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.

Headquarters	Giza, Egypt
Founded	1975
Industry	Banking
Branches	180 (Q2 2020)
Employees	6964 (Q2 2020)
Index	EGX 30

Data retrieved from CIB Financial Statements

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 EGP	Dec-31-2018	Dec-31-2019	LTM June-30-2020
Revenues	18,996.3	23,617.6	25,112.7
Growth	33.3%	24.3%	18.6%
Net Income	9,582.0	11,801.0	11,444.3
Margin	50.4%	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 EGP	Dec-31-2018	Dec-31-2019	June-30-2020
Liabilities	308,232.8	334,861.9	347,186.3
Equity	34,228.4	51,880.4	52,864.1
Total Assets	342,461.2	386,742.4	400,050.4

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 EGP	Dec-31-2018	Dec-31-2019	LTM June-30-2020
Cash from Operations	(7,474.2)	2,462.7	6,748.0
Cash from Investing	(39,958.7)	(29,979.0)	(5,229.3)
Cash from Financing	32,527.7	16,107.7	11,078.4
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 Price	62.66 EGP / share
Number of Shares	1,477,681,340 shares
Market Capitalization	92.59 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.

Multiple	Dec-31-2018	Dec-31-2019	Dec-3-2020
Market Cap/LTM Total Revenue	6.23x	5.26x	4.16x
P/LTM EPS	14.04x	11.61x	9.60x
P/BV	3.36x	2.78x	2.04x

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.

Holder	Common Stock Equivalent Held	% of Total Shares Outstanding	Market Value (EGP in mm)
Fairfax Financial Holdings Limited	96,224,880	6.51	6,237.0
Invesco Ltd.	74,225,736	5.02	4,811.1
Abu Dhabi Investment Authority	67,334,614	4.56	4,364.4
The Vanguard Group, Inc.	47,862,274	3.24	3,102.3
BlackRock, Inc.	38,875,270	2.63	2,519.8

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).