Cairo – Mubasher: Pharos Research maintained the fair value (FV) of the Madinet Nasr Housing and Development’s stock at EGP 30.37, with a "Positive" outlook and an "Overweight" recommendation.
Pharos said that its FV is comprised of the firm’s residual land bank at EGP 26.25 per share, development projects at EGP 3.45 per share, and receivables at EGP 0.68 per share.
Madinet Nasr Housing said Sunday that it has sold all 787 offered units in the second phase of the SARAI project, which was launched on 21 February. This generated EGP 1.8 billion in reservations; the highest recorded reservations in a single month in the company’s history.
By 12:50pm Cairo time, the stock rose 3.89% to EGP 21.65.
