MFSC (EGX) - Misr Duty Free Shops

[Phaceliacapital]

For those that are able to 1) invest in Egyptian stocks and 2) can deal with the relative low liquidity I would like to present Misr_Duty_Free_Shops.

 

Business description is rather simple:

 

Misr_Duty_Free_Shops operates duty free shops. The Company has a monopoly on selling goods duty free in Egypt. It sells to airline passengers through shops at airports and to expatriates living in Egypt. The company also supplies tax exempt liquor to hotels and tourist resorts.

 

Apart for those that can read arabic there is not a lot to be found on the internet, however, the numbers tell a very clear story:

 

Overview:

 

http://phaceliacapital.com/uploads/MFSC_EV.jpg

 

Per share data:

 

http://phaceliacapital.com/uploads/MFSC_PerShare.jpg

 

Cash Flow Statement:

 

http://phaceliacapital.com/uploads/MFSC_CF.jpg

 

and finally the ratios:

 

http://phaceliacapital.com/uploads/MFSC_Ratios.jpg

 

Comments:

 

Little to no other information available, the above information was taken from a BB terminal while searching for high ROE and ROIC

Bear case: People stop going to Egypt?

Even in crisis years 2011 and 2012 they are doing rather "okay".

Would invest for my personal portfolio but no retail broker has access to this exchange.

Very nice dividends (probably to fund a sjeik's next ferrari)

 

I wrote the name on purpose with _ so people googling the name (if they would) would not immediately stumble upon this thread, so the people here could examine it first.

[beerbaron]

Finally an idea that is from emerging market, thanks for sharing!

 

Are these numbers in USD?

 

BeerBaron

[Phaceliacapital]

In EGP so multiply by 0.15, if you want I can try to provide the numbers in USD later today.