Pharos sets fair value Housing and Development Bank's share

The bank's share price is EGP 32.5 on June 2


Egypt - Pharos sets the fair value of Housing and Development Bank's (HDBK) share at EGP 60.4/share with maintaining an overweight recommendation, according to a research note sent to ArabFinance.

Pharos said that the share price is penalized by the mix between commercial banking and real estate operations, especially that the developments regarding the stock de-merger continue to be unclear, and seem far-fetched at this point.

It is noteworthy that the bank's share price is EGP 32.5 on June 2nd.

The bank distributed cash dividends of EGP 2.5 per share payable on April 12th to the shareholders recorded on April 15th.

The Egypt-based commercial and investment bank principally operates in the housing and development sector. The institution also contributes to alleviating the housing problem through the establishment of an integrated group of housing projects across Egypt.

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