Arab Finance SWDY : HC Securities raised, in a recent study, El Sewedy Electric () 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.
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