Cairo – Mubasher: Pharos Research has maintained their ‘Overweight’ rating recommendation for Emaar Misr, but updated the stock’s fair value (FV) to EGP 4.57 a share.
This valuation has been driven by the Egyptian real estate developer’s “healthy margins, impressive sales performance, solid net cash position, leading effort in expanding land bank, and lack of land liabilities”, according to a recent report on Sunday.
Earlier this morning, Emaar Misr has reported a 15% year-on-year rise in profits for the first quarter of 2018, recording a net profit of EGP 503.2 million from EGP 437.9 million.
Revenues grew to EGP 830.7 million in the three-month period ended last March, versus EGP 668.6 million in Q1-17.
Emaar Misr had previously posted a net profit of EGP 2.3 billion for the full-year ended December 2017, compared to EGP 1.68 million a year earlier.
