Global Telecom
GTHE
GTHE
HSBC lowered its target price estimate for Global Telecom Holding to $3.4 from $4.1, maintaining its Overweigh rating.
In its annual report on Egypt, the bank attributed the target price cut to the decline in the company’s revenues in the third quarter amid lower EBITDA due to lower-than-expected decline in revenues from Algeria operations coupled with challenges in Algeria and Pakistan and losses related to hard currency.
HSBC expected GTH to post $141 million profit in 2014, $199 million in 2015 and $309 million in 2016.
GTH had posted EGP 2 billion net loss in the first nine months of FY14, widening 67% from EGP 1.2 billion in the same period a year earlier.
Photo Credit: Arabianeye-Reuters
In its annual report on Egypt, the bank attributed the target price cut to the decline in the company’s revenues in the third quarter amid lower EBITDA due to lower-than-expected decline in revenues from Algeria operations coupled with challenges in Algeria and Pakistan and losses related to hard currency.
HSBC expected GTH to post $141 million profit in 2014, $199 million in 2015 and $309 million in 2016.
GTH had posted EGP 2 billion net loss in the first nine months of FY14, widening 67% from EGP 1.2 billion in the same period a year earlier.
Photo Credit: Arabianeye-Reuters
Source:
Mubasher
