Pre-Trading Thoughts

FWRY 3Q21 attributable net profit of EGP36 million (-25.8% YoY, -2.9% QoQ), 9M21 attributable net profit of EGP149 million (+25.3% YoY); Fawry obtained approval from the CBE to issue the myFawry Card MTIE 3Q21 net profit EGP88 mn (-1.5% YoY); 9M21 net profit at EGP328.4 million in 9M21 (+10.7% YoY), We update our FV to EGP9.60; MTIE is currently trading at 2022 P/E of 10.8x and EV/EBITDA of 8.2x RACC reported 9M2021 profit EGP19.06 million (-31.9% YoY); RACC is trading at 2022 P/E of 26.5x HR...