In today's Pre-Session Views:

• Strategy | Spinney's Egypt deal and the simple math of value show that ISPH should be trading at EGP15/share
• ADIB | The simple math of a capital increase
• JUFO | Export mix reweighting and positioning for 2026 volume recovery
• EKHO | Results call highlights new UK pyrolysis project; operational resilience and capital recycling underscore upside potential
• ORWE | Maintains 2025 guidance, discusses restructuring and dividends; we remain neutral on 2026 outlook

In today's views

• Strategy | DOMT, OLFI, JUFO and AMIA under the microscope as Arla deal is recalled to life
• PHDC | Management confirms Abu Dhabi project to be launched during 1Q26ETEL | Share price is approaching our FV upper end of EGP73/share, what is incorporated and what’s not?

In today's views

• Strategy | Nile Pharma (NIPH) is closing in on Rameda and this may trigger arbitrage opportunities
• ISPH | The decline in ISPH stock price yesterday confirms that 3Q25 results are strong.
• VALU | 9M25 bottom line is consistent with a full year target of EGP750 million
• ETEL | Share price is approaching our FV upper end of EGP73/share, what is incorporated and what’s not?
• MFPC | 3Q soft on volumes and FX, but gas policy shield supports premium
• EGCH | Resilient margins supported by pricing; operational recovery yet to show
• EKHO | 3Q25: On track for full-year guidance; 4Q25 poised for stronger finish
• LCSW | Economies of scale drive strong 3Q25; weak 4Q25 to derail EGP360m earnings target
• ORWE | Improved 3Q25 puts ORWE on track to meet revised 2025e guidance

In today's views

• Strategy | TAQA Arabia is a cash-generating utility company that is dressed up as a growth company
• TAQA | On track to post a bottom line in excess of EGP1 billion in 2025 but valuation multiples are a bit stretched
• ETEL 3Q25 | On the verge of a decisive turnaround: 1) 2025 is set to exceed expectations, 2) net debt has fallen below EGP70 billion mark, 3) capex/sales is now below 30%, and 4) Helios Towers has shown in ETEL's towers, maintain BUY
• FWRY 3Q25 | Profits of EGP839 million (in line) are no longer an ADP story – new business lines are now driving growth, maintain BUY
• EFIH 3Q25 | Profits of EGP747 million (in line) successfully closes a chapter in 2025 and puts all eyes on 2026 as EFIH prepares for a new growth story, maintain BUY
• ATLC | 9M25 bottom line is consistent with a full year target of EGP267 million after taking 4Q25 securitization gains into account
• MBSC | Leads cement rally, but margin gains may not be replicable Leads cement rally, but margin gains may not be replicable
• ALCN | Stronger EGP keeps 1Q25/26 results muted; CSAG remains our preferred exposure
• ECAP | 3Q25 results show solid improvement; Export momentum supports 2026 outlook