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NBK Capital retains CIB's FV at EGP 64.40/shr

NBK Capital retains CIB's FV at EGP 64.40/shr
Photo Credit: Arabianeye- Reuters
CIB
COMI
-0.61% 82.02 -0.50

Cairo-Mubasher: NBK Capital MENA Research retained its fair value (FV) for Commercial International Bank (CIB) at EGP 64.40 per share, with a buy recommendation.

NBK Capital said it will remain positive on the bank’s fundamentals, believing that CIB will see strong loan growth, as well as an elevated and stable NIM in 2015 and 2016.

Overall, NBK Capital forecasts an earnings per share growth of 24% for 2015-2017F, reflecting its positive view of CIB’s growth model.

CIB's stock has corrected steeply (-10%) in the past quarter, driven by the less appreciative macro environment, noted NBK Capital.