Cairo – Mubasher: Beltone Research raised the fair value (FV) of Sidi Kerir Petrochemicals to EGP 32.28 from 17.58 per share with an upside potential of 83.6%.
Net profit is not is not likely to be affected by raw materials' higher prices that Sidi Kerir buys from GASCO, Beltone added, expecting the company to achieve marginal profits near the historical records after the flotation.
The company's revenues rose 9.7% to EGP 2.24 billion over the first nine months of 2016.
This re-evaluation was driven by the Egyptian pound's (EGP) liberalization against a basket of currency, the potential recovery of Brent prices as well as the launch of 20%-owned Ethydco.
Earlier, the company announced targeting a 43% increase in sales (EGP 4.5 billion) in FY17 budget estimates.
The stock quote was 3.53% higher to EGP 17.90 by 1:30pm CLT on Monday.
