ArabFinance: The research unit of Pharos Holding set the fair value for Talaat Mostafa Group Holding (TMGH) at LE16.5 per share.
Pharos maintained their Overweight recommendation, as TMGH achieved YTD sales of EGP11.0 billion. This impressive figure is almost as high as the company’s FY17 sales.
Sales performance was boosted by TMGH’s new project in the New Administrative Capital, Celia, which contributed EGP5.6 billion to the company’s YTD sales. Around half of the EGP5.6 billion has already been booked as sales, and the company expects to close the sale for the other half this week. Existing projects contributed EGP4.4 billion to total sales, and the schools contributed EGP1.0 billion to total sales Pharos added.
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