First-mover advantage paying off more on coal dynamics
This stock stands out from the crowd; reiterate Overweight. Our 12-month target price is EGP21.7/share. We see an industry upcycle ahead, with ACC best positioned to benefit. The stock trades on an EV of USD193/t, a 2016e P/E multiple of 7.7x, and offers a 5% dividend yield, with dividends paid on an interim basis.
Arabian Cement Co SAE is an Egypt-based company engaged in the manufacture of cement and concrete. Its products include: Clinker, the raw material for the production of Portland types of cement, used in different percentages depending on the properties sought for the final product; Al Mosalah Cement, used for concrete with special needs, concrete pump, shotcrete, mortar and supporting floors, among others; Al Tahrir Cement, used for general construction purposes, general concrete works, reinforced and ordinary concrete, buildings, tanks, reservoirs and culverts; El Sadd Cement, used in all concrete works that are exposed to sea water or soils of high sulphate content, and Ready Mix Concrete, offered through the Company's subsidiary, Andalus Ready Mix Concrete. The Company offers its products in a variety of formats such as, bagged, bulk, big bags and in containers, among others.
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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