Cairo – Mubasher: Shuaa Securities has set the fair value (FV) for Elsewedy Electric Co’s stock at EGP 19.8 per share within a 12-month period.

The FV was determined based on the company’s financial results for the first half of 2019 that were below expectation, Shuaa Securities said in a research note on Wednesday.

Moreover, the FV was also impacted by the increase in the Egyptian pound’s value since setting the previous FV of the stock in January 2019, the research firm added.

The company also highlighted Elsewedy’s wind turbine, hydroelectric, solar power projects that aim to boost its cash inflows over the coming period.

Moreover, Shuaa Securities indicated that Elsewedy comes under its base portfolio of Egyptian stocks.

It is worth noting that Elsewedy Electric announced earlier this day that it had signed an agreement with Japan’s Toyota Tsusho to design and build two photovoltaic solar power plants with a capacity of 50 megawatts (MW) each.