HC Raises El Sewedy Electric TP To LE 33.7/Share

HC Securities raised, in a recent study, El Sewedy Electric (SWDY) TP c24% to LE 33.7/share on a lower risk?free rate, but downgraded the stock to Neutral on a less compelling valuation.

HC added that, it raised our TP for the company c24% as it lowered risk?free rate to 8.8% from 11.7% and roll over our forecast period by 1 year.

Moreover, it cut 2014–17e EBITDA estimates c11% on a delayed pick?up in cable volumes and continued underperformance of the turnkey sector.

Source : Arab Finance