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HOUSE_OVERSIGHT_016111 - HOUSE_OVERSIGHT_016196
--- PAGE BREAK --- assume a terminal growth rate of 2% across all of the markets, starting from 2023. For STC's associates, we value its holdings in Oger Telecom and Binariang using a combination of our Research team's valuation (for Oger's stake in Turk Telecom) and book value. We then add STC's net cash posi
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