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Pharos Research sets Raya Holding’s FV at EGP 18.07/shr

Pharos Research sets Raya Holding’s FV at EGP 18.07/shr
The FV was driven by a number of catalysts including partial or full divestment of the well-established companies
Raya
RAYA
-1.06% 4.65 -0.05

Cairo – Mubasher: Pharos Research has set their fair value (FV) for Raya Holding for Financial Investments at EGP 18.07 million per share, implying a valuation gap of 80% and an ‘Overweight’ recommendation.

The FV was driven by a number of catalysts including partial or full divestment of the well-established companies that include Raya Trade and Raya IT, Pharos said in a research note on Monday.

These catalysts also included the significant growth in operations of their alpha bets, namely Aman E-payments, Aman for Financial Services, and Raya Modern Vehicles, as well as the operational turnaround of the Galleria 40 commercial and office building, the research firm indicated.

On the other hand, the increased competition in the micro-financing industry with the entry of at least two more companies is deemed as a risk facing Raya Holding, in addition to Ghabbour Auto’s tough competition in the three-wheelers market and the continued weakness in Galleria 40’s operations.

Raya Holding’s capital amounts to EGP 504.6 million distributed over 100.9 million shares at a par value of EGP 5 per share.