Ciel Limited (CIEL) Finance Cluster 08042024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company. In this update we focus on CIEL’s Finance Cluster which in 1H24 accounted for 35.9% of Group (Grp) FCF, 25.8% of Grp EBITDA and 15.5% of Grp revenues. CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Agro and Finance. CIEL’s geographical footprint spreads across 10 emerging markets in Asia and Africa. CIEL Finance 1H24A delivered 11.5% rev growth y/y and 51.4% of our revs YE24 CIEL Finance forecast; 1H24A EBTIDA MUR 1.051bn up 59% y/y and 60% of our YE24 forecast; 1H24A FCF margin 23.8% at MUR 661bn and 42.3% of our YE24 CIEL Finance forecast.
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