Cairo - Mubasher: Pharos Research raised its fair value for Commercial International Bank (CIB) to EGP 69.45 per share with equal weight recommendation.
The research house pointed out that CIB has always been the safe bet for investing in EGX, with its greater than 30% weight of the index, being the number one stock of choice for foreign investors in the Egyptian stock market, and reflecting a proxy for Egypt’s macroeconomic growth potential and an underpenetrated banking sector.
According to Pharos estimates, the bank is currently trading at a P/E FY2017e of 11.2x and a P/B FY2017e of 2.8x versus an ROE of 32%.
