{"id":670053,"date":"2025-08-13T00:00:00","date_gmt":"2025-08-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/13\/rise-in-bonyans-gross-asset-value-shows-stocks-trading-at-half-their-fair-equity-value\/"},"modified":"2025-08-13T00:00:00","modified_gmt":"2025-08-13T00:00:00","slug":"rise-in-bonyans-gross-asset-value-shows-stocks-trading-at-half-their-fair-equity-value","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/13\/rise-in-bonyans-gross-asset-value-shows-stocks-trading-at-half-their-fair-equity-value\/","title":{"rendered":"Rise in Bonyan\u2019s gross asset value shows stocks trading at half their fair equity value"},"content":{"rendered":"

Bonyan's gro<\/strong>ss asset value rose 9.0% YTD to EGP 17.4 bn by the end of <\/strong>June <\/strong>2025<\/strong>, up from the EGP 16.0 bn recorded in December, the EGX\u2019s second most recent addition said in an asset value update (pdf)<\/a> based on a valuation by the Financial Regulatory Authority-licensed Global Appraisal Tech. This valuation \u2014 which outpaced inflation for the period \u2014 raises the implied gross asset value to EGP 171.2k per meter, up from 157k per meter at the start of the year and its implied enterprise value per meter of EGP 95.5k per meter at the time of its initial public offering in July<\/a>.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Gross asset value? <\/strong>Because Bonyan is a real estate operating company (REOC) and runs a not-so-commonplace business model, gross asset value \u201cserves as the most relevant metric for assessing Bonyan\u2019s performance,\u201d according to CEO Tarek Abdelrahman. Gross asset value counts the total, undiluted value of a company\u2019s assets \u2014 think of it as the full retail price of a house before you consider a mortgage.<\/p>\n

When accounting for liabilities of around EGP 2.0 bn, this brings the company\u2019s fair asset <\/strong>value to EGP 15.4 bn \u2014 around double Bonyan's current<\/strong> market cap<\/strong> \u2014 Ahly Pharos Head of Research Hany Genena highlighted in comments to EnterpriseAM.<\/p>\n

\u201cA key theme in the Bonyan story is its direct exposure to interest rates<\/strong>,\u201d explained Genena, who described the company as following a carry trade strategy by borrowing money at lower interest rates to acquire assets with a higher return. Before 2022, the cost of carry was materially decreased by acquiring income-generating properties in a low-interest-rate environment, which were followed by acquisitions in 2023 and 2024 under a higher interest rate environment that raised the cost of carry.<\/p>\n

And with <\/strong>encouraging inflation data out recently<\/a><\/strong> and the increased likelihood of further <\/strong>interest rate cuts, Bonyan shareholders may have some good news in store. <\/strong>Further decreases in interest rates \u2014 with a 200 bps cut expected by Genena in the Monetary Policy Committee\u2019s next meeting \u2014 will come with a reduction in the cost of carry, savings which could be shared with shareholders, Genena told us.<\/p>\n

Bonyan\u2019s decision not to distribute dividends for at least two to three years was one of <\/strong>the reasons it had a <\/strong>muted debut on the EGX<\/a><\/strong>. <\/strong>Bonyan shares ended their first day trading largely flat, despite a favorable valuation. This came on the back of several reasons, including its decision to delay dividends due to ongoing expansion plans and outstanding liabilities. \u201cThis is why you see the markdown. Investors don't expect short-term payouts, and without clear catalysts, they\u2019re hesitant,\u201d Genena told us at the time.<\/p>\n

REMEMBER- <\/strong>Bonyan priced its IPO at the lower end of its range (EGP 4.96), suggesting plenty of upside for buyers, given the independent financial advisor said a fair value looks more like <\/a>EGP 7.52<\/a>. The EGP 1.8 bn IPO had generated <\/a>strong demand<\/a> from both institutional and retail investors, and the listing was accompanied by a solid 1Q earnings release.<\/p>\n","protected":false},"excerpt":{"rendered":"

The implied gross asset value rose to EGP 171.2k per meter, up from 157k per meter at the start of the year<\/p>\n","protected":false},"author":1,"featured_media":670054,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7303],"tags":[8298,102,68,72,78],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-670053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-bonyan","tag-capital-markets","tag-egx","tag-enterpriseam","tag-ipo-watch","wpautop","entry"],"acf":{"mongo_id":"b14524a0-b4c6-4120-9d88-837df53831d2","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/242.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Rise in Bonyan\u2019s gross asset value shows stocks trading at half their fair equity value","related_issue":[670043],"teaser":"The implied gross asset value rose to EGP 171.2k per meter, up from 157k per meter at the start of the year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/8\/.3c01665e-f1ad-41ad-82d6-e8a7642b4580.mp3"},"yoast_head":"\nRise in Bonyan\u2019s gross asset value shows stocks trading at half their fair equity value - 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Revenues for the quarter came in at EGP 1.92 bn, up 33% thanks to accelerating deliveries at its SODIC East and Villette developments.It was a stellar quarter\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/351.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584662,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/what-the-markets-are-doing-on-3-april-2023\/","url_meta":{"origin":670053,"position":1},"title":"What the markets are doing on 3 April, 2023","author":"enterpriseam admin","date":"3 April 2023","format":false,"excerpt":"MARKET NEWS-Ezz Steel\u2019s net income rose 23.2% y-o-y to EGP 6.6 bn in 2022, according to an EGXdisclosure(pdf). The company\u2019s revenues, meanwhile, rose 23.8% y-o-y to EGP 84.0 bn.OFH to carry out capital reduction: Orascom Financial Holding\u2019s (OFH) board of directors has agreed to reduce the company\u2019s share capital to\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544550,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/","url_meta":{"origin":670053,"position":2},"title":"SODIC\u2019s net income up 89% y-o-y for 4Q2021","author":"enterpriseam admin","date":"9 March 2022","format":false,"excerpt":"Real estate giant SODIC\u2019s net income nearly doubled during 4Q 2021, rising 89% y-o-y to EGP 518 mn, according to the company\u2019s latest earnings release (pdf). Revenues rose 81% for the quarter to record EGP 3.6 bn. For the full year, net income was up 5% to EGP 860 mn,\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/110.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557044,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/sodic-acquires-new-zayed-plot-for-egp-1-24-bn\/","url_meta":{"origin":670053,"position":3},"title":"SODIC acquires new Zayed plot for EGP 1.24 bn","author":"enterpriseam admin","date":"5 September 2021","format":false,"excerpt":"Upmarket real estate developer SODIC will purchase a 123-acre plot in Sheikh Zayed City for EGP 1.24 bn, the company said in a statement (pdf) Thursday, after the Sheikh Zayed City Development Authority accepted an offer of EGP 2,385 per sqm, payable over six years. The new plot, which is\u2026","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/51.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561399,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/06\/azimut-egypt-eyes-two-new-funds\/","url_meta":{"origin":670053,"position":4},"title":"Azimut Egypt eyes two new funds","author":"enterpriseam admin","date":"6 April 2021","format":false,"excerpt":"Azimut Egypt Asset Management plans to launch two new funds this year, with one going live within a few days and the other coming after Ramadan, Managing Director Ahmed Abou El Saad said at a conference yesterday, according to Hapi Journal. The Italy-based asset manager has obtained all necessary approvals\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568563,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/15\/earnings-watch-sodic-beltone-financial-naeem-holding-te-tmg-holding-hdb\/","url_meta":{"origin":670053,"position":5},"title":"Earnings watch: SODIC, Beltone Financial, Naeem Holding, TE, TMG Holding, HDB","author":"enterpriseam admin","date":"15 November 2020","format":false,"excerpt":"EARNINGS WATCH- SODIC\u2019s net profits rose 179% to EGP 468 mn y-o-y in 3Q2020, according to the company\u2019s earnings release (pdf). Revenues for the quarter increased 50% y-o-y, reaching EGP 2.1 bn, while gross contracted sales surged 174% to EGP 2.2 bn from 393 units sold. Residential sales recorded EGP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/670053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=670053"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/670053\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/670043"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/670054"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=670053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=670053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=670053"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=670053"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=670053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}