Businesses

CIB Egypt (COMI.CA) Share Overview

1. Business Description

Commercial International Bank -Egypt S.A.E (ticker: COMI) was founded in 1975. The bank was formerly known as Chase National Bank of Egypt until it changed its name to Commercial International Bank in 1987. The bank operates through four main segments: Corporate Banking, Investment Banking, Retail Banking, and Others. It offers current and saving accounts, save and safe accounts, time deposits (TDs), certificates of deposit (CDs), revolving and unsecured overdrafts, and different types of loans. It is listed on the Egyptian Stock Exchange and included among the companies in the EGX 30.

HeadquartersGiza, Egypt
Founded1975
IndustryBanking
Branches180 (Q2 2020)
Employees6964 (Q2 2020)
IndexEGX 30
Data retrieved from CIB Financial Statements
Source: AlmalNews

2. Financial Statements

The following section presents a summary of CIB’s financial and operating performance over the past 3 years. It presents the firm’s Key Financials. All is Data retrieved from CIB Financial Statements.

2.1 Profitability

The following table presents the Revenues, Revenue Growth, Net Income and Net Income Margin of CIB Egypt. Net Income Margin is defined as Net Income divided by Revenues of the same year.

in Millions of EGPDec-31-2018Dec-31-2019LTM June-30-2020
Revenues18,996.323,617.625,112.7
Growth 33.3%24.3%18.6%
Net Income9,582.011,801.011,444.3
Margin50.4%50.0%45.6%
Data retrieved from CIB Financial Statements

2.2 Mini Balance Sheet

The following table presents the Liabilities, Equity and Total Assets of CIB Egypt. Total Assets equals the sum of Total Liabilities and Total Equity.

in Millions of EGPDec-31-2018Dec-31-2019June-30-2020
Liabilities308,232.8334,861.9347,186.3
Equity 34,228.451,880.452,864.1
Total Assets342,461.2386,742.4400,050.4
Data retrieved from CIB Financial Statements

2.3 MINI Cash Flow Statement

The following table presents the Cash from Operations, Cash from Investing, Cash from Financing and Net Change in Cash. Net Change in Cash equals the sum of Cash from Operations, Cash from Investing and Cash from Financing.

in Millions of EGPDec-31-2018Dec-31-2019LTM June-30-2020
Cash from Operations(7,474.2)2,462.76,748.0
Cash from Investing(39,958.7)(29,979.0)(5,229.3)
Cash from Financing32,527.716,107.711,078.4
Net Change in Cash(14,905.2)(11,408.6)12,597.2
Data retrieved from CIB Financial Statements

3. Capitalization

The market capitalization of CIB Egypt equals the share price times the number of shares outstanding.

Share Price62.66 EGP / share
Number of Shares1,477,681,340 shares
Market Capitalization92.59 billion EGP
As of 4 December 2020

4. Multiples

The following table presents the Market Cap/LTM Total Revenue, P/LTM EPS and P/BV. The multiple used is the average multiple over the period.

MultipleDec-31-2018Dec-31-2019Dec-3-2020
Market Cap/LTM Total Revenue6.23x5.26x4.16x
P/LTM EPS14.04x11.61x9.60x
P/BV3.36x2.78x2.04x
The multiple used is the average multiple over the period

5. Top Holders

The following table lists the top holders of CIB Egypt as of November 2020.

HolderCommon Stock Equivalent Held% of Total Shares OutstandingMarket Value (EGP in mm)
Fairfax Financial Holdings Limited
96,224,880

6.51

6,237.0
Invesco Ltd.74,225,7365.024,811.1
Abu Dhabi Investment Authority67,334,6144.564,364.4
The Vanguard Group, Inc.47,862,2743.243,102.3
BlackRock, Inc.38,875,2702.632,519.8
As of December 2020

6. Analyst Consensus

Based on 11 Analysts, CIB Egypt has a median price target of 82.50 EGP / share. This represents an approx. 30% upside potential from the current share price of 62.66 (as of the 4th of December 2020).

7. News

CIB Headlines:

  1. Why Did the CBE remove the Chairman of the CBE?
  2. MNHD signed a seven-year syndicated loan agreement with CIB Egypt worth EGP 1.1 billion

8. EGX 30 companies

1. Commercial International Bank -Egypt S.A.E
2. Eastern Company S. A. E.
3. Telecom Egypt Company S.A.E.
4. El Sewedy Electric Company
5. Talaat Mostafa Group Holding Company TMG Holding (S.A.E)
6. Emaar Misr for Development Company (S.A.E.)
7. EFG-Hermes Holding S.A.E
8. Heliopolis Co. for Housing & Development
9. Cairo for Investment & Real Estate Development S.A.E.
10. Credit Agricole – Egypt Bank (S.A.E.)
11. Cleopatra Hospital Group S.A.E.
12.Edita Food Industries Company (S.A.E)
13. Juhayna Food Industries S.A.E.
14. Madinet Nasr for Housing & Development S.A.E.
15. Ibn Sina Pharma (S.A.E)
16. Orascom Development Egypt (S.A.E)
17. Oriental Weavers Carpets Company (S.A.E)
18. Sixth of October for Development and Investment Company “SODIC” (S.A.E.)
19. Pioneers Holding Company For Financial Investments
20. Sidi Kerir Petrochemicals Co.
21. Palm Hills Developments S.A.E.
22. Export Development Bank of Egypt (S.A.E.)
23. Ezz Steel Company
24. GB Auto (S.A.E.)
25. Egyptian Iron and Steel Company
26. Orascom Investment Holding S.A.E.
27. Qalaa Holdings S.A.E.
28. Beltone Financial Holding SAE
29. Egypt Kuwait Holding Company (S.A.E.)
30. Dice Sport & Casual Wear

9. Additional Information

CIB Egypt is the largest publicly listed company on the Egyptian Exchange. It represents over 30% of the EGX 30.

This article is updated on an annual basis. Last updated on December 2020.

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