Cairo - Mubasher: Pharos Research has maintained its “overweight” recommendation on the stock of EFG Hermes, with a fair value (FV) evaluation of EGP 23.80 per share.
“We view the real potential for EFG Hermes to lie within the increased exposure to the non-banking financial services sector and which currently represents 25% of revenues and 20% of bottom line,” the research firm stated in a note on Thursday.
The company posted a revenue of EGP 1.36 billion for the third quarter of 2018, compared to revenue of EGP 1.014 billion in Q3-17.
Revenues for the marketing, insurance, and brokerage industry jumped by 128% year-on-year in Q3-18 to EGP 440 million.
