Pre-Trading Thoughts

-We expect the MPC to keep rates unchanged today -How Egypt calculates the withholding tax on government securities is what’s been delaying making the country’s debt Euroclearable -ETEL 2022 budget: Early double-digit revenue growth, in line with our estimate of 12%; EBITDA margin in the mid to high thirties, broadly in line with our estimate of 34%; In-service capex-to-sales ratio in the mid-twenties, lower than our estimate of 31%; ETEL trading at 2022f P/E of 3.5x and EV/EBITDA...