Table of Contents
A resilient industry led by mobile & internet ....................................... 3
Market structure ............................................................................. 3
Key market dynamics...................................................................... 5
Mobile ......................................................................................... 5
Internet........................................................................................ 7
Fixed Line .................................................................................... 9
Payphone................................................................................... 11
Outlook ........................................................................................ 11
Mobile ....................................................................................... 11
Internet...................................................................................... 12
Fixed Line .................................................................................. 13
Payphone................................................................................... 13
Egypt equity coverage ...................................................................... 15
DCF .............................................................................................. 15
Target prices ................................................................................ 17
Relative valuation.......................................................................... 19
Egyptian Co. for Mobile Services - Mobinil........................................ 21
Orascom Telecom (OT) ..................................................................... 27
Telecom Egypt (TE)........................................................................... 37