EFG-Hermes Recommends “Sell” For Madinet Nasr Housing’s Stock

EFG-Hermes issued a report on Madinet Nasr Housing and Development (MNHD.CA), defining the stock’s fair value at EGP 19.8, downgrading its recommendation from a “Neutral” to a “Sell” .

EFG-Hermes forecasted that Madinet Nasr Housing will report a net profit of EGP 69.9 million by the end of this year, compared to EGP 59.7 million in 2011. EFG-Hermes also sees that the company will report net profits of EGP 62.4 million by 2013 and of EGP 117.8 million by 2014.

EFG-Hermes add that the company’s revenues may reach EGP 341.2 million by the end of 2012, EGP 437.4 million in 2013, and EGP 976.7 million in 2014.