Elsewedy Electric Egypt Equities Industrials Rating/PT Change Monday, 1 August 2016

Transcription

1 Elsewedy Electric Egypt Equities Industrials Rating/PT Change Monday, 1 August 2016 Lowering our PT on a higher discount rate, yet fundamentals are still promising Buy maintained Buy Moderate Risk PT: EGP54.99 ETR: +22% Turnkey euphoria to keep posting impressive results. Margins on the uptrend, driven by fast-track projects and stronger exports. Higher country risk weighs on our valuation, so we cut our PT by 6% to EGP54.99 yet we maintain our Buy/Moderate Risk rating (ETR: +22%). Solid performance in 2015: Elsewedy Electric earnings more than tripled (3.1x) YoY in 2015 to EGP1.25bn, in line with our estimate (MTRe) of EGP1.30bn (-4.6%) and consensus of EGP1.29bn (-3.7%). However, clean earnings after excluding extraordinary items (impairment of receivables, reversal of write-downs and others) came in at EGP1.6bn, beating both MTRe and consensus. Enhanced profitability was in line with our estimate due to expected improvement in the company s margins, implemented cost-efficient strategy which led to lower SG&A as a percentage of revenues, lower net finance expenses, and the absence of fixed asset impairments realized in Operating margins improved on higher-thanexpected turnkey margins but hindered by wires & cables segment: Operating margins improved in 2015 due to strong improvement in turnkey GPM which reached 18.3% in 2015 (up from 14.7% in 2014), driven by execution of above-averagemargin fast-track project in Egypt. However, this was offset by lower GPM from the biggest segment, wires & cables, down from 13.7% to 12.9%. GP per ton dropped from EGP8,457 to EGP6,436, dragged by a 20% drop in copper prices in 2015 and the devaluation of the Algerian currency. GP (adjusted for depreciation) came in at EGP3.66bn in 2015 (+24% YoY), marking a GPM of 17.8% (MTRe: 15.9%), 45bps higher than Also, EBITDA margin came in at 13% (MTRe: 9.9%), up from 10.6% in EBITDA grew 48% YoY to EGP2.67bn (MTRe: EGP2.25bn, variance: +18%), impacted strongly by low a SG&A-to-revenues ratio of 4.6% in 2015, 155bps lower YoY. Page 1 Q foretells record-high earnings in 2016: In Q1 2016, SWDY posted 217% YoY growth in earnings to EGP757.5mn, beating MTRe of EGP299.6mn and consensus of EGP349.5mn by 153% and 117%, respectively. The quarter witnessed an impressive GPM of 22%, driven by the turnkey segment which posted a GPM of 23.3% due to the reduction in contingencies and costs of projects in Egypt and Algeria. Also, strong recovery in GPM was seen in wires & cables, reaching 16.6%, with a 28% higher GP per ton of EGP7,506, mainly driven by recovery in Algerian operations. Record-high backlog and better realized margins drive our estimates higher: Recent contracts signed boosted turnkey backlog to a record high of EGP21.4bn. Major contracts include: (1) A USD484.5mn contract signed with the Angolan government for a power plant; (2) two contracts with the Egyptian government worth USD190mn and USD75mn for a 358km long transmission line and connecting transformer plants, respectively; and (3) a EGP195mn contract signed in Qatar. Still positive on SWDY despite cutting our PT on higher WACC: We note that SWDY had increased its 2015 DPS to EGP3 to yield 7%, up from just EGP1 in 2014 and higher than MTRe of EGP1.75. We expect 2016 DPS to reach EGP4, a 9% dividend yield. In view of a higher discount rate, we downgrade our 12-month price target (PT) for SWDY by 6% from EGP58.55 to EGP Still, this implies an expected total return (ETR) of +22%. Thus, we reiterate our Buy/Moderate Risk rating. Stock Performance & Details SWDY (EGP) vs. EGX30 Rebased Stock Details Last price (EGP) W High (EGP) W Low (EGP) M -ADVT (EGPmn) 6.61 % Chg: M om 4.7 % Chg: YoY -3.3 % Chg: YTD 22.7 Mubasher Ticker Bloomberg Ticker Capital Details SWDY.EGX EGP mn 2013a 2014a 2015a 2016e 2017e 2018e Revenue 15,099 17,015 20,572 27,726 22,969 23,633 EBITDA 1,291 1,807 2,668 3,323 2,906 2,765 Net Income ,245 1,972 1,706 1,644 Revenue Growth (%) 4.0% 12.7% 20.9% 34.8% -17.2% 2.9% EBITDA Growth (%) 8.8% 39.9% 47.7% 24.5% -12.5% -4.9% Net Income Growth (%) -17.2% 317.9% 208.7% 58.4% -13.5% -3.6% EBITDA Margin (%) 8.6% 10.7% 13.1% 12.1% 12.8% 11.8% Net Margin (%) 0.9% 2.6% 6.6% 7.7% 8.1% 7.5% Net Debt (Cash) 5,364 4,196 5,040 3,515 1, EPS (EGP) BVPS (EGP) DPS (EGP) PER (x) 74.1x 23.1x 6.6x 5.1x 5.9x 6.1x PBV (x) 1.5x 1.8x 1.3x 1.4x 1.3x 1.3x Dividend Yield (%) 0.0% 2.4% 8.2% 8.9% 11.1% 11.0% Source: Company reports, MubasherTrade Research estimates Nour Eldeen Sherif Equity Analyst Mubasher International Noureldeen.Sherif@MubasherFS.com For more information on MubasherTrade, please visit our website at or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. SWDY EY No. of Shares (mn) Mkt Cap (EGPmn) 10,056.0 Mkt. Cap (USDmn) 1,132.7 Free Float (%) 35.25

2 Elsewedy Electric Egypt Rating/PT Change Monday, 1 August 2016 What has changed? Changing our forecasts: We upgrade our estimates for SWDY based on the company s latest operational performance which exhibited higher margins than we had expected. Also, we revisited our projections for the company s KPIs to reflect performance during 2015: Wires & cables: 1. We upped our utilization rate projections for 2016 from 64% to 69%, based on a higher-thanexpected increase in volumes in 2015 with utilization reaching 66%. We note that volumes increased by 24% YoY in Q1 2016, driven mainly by local market and Algeria. 2. In view of low copper prices, we slashed copper prices used according to Bloomberg consensus to average USD4,966/ton between instead of USD6,630/ton. This directly reduced our average selling prices for 2016 from EGP76,584/ton to EGP70,063/ton. GP per ton suffered in 2015, recording EGP6,469 and coming below MTRe of EGP7,103 due to the devaluation of Algerian currency and a drop in profitability in Saudi Arabia. We now expect GP per ton to recover to EGP7,950 in 2016 in view of the devaluation of Egyptian currency (i.e. cheaper exports), recovery in Algeria seen in Q1 2016, and better profitability in the local market. Turnkey: Turnkey segment backlog is promising for exceptionally-high revenues and profitability in 2016 and over our forecast period. We changed our estimates significantly for 2016, driven by the expected full execution of Attaqa and Mahmoudia project (USD706mn), expected progress in Angola project (USD484mn), and Beni Suef project (EUR785mn). Accordingly, we expect turnkey segment revenues to reach EGP11.3bn (+75% YoY). Also, we raised our estimated 2016 GPM from 13.5% to 18%, due to continued execution of fasttrack above-average-margin projects. Meters: We raised our estimated utilization rate for the meters segment, in view of strong growth in 2015, to 77% in 2016, with GPM stabilizing at 28%. Transformers: Transformers segment showed flat revenues in We expect it to witness a boost in 2016, given its 69% YoY growth in Q and driven by the Egyptian and Algerian markets. We estimate a GPM of 30% for Renewable energy: Given the current international arbitration issue related to renewable energy projects, we delayed the progress in the solar energy project to start by We note that even if the project is cancelled, our SWDY valuation will only be affected by 3%. According to our new estimates, we boosted the top line by 20% in 2016 from our previous forecasts. Going forward, we cut our top-line estimates by c.3% on average from our previous projections to reflect lower copper prices than initially forecasted. Enhanced profitability is still on the way to materialize in 2016 and thereafter due to an expected increase in GP per ton and better margins from the turnkey segment. EBITDA margin for 2016 has been revised upward to 12% (vs. 10% previously), averaging 11.3% thereafter (vs. 10.5% previously). Significant change in our WACC calculation: We discounted free cash flows to the firm (FCFF) at a weighted average cost of capital (WACC) of 16.1% vs. 11.6% in our previous note. We derived our updated WACC as follows: Cost of equity (COE): 20.0 % vs. 15.4% in our previous note based on a build-up method, starting with: - 10-year US Treasury yield (UST10) of 1.45%. - Inflation differential of 9% (added). - Egypt s equity risk premium (ERP) of 11.6%. - SWDY s adjusted beta: 0.84 (unchanged). After-tax cost of debt (COD): 4.5% vs. 3.9% A terminal growth rate (TGR): 4% (unchanged). Change in estimates (EGPmn, unless otherwise noted) 2014a 2015a 2016e 2017e 2018e 2019e 2020e Revenues old 17,015 20,572 23,054 25,144 25,323 24,273 25,472 Revenues new 17,015 20,572 27,726 22,969 23,633 23,190 25,569 Change% 20% -9% -7% -4% 0% Revenues consensus 24,122 24,642 25, Variance to consensus 15% -7% -7% -4% EBITDA old 1,807 2,668 2,304 2,512 2,673 2,662 2,777 EBITDA new 1,807 2,668 3,323 2,906 2,765 2,821 2,976 Change% 44% 16% 3% 6% 7% EBITDA Margin old 11% 13% 10% 10% 11% 11% 11% EBITDA Margin new 11% 13% 12% 13% 12% 12% 12% Net Income old 403 1,245 1,253 1,401 1,557 1,629 1,800 Net Income new 403 1,245 1,972 1,706 1,644 1,716 1,862 Change% 57% 22% 6% 5% 3% Net Income consensus 1,808 1,723 1,690 Variance to consensus 9% -1% -3% Source: Bloomberg, MubasherTrade Research estimates Page 2 Change by segment (EGPmn, unless otherwise noted) 2015a 2016e 2017e 2018e 2019e 2020e Wires & Cables Volumes old (Tons 000) Volumes new (Tons 000) Prices old (EGP) 64,569 76,584 80,713 75,732 75,732 75,732 Prices new (EGP) 64,854 70,063 64,426 69,256 69,315 80,881 GP per ton old (EGP) 7,103 9,190 9,686 9,088 9,088 9,088 GP per ton new (EGP) 6,469 7,950 7,950 8,318 8,658 9,012 Turnkey Revenues Old 7,861 4,828 4,958 5,094 3,006 3,156 Revenues New 6,437 11,233 6,683 5,514 4,222 3,306 Backlog Old 11,210 9,204 7,210 5,227 5,488 5,762 Backlog New 15,200 11,776 8,556 6,500 5,749 6,037 Meters Revenues Old ,008 1,042 Revenues New ,090 1,199 1,239 1,281 Gross Profit old Gross Profit new Transformers Revenues Old ,123 1,322 1,555 Revenues New ,049 1,158 1,309 Gross Profit old Gross Profit new Source: MubasherTrade Research estimates For more information on MubasherTrade, please visit our website at or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document.

3 Elsewedy Electric Egypt Rating/PT Change Monday, 1 August 2016 Financial Summary Balance Sheet (EGPmn) Per-Share Data FY End: December 2013a 2014a 2015a 2016e 2017e 2018e 2013a 2014a 2015a 2016e 2017e 2018e Current Assets Price Cash & Cash Equivalent 1,461 1,598 3,822 4,714 5,329 5,378 # Shares (WA,in mn) Accounts & Notes Receivable 5,321 5,272 9,350 10,216 8,144 7,685 EPS Other Current Assets 3,861 3,702 4,186 5,641 5,219 5,301 DPS Total Current Assets 10,644 10,572 17,358 20,571 18,693 18,365 BVPS Fixed Assets (net) 3,215 2,954 2,969 3,140 3,321 3,500 Other Non-Current Assets Valuation Indicators Net Intangibles a 2014a 2015a 2016e 2017e 2018e Total Assets 14,219 13,911 20,775 24,160 22,425 22,271 PER (x) 74.1x 23.1x 6.6x 5.1x 5.9x 6.1x Liabilities & Equity PBV (x) 1.5x 1.8x 1.3x 1.4x 1.3x 1.3x Short-Term Debt 4,094 3,384 5,100 4,673 4,140 3,469 EV/Sales (x) 0.9x 0.8x 0.7x 0.5x 0.5x 0.5x Current Portion of LT Debt EV/EBITDA 10.0x 7.7x 5.1x 4.2x 4.3x 4.2x Accounts Payable 2,966 2,895 7,141 9,624 7,908 8,232 Dividend Payout Ratio 0.0% 55.4% 53.8% 45.3% 65.5% 67.1% Other Current Liabilities Dividend Yield 0.0% 2.4% 8.2% 8.9% 11.1% 11.0% Total Current Liabilities 8,056 7,336 13,416 14,848 12,556 12,216 Long-Term Debt Profitability & Growth Ratios Other Non-Current Liabilities , a 2014a 2015a 2016e 2017e 2018e Total Liabilities 8,932 8,177 14,240 16,508 14,122 13,595 Minority Interest Revenue Growth 4.0% 12.7% 20.9% 34.8% -17.2% 2.9% Total Equity 5,287 5,734 6,535 7,651 8,304 8,676 EBITDA Growth 8.8% 39.9% 47.7% 24.5% -12.5% -4.9% Total Liabilities & Equity 14,219 13,911 20,775 24,160 22,425 22,271 EPS Growth -17.2% 317.9% 208.7% 58.4% -13.5% -3.6% EBITDA Margin 8.6% 10.6% 13.0% 12.0% 12.7% 11.7% Income Statement (EGPmn) Net Margin 0.6% 2.4% 6.1% 7.1% 7.4% 7.0% 2013a 2014a 2015a 2016e 2017e 2018e ROAE 2.0% 7.9% 21.6% 29.6% 23.1% 21.2% Total Revenue 15,099 17,015 20,572 27,726 22,969 23,633 ROAA 0.7% 2.9% 7.2% 8.8% 7.3% 7.4% COGS 12,670 14,062 16,908 22,790 18,726 19,492 GP 2,429 2,953 3,664 4,937 4,243 4,140 Liquidity & Solvency Multiples Other operating (exp.)/ Inc. 1,138 1, ,614 1,337 1, a 2014a 2015a 2016e 2017e 2018e EBITDA 1,291 1,807 2,668 3,323 2,906 2,765 D&A, Others (522) (639) (788) (350) (362) (380) Net Debt/(Cash) 5,364 4,196 5,040 3,515 1, Net finance exp., taxes (510) (469) (631) (834) (694) (601) Net Debt/Equity 101.4% 73.2% 77.1% 45.9% 20.1% 8.0% NP Before XO & MI ,250 2,140 1,851 1,784 Net debt to EBITDA 4.2x 2.3x 1.9x 1.1x 0.6x 0.3x XO & Minority Interest (162) (295) (4) (168) (145) (140) Debt to Assets 0.38x 0.33x 0.30x 0.24x 0.23x 0.18x Net Income ,245 1,972 1,706 1,644 Current ratio 1.3x 1.4x 1.3x 1.4x 1.5x 1.5x Cash Flow Statement (EGPmn) Consensus Estimates 2013a 2014a 2015a 2016e 2017e 2018e 2016e 2017e 2018e Revenues 24,122 24,642 25,457 Cash from Operating 815 2, ,266 3,709 3,027 MubasherTrade Research vs. Consensus 15% -7% -7% Cash from Investing (547) (707) (522) (504) (509) (557) Net Income 1,808 1,723 1,690 Cash from Financing (265) (1,061) 1,041 (1,595) (2,197) (2,475) MubasherTrade Research vs. Consensus 9% -1% -3% Net Change in Cash ,166 1,003 (5) Fwd PER (x), Last Price 5.1x 5.9x 6.1x Fwd PER (x), Price Target 6.2x 7.2x 7.5x Capex (188) (236) (205) (469) (516) (544) Fwd DY (%), Last price 8.9% 11.1% 11.0% Source: Company data, MubasherTrade Research estimates a = Actual; e = Estimate Share price at 1-Aug-16 Page 3 For more information on MubasherTrade, please visit our website at or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document.

4 Investment Rating Disclosure Appendix Important Disclosures METHODOLOGY: We strive to search for the best businesses that trade at the lowest valuation levels as measured by an issuer s intrinsic value on a per-share basis. In doing so, we follow both topdown and bottom-up approaches. Under the top-down approach, we attempt to study the most important quantitative and qualitative factors that we believe can affect a security's value, including macroeconomic, sector-specific, and company-specific factors. Under the bottom-up approach, we focus on the analysis of individual stocks by running our proprietary scoring model, including valuation, financial performance, sentiment, trading, risk, and value creation. COUNTRY MACRO RATINGS: We analyze the four main sectors of a country s macroeconomics, then we assign,, and star for low risk, Low Risk, and high risk, respectively. We use different weights for each economic sector: (a) Real Sector (30% weight), (b) Monetary Sector (10% weight), (c) Fiscal Sector (25% weight), (d) External Sector (15% weight), and (e) Credit Rating and Outlook (20%). STOCK MARKET RATINGS: We compare our year-end price targets for the subject market index on a total-return basis versus our calculated required rate of return (RRR). Taking into account our Country Macro Rating, we set the Neutral borderline (below which is Underweight ) as 20% of RRR for Country Macro Rating, 40% of RRR for Country Macro Rating, and 60% of RRR for Country Macro Rating. That said, our index price targets are based on the average of two models. Model (1): Estimated index levels based on consensus price targets of all index constituents. Stocks with no price targets are valued at market price. Model (2): Estimated index levels based on our expected re-pricing (whether re-rating, de-rating, or unchanged rating) of the forward price-earnings ratio (PER) of each index in addition to consensus earnings growth for the forward year. SECTOR RATINGS: On the sectors level, we focus on six major sectors, namely (1) Consumer and Health Care, (2) Financials, (3) Industrials, Energy, & Utilities, (4) Materials, (5) Real Estate, and (6) Telecom Services & IT. To assess each sector, we use the SWOT analysis to list the strengths, weaknesses, opportunities, and threats in each country. We then translate our qualitative SWOT analysis into a quantitative model to evaluate all six sectors across countries. Each of the measures we used, although mostly subjective, is assigned a score as either +1 (high impact), 0 (medium impact), or -1 (low impact). At a later stage, when assigning the final rating Overweight, Neutral, or Underweight for each sector in each country, we realize that sometimes it is unfair to assign equal weights for the sub-sectors in each major sector assessed. Hence, some of the sub-sectors are given different weights for their significant profile in each country. Additionally, the final rating for each sector in each specific country is assigned based on a relative calculation comparing this sector to all other sectors in this country. SECURITY INVESTMENT RATINGS: We combine intrinsic value, relative valuation, and market sentiment into a single rating. Our three-pronged methodology involves (1) discounted cash flows DCF valuation model(s), (2) relative valuation metrics, and (3) overall sentiment. Whenever possible we attempt to apply all three aspects on the issuers or securities under review. In certain cases where we do not have our own financial and valuation models, we attempt to scan the market for other analysts value estimates and ratings (i.e. consensus view) on average. We compliment this with relative valuation and sentiment drivers, such as positive/neutral/negative news flows. For all issuers/securities covered, we have three investment ratings (Buy, Hold, or Sell), comparing the security s expected total return (including both price performance and expected cash dividend) over a 12-month period versus its Required Rate of Return RRR as calculated using the Capital Asset Pricing Model CAPM and adjusted for the Risk Rating we attach to each security. Our price targets are subjective and are estimates of the analysts where the securities covered will trade within the next 12 months. Price targets can be derived from earnings-based valuation models (e.g. Discounted Cash Flow DCF ), asset-based valuation models (e.g. Net Asset Value NAV ), relative valuation multiples (e.g. PER, PBV, EV/EBITDA, etc.), or a combination of them. In case we do not have our own valuation model, we use a weighted average of market consensus price targets and ratings. We review the investment ratings periodically or as the situation necessitates. SECURITY RISK RATINGS: We assess the risk profile of each issuer/security covered and assign one of three risk ratings (High, Moderate, or Low). The risk rating is weighted to reflect different aspects specific to (1) the sector, (2) the issuer, (3) the security under review, and (4) volatility versus the market (as measure by beta) and versus the security s average annualized standard deviation. We review the risk ratings at least annually or as the situation necessitates. Other Disclosures MFS does not have any proprietary holding in any securities. Only as a nominee, MFS holds shares on behalf of its clients through Omnibus accounts. MFS is not currently a market maker for any listed securities. If Total Return is Buy (B) Hold (H) Sell (S) Not Rated (NR) Not Covered (NC) Low (1) Moderate (2) High (3) Higher than RRR Higher than RRR Higher than RRR Between RRR and 20% of RRR Lower than 20% of RRR Risk Rating Between RRR and 40% of RRR Lower than 40% of RRR Between RRR and 60% of RRR Lower than 60% of RRR We have decided not to publish a rating on the stock due to certain circumstances related to the company (i.e. special situations). We do not currently cover this stock or we are restricted from coverage for regulatory reasons.

5 Analyst Certification I (we), Noureldeen Sherif, and employed with Mubasher International, a company under the National Technology Group of Saudi Arabia being a shareholder of Mubasher Financial Services BSC (c) as Senior Equity Analyst and author(s) of this report, hereby certify that all the views expressed in this research report accurately reflect my (our) views about the subject issuer(s) or security(ies). I (we) also certify that no part of my (our) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or view(s) expressed in this report. Also, I (we) certify that neither myself (ourselves) nor any of my (our) close relatives hold or trade into the subject securities. Head of Research Certification I, Amr Hussein Elalfy, Global Head of Research of Mubasher Financial Services BSC (c) confirm that I have vetted the information, and all the views expressed by the Analyst in this research report about the subject issuer(s) or security(ies). I also certify that the author(s) of this report, has (have) not received any compensation directly related to the contents of the Report. Disclaimer This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Mubasher Financial Services BSC (c) ( MFS ) has based this document on information obtained from sources it believes to be reliable but which it has not independently verified; MFS makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. The opinions contained within the document are based upon publicly available information at the time of publication and are subject to change without notice. This document is not intended for all recipients and may not be suitable for all investors. Securities described in this document are not available for sale in all jurisdictions or to certain category of investors. The document is not substitution for independent judgment by any recipient who should evaluate investment risks. Additionally, investors must regard this document as providing stand-alone analysis and should not expect continuing analysis or additional documents relating to the issuers and/or securities mentioned herein. Past performance is not necessarily a guide to future performance. Forward-looking statements are not predictions and may be subject to change without notice. The value of any investment or income may go down as well as up and you may not get back the full amount invested. Where an investment is denominated in a currency other than the local currency of the recipient of the research report, changes in the exchange rates may have an adverse effect on the value, price or income of that investment. In case of investments for which there is no recognized market, it may be difficult for investors to sell their investments or to obtain reliable information about its value or the extent of the risk to which it is exposed. References to ratings/recommendations are for informational purposes only and do not imply that MFS adopts, supports or confirms in any way the ratings/recommendations, opinions or conclusions of the analysts. This document is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MFS or its affiliates to any registration or licensing requirements within such jurisdiction. MFS accepts no liability for any direct, indirect, or consequential damages or losses incurred by third parties including its clients from any use of this document or its contents. Copyright Copyright 2016, Mubasher Financial Services BSC (MFS), ALL RIGHTS RESERVED. No part or excerpt of this document may be redistributed, reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of MFS. MubasherTrade is a trademark of Mubasher Financial Services BSC. Mubasher Financial Services BSC (c) is an Investment Business Firm Category 1, licensed and regulated by the Central Bank of Bahrain. Issuer of Report Mubasher Financial Services BSC (c) is an Investment Business Firm Category 1, licensed and regulated by the Central Bank of Bahrain. Website: Research@MubasherTrade.com

6 Sales & Research Contact Details INSTITUTIONAL SALES RETAIL SALES RESEARCH MENA Bahrain UAE Research Team (UAE) Call Center: Call Center: Egypt Egypt Institutions-Egy@Mubasher.net Egypt@MubasherTrade.com Call Center: /