CIEL (Ciel Limited) Initiation 13022024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a 111-year track record and exposure to the globe’s last great growth opportunities, Asia and Africa. CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Finance and Agro. CIEL’s geographical footprint spreads across 10 emerging markets in Asia and Africa. CIEL delivered 24.1% y/y revenue growth YE23A fiscal. CIEL EBITDA margins expanded (up 153 bps) to 20.01% and EBITDA grew 34.4% vs. YE22A restated EBITDA. 1Q24A results - CIEL’s portfolio asset value (AV) was MUR 23.1bn (~USD500m at date of note) up 8.5% vs. YE23A - Textile and Properties accounted for 48% of AV vs. 52% YE23A, driven by AV growth in Hotels & Resorts.
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