Cairo – Mubasher: Pharos Research has upgraded its “sum-of-the-parts” fair value (FV) of Orascom Development Egypt to EGP 27.82 per share from EGP 17.05 per share, with an "Overweight" recommendation, according to a recent report.

This “Overweight” recommendation is a result of a FV comprised of residual land, receivables, and hotels at EGP 34.90 per share, EGP 6.47 per share, and EGP 2.87 per share, respectively, as well as a net debt deduction of EGP 16.42 per share.

Pharos attributed this FV upgrade to “including the residual land in Taba Heights, increasing occupancy rate assumptions for hotels in El Gouna, using an EGP/USD exchange rate of 16.00 to value the residual land, and updating the net debt position.”