We maintain a HOLD rating on Holcim Liban with a target price of USD 15.21 per share, presenting only a 1.93% downside over its recent closing price. When comparing HL to its regional peers, we find that ... 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 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
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
We maintain our fair value for SE at EGP 32.40 per share after accounting for the recent 30% stock dividend distribution at a ratio of three bonus shares for every ten shares held. This fair value is in ... read more
We have updated our recommendation on Ezz Steel to a HOLD rating, with a fair value of EGP 9.50 per share presenting an upside of 8% over its closing price on September 5, 2011. Slower construction ... read more
Solidere’s revenues reached a new high of USD 382 million, rising 14% due to growth in land sales and higher rentals. Earnings registered a mild growth of 3.7% reaching 196 million but we expect net ... read more
Revenues at Holcim Liban have reached a new high of USD 227 million, growing 9.8% due to increasing local demand. This is aligned with our estimates of USD 216 million. As for earnings, Net Income showed a ... read more
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