KEY THEMES
Telecom Egypt [ETEL] is finally getting its money's worth from its 45% stake in Vodafone Egypt. Yesterday, ETEL and Vodafone Group [LSE: VOD] signed a modified shareholders’ agreement that defines their future relationship as the two strategic investors in Egypt's largest and most profitable mobile operator, Vodafone Egypt (VFE), come to terms with regards to key milestones. Overall, we see the impact of this as POSITIVE with a STRONG degree, where we think ETEL should be worth EGP22.5/share (+89% upside). For more details as why we think ETEL is dirt cheap, please read our TAKEStock just published this morning.
POSITIVE
ETEL: Please refer to our note published this morning as part of a new research series called TAKEStock, where analysts lay out their reflections on certain events in the market.