Cairo – Mubasher: MubasherTrade Research (MTR) said it cut its price target (PT) for Elsewedy Electric by 6% from EGP 58.55/shr to EGP 54.99/shr on higher Weighted average cost of capital (WACC).
MTR stated that it will stay positive on Elsewedy despite cutting its PT, noting that the company had increased its 2015 (dividends per share) DPS to EGP 3 to yield 7%, up from just EGP 1 in 2014
MTR added that its PT of EGP 58.55/shr implies an expected total return (ETR) of +22%, while reiterating its buy/moderate risk rating.
MTR noted that Elsewedy Electric earnings more than tripled y-o-y in 2015 as it reached EGP 1.25 billion in line with both its estimates and consensus estimates of EGP 1.30 billion and EGP 1.29 billion respectively.
