Stock now fairly valued after rally, remain Neutral

No further upside despite TP hike. We raise our TP by c40% to EGP0.42/share to reflect better pricing in 1Q17, paired with slightly stronger gross margins, leading to improvements in our long-term project cash flow assumptions. Our TP leaves no further upside following the 1M rally of 58%, warranting an unchanged Neutral rating. We primarily attribute this to triggers such as: i) strong 1Q17 results, ii) appointment of a new CEO, iii) stock’s lagging performance (+4% since floatation to beginnin...