Announcement • Nov 19
Cairo For Investment And Real Estate Developments-CIRA Education, Annual General Meeting, Dec 10, 2025 Cairo For Investment And Real Estate Developments-CIRA Education, Annual General Meeting, Dec 10, 2025, at 14:30 Egypt Standard Time. Location: cairo Egypt Board Change • May 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Director Mohamed Elnawawy was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Dec 03
Cairo for Investment & Real Estate Development S.A.E., Annual General Meeting, Dec 30, 2024 Cairo for Investment & Real Estate Development S.A.E., Annual General Meeting, Dec 30, 2024, at 14:30 Egypt Standard Time. Location: cairo Egypt New Risk • Nov 08
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.0% net profit margin). Upcoming Dividend • Oct 22
Upcoming dividend of ج.م0.26 per share Eligible shareholders must have bought the stock before 29 October 2024. Payment date: 31 October 2024. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Egyptian dividend payers (6.9%). Lower than average of industry peers (2.7%). Reported Earnings • Jul 31
Third quarter 2024 earnings released: EPS: ج.م0.54 (vs ج.م0.19 in 3Q 2023) Third quarter 2024 results: EPS: ج.م0.54 (up from ج.م0.19 in 3Q 2023). Revenue: ج.م903.0m (up 29% from 3Q 2023). Net income: ج.م577.5m (up 421% from 3Q 2023). Profit margin: 64% (up from 16% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. New Risk • May 12
New major risk - Revenue and earnings growth Earnings have declined by 3.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings have declined by 3.5% per year over the past 5 years. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ج.م12.83, the stock trades at a trailing P/E ratio of 34.2x. Average forward P/E is 14x in the Consumer Services industry in Egypt. Total returns to shareholders of 8.5% over the past three years. Price Target Changed • Apr 18
Price target decreased by 16% to ج.م18.24 Down from ج.م21.75, the current price target is provided by 1 analyst. New target price is 64% above last closing price of ج.م11.14. Stock is up 9.5% over the past year. The company posted earnings per share of ج.م0.19 last year. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ج.م12.80, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 12x in the Consumer Services industry in Egypt. Total loss to shareholders of 6.1% over the past three years. New Risk • Jul 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 20
Third quarter 2023 earnings released: EPS: ج.م0.19 (vs ج.م0.20 in 3Q 2022) Third quarter 2023 results: EPS: ج.م0.19. Revenue: ج.م700.8m (up 35% from 3Q 2022). Net income: ج.م130.3m (up 9.3% from 3Q 2022). Profit margin: 19% (down from 23% in 3Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Jan 28
First quarter 2023 earnings released: EPS: ج.م0.17 (vs ج.م0.14 in 1Q 2022) First quarter 2023 results: EPS: ج.م0.17 (up from ج.م0.14 in 1Q 2022). Revenue: ج.م632.8m (up 47% from 1Q 2022). Net income: ج.م107.2m (up 27% from 1Q 2022). Profit margin: 17% (down from 20% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Consumer Services industry. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Dec 28
An unknown buyer acquired 2.219% stake in Cairo for Investment & Real Estate Development S.A.E. (CASE:CIRA) from Waha Investment Management Company Spc for approximately EGP170 million. An unknown buyer acquired 2.219% stake in Cairo for Investment & Real Estate Development S.A.E. (CASE:CIRA) from Waha Investment Management Company Spc for approximately EGP170 million on December 26, 2022.An unknown buyer completed the acquisition of 2.219% stake in Cairo for Investment & Real Estate Development S.A.E. (CASE:CIRA) from Waha Investment Management Company Spc for approximately EGP170 million on December 26, 2022. Upcoming Dividend • Oct 17
Upcoming dividend of ج.م0.21 per share Eligible shareholders must have bought the stock before 24 October 2022. Payment date: 26 October 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Egyptian dividend payers (11%). Lower than average of industry peers (3.2%). Reported Earnings • Jul 23
Third quarter 2022 earnings released: EPS: ج.م0.21 (vs ج.م0.30 in 3Q 2021) Third quarter 2022 results: EPS: ج.م0.21. Revenue: ج.م520.2m (up 1.7% from 3Q 2021). Net income: ج.م182.7m (up 11% from 3Q 2021). Profit margin: 35% (up from 32% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Over the next year, revenue is forecast to grow 28%, compared to a 12% growth forecast for the industry in Egypt. Reported Earnings • Apr 16
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: EPS: ج.م0.25 (up from ج.م0.17 in 2Q 2021). Revenue: ج.م513.8m (up 32% from 2Q 2021). Net income: ج.م198.7m (up 96% from 2Q 2021). Profit margin: 39% (up from 26% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 29%. Over the next year, revenue is forecast to grow 13%, compared to a 16% growth forecast for the industry in Egypt. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be ج.م12.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings is also forecast to grow by 34% per annum over the same time period. Buying Opportunity • Mar 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be ج.م13.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% per annum over the last 3 years. Earnings per share has grown by 26% per annum over the last 3 years. Price Target Changed • Jan 31
Price target increased to ج.م20.93 Up from ج.م19.35, the current price target is an average from 5 analysts. New target price is 61% above last closing price of ج.م13.00. Stock is down 6.5% over the past year. The company is forecast to post earnings per share of ج.م0.79 for next year compared to ج.م0.44 last year. Reported Earnings • Jan 28
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: ج.م0.15 (down from ج.م0.16 in 1Q 2021). Revenue: ج.م430.0m (up 16% from 1Q 2021). Net income: ج.م99.6m (up 9.6% from 1Q 2021). Profit margin: 23% (down from 25% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 29%. Over the next year, revenue is forecast to grow 16%, compared to a 21% growth forecast for the industry in Egypt. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 09
Full year 2021 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ج.م1.39b (up 28% from FY 2020). Net income: ج.م308.6m (up 49% from FY 2020). Profit margin: 22% (up from 19% in FY 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • Sep 28
Upcoming dividend of ج.م0.17 per share Eligible shareholders must have bought the stock before 05 October 2021. Payment date: 10 October 2021. Trailing yield: 1.2%. Lower than top quartile of Egyptian dividend payers (7.4%). Lower than average of industry peers (2.3%). Reported Earnings • Jul 17
Third quarter 2021 earnings released: EPS ج.م0.26 (vs ج.م0.15 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ج.م511.4m (up 57% from 3Q 2020). Net income: ج.م238.3m (up 190% from 3Q 2020). Profit margin: 47% (up from 25% in 3Q 2020). The increase in margin was driven by higher revenue. Announcement • May 28
Cairo for Investment & Real Estate Development S.A.E. (CASE:CIRA) agreed to acquire additional 20% stake in Star Light Educational DMCC. Cairo for Investment & Real Estate Development S.A.E. (CASE:CIRA) agreed to acquire additional 20% stake in Star Light Educational DMCC on May 27, 2021. The board of directors of Cairo for Investment and Real Estate Development approved the acquisition. In a related transaction, Cairo for Investment and Real Estate Development agreed to acquire 40% stake in Global Furniture Company. The total value of these investments amounted to EGP 58.255 million. Reported Earnings • Apr 17
Second quarter 2021 earnings released: EPS ج.م0.16 (vs ج.م0.14 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ج.م388.8m (up 10.0% from 2Q 2020). Net income: ج.م137.9m (up 55% from 2Q 2020). Profit margin: 36% (up from 25% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Is New 90 Day High Low • Mar 01
New 90-day low: ج.م12.68 The company is down 9.0% from its price of ج.م13.95 on 01 December 2020. The Egyptian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ج.م10.32 per share. Price Target Changed • Feb 19
Price target raised to ج.م18.50 Up from ج.م17.12, the current price target is an average from 4 analysts. The new target price is 41% above the current share price of ج.م13.16. As of last close, the stock is up 1.2% over the past year. Is New 90 Day High Low • Feb 09
New 90-day low: ج.م13.52 The company is down 6.0% from its price of ج.م14.40 on 11 November 2020. The Egyptian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ج.م10.40 per share. Announcement • Jan 26
Cairo for Investment & Real Estate Development S.A.E. (CASE:CIRA) agreed to acquire 51% stake in Innovvette for Education. Cairo for Investment & Real Estate Development S.A.E. (CASE:CIRA) agreed to acquire 51% stake in Innovvette for Education on January 24, 2021. The Board of Directors of Cairo for Investment & Real Estate Development S.A.E. approved the transaction. Price Target Changed • Jan 21
Price target raised to ج.م17.60 Up from ج.م16.42, the current price target is an average from 4 analysts. The new target price is 29% above the current share price of ج.م13.69. As of last close, the stock is up 2.8% over the past year. Is New 90 Day High Low • Jan 20
New 90-day low: ج.م13.91 The company is down 7.0% from its price of ج.م14.92 on 22 October 2020. The Egyptian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ج.م10.44 per share. Reported Earnings • Jan 17
First quarter 2021 earnings released: EPS ج.م0.16 The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ج.م370.0m (up 18% from 1Q 2020). Net income: ج.م112.2m (up 35% from 1Q 2020). Profit margin: 30% (up from 27% in 1Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Nov 09
Full year 2020 earnings released: EPS ج.م0.35 The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ج.م1.09b (up 54% from FY 2019). Net income: ج.م254.8m (up 63% from FY 2019). Profit margin: 23% (up from 22% in FY 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Nov 09
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) missed analyst estimates by 29%. Over the next year, revenue is forecast to grow 21%, compared to a 36% growth forecast for the Consumer Services industry in Egypt. Is New 90 Day High Low • Sep 28
New 90-day low: ج.م12.66 The company is down 3.0% from its price of ج.م13.03 on 30 June 2020. The Egyptian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ج.م6.31 per share.