Pre-Trading Thoughts

Global Investment Company Limited, owned by Emirati businessmen Mohammed Alabbar and Abu Bakr Abdullah Al-Husseini, has acquired 30% of EAST (FV: EGP24.72, OW) at USD 625 million. The transaction implies a price/share of EGP28.90 and a 23/24 P/E of 10.1x. The price is above our FV by 14.5% and 34% above yesterday’s market price. USD150 mn will be made available for purchasing the needed imported raw materials to ensure the resumption of production. EAST is currently trading at FY23/24 P/E of ...