Telecom Egypt (ETEL) reported a mixed set of results for Q2 2019, where reported earnings plunged 60% y/y, hit by a one-off item related to the company’s early retirement program (ERP). Total revenues grew substantially by 24% y/y, while adjusted EBITDA edged down 3% y/y. ETEL is currently trading at a cheap 7x TTM earnings, even after the drop in earnings.
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