Pre-Trading Thoughts

-EFIH Initiation of Coverage| We arrived at a DCF valuation for EFIH of EGP42.08 billion, implying a FV post capital increase of EGP23.67 per share, an upside of 20.6%, with an overweight recommendation. EFIH is currently trading at 2022f P/E of 43.7x, and EV/EBITDA of 33.9x, at a discount of global peer average of 59.4x and 33.0x; respectively. -Customs Authority will begin a three-month trial extending its Advance Cargo Information (ACI) system to air freight, ahead of a full launch p...