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Pharos Research sets Ibnsina Pharma’s FV at EGP 15/shr

Pharos Research sets Ibnsina Pharma’s FV at EGP 15/shr
Revenues are forecast to record EGP 35.7 billion by 2022
Ibnsina Pharma
ISPH
-2.22% 2.64 -0.06

Cairo – Mubasher: Pharos Research has set the fair value (FV) of Ibnsina Pharma’s stock at EGP 15, with a valuation gap of 48%.

The pharmaceutical firm’s revenues are projected to grow 31% year-on-year to reach EGP 12.8 billion by the end of 2018, from EGP 9.8 billion in revenues a year earlier, according to a recent report by Pharos Research.

Revenues are forecast to record EGP 35.7 billion by 2022, growing at a compound annual growth rate (CAGR) of 29% over 2017-2022, the report added.

The Egypt-based pharmaceutical distributor is likely to maintain an “economies-of-scale spree”, after achieving a growth in distribution capacities, which will eventually narrow down distribution expenditures, the report noted.

Ibnsina Pharma plans to invest around EGP 170 million during 2018, as well as add six new branches and provide its fleet with 33 transport cars.