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EGX 30 13,671.43 0.22%



Pharos Research sets HDBK's fair value at EGP 95.3/share

Pharos Research sets HDBK's fair value at EGP 95.3/share

ArabFinance: Pharos Holding's research unit set the fair value of Housing and Development Bank's (HDBK) share at EGP 70.48 with an overweight recommendation.

However, Pharos Research believe that the stock price is penalized by the mix between commercial banking and real estate operations, especially that the developments regarding the stock demerger continue to be unclear, and seem farfetched at this point.

HDBK is currently trading at P/E19 of 3.3x, and P/B19 of 1.0x versus Egypt peer group average of 4.8x P/E19 and 0.9x P/B19. The stock awaits two rounds of bonus shares (1:10 and 1:5), which could support share price performance.

 

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