Abu Dhabi – Mubasher: MubasherTrade set Emirates Driving Company’s price target (PT) at AED 19.61, according to a statement.
Allowing foreigners to own the company’s shares will have a positive impact on the stock as this step will attract new investors.
The company’s shareholders will meet on 23 March to discuss amendments to the articles of association, allowing foreigners to own up to 40% of the company’s capital.
The stock is valued at 17x 2016 earnings, with expectations of the stock price to rise by 112%.
The company’s revenues grew 8% to AED 259.5 million in 2016, 3% higher than MubasherTrade estimates.
