External broker reports(aggregated public sources), International Securities

International Securities

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Leading position in security printing, cash-rich balance sheet, diverse business portfolio, and a clear vision to grow; all support better stock valuation.</li><li>Initiate coverage with a Buy and a fair value of AED1.53/share, implying 39% upside.</li><li>Clearly identified organic and inorganic growth plans to lift revenues and profits at a 5-year CAGR of 9.5% and 6.9%. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Leading position in security printing, cash-rich balance sheet, diverse business portfolio, and a clear vision to grow; all support better stock valuation.Initiate coverage with a Buy and a fair value of AED1.53/share, implying 39% upside.Clearly identified organic and inorganic growth plans to lift revenues and profits at a 5-year CAGR of 9.5% and 6.9%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

E7 Group: Industry Leader in Security Printing with a Clear Vision to Grow