Equity Analysis /

SODIC: SODIC Q417: Impressive comeback with stellar Q417 sales

    Tellimer Research
    1 March 2018
    Published byTellimer Research
    OCDI’s ability to surpass our sales projection and its own sales target in 2017 given that prior quarters were indicating otherwise is impressive. We reiterate our Overweight recommendation of OCDI based on our FV of EGP27.77/share which is mainly driven by the company’s East Cairo development portfolio. Our FV also assumes EGP5.7 billion in 2018 sales. This is considerably lower than OCDI’s 2018 sales target of EGP8.7 billion which may warrant us to revisit our 2018 sales assumptions.