HOUSING AND DEVELOPMENT BANK- EGYPT (S.A.E)

Financials Housing and Development Bank- Egypt (S.A.E)

Equities

HDBK

EGS60301C016

Banks

End-of-day quote Egyptian Exchange Other stock markets 03:30:00 15/07/2024 am IST			5-day change	1st Jan Change
45.35 ^EGP	-1.84%		-1.41%	+16.82%

29/05	Housing and Development Bank- Egypt (S.A.E) Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
29/02	Housing and Development Bank- Egypt (S.A.E) Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Capitalization ¹	5,412	4,945	6,687	9,043	24,094	-	-
Enterprise Value (EV) ¹	5,412	4,945	6,687	9,043	24,094	24,094	24,094
P/E ratio	2.44 x	2.41 x	3.32 x	3.34 x	3.15 x	3.15 x	3.05 x
Yield	11.7%	-	5.68%	-	6.86%	8.83%	10.9%
Capitalization / Revenue	1.33 x	1.28 x	1.45 x	1.33 x	1.66 x	1.54 x	1.42 x
EV / Revenue	1.33 x	1.28 x	1.45 x	1.33 x	1.66 x	1.54 x	1.42 x
EV / EBITDA	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	0.73 x	0.55 x	0.61 x	0.72 x	1.05 x	0.96 x	0.81 x
Nbr of stocks (in thousands)	5,31,300	5,31,300	5,31,300	5,31,300	5,31,300	-	-
Reference price ²	10.19	9.307	12.59	17.02	45.35	45.35	45.35
Announcement Date	27/02/20	28/02/21	28/02/22	02/03/23	-	-	-

¹EGP in Million²EGP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Net sales ¹	4,062	3,866	4,624	6,783	14,518	15,674	16,948
EBITDA	-	-	-	-	-	-	-
EBIT ¹	2,689	2,615	2,852	4,597	11,052	12,026	12,506
Operating Margin	66.19%	67.62%	61.67%	67.76%	76.12%	76.72%	73.79%
Earnings before Tax (EBT) ¹	2,863	2,809	2,868	3,909	10,513	11,251	12,169
Net income ¹	2,214	2,050	2,028	2,726	7,674	7,654	7,894
Net margin	54.49%	53.03%	43.86%	40.18%	52.86%	48.83%	46.58%
EPS ²	4.167	3.860	3.794	5.100	14.40	14.41	14.85
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	1.190	-	0.7143	-	3.110	4.007	4.965
Announcement Date	27/02/20	28/02/21	28/02/22	02/03/23	-	-	-

¹EGP in Million²EGP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2024 Q2
Net sales ¹	1,203	1,311	1,562	1,836	2,199	2,734	2,978	3,215	4,370
EBITDA	-	-	-	-	-	-	-	-	-
EBIT ¹	686.9	891.8	1,031	1,132	1,542	2,029	2,361	2,566	3,523
Operating Margin	57.08%	68.04%	65.99%	61.69%	70.1%	74.22%	79.28%	79.81%	80.62%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income ¹	456	625.9	669.4	691.1	739.5	1,329	1,690	1,404	2,256
Net margin	37.89%	47.75%	42.86%	37.65%	33.62%	48.61%	56.76%	43.68%	51.61%
EPS	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	28/02/22	26/05/22	15/08/22	24/11/22	02/03/23	30/05/23	13/08/23	16/11/23	-

¹EGP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	32.9%	24.9%	20.3%	23.2%	41.7%	31.7%	25.9%
ROA (Net income/ Total Assets)	4.41%	3.55%	2.87%	2.91%	5.02%	4.96%	4.32%
Assets ¹	50,225	57,803	70,579	93,832	1,52,869	1,54,325	1,82,731
Book Value Per Share ²	14.00	17.00	20.60	23.50	43.00	47.40	56.30
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	27/02/20	28/02/21	28/02/22	02/03/23	-	-	-

¹EGP in Million²EGP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Housing and Development Bank- Egypt (S.A.E)

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

45.35 EGP

Average target price

55.7 EGP

Spread / Average Target

+22.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Commercial Banks

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HOUSING AND DEVELOPMENT BANK- EGYPT (S.A.E)	+16.82%	502M
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CRÉDIT AGRICOLE S.A.	+6.01%	45B
CHINA CITIC BANK CO., LTD.	+27.45%	44.03B
QATAR NATIONAL BANK (Q.P.S.C.)	-8.05%	38.56B
JAPAN POST BANK CO., LTD.	+8.11%	35.23B
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