Cairo – Mubasher: Pharos Research has maintained its fair value (FV) for Emaar Misr for Development’s stock at EGP 6 per share, with an ‘Overweight’ recommendation.
The recommendation is based on the real estate company’s positive margin profit and sales, in addition to cash inflows, receivables, and the lack of liabilities regarding its land plots, the research firm highlighted in a research note on Tuesday.
Earlier this day, Emaar Misr reported a 20.8% year-on-year increase in consolidated profits for the first nine months of 2018.
Net profit totalled EGP 1.75 billion in the period between January and September, up from EGP 1.45 billion, including minority shareholders’ rights.
Revenues rose slightly to EGP 2.8 billion in the nine-month period ended September, versus EGP 2.59 million in the same period of 2017.
Meanwhile, standalone profits grew to EGP 1.759 billion at the end of September, compared to EGP 1.456 billion in the first nine months last year.
