Commercial International Bank (Egypt)E Valuation

Q: What is the Fair Price of COMI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

COMI (EGP81.02) is trading below our estimate of [[fair value]] (EGP92.77)

Is COMI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of COMI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: COMI (EGP81.02) is trading below our estimate of fair value (EGP92.77)

Significantly Below Fair Value: COMI is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for COMI?

Key metric: As COMI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for COMI. This is calculated by dividing COMI's market cap by their current earnings.
What is COMI's PE Ratio?
PE Ratio	5.6x
Earnings	ج.م43.98b
Market Cap	ج.م246.56b

COMI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	0.4x

Price to Earnings Ratio vs Peers

How does COMI's PE Ratio compare to its peers?

The above table shows the PE ratio for COMI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	3.5x
QNBE Qatar National Bank	3.9x	11.8%	ج.م72.9b
HDBK Housing and Development Bank- Egypt (S.A.E)	3x	-1.4%	ج.م28.1b
CIEB Credit Agricole - Egypt Bank (S.A.E.)	3.7x	4.2%	ج.م27.3b
ADIB Abu Dhabi Islamic Bank - Egypt -E	3.2x	1.1%	ج.م25.5b
COMI Commercial International Bank (Egypt)E	5.6x	12.8%	ج.م246.6b

Price-To-Earnings vs Peers: COMI is expensive based on its Price-To-Earnings Ratio (5.6x) compared to the peer average (3.5x).

Price to Earnings Ratio vs Industry

How does COMI's PE Ratio compare vs other companies in the African Banks Industry?

6 Companies	Price / Earnings	Estimated Growth	Market Cap

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: COMI is expensive based on its Price-To-Earnings Ratio (5.6x) compared to the African Banks industry average (5.2x).

Price to Earnings Ratio vs Fair Ratio

What is COMI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

COMI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	5.6x
Fair PE Ratio	4.7x

Price-To-Earnings vs Fair Ratio: COMI is expensive based on its Price-To-Earnings Ratio (5.6x) compared to the estimated Fair Price-To-Earnings Ratio (4.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst COMI forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	ج.م81.02	ج.م106.91 +32.0%	13.6%	ج.م138.32	ج.م84.00	n/a	13
Nov ’25	ج.م80.00	ج.م106.91 +33.6%	13.6%	ج.م138.32	ج.م84.00	n/a	13
Oct ’25	ج.م86.35	ج.م104.98 +21.6%	12.9%	ج.م138.32	ج.م84.00	n/a	12
Sep ’25	ج.م86.54	ج.م105.07 +21.4%	12.9%	ج.م138.32	ج.م84.00	n/a	12
Aug ’25	ج.م83.50	ج.م105.07 +25.8%	12.9%	ج.م138.32	ج.م84.00	n/a	12
Jul ’25	ج.م78.02	ج.م102.74 +31.7%	10.7%	ج.م120.00	ج.م84.00	n/a	12
Jun ’25	ج.م78.20	ج.م100.59 +28.6%	17.2%	ج.م120.00	ج.م55.00	n/a	11
May ’25	ج.م73.01	ج.م101.66 +39.2%	18.6%	ج.م120.00	ج.م55.00	n/a	11
Apr ’25	ج.م82.00	ج.م97.39 +18.8%	20.1%	ج.م120.00	ج.م55.00	n/a	11
Mar ’25	ج.م73.10	ج.م80.76 +10.5%	26.7%	ج.م116.10	ج.م49.44	n/a	11
Feb ’25	ج.م85.00	ج.م65.10 -23.4%	16.5%	ج.م86.40	ج.م49.44	n/a	11
Jan ’25	ج.م72.65	ج.م65.01 -10.5%	16.6%	ج.م86.40	ج.م49.44	n/a	11
Dec ’24	ج.م77.20	ج.م60.95 -21.0%	15.1%	ج.م77.80	ج.م49.00	n/a	12
Nov ’24	ج.م61.10	ج.م57.64 -5.7%	15.4%	ج.م73.00	ج.م43.26	ج.م80.00	12
Oct ’24	ج.م60.49	ج.م57.77 -4.5%	15.0%	ج.م73.00	ج.م44.84	ج.م86.35	12
Sep ’24	ج.م57.00	ج.م56.39 -1.1%	13.7%	ج.م69.50	ج.م44.84	ج.م86.54	11
Aug ’24	ج.م50.80	ج.م54.93 +8.1%	14.9%	ج.م69.50	ج.م44.84	ج.م83.50	12
Jul ’24	ج.م51.00	ج.م53.53 +5.0%	15.3%	ج.م68.60	ج.م38.62	ج.م78.02	13
Jun ’24	ج.م52.60	ج.م54.02 +2.7%	17.2%	ج.م68.30	ج.م33.24	ج.م78.20	14
May ’24	ج.م53.00	ج.م52.61 -0.7%	16.8%	ج.م66.00	ج.م33.24	ج.م73.01	14
Apr ’24	ج.م51.01	ج.م52.56 +3.0%	17.0%	ج.م66.00	ج.م33.24	ج.م82.00	14
Mar ’24	ج.م54.15	ج.م48.70 -10.1%	17.7%	ج.م65.00	ج.م33.24	ج.م73.10	15
Feb ’24	ج.م50.10	ج.م44.66 -10.9%	11.6%	ج.م53.20	ج.م33.24	ج.م85.00	13
Jan ’24	ج.م41.48	ج.م43.87 +5.8%	13.3%	ج.م53.20	ج.م33.24	ج.م72.65	13
Dec ’23	ج.م41.40	ج.م41.63 +0.6%	10.4%	ج.م49.54	ج.م33.24	ج.م77.20	13
Nov ’23	ج.م32.50	ج.م38.01 +16.9%	12.9%	ج.م49.54	ج.م30.70	ج.م61.10	13

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.