Cairo-Mubasher: Investment bank Beltone Financial raised its fair value estimate for North Cairo Flour Mills and Bakeries at EGP 44.63/share, with 93.4% upside potential to its current market price, placing a Buy recommendation.
According to the research firm, the fair value increase was based on the decline in yield on risk-free investment tools after Egypt’s central bank had cut key interest rates, and as the Egyptian pound fell from an average of 7 to 7.70 per dollar.
Beltone maintained a Positive Outlook for the flour milling company, amid expectations of improved profit margins.
Photo Credit: Arabianeye-Reuters
