Operational outperformance priced in
Raise target price by 74% to GBp200/share; but downgrade to Neutral. We raise our valuation to include i) higher production (520-540k oz) and cash cost guidance (USD530-550/oz) for 2016 (from 470k oz at USD680/oz previously), and ii) higher production and lower cost forecasts in 2017 as the downward shift in costs was likely driven by economies of scale, lower oil prices and EGP devaluation (16% of cash costs are in EGP). Lower costs account for 60% of our TP upgrade, while a fasterthan- expected production ramp up presents the balance. We however think that this is largely priced in at current levels and change our rating to Neutral from Overweight.
Centamin is a mineral exploration, development and mining company. Co. is engaged in the business of exploration and mining of precious metals in the Sukari Gold Mine located in the Eastern Desert of Egypt.
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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