B Investments Holding [BINV]: Growth Dented Across the Board – Take 2
Overweight and 12M PT maintained
B Investments Holding [BINV]
Egypt / Non-Banking Financials / Q3 2021 Results
12M PT: EGP16.7 (+44%)
set on 18 May 2021
Investment Rating: Overweight | Risk Rating: Medium
Earnings remain below our estimates on lower share of profits
B Investments Holding’s [BINV] 9M 2021 results came in weaker than expected and compared to a year ago. BINV registered nearly zero earnings in Q3 2021, having reported earnings of EGP72.92mn (-53% y/y) in 9M 2021 (+0.6% vs. H1 2021). Revenues amounted to EGP112mn (-41% y/y) in 9M 2021. The drop in revenues was a result of lower share of profits from BINV’s investment companies, contributing only EGP24.4mn (-75% y/y). Still, BINV’s cash position remained healthy at EGP453mn (24% of market cap). In addition, BINV continues to maintain a debt-free balance sheet with a TTM ROAE of 11%.
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Sherif El Etr
Equity Analyst
T +202 3300 5720