reports
- Taher Seif
GB AUTO - SPOTLIGHT
​We update our fair value for GB Auto (AUTO.CA) to EGP 3.19/share with a “HOLD†recommendation. This represents almost 4% decrease in our fair value compared to our last report. The update mainly accounts for 1)Higher USD/EGP rates during our forecast horizon 2)Interest rate hikes post floatation 3)Price hikes and distressed volumes starting 4Q2016. In addition, the cut in our fair value also resulted from the higher 1 year risk free rate which witnessed a 300 bps increase post the floatat...
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