Mubasher: MubasherTrade set the price target (PT) of DP World at $26.28, while maintaining a “Buy” recommendation, according to a statement.
DP World reported 28% growth in earnings year-on-year in 2016 to $1.13 billion, beating MubasherTrade estimates (MTRe) by 17%.
Revenues added 5% year-on-year to $4.16 billion, lower than MTRe of $4.59 billion by 9%.
The Dubai-based ports operator continued to outperform the industry despite the challenging market conditions, with gross volumes growing 3.2% on the back of a wide expansion strategy.
MubasherTrade continued to hold a positive outlook for the operator’s business, with further expansions underway.
Dubai World started this year on a strong note, with London Gateway winning its first Asia-Europe service and the company entering into a $3.7bn investment platform with Caisse de Dépôt et Placement du Québec (CDPQ).
