Hermes Defines GB Auto’s FV At EGP 33.4, Recommends ‘Buy’

EFG-Hermes issued a report on GB Auto (AUTO.CA) upping its fair value by 55% to hit EGP 33.4. Hermes also recommended in its report a “Buy” on the GB Auto stock.

Hermes added that GB Auto’s profits during the first half were 16% up on annual basis and 6% higher than estimated.

Worth mentioning, GB Auto’s consolidated business results during H1/2012 revealed a net profit of EGP 92.495 million,  25.2% higher from H1/2011 net profit of EGP 73.842 million.