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Pharos Holding sets Orascom Development fair value at LE65/share

Pharos Holding sets Orascom Development fair value at LE65/share

ArabFinance: The research unit of Pharos Holding set the fair value for Orascom Development Egypt (ODE) (ORHD) at LE65 per share.

Pharos maintained their Overweight recommendation given the residual land in El Gouna which will continue to be monetized in a multitude of ways: residential projects, hotels, office space, retail space, and other town amenities.

It is noteworthy, Pharos upgrade took into account the following factors:

1) The adjustment of the price/sqm of residual land in El Gouna.

2) The addition of the new West Cairo project.

3) The sale of non-core assets.

4) The improvement of the hotel occupancy rate in El Gouna.

5) The latest receivables and net debt position.

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