Pre-Trading Thoughts

ETEL| 5G License Granted without Spectrum; Triggers FV upgrade to EGP51/share Telecom Egypt acquired a 5G license from the government yesterday at USD150 million with no spectrum fees. Accordingly, we upgraded our FV for ETEL to EGP51.00 per share up from EGP45.00 per share, given that we had accounted for USD500 million of 5G related capex (instead of USD150 million), assuming USD350 million of spectrum fees which is not the case now. At current market price, ETEL is trading at a significant...