Pre-Trading Thoughts

Pitch: ADIB| The Rising Star; Upgrade FV to EGP 28.50/share. The bank is currently trading at 0.9x P/B23 and 5.0x P/E23 on net profit post minority and appropriations of EGP 2.2 billion (growth of 24% y/y). Our FV is EGP 28.50/share on 500 million shares, post the conclusion of the final round of capital increase. The stock is the second most liquid in the sector after COMI and joined EGX30. We see a solid potential in the bank with bottom line 5-year CAGR of 21%, and an average RoAE of 19% o...