Kindly find below a link to the contribution of Mr. Marwan Mikhael, head of research department at BLOMINVEST Bank, to the “Euromoney Handbooks” entitled “Lebanon 2011: bearish ... read more
Kindly find below a link to the article written by Mr. Marwan Mikhael, head of the research department at BLOMINVEST Bank, concerning the Lebanese economy: Global Banking and Financial Policy Review ... read more
We upgrads our rating on Solidere to an ACCUMULATE with a 6-month target price of USD 14.80. While 2011 presented a challenging year for Solidere, its revenues dropped less than our estimates and we are ... read more
Revenues at the cement producer reached USD 196 million in 2011, growing by 5.7% y-o-y, led by rising prices and slight growth in local demand. However, Holcim’s gross income declined by 4.5% to $65.9 ... read more
We upgrade our rating on Ezz Steel to an ACCUMULATE rating with a fair value of EGP 8.60 following the release of its 2011 results. This presents a premium of 17.5% over its recent closing price EGP 7.32. ... read more
We expect demand in Egypt to remain weak in 2012, further dropping by 20% according to SE’s management, on limited public spending as the country struggles to establish a sound political frame. Operations ... read more
We maintain our HOLD rating on Ezz Steel, and revise our target price upward from EGP 4.3 previously to EGP 6.5 due to a considerable adjustment in the risk premium. The recent court ruling on Talat ... read more
Ezz Steel reported a 24% y-o-y jump in revenues in H1 to EGP 9,334M, led by strong private residential construction activity despite the commotions in the local market during the first few months of the ... read more
We value Yamama Cement at SR 74 per share using a discounted cash flow model with a 12.7% discount rate and a 2,5% terminal growth rate. An ACCUMULATE recommendation is issued taking into consideration ... read more
Holcim Liban (HL) seems to have unexpectedly shielded its grey cement operations from the slowdown in the Lebanese real estate sector, as its unconsolidated net sales grew by 4.7% y-o-y in the first half ... read more
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