW already owns 100% of these subsidiaries. The government is studying the requests of business organizations to postpone the increase in natural gas prices for the industrial sector for one year.The Poultry Division and the Producers Union expect the costs of heating farms to increase during the coming winter season due to the movement of butane gas prices.The total assets of the banking sector rose to about EGP18.73 trillion by the end of May compared to EGP18.38 trillion by the end of last April, with the rise of total lending balances to about EGP6.89 trillion from EGP6.831 trillion.Banque Misr achieved a net profit of EGP53 billion during 2023, a growth of 112% over 2022.PHDC Board approved a EGP10.3 billion long-term loan to partially finance Badya.

UAE's Masdar, Infinity Power, and Hassan Allam Utilities will set up USD900 million worth of solar power plants in Upper Egypt with a combined capacity of 1 GW after the government greenlit the move, according to media. Tunisian-owned oil and gas company HBS International plans to invest USD65 million in gas development and production in the southwest El Alamein area of the Western Desert this year.Tax revenues increased during the first two months of the current fiscal year by 25.6% y/y to EGP216 billion.Clothing exports increased 19.2% y/y to USD1.6 billion in the first seven months of 2024.An additional 8.5 million beneficiaries of Takaful and Karama and informal workers in the construction sector will be added under the national health insurance umbrella.According to the Head of the General Authority for Freezones, the private sector has the chance to invest in the healthcare, tourism, and education sectors through public-private partnerships.EAST released 4Q23/24 financial results, reporting bottom line of EGP4,001 million (+69.4% YoY, +76.2% QoQ). FY23/24 net profit recorded EGP9,181 million (+20% YoY). The company is currently trading at FY24/25 P/E of 5.9x and EV/EBITDA 5.9x.According to local media, EAST secured letters of credit from several banks amounting to nearly USD400 million to import raw materials.We slightly downgraded our FV for ABUK from EGP81.21/share to EGP76.79/share, maintaining our Overweight recommendation for the stock. Our updated FV is based mainly on: Lower revenue growth as we still see instability in the natural gas supply in Egypt, However, the coming quarters are going to better reflect the full effect of the EGP floatation especially with the enhancement in levels of sales volumes.ABUK is proposing a cash dividend distribution of EGP5.0/share, implying a dividend yield of 8.2%.ABUK is currently trading at FY24/25e P/E of 5.1x and EV/EBITDA of 4.7x.As part of the restructuring of ownership of some subsidiaries of EKHO, the shares held by the Internation Financial Investments Company (a wholly owned subsidiary of EKHO) in the share capital of Sprea Misr for Production of Chemicals and Plastics has been transferred to another subsidiary, SPREA CHEMICALS B.V. ( a wholly owned subsidiary of EKHO). SKPC's general assembly approved increasing the company's issued and paid-in capital from EGP1.5 billion to EGP1.8 billion with an increase worth EGP302.4 million distributed over 756 million shares through the distribution of free shares at a ratio of 1:5. CLHO issued neutral 2Q24 results. Attributable net income recorded EGP143 million, down 22% QoQ but up 48% YoY. 1H24 attributable net income amounted to EGP325 million (+70% YoY). CLHO is currently trading at FY24 P/E of 15.1x and EV/EBITDA of 7.7x.The consortium of ORAS (FV: EGP344.18, OW), Hitachi, and French firm Colas Rail will start working on developing Metro Line 1 in October for a 64-month period. The development will come with a EUR800 million price tag, of which ORAS's share is 35%.According to local media, contrary to previous reports, BINV is looking to either fully exit or increase its stake in its subsidiary Gourmet.Weekly Commodities Update

The MPC will meet on Thursday, 5 September, to decide on key interest rates. We expect the CBE to keep the current rates on hold in its upcoming meeting on 5 September, with a potential rate cut in 4Q24, or - more conservatively - in 1Q25.Net foreign asset surplus expanded 3.5% to USD13.3 billion in July, up from USD12.9 billion in June.The government has purchased a “large volume” of fresh oil hedging contracts, Prime Minister Madbouly said.The government has stocked up on strategic reserves of essential commodities, and Egypt currently has a six-month supply of strategic reserves, according to Prime Minister Madbouly.The government is looking into introducing a number of incentives for tourism developers over the coming couple of years.Madbouly said that he hopes to see the initial phases of the implementation of cash-based subsidies at some point during the next fiscal year.The government has paid some EGP10 billion in overdue payments to pharma and medical supplies manufacturers over the last two months. An energy corridor connecting Egypt and Cyprus that would carry natural gas and renewable energy was discussed by Oil Minister and his Cypriot counterpart. The Trade and Industry Ministry launched a new online platform showcasing industrial investment offerings in partnership with EFIH.Chairman of GAFI said that Egypt aims to increase FDI above previous levels to reach about USD15 billion at the end of the current fiscal year 2024-2025.The German Development Bank approved financing worth EUR147 million for energy efficiency improvement projects in EgyptMinister of Petroleum and Mineral Resources said that the Sukari gold mine has produced 5.8 million ounces since the start of production.TMGH (FV: EGP75.00, OW) is undertaking the legal and technical procedures related to projects in Iraq.MBSC posted its financial results for 2Q24 with net profit soaring to EGP180.0 million (+314% YoY, +334% QoQ) mainly on a reverse of a financial obligation of EGP135.4 million after settling the contractual dispute with CCAP's subsidiary. 1H24 earnings surged 111% YoY to EGP221.5 million. MBSC is trading at FY24e PE of 8.8x and EV/EBITDA of 10.2x.SWDY (FV: EGP45.69, EW) did not sign any contracts regarding the execution of a big industrial zone in Iraq, according to a release sent to EGX.The government is considering a program to support steel rebar exports to African and Arab countries. The subsidy program is to include reducing production costs and manufacturing inputs, as per local media. A consortium of ORAS (FV: EGP344.18, OW), Hitachi, and French firm Colas Rail will develop Metro Line 1 under an agreement inked with the National Tunnels Authority. The project is to be financed by EGP10 billion from the Transport Ministry and EUR605 million from soft loans from international financial institutions, as per local media. Fertiglobe, ORAS (FV: EGP344.18, OW), and Scatec will receive usufruct rights in Ain Sokhna Industrial Zone to set up wind and solar power plants that will feed their green hydrogen plant.According to media, BINV plans to sell a 20-30% stake in its subsidiary, Gourmet, before the end of 2024.The FRA is studying the files of issuing three sukuk programs worth up to EGP12 billion.Sources confirmed the completion of the formation of the new Board of Directors of National Bank of Egypt and Banque Misr.According to local press, Basata Holding for Financial Payments, a JV between MTIE and BINV, wants to increase its stake in Jordanian bill payment provider MadfoatCom to 49%.According to local press, DSCW wants to complete its proposed acquisition of a controlling stake in Twin Top Real Estate Investment Company by the end of 3Q24.

Could Thai consumer stocks - currently trading at more than two standard deviations from their 10 mean EV/EBITDA valuation - benefit from determined fiscal measures following the election of 37 year-old Paetongtarn Shinawatra as PM, a weak Baht, and measures to prime for a tourism boom? We find out with Nirgunan Tiruchelvam, Head of Consumer and Internet , Alethia Capital Equity Research.See omnystudio.com/listener for privacy information.

What is the difference between the price and value of a SaaS company? How do metrics such as Enterprise Value to EBITDA multiples play a role in this discussion? Dave "CAC" Kellogg and Ray "Growth Rike discuss the topic on this episode of SaaS Talk with the Metrics Brother and cover a wide array of topics including:What is a SaaS company worth?What is the definition of "price vs value" in the stock marketExamining Valuation Multiples What They Miss, Why They Differ, and the Link to FundamentalsHow Cash and Debt impacts Enterprise ValueEV/EBITDA vs EV/FCF vs EV/Revenue MultiplesAn inspiration for this episode was from a paper written by Michael Mauboussin with the title: "Examining Valuation Multiples What They Miss, Why They Differ, and the Link to Fundamentals". You can read the paper by clicking here.If you are a SaaS professional or even just interested in learning more about how SaaS companies are valued, this conversation is full of interesting insights and details on the concept of SaaS company valuations.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This cheap stock might not grow but is yielding 10% free cash flow for the long term investor. Let's deep dive into Honda and find it's true value based on a discounted cash flow (DCF) and EV / EBITDA market multiple approach. "Long ago, Ben Graham taught me that 'Price is what you pay; value is what you get.' Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down." - Warren Buffett Don't forget to Like this video and SUBSCRIBE for weekly stock reviews!

This video is an analysis of Brown-Forman Corp (BF-B) from the fiscal year 2022 financial results as well as an estimate of the future value and possible investment return based on a discounted cash flow (DCF) and EV / EBITDA market multiple approach. "Long ago, Ben Graham taught me that 'Price is what you pay; value is what you get.' Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down." - Warren Buffett

How big is a Ford Motor Company? By "market cap" (aka market capitalization aka equity value) it's ~$47 billion, but that measure of size doesn't take into account their debt! In fact, Ford's enterprise value is well over $100 billion. In this episode, we tackle the difference between equity value and enterprise value, and why enterprise value if market cap is quoted so much more frequently. Related topics we discuss include net debt, capital structure decisions and some valuation ratios including P/E (which uses equity value) and EV/EBITDA (where EV stands for enterprise value).

EV/EBIT, EV/EBITDA, and P/E all mean something slightly different. What is the difference between these multiples and when should we consider using them?Contact: investmentbankinginsights@gmail.com

EV/EBIT, EB/EBITDA, and P/E are all slightly different and are used differently depending on the context. When do we use each?Contact: investmentbankinginsights@gmail.com

Today we'll explore why you can't use Equity Value / EBITDA instead of EV / EBITDA?Contact: investmentbankinginsights@gmail.com

Darren Stralow joins the Daily News to expand on the Bellevue Gold (BGL) quarterly and construction update. 29 Metals (29M) release an operation update for Capricorn Copper but is this putting a acquisition target on their back? Trav and JD also pump some great research into Yancoal (YAL) and why they trade at such a low EV/EBITDA multiple. All Money of Mine episodes are for informational purposes only and may contain forward looking statements that may not eventuate. Please do your own research before making any investment decision or alternatively seek advice from a registered financial professional. Follow Money of mine on Youtube Follow Money of mine on Twitter Follow Money of mine on LinkedIn Follow Money of mine of Instagram 00:00 - Intro 01:47 - Bellevue Gold MD joins Money of Mine 15:49 - 29M operational update 26:01 - Yancoal (YAL) printing cash 36:23 - Other News recap