Ciel Limited (CIEL) Post Results 9M24A 06062024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company and one of the last great growth opportunities - Asia and Africa. CIEL operates across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Finance and Agro. CIEL’s 9M24 results put CIEL very comfortably ahead of our YE24E forecasts for EBITDA, EAT and EPS. FCFF (the basis of our DCF valuation) is in line for YE24A assuming Textiles is back ‘online’ for 4Q FCF, and or there are further land sales/increases in cluster stake holdings. We expect CIEL to miss our current YE24E revenues by 1.5-2.5%, a small top line revenues miss is of minor concern given other progress. FCF/EBITDA conversion rates have declined between 2023 and 2024 for 1H, 3Q and 9M with Textile 3Q24A FCF turning negative. Our full year Textile cluster FCF margin YE24E is 3.35%.
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