Equity Markets & Valuation
Market microstructure, EGX trading mechanics and company valuation under Egyptian disclosure practice.
Programme overview
A working programme for analysts and investment professionals who must produce defensible equity valuations for Egyptian issuers, where inflation, currency and free-float constraints materially affect the numbers.
Participants build a full DCF and comparable-company model on a listed EGX name and present the recommendation to a panel.
Key learning outcomes
- 01Normalise financial statements for inflation and one-off items
- 02Build a three-statement model and free cash flow bridge
- 03Select and adjust peer multiples for the Egyptian market
- 04Estimate cost of equity with a country risk premium
- 05Test valuations against liquidity and free-float realities
- 06Write a research note that meets disclosure standards
Curriculum
Microstructure
Order book dynamics, spreads, liquidity and price formation on EGX.
Financial analysis
Quality of earnings, working capital and normalisation.
Discounted cash flow
Forecast horizon, WACC in EGP terms and terminal value.
Relative valuation
Peer set construction, multiple selection and discounts.
Research write-up
Recommendation structure, assumptions log and conflicts disclosure.
Prerequisites, assessment & certification
Prerequisites
Introduction to Capital Markets or equivalent market experience.
Assessment
Valuation model submission and panel defence.
Certification
ECMF Academy certificate with valuation specialism endorsement.
Other programmes in this track
Reserve a place on the next cohort
Member firms receive preferential rates and can nominate delegates directly through the secretariat. In-house delivery is available for cohorts of ten or more.