Pre-Trading Thoughts

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 pro...