Strong operating profile portends continued outperformance
Raise target price by 44% to GBp115/share; reiterate Overweight. We raise our target price as we factor in milder cost inflation of 2% p.a. in 2016-20e on the back of lower fuel prices and company-guided efficiency gains. Lower costs account for twothirds of our valuation change, with the balance, a ramp-up in operating rates to 115% in 2020e onwards (from 95%), below 2013 peak levels, and a lower cost of equity of 12.5% (from 15.0%) resulting from our assessment of subsiding legal risks.
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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