Beltone Research set its fair value estimate for Ghabbour Auto (GB Auto) at EGP 6.70, compared to a market price of EGP 5.19, with a “buy” recommendation.
GB Auto’s profits from main operations were negatively affected by losses of the automotive market, Beltone Research said in a statement on Sunday.
The Egyptian automaker and importer’s profit logged EGP 636.73 million in 2018, against a loss of EGP 723.6 million in the prior year, including minority shareholders’ rights.
GB Auto’s sales rose to EGP 25.8 billion last year, from EGP 17.6 billion in 2017.
The Egyptian car assembler and distributor registered EGP 15.8 million in standalone losses in 2018, against a profit of EGP 703.11 million a year earlier.