Vodafone Group has received an initial offer from Vodacom for the transfer of Vodafone Group’s stake in Vodafone Egypt to Vodacom for USD2.7 bn; ETEL gets dividend policy for Vodafone Egypt of 60% of FCF starting 2022 in addition to EGP 10bn of dividends to shareholders in 2021; ETEL has a net debt balance of EGP18.98 billion as of June 2021 and is currently trading at 2022f P/E of 3.4x and 2022f EV/EBITDA of 2.5x

The Industrial Development Authority announced the prices for the six steel production licenses 

The six consortiums competing for EGP3.5 bn Tenth of Ramadan Dry Port include Orascom Construction-Abu Dhabi Ports, and Elsewedy Electric-CMA CGM,

A consortium of France’s Bolloré Transport & Logistics, Elsewedy Electric and the Egyptian Group for Multi-Purpose Stations signed an MoU to build, manage and operate a multi-purpose terminal at the Ain Sokhna Port

SKPC reported 3Q21 net profit came in at EGP75 million; Weak due to maintenance shutdown; SKPC is trading at 2022f P/E of 6.4x; FV is at EGP10.30 post rights issue and latest developments

CICH 3Q21 net profit at EGP241mn (+28% q/q, +122% y/y), bringing 9M21 bottom line to EGP 413 million (+41% y/y); The stock is currently trading at 6.1x P/E22 and 0.9x P/B22 on ROE of 16%

CNFN’s 9M 2021 net income at EGP343 million (+60% y/y); CNFN is currently trading at annualized P/E21 of 11.4x, P/E22 of 7.1x and annualized P/B21 of 1.9x, P/B22of 1.7x  on ROE of 29%

Trade Minister issued a decision to stop importing the basic components needed for the local assembly of tuk-tuks; Tuk-tuks constitute around 10% of AUTO revenues

MNHD disappointing 9M21 results, with sales down 39.6% y/y to EGP2.7 billion from EGP4.5 billion in 9M20 that had been supported by the EGP1.1 billion land sale; Net profit in 3Q21 decreased 85.6% y/y and 81.2% q/q to EGP21.4 million

Russian charter flights to Hurghada and Sharm El Sheikh resumed yesterday

Annual urban inflation went down to 6.3% in October from 6.6% in September, mainly because of the base-effect