Ciel Limited (CIEL) Post Results 1H24A 28032024
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 Group delivered a series of 1H24A significant estimate beats for EBITDA, PAT and FCF, irrespective of a 1.1% miss on our revenue estimate and a decline in the EBTIDA/FCF conversion rate by 610bps to 45.1% y/y. We estimate Textile contributed 46.7% of Group FCF in part driven by a one off Textile WCAP reduction driven by a 1H24A 15.6% decline in Textile revenues y/y.
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