Cairo - Mubasher: Pharos Research has reiterated their ‘Equalweight’ recommendation on Elsewedy Electric on a fair value (FV) of EGP 18.5 per share.
The company is on track to meet Pharos’ estimates for gross margin profit of 17.2% in 2018, according to a recent report.
Dividend per share is likely to remain above EGP 1, the research firm added, projecting a payout ratio of 50%.
Elsewedy Electric reported a 23% year-on-year decline in its consolidated profits during the first nine months of 2018.
The company recorded a net profit of EGP 3.57 billion in the January-September period of this year, versus EGP 4.6 billion in the year-ago period.
