Cairo – Mubasher: Beltone’s research reduced the fair value (FV) of Global Telecom after putting Q4-15 low results into account, assigning, however, a “Buy” recommendation for the company’s stock.
The fair value, according to a research note, dropped 3% to EGP3.35 ($2.14 per GDR) from EGP3.44 (2.15 per GDR), indicating that the stock price is likely to rise 76.1%.
On Wednesday, the company announced that its profits for the fourth quarter of 2015 declined 86% year-over-year to EGP171.2 million ($21.8 million) from EGP830 million ($150.7 million) according to its unaudited financial results.
At 2:19 Cairo time, the company’s stock rose by 2.54% to EGP2.02.
