Cairo - Mubasher: Pharos Capital maintained their fair value (FV) of Credit Agricole Egypt at EGP 44.73 per share, according to a recent report.
The research firm also maintained their Overweight rating on the stock, saying that it is highly profitable and diversifies exposure.
“We recommend Credit Agricole Egypt due to the significant turnaround in positioning starting 2014. The bank’s growth and profitability have picked up to catch up with larger private sector banks,” the statement indicated.
“The bank provides solid exposure to the under-penetrated retail sector in Egypt, as well as the medium-sized corporations in Egypt,” the statement added.
