CAIRO: Credit Suisse and Citigroup kept their outperform and buy ratings on Orascom Telecom Holding respectively, following the company s 2006 results.
Superior EBITDA and earnings growth potential, steady return on capital, improving cash-flow generation and a strengthening balance sheet are our key arguments, Credit Suisse said about Orascom, one of the biggest telecom firms in the Middle East.
Credit Suisse has a price target of $87 on the stock.
Citigroup, which kept its price target of $100, said Orascom s markets are likely to be long-term outperformers.
Merrill Lynch, which has a neutral rating on Orascom s stock, said the telco s forecast of a flat EBITDA group margin implied lower margins in its Algerian market.
Orascom said in its fourth-quarter results that its Algerain subsidy, Djezzy, accounted for 35 percent of total revenue.
