Cairo – Mubasher: Beltone Research has increased the fair value (FV) of Orascom Development Egypt's (ORHD) stock by 18% to EGP 14.5 with overweight recommendation.
The research company ascribed its recommendation to the launch of the ‘O West’ project and the reprising of Orascom’s units in El Gouna, according to a report released on Wednesday.
The new valuation of Orascom’s FV is 126.2% higher than its market value, the report added.
Orascom Development reported a 34% increase in its consolidated profits during the first quarter of 2019, recording EGP 111.33 million.
