Cairo - Mubasher: MubasherTrade Research has upgraded their rating for Elsewedy Electric to Buy/Moderate Risk, and raised their price target evaluation (PT) by 38% from EGP 86.77 to EGP 119.32 per share, according to a recent report.
This comes after the company reported 99% year-onyear growth in earnings for the first quarter of 2017 to EGP 1.51bn, largely beating MTRe and consensus by 140% and 26%, respectively, while revenues jumped 109% to EGP 9.79 billion, the report noted,
Turnkey as well as wires and cables segments combined accounted for 89% of the company’s total revenues.
The company’s backlog could secure impressive operational performance for two years, the research firm stated.
Meanwhile, management is working on an expansion strategy targeting the regional and global export markets, capitalizing on the price-competitiveness following the EGP floatation, it further explained.
