Initiate with Neutral as valuation captures steady growth
Growing regionally, Kuwait will remain a core market. Mezzan, an established F&B and FMCG manufacturer and distributor (M&D) in Kuwait (66% of 2015 revenue), is diversifying organically into the UAE, Qatar, and Saudi through M&A, with a target to cut Kuwait exposure to 50% of top line, without setting a timeline. We look for a 2016-18 clean EPS CAGR of c16%, driven by new capacity plans and better margins; however, Mezzan’s 2017e P/E of 17.2x, 6% above peers, already price in expected growth, in our view.
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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