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OKAZ upgrades Telecom Egypt LTFV to EGP18.32/shr

OKAZ upgrades Telecom Egypt LTFV to EGP18.32/shr
Photo Credit: Arabianeye-Reuters
Telecom Egypt
ETEL
-1.36% 37.78 -0.52

OKAZ Stockbrokers and Investments said it has upgraded its Long Term Fair Value - LTFV for Telecome Egypt Co. -TE to EGP 18.32/share from EGP 17.29/share in its last update issued on June 19th 2014.

 

The new evaluation came base on an expected total return of 54% including an expected 2H2014 dividend yield of 3%.

 

Meanwhile , OKAZ maintained its Strong Buy recommendation for Telecome Egypt shares.

 

TE’s consolidated bottom line dropped 25% to record EGP 1,794.2 million in 9M2014 compared to EGP 2,403.4 million in 9M2013 , according to OKAZ company note.

 

The company’s consolidated revenues rose 8% to reach EGP 9,251.7 million in 9M2014 mainly due to an 11% increase in wholesale revenues that reached EGP 5,305 million in addition to an 8% rise in retail revenues that recorded EGP3,843.8 million.