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Investment case Largest market share in Passenger Car segment, at 28%.

GB AUTO. AUTO.CA/AUTO EY | Hold Recommendation | Moderate Risk | LTFV EGP33.3 | Target Price EGP33.3 | Analyst: Ahmed Abdel Ghani. Investment case Largest market share in Passenger Car segment, at 28%. Engaged at each level of the automotive industry value chain.

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Investment case Largest market share in Passenger Car segment, at 28%.

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  1. GB AUTO AUTO.CA/AUTO EY | Hold Recommendation | Moderate Risk | LTFV EGP33.3 | Target Price EGP33.3 | Analyst: Ahmed Abdel Ghani Investment case • Largest market share in Passenger Car segment, at 28%. • Engaged at each level of the automotive industry value chain. • Strong partnership with OEMs (Hyundai, Volvo and Mitsubishi). • Largest player in three-wheelers, with a market share of c.99%. Upside Catalysts • Supplying new PC brand. • Offering new Hyundai models. • Launch of warehousing and logistics facility. • Launch of new Passenger Car financing company. Downside Risks • Foreign exchange fluctuations. • Halting the renewal of the Verna assembling license. • Competition within industry. • Delay in economic recovery • Shareholder Structure • Dr.RaoufGhabbour and Family 73.5% • Free Float 26.5% • 52-Week Performance & Share Data(*EGX suspended 27th Jan – 23rd Mar 2011) Key Performance Indicators Company Profile GB Auto [AUTO] was founded by Sadek & KamalGhabbour in 1940. In 1956 the company was incorporated for trade in automotive-related products & construction materials whilst later on, in the early 1970s, it began securing agent licenses for passenger car, bus and automotive part distributors. In July 2007, GB Auto shares began trading on the Egyptian Exchange (EGX) after the completion of a capital increase through an IPO. GB Auto was the first (and is currently the only car assembly company) floating shares in EGX. The company has an authorized capital of GP400mn and an issued capital of EGP129mn, distributed over 129mn shares at a par value of EGP1/share.

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