KEY THEMES
Yesterday we published our TAKEstock on Orascom Investment Holding [OIH] with our back-of-the-envelope valuation reaching a value of EGP0.33/share (+23% upside). That came after management discussed the divestment of two of their investments, namely Victoire (a Brazil-based investment) and Trans World Associates (a Pakistan-based investment), both of which could bring in after-tax proceeds of EGP1.5bn. This is 1.1x OIH’s current market cap. We used an adjusted book value approach, netting out the book value of the two investments from the proceeds, which resulted in an additional EGP993mn on top of OIH’s separate book value at end of H1 2021 of EGP726mn. That’s a value of EGP1.7bn or EGP0.33/OIH share (upside of 23%).