Turnaround seen in 2H17; maintain Overweight
There are tough spots but priced-in, 2016 seen as bottom. 2H16 results proved to be disappointing and RAK Ceramics shares nose-dived, which in our view, presents an entry point. We would buy the stock ahead of 3Q17 results—as tile sales pick-up in the UAE, following production mix changes; by then, there should be a favourable base effect for troubled markets: India and Saudi. RAK Ceramics trades on a 2017e EV/EBITDA of 9.0x vs. the peer average of 9.7x, in spite of its superior dividend yield of 6.3% and 2017-19e EBITDA CAGR of c10% in-line with peers.
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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