Regional outreach parallels local growth; initiate with Overweight
Accretive acquisitions complement organic growth. NMC is set to increase its operational bed capacity by 2.9x over 2016-19, adding 1,279 beds across the multispecialty and long-term care verticals, split as 690 beds in Saudi, 487 beds in UAE (mainly Abu Dhabi and Sharjah) and 102 beds in Oman. We estimate these additions to expand 2017e EBITDA margin by 266bps to 24.5% by 2022 (in line with guidance). The main driver is organic growth and margin expansion, while NMC’s recent foray into Saudi multispecialty hospitals should contribute c9% to 2022 revenue. We believe that the stock still has room to rerate, given that NMC trades on a 2018e EV/EBITDA of 16.6x vs. EM’s 20.1x.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.