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Pharos maintains Orascom Construction FV at $11.4

Pharos maintains Orascom Construction FV at $11.4
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Orascom Construction
OC
0.19% 5.40 0.01

Cairo - Mubasher: Pharos has reiterated its fair value (FV) evaluation of Orascom Construction to $11.4 (EGP 200) per share, according to a recent report.

The company’s operations in Middle East and North Africa (MENA) continues to contribute around 66% to total revenues.

The research firm expects earnings margins in the US to improve to 2% post the completion of Natgasoline.

Orascom Construction Ltd (OC) on Tuesday reported an 11% year-on-year rise in consolidated profits for the first quarter of 2018, recording $35 million from $31.5 million.

Revenues shrank to $756.8 million in the three-month period ended last March, from $1.06 billion in Q1-17, OC added in a filing to the Egyptian Exchange (EGX).

At the level of standalone business, the company has turned to losses in Q1-18 with $1.04 million, compared to standalone profits of $1.106 million in the year-ago period.

OC had previously posted consolidated profits of $85.1 million for the full-year ended December 2017, versus $53 million in 2016.