B Investments Holding [BINV]: Growth Dented Across the Board
Overweight and 12M PT maintained, adjusted post-DPS
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B Investments Holding [BINV]
Egypt / Non-Banking Financials / Q2 2021 Results
12MPT: EGP16.7 (+22%)
set on 18 May 2021
Investment Rating: Overweight | Risk Rating: Medium
Earnings negatively impacted by a lower share of profits
B Investments Holding’s [BINV] H1 2021 results came in weaker than expected and compared to a year ago. Earnings came in at EGP73mn (-41% y/y) on lower revenues of EGP99mn (-33% y/y). The drop in revenues was a result of a lower share of profits from BINV’s investment companies, contributing EGP28.4mn (-60% y/y). BINV’s cash dividend distribution of EGP1.25/share (c.EGP200mn) reduced its cash position, yet remained healthy at EGP464mn (21% of market cap). In addition, BINV continues to maintain a debt-free balance sheet with a TTM ROAE of 12%.
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Sherif El Etr
Equity Analyst
T +202 3300 5720