EMG goes online with Namshi deal, positive
Tweak medium-term estimates on slower growth in core lines and new acquisition. Following a flat 1Q17 top and bottom line on minimal base rent growth and declining turnover rent, we downgrade our 17e EPS by c9%. We delay Fashion Avenue’s contribution by 6 months to 18e, although leases for 80% of the GLA are already in place as at end-1Q17. Despite incremental value from the new Namshi acquisition, we trim our TP by c4% to AED2.95/share, still warranting an Overweight rating backed by c18% discount to 17e P/E multiple vs. global peers with inferior growth profile.
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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