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MubasherTrade adjusts Egypt Aluminum’s PT to EGP 72.05/shr

MubasherTrade adjusts Egypt Aluminum’s PT to EGP 72.05/shr
MubasherTrade adjusts Egypt Aluminum’s PT to EGP 72.05/shr, with a Hold/Moderate Risk rating
Egypt Aluminum
EGAL
-2.75% 93.36 -2.64

Cairo – Mubasher: MubasherTrade has adjusted their price target (PT) for Egypt Aluminum’s stock from to EGP 72.05 per share from EGP 144.1 per share on the effective date of the stock dividend, implying an upside potential of 8.9%.

Therefore, the research firm changed their rating from Buy/Moderate Risk to Hold/Moderate Risk, according to a recent report on Tuesday.

“Distribution date is 11 January 2018 for share buyers up to 10 January 2018,” the report noted.

Egypt Aluminum is raising its issued capital to EGP 1.1 billion from EGP 550 million through a 100% stock dividend by doubling its total number of outstanding shares from 137.5mn shares to 275.0mn shares, the report added.

On 13 September 2017, the Egyptian Exchange (EGX) announced that Egypt Aluminum has submitted documents to raise its issued capital to EGP 1.1 billion from EGP 550 million through bonus shares.

Egypt Aluminum last posted a net profit of EGP 1.73 billion for fiscal year 2016/2017, compared to EGP 84.8 million in FY15/16.

The company’s current capital amounts to EGP 550 million distributed over 137.5 million shares at a par value of EGP 4 per share.