Equity Analysis /

Egytrans valuation update: The calm after the storm; downgrade to Equalweight on FV of EGP12.58

    Tellimer Research
    14 June 2018
    Published byTellimer Research
    We downgrade our TP to EGP12.58/Share, adjusting our recommendation to Equal weight, since the absence of mega projects took its toll on profitability more than we had originally estimated. Despite including conservative assumptions in our previous valuation, top-line performance was much worse than our expectations, negatively impacted by the clearance of the power projects backlog.