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Beltone raises Egytrans FV by 19.2% to EGP 15.49/shr

Beltone raises Egytrans FV by 19.2% to EGP 15.49/shr
Egytrans
ETRS
-1.08% 3.68 -0.04
Beltone financial stated, in a recent report, it raised Egyptian Transport and Commercial Services - Egytrans fair value by 19.2% to EGP 15.49 per share, as well as, it assigned an "Add" recommendation. Beltone said despite challenges faced by Egytrans during 2013, including lower-than-expected recovery in global trade and the political and economic downturn in Egypt, the company reported a strong 22.5% growth in its top line driven mainly by its project logistics business. Beltone continues to favor Egytrans’ diversified transport services portfolio as well as management’s strategy towards vertical integration to further support its lines of business (LoBs) lastly manifested via the introduction of two complementary services to project logistics. Beltone noted that its recommendation came to take into account, the recent developments announced by the company and better performance in FY2014 on the back of improved trade activity and further project awards.