While Thndr already offers equity funds, money market funds, and gold, this is the first of its kind on Thndr — a fund that gives you both growth from equities and stability from fixed income in a single product.
Al-Mizan is an open-end balanced mutual fund managed by NBK Egypt Financial Investments, the investment arm of the National Bank of Kuwait in Egypt.
The fund follows a balanced investment strategy that combines the best of both worlds:
- Equities (stocks): Up to 60.78% of the fund, giving investors growth potential by investing in leading Egyptian companies — while ensuring no single company dominates the portfolio.
- Fixed income instruments (bonds, T-bills, deposits): Up to 39.23%% of the fund, providing stability and steady income.
Disclaimer: The figures presented are as of July 2025 and are subject to change.
By targeting roughly a 50/50 split between equities and fixed income, Al-Mizan allows investors to benefit from the stock market’s upside while cushioning risk with more stable debt instruments. All stats and figures mentioned are as of July 2025
Like all mutual funds, your money is pooled with thousands of others and professionally managed under a clear investment mandate — so you don’t need to worry about stock picking or timing the market yourself.
As of July 2025, the fund’s top 5 equity holdings were:
- Commercial International Bank (CIB): Egypt’s largest private sector bank, a leader in financial services and a benchmark for banking stability.
- GB Corp: One of the region’s biggest automotive players, covering passenger cars, commercial vehicles, and mobility solutions.
- Talat Moustafa Group (TMG) & Palm Hills : Two of the heavyweights in Egypt’s real estate development, behind landmark residential communities.
- ADIB – Egypt: :Abu Dhabi Islamic Bank -Egypt, is a leading universal bank that is fully Shari’a Compliant, focusing on service excellence, product and solution innovation.
This mix gives investors exposure to Egypt’s financial sector, real estate boom, industrial and consumer demand, all while balancing risk with fixed income assets.
Performance track record as of July 2025
Al-Mizan has consistently delivered strong results
| Year | % Return |
| 2024 Return (Dec 23 – Dec 24) | 37.87% |
| 3 year Return (Dec 2023–Dec 2024) | +112.38% |
| 5 Year Return (Dec 2019–Dec 2024) | +147.20% |
| Since Inception | +804.65% |
Why invest in Al-Mizan?
- Diversification across asset classes – With Al-Mizan, your money isn’t tied to just one type of investment. About half goes into equities (stocks), giving you exposure to Egypt’s leading companies like CIB, GB Corp, Palm Hills, and Juhayna, while the other half is allocated to fixed income instruments like bonds and treasury bills. This mix spreads risk — when stocks are volatile, bonds help provide stability, and when bonds are flat, equities can drive growth.
- Growth potential through equities – By investing in some of the largest companies on the Egyptian Exchange, Al-Mizan captures long-term growth opportunities. Equities have historically been one of the best ways to build wealth, and in 2024 alone, the fund delivered a +37.87% return. Over the past 5 years, the fund has grown +147.2%, and since inception, it has returned an impressive +804.65% — showing its ability to compound wealth over time.
- Income generation from fixed income – Unlike pure equity funds, Al-Mizan invests heavily in government and corporate debt instruments. These provide steady coupon payments or interest income. This income component makes it attractive for investors who want stability but also value regular payouts in Egyptian pounds.
- Reduced volatility compared to pure equity funds – Because not all of the fund is exposed to the stock market, sharp swings are cushioned by the stability of fixed income. For example, when equity markets slow down or face corrections, the fixed income allocation helps protect capital and smooth out returns. This makes Al-Mizan suitable for investors who want to grow their wealth but can’t tolerate the high volatility of a 100% equity portfolio.
- Low entry point – Al-Mizan allows you to invest with as little as EGP 9.3 (the nominal certificate value). You also don’t pay subscription or redemption fees, and orders can be placed weekly — giving you both low cost and flexibility to adjust your investments.
Here’s what you should be aware of:
- Market fluctuations: Stock prices and bond yields can move unpredictably, impacting fund performance.
- Interest rate risk: Rising interest rates can reduce the value of fixed income instruments.
- Equity exposure: While capped at 60%, equities can still experience sharp declines.
Like any investment, returns are not guaranteed — but Al-Mizan is designed to strike a balance between opportunity and safety.
Sounds like it’s for you? Here’s how you can invest in Al-Mizan on Thndr
You can find the NBK Al-Mizan Balanced Fund on Thndr by going to the Explore tab. Just search “Al Mizan” or “NBK” and you’ll find it easily.
When can I buy & sell Al-Mizan?
- Orders can be submitted until 1:00pm on the last working day of every week.
- Your request will be executed at that week’s closing price.
Example: If you place an order on Wednesday before 1:00pm, it will be processed at the end-of-week valuation.
What are the fees associated with this fund?
standard transaction fees apply on every buy and sell order.
More About NBK
The National Bank of Kuwait (NBK) is one of the largest and most reputable financial institutions in the region. Through NBK Egypt Financial Investments, they manage a range of funds across asset classes — with Al-Mizan being one of their flagship offerings.
Al-Mizan has also been recognized for its excellence:
- Best Performing Balanced Fund in MENA – MENA Fund Manager Awards (2015)
- Top Performer Balanced Fund Egypt – Zawya Fund Awards (2013)
Have any questions? Visit our FAQs or contact our support team through our in-app support or support@thndr.app.
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The packaging giant behind the products you use every day
Want to own a piece of the packaging giant behind the products you use every day?
From your favorite Koshary ElTahrir boxes to the medicine brochures at your local pharmacy, the National Printing Company is the invisible engine that powers everyday life, and it’s finally going public.
Starting Sunday, July 27 and up to Thursday, July 31, 2025, retail investors can get in on the action, with zero stress for the first month. Whether you’re new to IPOs or a seasoned investor, this one’s built different:
- The company is founder-led. The same people who founded the company from the ground up are the ones who still run it.
- In 2011, the World Bank’s investment arm came in to provide the National Printing Company with a loan, & walked away as an investor after it was impressed by the companyA private investor has already snapped up the entire private portion of the IPO
- A private investor has already snapped up the entire private portion of the IPO
- It’s fully regulated by the FRA
- You’re guaranteed to get your money back in the first month if the stock doesn’t rise (yes, really)
- This is a company that produces over 2 billion packages a year. 230,000 tons.
Let that sink in. This isn’t just another listing, it’s a chance to tap into one of Egypt’s most quietly powerful industries.
What the Company Does?
National Printing Company owns four distinct lines of business:
- Uniboard manufactures Duplex Boards
Duplex boards are thick, durable paper boards with two layers—often white on one side and grey on the other—used for packaging items like cereal boxes or toy cartons. This is a key source of export sales for the group. - Baddar manufactures Corrugated Sheets
Corrugated sheets are made of a fluted (wavy) paper layer sandwiched between two flat paper layers, giving them strength and cushioning—commonly used in shipping boxes like Amazon parcels. - Windsor manufactures Paper Products
Paper products include cups, chemicals, and others in addition to varnishes - Modern Shorouk is one of the largest printing houses in Egypt
Some of its work includes folded products like packaging for Lipton Tea, laminated boxes, & books.
But is a Great Company Always a Great Investment Opportunity?
That’s an important question, and a lot of us usually don’t have the time or experience needed to make an informed decision, & don’t have access to the stock advisory services that high-net worth investors have.
That’s why Rumble decided to bring the same A-level access to stock advisory to all of us.
Backed by a combined 40+ years of experience in the region’s biggest stock markets, Rumble’s experts work around the clock, filtering through hundreds of stocks so you don’t have to, all for a fraction of the price of other stock advisory services.
The Rumble team will be sharing their views on whether or not National Printing Company is a lucrative investment opportunity in the coming days, so make sure to stay informed and subscribe to Rumble.
The TLDR of this IPO
| Company | National Printing Company |
| IPO Share Price | EGP 21.25/share |
| Fair Value: The share price determined by an independent financial expert and included in the IPO prospectus as a guide for investors | EGP 28.27/share |
| Retail Offering Size | 5% of the company’s shares |
| Minimum Subscription for the Public Offering | 100 shares |
| Stabilization Fund | 100% of Public Offering (for 1 month) |
| Public subscription start date | 27 July 2025 |
| Public subscription end date | 31 July 2025 |
If you want to go further in-depth on this IPO, you can also read the prospectus issued by the National Printing Company here.
The easiest & fastest way to invest in IPOs
Subscribing to IPOs used to be a slow, intimidating process. From paperwork to missed deadlines and needing a broker just to get started. At Thndr, we’ve flipped the script.
Here’s why more than 12,000 used Thndr too subscribe to the last IPO:
- No Paperwork, No Hassle: Everything is 100% digital. From the moment the IPO opens to the moment you place your subscription, it’s all done through the app. Zero paperwork. Zero middlemen.
- Everything in One App: Fund your account in minutes, get notified when the IPO opens, place your subscription, and track how your investment performs, all from one app on your phone.
Follow these three simple steps to get started:
- Download the Thndr app: and open an investment account if you haven’t already (takes less than 5 minutes)..
- Top up your wallet: make sure it’s ready before the subscription starts.
- Place your order: directly on the app by searching for “National Printing Company” and submitting your buy order.
What experienced IPO investors already know and you should too:
- Oversubscription Happens: IPOs are often oversubscribed, meaning you might get fewer shares than you wanted. Don’t worry—the unused money will be refunded to your Thndr wallet.
- Maximize Allocation: Use Thndr’s feature to subscribe with up to 4x the money in your wallet to maximize your allocation, but be prepared to deposit the difference if the IPO is not oversubscribed (which is unlikely to happen).
- Set a Reminder on day 30: If the stock price drops, remember to redeem your shares on day 30 to recover your investment. Thndr will send you reminders if this happens and all the required details.
What to Do After Subscribing to the IPO
It’s no secret that IPOs in our region are often oversubscribed, sometimes by 10x, 20x, or more. That means you might have subscribed with EGP 10,000 but only got allocated EGP 2,000 worth of shares.
But don’t let your unused funds sit idle. Here are three smarter ways to put your leftover cash to work, instantly, directly through Thndr:
Savings Clouds — High Returns. Instant Access to Your Money.
If you’re looking for a safe place to park your cash while earning up to 19.5% annual returns, Savings Clouds are your best friend.
Unlike mutual funds, which take 1–2 business days to access you money, Savings Clouds are liquid 24/7. It’s the perfect mix of safety, returns, and flexibility.
Thndr Alpha — Get a Portfolio Built Specifically for You
Not sure where to invest next? Answer just 3 simple questions, and the Thndr Alpha feature on the Thndr app will build a personalized portfolio tailored to your goals and risk tolerance, across gold, equities, and fixed income.
Rumble — Expert Stock Picks. Retail-Friendly Price.
Want to invest like the pros? Rumble gives you premium stock recommendations from market veterans, for just EGP 200/month.
Our analysts filter through hundreds of stocks so you don’t have to. It’s the same level of advisory high-net-worth individuals get, now available for everyone.
Subscribe to Rumble here!
Ready to Invest in This IPO?
Download Thndr and make the best out of this opportunity.
Cairo, Egypt –July 2,2025 – Thndr, MENA’s leading digital investment platform, has been named to the World Economic Forum’s 2025 Technology Pioneers list — a prestigious recognition of the world’s most promising and impactful early-stage companies. Thndr is the only company from Egypt, one of only two Arab companies selected, and the sole representative from North Africa in this year’s cohort. The recognition further cements Thndr’s position as a regional leader in fintech innovation and follows its participation as a Hub71 company, the global tech ecosystem based in Abu Dhabi.
As part of the Technology Pioneers community, Thndr will engage in a two-year programme alongside other pioneering companies that are helping shape the future of global industries. The programme connects selected startups to the World Economic Forum’s platforms, initiatives, and multi-stakeholder network — enabling them to contribute to global conversations on financial inclusion, innovation policy, and digital economy transformation. Thndr will also participate in the Annual Meeting of Innovator Communities, taking place December 3 – 4, 2025, New York, USA — a key Forum event focused on innovation, entrepreneurship, and frontier technologies.
Now in its 25th year, the Technology Pioneers programme celebrates start-ups with breakthrough innovations poised to positively shape the future. Alumni of the community include global trailblazers such as Google, Dropbox, PayPal, and SoundCloud. This year’s 100-member cohort spans 28 countries and a broad range of frontier technologies — from AI-driven agriculture to quantum computing and asteroid mining.
Founded in 2020, Thndr has become a standout in MENA’s fintech landscape, making investing accessible, intuitive, and locally relevant for millions. The platform offers a wide range of financial products — including stocks, gold, mutual funds, and savings — along with educational tools and flexible funding options that empower everyday individuals to take control of their financial future.
In 2024, Thndr maintained its position as the leading retail brokerage on the Egyptian Exchange (EGX) for the third year running, recording more than EGP 174 billion in traded value. The company accounted for 82% of all newly coded investors on the EGX, and captured 11% of Egypt’s total retail market share by trading volume. With a growing user base of over 4 million, Thndr has seen significant traction beyond major cities, with 40% of users now coming from underserved geographies. The company has also made strides in financial inclusion, increasing female investor participation from 3% to 12% over the past few years.
“It’s a proud moment for us to be recognized by the World Economic Forum,” said Ahmad Hammouda, Co-Founder and CEO of Thndr. “From day one, we’ve believed that access to investing should be a right, not a luxury — and we’ve built Thndr with that mission at the center. To see our work recognized on a global stage, alongside companies that have gone on to reshape industries, is incredibly meaningful. It fuels our belief that the Middle East and North Africa can be a global hub for financial innovation — and we’re just getting started.”
The recognition comes as Thndr continues to scale across the region, expand its product offering, and drive financial empowerment in markets often underserved by traditional financial institutions. Through its participation in the Technology Pioneers community, Thndr will share insights, collaborate with global leaders, and help shape the future of inclusive finance in emerging markets.
If you’ve been sitting on the sidelines because investing felt too complicated, Alpha is for you. It’s a clear, guided entry point — built to help you start now, not “someday.”For many people, the hardest part isn’t opening an account. It’s knowing what to invest in. That’s why we built Thndr Alpha — a beginner-friendly feature that gives you a personalized investment plan in minutes.
Built by Thndr. Backed by Experts. Designed for You.
When you open Alpha, it asks you 3 simple questions:
- What’s your main goal for investing?
- How comfortable are you seeing your money go up and down in value?
- Do you expect to use this money within the next year?
These three questions are everything. They reveal your goals, your risk comfort, and your time horizon. Based on your answers, Alpha gives you a starter pack — a smart mix of 3 investments, handpicked using
the same logic our Rumble experts use. And here’s the best part: You’ll also see how your personalized portfolio would’ve performed over the past 5 years — giving you clarity on what to expect moving forward.
What’s in the Starter Pack?
Every plan includes:
- Stocks — to grow your money over time
- Gold — to protect your money’s value. Think of it as your financial insurance policy.
- Savings Funds — to stay ready for the unexpected. Even the biggest risk-takers need a safety net.
Once you get your Starter Pack, Alpha makes investing in it just as easy. With Bulk Orders, you can invest in your entire recommended portfolio in one click. Just enter the total amount you want to invest, and Alpha automatically distributes it across your mutual funds based on your personalized allocations. Everything is processed as a single, streamlined order — no manual selections, no guesswork. It’s the simplest, most hands-off way to stay aligned with your plan.
This isn’t a generic portfolio. It’s built around your goals.
This Is Just the Beginning
This is Phase 1 of Thndr Alpha — and there’s more to come.
Right now, Alpha helps you take your first step with confidence. But the goal is bigger: we want to help you build a long-term investment plan tailored to your life, your habits, and your future. The next phases of Alpha will bring even more personalization — and more ways to make investing feel effortless.
Ready to Start?
Thndr Alpha is live on the Thndr app now. Open it, answer the 3 questions, and get your personalized plan — in minutes. Because the right start makes all the difference — and this is your chance to begin with a plan that fits you.
By: Amr Hussein Elalfy, CFA & Mohamed Hosny
The Good
- VALU is a pioneer in the BNPL space, outgrowing the consumer finance industry
- VALU’s diversified approach resulted in a massive market share growth in a shrinking auto market
- VALU’s growth was reflected in its profitability ratios, mainly ROE
- AI-driven risk management to address surging growth, while maintaining a solid risk profile
- A well-recognized fintech player with a strong brand equity benefiting from the first-mover advantage
- A beneficiary of the networking effect, driven by its transaction volume leadership
- Access to finance through banks and non-banking financial institutions
- A proven track record by an innovative young management team disrupting the industry
The Bad
- A market with low barriers to entry with rising competition from new entrants
- No cash dividend plans in the foreseeable future
- Potentially a limited free float percentage
- The risk of any of the current pre-transaction shareholders selling off
- If interest rates reverse direction higher or rate cuts come in slower than expected
- If VALU approaches the maximum allowed leverage threshold
- If the market dries up with demand for securitization faltering
The Catalysts
- Regional expansion to drive growth
- Declining interest rates in Egypt to reduce funding cost
- Declining inflation rates in Egypt to drive demand
- Utilizing current leverage buffer to support further growth
- Any potential acquisition of VALU could drive growth further
Key Metrics
- IFA valuation: EGP 15.59 billion (EGP 7.4/share)
- 2024 / Q1-2025 Book value: EGP 1.64 billion (EGP 0.777/share) / EGP 1.76 billion (EGP 0.836/share)
- 2024 / 2025e P/E: 36.9x / 23.9x
- 2024 / 2025e P/BV: 9.5x / 6.8x
- 2024 / 2025e tangible P/BV: 13.4x / 8.5x
- 2024 / 2025e ROAE: 30% / 33%
- 2024 / 2025e ROATE: 45% / 43%
The Story
VALU [VALU] (officially named U Consumer Finance) is a leading financial technology (fintech) platform, offering a suite of financial services to individuals and businesses. Since its launch in 2017, VALU has continued to provide a wide range of consumer finance products.
As a pioneer of BNPL (Buy Now, Pay Later) solutions, VALU is the No. 1 player in that market segment, providing customizable financing plans for up to 60 months across more than 6,000 points of sale and over 1,500 online stores, covering a diverse array of categories.
In addition to its lending and payment services, VALU also offers investment products, an instant cash redemption program, savings solutions, and a financing solution to facilitate the purchase of big-ticket items up to EGP 15 million in the luxury space.
In 2024, VALU issued a total of EGP 14.8 billion in loans, partially financing a total gross merchandise value of EGP 16.5 billion through 4.1 million transactions. In 2025 so far, VALU’s market share stood at around 25%. If we exclude auto loans, that market share goes up to around 27%. More recently, VALU tapped the prepaid card business, ranking first in terms of card growth.
The Listing
What will happen?
Instead of going public through the normal initial public offering (IPO) that companies usually resort to, VALU will be trading on the Egyptian Exchange (EGX) following its direct listing.
However, direct listing alone does not make a stock tradable, which is why EFG Holding [HRHO], VALU’s parent company and the leading investment bank in the region, decided to distribute some of its profits to its shareholders in the form of an in-kind dividend distribution of a partial stake in VALU in lieu of a cash distribution. This marks a milestone in the Egyptian stock market and opens the door for other EGX-listed companies to follow suit the same route, which would create immediate trading liquidity in newly-listed companies.
Following are the details:
- In their ordinary general meeting held on 24 May 2025, HRHO’s shareholders approved the distribution of a portion of HRHO’s retained earnings as of 31 December 2024 amounting to EGP 335,322,346 representing EGP 0.2335 per HRHO share.
- Instead of a cash dividend distribution, a total of 431,546,918 VALU shares (representing 20.488% of VALU) will be distributed to HRHO’s shareholders.
- The distribution will be based on VALU’s book value of EGP 0.777 / VALU share as of 31 December 2024.
- This follows the decisions of VALU’s extraordinary general meetings held on 16 February 2025 and 18 May 2025 to undergo a stock split and to increase the issue capital to 2,106,356,523 shares at a par value of EGP 0.10 / VALU share.
- Eligibility date for the in-kind distribution: 12 June 2025.
- Ex-dividend date for the in-kind distribution: 15 June 2025.
- Allocation is based on the following ratios:
- 3.3273 HRHO shares for each VALU share, which also means
- 0.3005 VALU shares for each HRHO share.
- Trading on VALU shares is expected to commence during the week starting 22 June 2025.
What does this mean for HRHO shareholders?
By the conclusion of this transaction, each HRHO shareholder will eventually own a piece of VALU directly. This would technically lead to a lower market value for HRHO, which is the fourth largest constituent of the EGX 30 index.
In other words, think of it as carving out 20.5% of VALU from HRHO’s market capitalization, while having HRHO through its wholly-owned entity EFG Finance Holding retain at least 67% of VALU.
According to our calculation, we estimate that VALU’s free float will eventually be 12%.
Below is VALU’s shareholder structure pre and post transaction, based on our estimates.
Egypt’s Consumer Finance Segment
The size of financing within Egypt’s non-banking financial services (NBFS) industry grew 2% YoY in 2024 to EGP 911.5 billion. However, consumer finance has been a steadily expanding segment within the NBFS industry. In 2024, consumer finance recorded a YoY financing growth of 29.6%. Also, its share of the overall NBFS market also increased, rising from 5.3% in 2023 to 6.7% in 2024.
| Non-banking financials financing(EGPbn) | 2023 | 2024 | YoY growth |
| Capital Market | 601.7 | 535.5 | -11.0% |
| Leasing | 117.5 | 118.9 | 1.2% |
| MSM Enterprises* | 72.6 | 95.8 | 32.0% |
| Factoring | 44 | 74.6 | 69.5% |
| Consumer Finance | 47.3 | 61.3 | 29.6% |
| Mortgage | 10.4 | 25.5 | 145.2% |
| Total | 893.5 | 911.5 | 2.0% |
Source: The harvest of FRA 2024
The number of clients within Egypt’s consumer finance segment grew nearly sixteenfold between 2020 and 2024, rising from over 250,000 to more than 4 million. This rapid expansion was driven by growing demand for credit given a growing financial awareness and in view of rising inflation which negatively impacted the purchasing power of Egyptians. As a result, according to our calculation, the penetration rate—as measured by the number of consumer finance clients relative to the total population—rose significantly from 0.3% in 2020 to 3.9% in 2024.
Currently, there are 45 companies licensed to provide consumer finance services in Egypt. According to the FRA’s latest monthly report, consumers primarily seek financing for three key categories: cars, electronics, and home appliances—together accounting for nearly half of total consumer finance demand.
In Q1-2025, the consumer finance segment saw remarkable growth, with the number of clients surging by 188% YoY to 2.3 million (a quarterly figure). Meanwhile, the total value of financing increased by nearly 45%, amounting to EGP 17.5 billion, noting that Q1-2025 is usually the lowest of all quarters.
| Consumer finance KPIs | Q1-2024 | Q1-2025 | YoY growth |
| Number of clients (million) | 0.8 | 2.3 | 188% |
| Total value of financing (EGP billion) | 12.1 | 17.5 | 45% |
How VALU Makes Money?
As a consumer finance service provider, VALU generates its revenues primarily by extending credit to individual and business customers. Its core income streams include interest income from consumer finance as well as gains from securitization activities—both in the form of upfront profits and residual surpluses.
Additionally, VALU benefits from discounts earned through supplier arrangements and other revenue sources tied to the nature of its financing operations, such as late fees, prepaid cards, and early repayment fees.
Source: Company reports
The nature of the consumer finance segment, combined with VALU’s strong brand positioning and equity, led to a robust financial performance and rapid growth. This is evident in the substantial increases in transaction volume, Gross Merchandise Value (GMV), and loan issuances, which have achieved impressive 5-year CAGRs of 137%, 118%, and 116%, respectively.
The Good
VALU is a pioneer in the BNPL space, outgrowing the consumer finance industry
Being a key player in the segment, VALU has been growing robustly, doubling its market share—as measured by the total value of loan issuances—from 11.9% in 2020 to 23.9% in 2024. Moreover, VALU’s 4-year CAGR of loan issuances is around 1.5x the overall consumer finance segment’s.
VALU’s diversified approach resulted in a massive market share growth in a shrinking auto market
VALU tapped into new financing and payments markets, grabbing a considerable market share by offering consumer-friendly and easy financing and payment solutions. In Q1-2025, VALU commanded market shares of 37.5% market share in the prepaid card market as well as 15.2% in the auto market share (vs 2.4% in Q1-2024).
VALU’s growth was reflected in its profitability ratios, mainly ROE
The overall growth in VALU’s metrics, such as the volume of transactions, the total Gross Merchandise Value (GMV), the loan issuances, and the number of merchants, all contributed to the increase in the company’s ROE which grew more than fivefold, rising from 5% in 2020 to 25.8% in 2024.
AI-driven risk management to address surging growth, while maintaining a solid risk profile
Artificial intelligence (AI) tools can analyze vast amounts of data, improving credit assessments and fraud detection. This proactive approach helps VALU identify and mitigate potential risks, reducing default rates and enhancing overall portfolio quality.
Despite growing on multiple fronts, VALU has a solid risk profile by maintaining its 90+ non-performing loan (NPL) ratio below 1%. In addition, VALU has a debt-to-equity ratio 4.7x (versus a maximum threshold of 9x as per Egypt’s regulations).
A well-recognized fintech player with a strong brand equity benefiting from the first-mover advantage
Early entry into the market allowed VALU to capture a loyal customer base. The company’s strong brand equity enhances customer trust, drives repeat usage, and reduces customer acquisition costs over time.
A beneficiary of the networking effect, driven by its transaction volume leadership
As a beneficiary of the networking effect, driven by its leadership in transaction volumes, VALU stands to gain exponential value as more users join and interact within its ecosystem. For example, according to management, a typical VALU client completes around 7 transactions per year, while a client using VALU’s prepaid card averages 10-12 transactions per month.
Access to finance through banks and non-banking financial institutions
Access to finance through both banks and non-banking financial institutions (NBFIs) provides VALU with greater funding flexibility and resilience, allowing it to optimize its capital structure, reduce reliance on any single funding source, and potentially secure more favorable financing terms.
A proven track record by an innovative young management team disrupting the industry
The proven track record demonstrates the team’s ability to execute ambitious strategies, respond to market shifts, and create value through innovation.
Investment Catalysts
Regional expansion to drive growth
VALU’s expansion plans shall leverage its established products, services, and operational expertise to capture additional demand and diversify its revenue streams. VALU is currently in the process of penetrating the Jordanian market.
Declining interest rates in Egypt to reduce funding cost
Declining interest rates shall improve profitability and enable more competitive lending rates to customers. Lower borrowing costs can also encourage VALU to expand its loan portfolio and take on new growth opportunities with greater financial flexibility.
Declining inflation rates in Egypt to drive demand
As inflation cools, albeit still at elevated levels, consumers may feel more confident in taking on new credit, which could support VALU’s growth. This is especially true in view of low real wage growth rate.
Utilizing current leverage buffer to support further growth
VALU can utilize the buffer between its current debt-to-equity ratio of 4.7x and the threshold debt-to-equity ratio of 9x to support further growth.
Any potential acquisition of VALU could drive growth further
Being a target for acquisition enables VALU to expand its customer base and unlock operational synergies. Acquisitions can also provide access to new markets, technologies, or capabilities, strengthening the company’s competitive position and supporting long-term value creation.
Key Risks
A market with low barriers to entry with rising competition from new entrants
Egypt’s consumer finance market has low barriers to entry, which poses a risk that can lead to pricing pressure, shrinking profit margins, and potential erosion of market share. This can raise investor concerns about the sustainability of growth and profitability, potentially impacting VALU’s valuation. However, VALU can differentiate itself—through its brand equity, technology, or service quality.
No cash dividend plans in the foreseeable future
The absence of cash dividend plans in the near future can be a concern for income-focused shareholders who rely on dividends as a source of return. So, from a market perception standpoint, withholding dividends can negatively affect investor sentiment. However, VALU’s plan is to reinvest retained earnings into the business, further fueling growth, which would be a sound long-term strategy if effectively executed.
Potentially a limited free float percentage
A potentially limited free float of 12% implied a total free float market capitalization of less than EGP 2 billion (based on the IFA valuation). This can lead to a relatively low trading activity on the stock. Such reduced trading liquidity may also make it harder for investors to trade the stock without impacting its price significantly. It also tends to discourage institutional investors who require sufficient float to build or exit positions efficiently.
The risk of existing pre-transaction shareholders selling off
A significant sell-off by early investors can lead to a sharp decline in the stock price, especially if the float is already limited. This can negatively affect market sentiment and deter new investors who may fear continued downward pressure from this sell-off overhang.
If interest rates reverse direction higher or rate cuts come in slower than expected
Since the consumer finance segment relies heavily on borrowing, higher interest rates or slower- than-expected rate cuts mean a higher-than-expected cost of funding. This can compress VALU’s profit margins and reduce its ability to offer competitive lending terms. On the demand side, consumers may become more hesitant to take on credit, leading to slower loan growth.
If VALU approaches the maximum allowed leverage threshold
This could limit VALU’s ability to raise additional debt to support future growth or absorb financial shocks. Operating near the regulatory ceiling also signals elevated financial risk, which may concern investors.
If the market dries up with demand for securitization faltering
Faltering demand for securitization could significantly impact VALU’s liquidity and funding strategy. Securitization is often a key tool for converting outstanding receivables into immediate capital (cash), and a slowdown in demand would limit this avenue, potentially forcing the company to rely more heavily on costlier or less flexible funding sources.
]]>One that respects the work you put in. That’s exactly why we built Thndr Trader.
What You Get — At a Glance
Exclusive Access to ThndrX — Egypt’s first serious trading platform
Advanced tools, advanced control. This is where serious traders go to work.
50 Commission-Free Trades Every Month
Zero commission on your first 50 trades monthly. Trade smart, save more. No more EGP 2 minimum or 0.1%
One Plan. Full Control. Real Respect.
Thndr Trader isn’t just a bundle of features. It’s a commitment to the people who treat trading as a craft — not a game. We’ve always said respect means alignment. Most platforms profit when you trade more. We built this plan to help you trade right — not just trade more. We’re not chasing activity. We’re rewarding intentionality.
Hero Features, Built for an Edge
For EGP 245/month, the Thndr Trader plan gives you:
- Access to ThndrX — Egypt’s first real trading platform
- 50 commission-free trades/month in the Egypt market — no 0.1%, no EGP 2 fees
- Real-time data, price depth and custom price alerts
- Same-day trading (T0), stop loss and advanced limit orders
- Fast in-app support
- Trades books and in-app candlesticks
- Coming soon: smart stop loss & take profit
Thndr Trader will be available starting June 12, 2025
A Plan Designed to Save you Money
Let’s break it down. Based on how often you trade and the average value of your trades—here’s what your yearly savings could look like with Thndr Trader:
That’s real money back in your pocket.
Curious How Much You Could Save with Our New Plan?
Why We’re Doing This
Because we believe traders deserve better. Because we believe you deserve better. This plan isn’t designed to boost our short-term revenue. In fact, we’re taking a hit to offer this. But we think your long-term gains matter more. We studied 10,000 of our top traders. For them, this plan means an average of 46% savings on commissions. That’s not just alignment. That’s proof.
For the Traders Who Want More — And Better
If you’re already on Thndr Express, you’ll automatically be moved to Thndr Trader starting June 12. You’ll begin paying the new subscription in your next billing cycle — and if it’s not for you, you can opt out before then.If you’re on Spark, heads up: this plan will be discontinued. You’ll need to subscribe to Thndr Trader to access its features.
One Plan. One Mindset.
Thndr Trader isn’t a bundle. It’s a mindset. It’s not a passive add-on. It’s a power-up for the ambitious. We’re building Egypt’s most powerful trading experience — and this is just the beginning.
Welcome to Thndr Trader.
]]>Dubai, UAE — 20th May — Thndr, the leading retail investment platform in the MENA region, announced during its debut keynote event, its second major investment round, raising an additional $15.7 million, bringing its total current capital to $37.76 million. The round was led by Prosus Ventures, with participation from The Rabacap Partnership, BECO Capital, JIMCO Capital, Endeavor Catalyst, Y Combinator, and a prominent U.S. university endowment, among other new global investors.
These funds will now be strategically deployed to support Thndr’s regional expansion — with both the UAE and Saudi Arabia as key priority markets. Thndr is currently focused on deepening its operational presence in the UAE, while simultaneously laying the groundwork for entry into Saudi Arabia. The goal is to replicate its success in Egypt across the broader region by building locally relevant, trusted investment platforms.
Since inception, Thndr has been on a mission to democratize investing and improve financial literacy across MENA. The platform provides seamless access to a range of investment instruments including local and U.S. stocks, gold, mutual funds, and savings products, helping millions take control of their financial futures.
In 2024, Thndr solidified its position as Egypt’s leading retail brokerage on the Egyptian Stock Exchange (EGX), achieving a total traded value of $3.5BN, accounting for 11% of the retail traded value. The platform served as the entry point for 82% of all newly registered investors on the EGX, adding 190.1K new investors to the market. In gold mutual funds, Thndr now accounts for 47% of all assets under management. Notably, female participation on the platform increased from 3% to 12%, and 40% of users now come from outside of major cities—marking a clear success in reaching underserved populations.
Speaking about the investment, Sandeep Bakshi, Head of Investments, Europe at Prosus, said, “Hammouda and the Thndr team have demonstrated incredible execution over the past few years, and we are thrilled to be doubling down on our investment in the company. Thndr is transforming access to investing across MENA by empowering first-time investors with the tools and confidence to participate in the financial system—building a product that resonates deeply with a new generation and is becoming increasingly important. Their rapid growth, particularly among young and underserved populations, underscores both the strength of their leadership and the company’s broader mission. As early backers, we’re thrilled to support Thndr as they scale into Saudi Arabia and beyond.”
“Our mission is to provide access to local, regional, and international investment products through one wallet and one account—making investing as seamless and inclusive as possible,” said Ahmad Hammouda, CEO of Thndr. “With only 2% of individuals in MENA investing, we believe the time is now to build the region’s leading investment-first money app—a platform that helps people build wealth, make confident decisions, and live life on their own terms.”
Hisham Jazzar, Saudi General Manager shared “Returning from Silicon Valley to Riyadh, I was driven by a desire to channel my experience into value-driven solutions for my country. Saudi Arabia’s financial literacy gap is a significant challenge, and traditional approaches have fallen short. Thndr’s innovative, tech-driven model offers a scalable solution that aligns with the scale of the national problem. I’m thrilled to join a team committed to breaking down barriers to investing and empowering Saudis to actively participate in our nation’s economic transformation.”
Thndr has already built a strong regulatory foundation, holding a license from the Financial Regulatory Authority (FRA) in Egypt and a Category 3A license with retail endorsement from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA).
*Thndr was advised by VCL as its legal counsel throughout the fundraising process.
]]>Led by CEO Ahmad Hammouda and the Thndr leadership team, the event brought together users, partners, and industry leaders to spotlight the company’s newest innovations — each designed to meet the needs of different types of investors.
ThndrX was the biggest announcement of the day — a platform built from the ground up for serious traders. Developed by traders themselves, including Thndr team members, ThndrX introduces advanced tools, speed, and a desktop-first experience tailored for high-frequency users. “This isn’t about hype — it’s about respecting the craft, it is not about pushing them to make trades, it’s about helping them to win,” said Ahmad Hammouda during the keynote. The platform marks a new era for Thndr’s trader community, offering precision, performance, and control.
In a move to bring institutional-grade investing to everyone, the company also announced that it has applied for an asset management license, allowing Thndr to directly create and manage investment products that meet the evolving needs of its users. This marks a major step toward building a wealth management experience that isn’t limited to high-net-worth individuals.
Alongside ThndrX, the team also revealed Thndr Alpha — a product designed to help everyday individuals take their first confident steps into investing. Powered by Rumble, Alpha takes users through with a simple but powerful flow and they receive a tailored starter pack of equities, gold, and fixed income. “A lot of people don’t just want access to investing. They want investing guidance. They want someone to walk them through the journey — clearly and simply. So for us, this isn’t just another feature,” said Hammouda. “It’s the foundation for something much bigger.” Alpha will roll out in phases, with future updates helping users build full investment plans, determine how much to invest and how often, and eventually evolve into a personalized strategy based on what matters most to each user.
The event also featured a live panel discussion on the future of wealth building in the region, bringing together prominent investors and financial leaders. Onsi Sawiris commented: “I’m grateful to be here today. I truly believe Thndr is the platform that will drive real change in the investment space. What resonated with me most is their mission to make investing accessible to everyone. We need to grow — not just as companies, but as a market. The entire ecosystem must expand and offer more diverse financial services.” He was joined by Ali Mokhtar, CEO of Beltone VC, who added: “As individuals, we know our income, our appetite for risk better than anyone. The more products on Thndr, the more empowered every user becomes.” The panel also included Ahmad Hammouda, CEO of Thndr, and Azzam, Chief of Staff at Thndr, in a candid conversation about the opportunities and challenges shaping the next generation of investors.
The event concluded with the announcement of Thndr’s $15.7 million funding round, bringing its total current capital to $37.76 million. The round was led by Prosus — a publicly listed company valued at over $100 billion and one of the world’s largest technology investors.The round also included participation from Endeavor Catalyst, JIMCO, BECO Capital, Raba, Y Combinator, and the endowment fund of a world-renowned engineering university. The funding represents a strong vote of confidence in Thndr’s mission and momentum, enabling the company to scale product innovation and regional growth.
As Hammouda concluded, “We’re proud of where we are. But even more excited about where we’re going. Your story, and our story is just getting started, and it’s getting bigger.”
*If you missed the keynote, you can catch the full live coverage here
]]>By: Amr El Alfy, MBA, CFA
Looking Back — and What’s Changed
About a year ago, we advised investors to avoid City Lab [CILB] because of its small size and a strategy that is yet to be proven. Fast forward to today, and the company—now called Premium Healthcare Group [PHGC]—is undergoing a significant transformation. You can think of it as “City Lab 2.0.”
So, what’s happened since then?
In November 2024, PHGC shared a study outlining its expansion plans in Egypt as well as outside Egypt. It’s targeting Saudi Arabia, the UAE, and Jordan. We saw two main parts to this plan:
- Local expansion: By acquiring other operating businesses including labs in Egypt.
- Regional expansion: Through partnerships with labs in each new market.
And now, PHGC is moving forward with that plan through a massive capital increase—growing its paid-in capital by 29 times, from EGP81.5 million to EGP2.36 billion. Most of that increase is coming through a debt-to-equity swap.
What’s Behind the Capital Increase?
Over the past year, PHGC acquired several businesses. It paid for some in cash, but the rest (worth EGP1.32 billion) was recorded as “dues to related parties”—essentially money it owes to the sellers of those businesses.
To settle that debt, PHGC is issuing new shares. The sellers will receive PHGC shares in return for their ownership in the businesses acquired. So instead of being creditors, they’ll now become shareholders.
Why Investors Are Asking Questions?
This capital increase is huge—and it changes the game for current and potential investors. Many of you have asked whether you should participate or not. Before you decide, here are a few key points to consider.
The Most Important Question: What If I Don’t Subscribe?
If you’re eligible to participate in the capital increase but choose not to, your position will likely take a big hit.
Here’s why:
The number of new shares being issued is 28 times the existing number, and they’re being offered at just 10% of the stock’s market price before the ex-right date.
So, you’re left with two choices:
- Subscribe to the capital increase to protect the value of your investment.
- Sell your rights, but keep in mind those rights have dropped about 70% since they started trading. You’d be selling at a steep loss.
But What If My Portfolio Is Already Down?
Many shareholders are seeing losses in their portfolio. But those losses are likely due to the drop in the value of the rights—not necessarily the stock itself.
Here’s how to think about it:
- You might be up on the PHGC shares you originally bought.
- But you’re probably down on the PHGCr rights you received.
To avoid locking in those losses, subscribing is your best option—it helps protect the total value of your holdings.
What Are the Risks?
There are a few important things to keep in mind:
- PHGC is still listed on the SMEs stock market (formerly Nilex), which is more volatile and less liquid than the EGX main board.
- The company plans to move to the EGX after this capital increase—but it’s unclear how the stock will perform post-transfer.
The owners of the acquired businesses (who are subscribing with their dues) will own most of the new shares. While 25% of their shares will be locked up for 2 years, they’re free to sell the remaining 75%, which could pressure the stock price when those new shares start trading.
So Why Is PHGC Raising All This Money?
The simple answer: to fund its expansion strategy.
Here’s the breakdown, based on PHGC’s 2024 financial statements:
- EGP1.32 billion (58%) is being paid in kind—by settling the money owed to sellers of the acquired businesses.
- EGP963 million (42%) is being raised in cash—from PHGC’s existing shareholders who choose to subscribe.
Key Dates to Remember
- 6 May 2025: PHGC traded ex-right (buying the share no longer comes with the right to subscribe).
- 8–29 May 2025: The tradable right PHGCr is being traded on the market.
- 8 May – 3 June 2025: Capital increase subscription window is open.
Can You Make a Profit by Buying the Rights Now?
To answer that, compare what you’d pay (right + subscription cost = EGP0.11/share) to the market price of PHGC.
- As of last Thursday, PHGCr was “in the money”—meaning you could profit if PHGC stays above EGP0.11/share.
- If the right’s price increases, the profit margin narrows.
It’s key to monitor the total payoff of the right, not just its market price.
Your Options — Based on Your Situation
You can also download this sheet to model different scenarios based on your own cost basis.
If You Bought Before 6 May (e.g., cost basis = EGP1.04/share)
- You now have rights equivalent to 28x the number of shares you had.
- You’re likely up 93% on your shares, but down 69% on the rights—net portfolio down ~49%.
- Recommended: Subscribe to reduce your cost to EGP0.132/share.
- Break-even: PHGC would need to drop over 48% for you to start losing money.
If You Bought After 6 May (e.g., assuming cost basis = EGP0.150/share)
- You don’t have any rights.
- You’re likely up ~70% on the stock.
- Recommended: Consider taking profit if you’re happy.
- Break-even: PHGC would need to drop over 41% for you to start losing.
If You’re Not a Shareholder (cost basis = EGP0.010/right)
- You can buy PHGCr and subscribe at EGP0.10/share.
- If you do, you’d be up ~132% on the portfolio.
- Recommended: This could be a good trade if PHGC stays above EGP0.11/share.
- Break-even: PHGC would have to drop more than 57% for you to start losing money.
What About the Company’s Valuation?
We haven’t done a full valuation exercise yet, given PHGC is still on the SMEs board and the performance of the merged group isn’t fully known.
But we do know this:
- PHGC’s 2024 consolidated net earnings = EGP241.5 million
- At EGP0.255/share, PHGC’s market cap = EGP6.03 billion → P/E = 25x
- That’s much higher than its peer, IDHC, which trades at 10x.
- At EGP0.11/share, the implied P/E is 10.8x—much more reasonable.
Bottom line: The key will be whether PHGC delivers strong growth after the capital increase.
Final Thoughts
Here’s how we’d sum it up:
- Bought PHGC before 6 May? → You should subscribe to protect your investment.
- Bought PHGC after 6 May? → If you’re in profit, consider taking it by selling.
- Not a shareholder yet? → This might be an opportunity if you’re comfortable with risk.
Keep in mind: Subscribed shares won’t be tradable right away—you’ll be exposed to market moves in the meantime.
The US stock market is home to some of the biggest companies in the world—think Apple, Amazon, and Tesla—so if you’ve been considering investing in the US but haven’t made the leap yet, now is the perfect time to start. Already invested in the US market? This offer is just as exciting for you! It’s a great opportunity to increase your exposure and maximize your returns while earning cashback on new top-ups.
This is your chance to grow your investments while earning extra cash. But hurry—this exclusive offer is only available until the end of March 2025.
Here’s why you don’t want to miss out
- Instant rewards: Unlike alternatives which require long-term lock-ins before receiving the cashback, this cashback is received right away in April 2025
- Higher returns: 5% cashback beats many savings options, even outperforming global platforms.
- Accessible funds: Your funds remain fully accessible for investments, so you can earn returns while benefiting from the cashback.
- Regulated & secure – This program is operated through our Thndr Financial Ltd, regulated by FSRA in the ADGM, ensuring compliance and security.
How it works?
- Opt in to the program: Complete the opt-in form before March 31, 2025.
- Top up your US market wallet: Any new deposits requested and completed between March 1–31, 2025 count. Find out how to Top up your US wallet here.
- Hold your balance: To keep your cashback, avoid withdrawing from your original top-up amount before March 2026. You can invest your funds freely, and even if your portfolio value fluctuates, your cashback remains secure.
- Receive your cashback – Your reward will be deposited in your account in early April 2025.
Important Terms & Conditions
- Cashback applies only to new top-ups made between March 1–31, 2025.
- Withdrawals from your US market wallet before March 31, 2025, will disqualify you from receiving cashback.
- If you withdraw before March 2026 and your balance falls below your March ‘25 top-up amount, Thndr will issue a chargeback, taking back the cashback credited to your account.
- Total cashback pool is $500K for all users—once it’s exhausted, no further rewards will be granted.
How to access the US Market on Thndr
Getting started with US investments on Thndr is easy! Follow these simple steps:
- Step 1: Open the Thndr app and navigate to the My Hub tab.
- Step 2: Select the US Market from the Market toggle in the top left corner.
How to top-up your US market wallet
- Step 1: After switching to the US Market, go to your Thndr wallet and select Top-Up
- Step 2: Choose Bank Transfer
- Step 3: Copy the details and make a transfer from your banking app.
- Step 4: Confirm the transfer entering the date and amount
Need more details? Visit our Funding Guide for FAQs here.
Frequently asked questions
- Can I invest my topped-up funds? Yes! You can invest your funds in the US market. Market fluctuations will not impact your cashback eligibility.
- What happens if my portfolio value drops due to market changes? You won’t be penalized! As long as you don’t withdraw funds that drop your balance below your original top-up amount, your cashback remains intact.
- What if I opt in after making my top-up? No worries—your eligible top-ups from March 1 onwards will still count.
- How do I claim my cashback? You don’t need to do anything! If you’ve filled in the opt-in form, the cashback will be automatically credited in April 2025.
For more detailed information, please refer to our FAQs
Different scenario examples:
