Cairo – Mubasher: Prime Investment Research set the fair value (FV) of Ezz Steel at EGP 14.55, placing a “Buy” recommendation on its stock.
As expected, the research firm continued, Egypt’s major steel producer cut crude steel prices by EGP 475 per tonne to stand at EGP EGP 5,400 against EGP 5,875 previously.
This decline was driven by lower global prices and costs of raw materials as well as the government’s decision to reduce gas supply prices, which will stimulate the company to achieve high profit margins.
By 1:00pm Cairo time, the stock quote stood at EGP 7.95, 1.53% higher.
