Ciel Limited (CIEL) Core Investment Case 28092023
CIEL Limited (SEMDEX: CIEL) is Mauritius listed. It has a 111-year track record. CIEL has a diversified portfolio of 25 companies across 6 sectors - Textile, Finance, Healthcare, Hotels & Resorts, Property and Agriculture (sugar dominated). CIEL’s geographical footprint spreads across 10 emerging markets in South Asia and Africa. Africa is the last regional megascale growth opportunity. CIEL has delivered solid growth 1H23A fiscal - revs up 37% y/y. We estimate EBITDA up 42% y/y. The value of CIEL’s portfolio as at 31 Dec 2022 was MUR 21.2bn (~US$475m), with Textile and Healthcare together accounting for more than 50% of this value.
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