Cairo-Mubasher: Prime Research said it revised its target price estimate for property developer TMG to EGP 11.50 per share, instead of EGP 12.90, after the company settled its dispute over the land of its landmark Madinaty housing project.

The adjusted target price has a 7% upside potential to the stock’s market price that currently stands at EGP 10.75. The research firm placed an Accumulate recommendation on the stock.

The settlement of TMG’s dispute over Madinaty land with New Urban Communities Authority (NUCA) included a rise in NUCA’s in-kind share in the project from 2.7 million sqm to 3.195 million sqm. It also stipulated the payment of EGP 2.9 billion by TMG in cash over ten years as a premium.

According to the recent developments, government’s extra share of units is valued at EGP6.16 billion.