Every indexed document

or call 1-800-MERRILL to have them mailed.

a Sovereign issuer rated Marketweight is included as a Hold

only individual bonds and capital securities with specific recommendations

it is applicable to bonds and capital securities of the issuer except bonds and capital securities specifically

hereby certify that the views each of us has expressed in this research

an unfavourable ruling against Zain KSA in its arbitration process

we use a 2017E sum of the parts valuation

adverse FX movements in countries outside of

KEC and EEC) are valued at current market valuation given we do

a c.10% discount to global peers on account of

especially their indirect stake in Turk Telekom.

we see ongoing risk from FX exposure at their

we value its holdings in Oger Telecom and Binariang using a

taking the average yielded by the two methods. More specifically:

we think DCF better reflects the stock's growth opportunity.

which points to a PO of SAR121. We attribute a greater weight to the

DDM and peer group analysis to value Al Othaim. We

and any potentially dilutive acquisitions.

inability to raise prices to offset cost inflation

but BAE is by in large the largest and historical local presence.