VASRO GmbH has published an update report on Baladna Q.P.S.C. (Qatar Stock Exchange: BLDN), reiterating its BUY recommendation with a target price of QAR 2.33 per share, revised from QAR 2.43 at initiation. Against the QAR 1.28 reference price the target implies 82.0% upside.
Investors subscribed for 415.5m of the 536.0m new shares Baladna offered, 77.5% of the issue. At QAR 1.01 a share that raised QAR 419.6m for growth in Qatar and in regional dairy.
The QAR 122m not raised is not a constraint. Baladna entered the second half with QAR 1,303.7m of liquid listed equity and a dairy business on course for QAR 421.7m of operating EBITDA this year, before portfolio fair-value gains and ahead of the company's own guidance. The gap affects the timing of the expansion, not whether it proceeds.
VASRO's operating forecasts are unchanged: revenue and EBITDA as in August, net profit within 1.1%, all three above company guidance. The revision is a balance-sheet one. Debt is now measured at 30 June, the same date as the assets it financed, and the investment portfolio is carried at its reviewed 30 June value. Together these outweigh the uplift from Algeria's progress, and the target moves QAR 0.10 lower.
The recommendation rests on three facts.
The domestic dairy business and the listed portfolio alone exceed the market value of the whole company. VASRO values the dairy business at QAR 0.88 a share and the portfolio at QAR 0.51, QAR 1.39 in total against a share price of QAR 1.28. Algeria at QAR 0.48, Syria at QAR 0.05 and the QAR 419.6m of fresh capital at QAR 0.16 are therefore not priced at all.
QAR 933m of Baladna's own capital is already deployed in Algeria. The Algerian balance sheet grew from QAR 55.7m of assets at 31 December to QAR 1,425.1m at 30 June, QAR 932.6m of it contributed by Baladna rather than its partner. That capital is deployed, not committed, and Algeria is the largest single addition to the valuation since initiation.
The listed portfolio contributed more to 2025 profit than the dairy business did. It generated QAR 408.0m of fair-value gains in 2025 against dairy EBITDA of QAR 358.9m, and a further QAR 254.5m in the first half of 2026. It is carried at QAR 1,303.7m in the reviewed 30 June balance sheet.
Read the full update report:
https://vasro.de/wp-content/uploads/2026/09/VASRO-GmbH_Equity-Report_Update_Baladna_EN_09072026.pdf
VASRO GmbH · Am Hauptbahnhof 16, 60329 Frankfurt am Main, Germany · www.vasro.de
This document has been prepared by VASRO GmbH for informational purposes only and does not constitute investment advice, a solicitation, or an offer to buy or sell any securities.
The post Baladna: The Capital Is Raised, Algeria Is Building - VASRO Reiterates BUY at QAR 2.33 appeared first on VASRO GmbH.
