• Adjust fair value to EGP16.5/share on 1:1 bonus share issue We adjust our fair value (FV) for Edita to EGP16.5/share from EGP33.0/share following the bonus share issue approved by shareholders at the EGM held on 31 March 2016 (ex-dividend date is 26 May 2016). The company has issued one bonus share for every one share held, raising the total number of shares outstanding to c725.4mn from c362.7mn. Total equity has not changed, as the bonus issue was completed by capitalising retained earnings.
Hatem Alaa, CFA Nada Amin
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