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EMEA Equity Research Daily Highlights

Global Steel: Greener Steel: Molten Oxide Electrolysis = Green steel without hydrogen?

Samba Financial Group: Creating Saudi’s National Champion of Banking

National Commercial Bank: Creating Saudi’s National Champion of Banking

EMEA Equity Research Daily Highlights

  Global Steel: Greener Steel: Molten Oxide Electrolysis = Green steel without hydrogen?

•  We recently spoke with metals technology startup, Boston Metal (closely held, not covered).
•  The company is commercializing 'Molten Oxide Electrolysis' (MOE). If successful, important implications for Greener Steel.
•  MOE could allow direct processing of metal oxides (e.g. iron ore) into high purity metals without reductants. Interesting!
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  Samba Financial Group: Creating Saudi’s National Champion of Banking

•  NCB and Samba announce they have signed a binding, all share, merger agreement. Deal still subject to regulatory approvals
•  Samba's attractive valuation and ability to create significant value post the proposed deal underpin our positive view. Buy
•  Deal set to create a national champion, the most competitively advantaged bank in the KSA. Double digit EPS accretion by 2023
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  National Commercial Bank: Creating Saudi’s National Champion of Banking

•  NCB and Samba announce they have signed a binding, all share, merger agreement. Deal still subject to regulatory approvals
•  Deal set to create a national champion, the most competitively advantaged bank in the KSA. Double digit EPS accretion by 2023
•  NCB and Samba's attractive valuations and ability to create significant value underpin our positive view on both names.