Equity Analysis /

EK Holding: EKH sells Egyptian Hydrocarbon holding

    Tellimer Research
    16 October 2017
    Published byTellimer Research
    Given that our previous EHC valuation of USD0.04/share was taken at book value (c.USD37mn), the sale at USD65.2mn translates into a c.USD28mn capital gain to be booked in 3Q2017, with EKHO’s cash position increasing by c.USD14mn in 3Q2017 as USD51mn was previously booked in 2Q2017. As a result, we increase our FV for EKH to USD0.89/share to reflect the sale.