Telecom Egypt
9M FY09 Update
Target Price Market Price Investment Grade
LE27.
45 LE17.
4 Growth
Recommendation
Strong Buy
Upside Potential
56%
Please refer to disclaimer on last page
Prime Research 1
Telecom Egypt’s revenues totaled LE7.
74...
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Telecom Egypt
9M FY09 Update
Target Price Market Price Investment Grade
LE27.
45 LE17.
4 Growth
Recommendation
Strong Buy
Upside Potential
56%
Please refer to disclaimer on last page
Prime Research 1
Telecom Egypt’s revenues totaled LE7.
74 billion in 9M FY09 up 3.
3% yo-y relative to LE7.
49 billion recorded in 9M FY08 fueled by a 10% increase in total wholesale revenues which stood at LE3.
2 billion constituting 41.
6% of the aggregate top line figure.
Retail revenues continued its
down trend reaching LE4.
5 billion showing a drop of almost 1% y-o-y
due to increased competition with mobile operators which cut their calling charge to unprecedented levels of LE0.
05/minute in the Holly month
of Ramadan which started in August 21.
Fixed line subscribers totaled 9.
63 million down 15% from 11.
3 million in September 2008 due to disconnection for almost 2 million subscribers who have unpaid bills.
This disconnection contributed to an 11%
increase in ARPU to
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