Cairo - Mubasher: Pharos Research has reiterated its overweight recommendation on the stock of Ezz Steel, with a fair value (FV) evaluation of EGP 18.

Meanwhile, the research firm has set the FV for Ezz Dekhela Steel to EGP 1000 per share, accprdomg to a note issued on Sunday.

Pharos is expecting Ezz Steel to achieve an income of EGP 1.6 billion for fiscal year 2017, registering an increase of 10.2% year-on-year.

The note also showed that the company is expected to post net losses of around EGP 1.7 billion, due to the rise in debts which reached EGP 23.9 billion.