Ciel Limited (CIEL) Post Results YE24A 07112024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a very attractive long run growth opportunity. Whilst CIEL missed our revenue target by -3.4%, it delivered very significant beats on profit measures EBITDA 23.7%, PAT +135.9% and EPS (dil) +30.7%. Group NAVPS also grew 11% and gearing fell to 25.1% vs. 28.6% y/y. CIEL beat our YE24A FCFE forecast by 5%. Operationally there is a great deal to like. We are forecasting significant improvement in Group FCFE YE25E and YE26E, CIEL has a bank of saleable assets, WCAP and margin improvement opportunities. Leisure is performing well, Financials are growing strongly, and Healthcare is exiting a capex investment cycle that should bolster FCFs. Restructuring in Textile YE24A could generate significant FCF margin improvement in YE25E.
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