UAE revenue less exposed to JA port, reiterate OW
Sound investment strategy of horizontal integration. We cut our 12M TP by c4% to account for lower returns at the Asia/India subcontinent (-32% h-o-h in 1H17 to USD69/TEU) after Pusan port consolidation (Dec-2016), and assume +2% p.a. starting 2018. DPW aims to consolidate Drydocks and Dubai Maritime City (DMC) acquisitions announced on 18-Sep in 1Q18 which we value at USD2.0/share, but the stock did not react positively to this most recent M&A. DPW trades in line with the peer average on a 2018e P/E of 16x, yet our DCF implies a c5% premium, accounting for prospect growth of both acquisitions on the long-run.
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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