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Pharos Research upgrades Orascom Development FV to EGP 65/shr

Pharos Research upgrades Orascom Development FV to EGP 65/shr
The FV was driven by the Orascom’s residual land in El Gouna, which will be monetised in many ways
Orascom Development Egypt
ORHD
-6.53% 11.03 -0.77

Cairo – Mubasher: Pharos Research has raised their fair value (FV) for Orascom Development Egypt to EGP 65 per share, maintaining their “Overweight” recommendation.

The FV was driven by the Orascom’s residual land in El Gouna, which will be monetised in many ways, according to a recent report by Pharos Research on Wednesday.

The research company has attributed the increase in FV to “the adjustment of the price/sqm of residual land in El Gouna, the addition of the new West Cairo project, the sale of non-core assets, the improvement of the hotel occupancy rate in El Gouna, and the latest receivables and net debt position.”

It is worth noting that Orascom Development had signed offers to sell some of its non-core assets at around EGP 1.24 billion two months ago.

Orascom Development’s capital amounts to EGP 1.1 billion distributed over 221.16 million shares at a par value of EGP 5 per share.