Not out of the woods yet; reiterate Neutral
Justifiably cheaper. Agthia trades on a 2018 P/E of 14.3x vs. peers’ 18x, explained by its negative short-term growth outlook. We expect earnings to drop over 2H17, with a 3Q17e decline of 16% y-o-y. But our 2018 earnings estimate (+2% y-o-y) is also 16% below consensus, suggesting the market may be overlooking headwinds. Despite the strong performance of the water and food segment, we cut our 12M TP by 17% to AED6.0/share due to: i) lower flour and animal feed volumes and margins, and ii) higher marketing costs.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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