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    ETEL   EGS48031C016

TELECOM EGYPT COMPANY S.A.E.

(ETEL)
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Telecom Egypt E : raises its proposed dividend for FY 2020 in light of Vodafone Egypt's dividend distribution

03/22/2021 | 12:13pm EDT

In its OGM held on March 18, 2021, Vodafone Egypt approved a dividend of EGP 2bn, of which Telecom Egypt's share amounts to cEGP 0.9bn. Accordingly, Telecom Egypt's BoD has proposed raising its dividend for FY 2020 to EGP 0.75 per share instead of EGP 0.50 per share, a 50% increase on the previously proposed dividend, representing c50% of Vodafone Egypt's distribution to Telecom Egypt and a total payout ratio of 86% for Telecom Egypt. The dividend proposal will be discussed during Telecom Egypt's OGM that will be held on March 29, 2021.

Adel Hamed, TE's Managing Director and Chief Executive Officer, commented:

'I am very pleased that we will be able to increase our dividend distribution to our shareholders thanks to our robust operational performance and the inflow of dividends from Vodafone Egypt. We have been actively engaged with Vodafone Group to ensure that our strategic investment in Vodafone Egypt reflects on our shareholders' wealth, and we are happy that our efforts are bearing fruit. The proposed distribution is 3x our distribution last year, and we expect our ongoing operational growth, coupled with CapEx rationalization and continued distribution from Vodafone Egypt, to lead to FCF improvements that would allow us to continue distributing a regular dividend stream to our shareholders.'

Disclaimer

Telecom Egypt Company SAE published this content on 22 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2021 17:12:03 UTC.


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Financials
Sales 2021 34 086 M 2 178 M 2 178 M
Net income 2021 5 958 M 381 M 381 M
Net Debt 2021 28 350 M 1 812 M 1 812 M
P/E ratio 2021 4,60x
Yield 2021 5,60%
Capitalization 23 882 M 1 521 M 1 526 M
EV / Sales 2021 1,53x
EV / Sales 2022 1,45x
Nbr of Employees -
Free-Float 20,0%
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Number of Analysts 8
Last Close Price 13,99 EGP
Average target price 17,99 EGP
Spread / Average Target 28,6%
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Managers and Directors
Adel Hamed Ibrahim Gadalla Chief Executive Officer, Director & MD
Mohamed Hassan Shamroukh Gomaa Chief Financial Officer, Director & Senior VP
Maged Ibrahim Osman Chairman
Antar Kandil Chief Information Officer & Vice President
Mohamed Al-Fowey Chief Technology Officer & Vice President
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