Cairo – Mubasher: Beltone Research has set the fair value (FV) of Palm Hills Development Company’s stock at EGP 4.82 per share, with ‘Overweight’ recommendation.
The research company ascribed its decision to a 5% year-on-year increase in Palm Hills’ sales and a 37% year-on-year profit decline, according to a statement released on Thursday.
The EGX-listed developer logged a consolidated net profit of EGP 141.161 million during the first quarter of 2019, down 37.02% from EGP 224.151 million in Q1-18.
