EFG Hermes sets target price of Canal Shipping Agencies at EGP 25/share
Investments bank EFG Hermes has set the target price of Canal Shipping Agencies (CSAG) at EGP 25 per share with a "Neutral" stock rating, according to an emailed note on January 30th.
"We expect recurring earnings to maintain their growth momentum shown during the previous quarter and reach EGP 55 million (+73% year-on-year) in 2Q23e," it said.
In FY 2021/2022, the company recorded a net profit after tax of EGP 185.54 million, compared to EGP 200.192 million in FY 2020/2021.
Canal Shipping is a subsidiary of the Holding Company for Maritime and Land Transport that provides marine port services and shipping services to international commercial fleets.