This table represents Kardan Investment Bank Asset Management Department’s view on investment opportunities in Tehran Stock Exchange. The fundamental IRR is calculated with the assumption of buying the stock at current market price and receiving 2 dividends and selling it at ex-dividend date of the second year, with a holding period of approximately 16 months. Rating Status is derived from a combination of appropriate IRR ratios and “Research Risk Level” (an internal measure of certainty level about accuracy of EPS forecasts). The Technical IRR is based on current market prices and short term 1price targets before or until 1st dividend date (Table updated on 4 Mar. 2018).


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