Cairo –  Pharos Research has upgraded the fair value of EFG Hermes to EGP 23.47 per share, with an ‘Overweight’ recommendation, according to a report released on Wednesday.

The company has a great opportunity to increase its investments in the non-banking financial sector, the report added.

Earlier in August, Mubasher Trade Research set the fair value of EFG Hermes at EGP 28 per share.

During the second quarter of 2019, EFG Hermes’ profits attributed to shareholders registered EGP 303.5 million, rising by 49% year-on-year from EGP 203 million.

Source: Mubasher

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