Cairo - Mubasher: Pharos Research has maintained the fair value (FV) of Elsewedy Electric's stock at EGP 18.94.
At odds with Pharos' expectations, Elsewedy’s sales shrank 1.9% year-on-year and 2.3% quarter-on-quarter, according to a report released by Pharos on Tuesday.
Looking into the future, a strong pound may slow down the sector and compromise Elsewedy’s competitiveness, Pharos added.
Elsewedy Electric reported a 30.4% year-on-year decline in its consolidated profits during the first quarter of 2019, recording EGP 955.51 million.
