Downgrade to Neutral; headwinds intensified
Cut TP by 29% to EGP39/share; downgrade to Neutral from Overweight. Since Suez Cement’s fuel consumption per-tonne is 29% higher than its local peer average, given its plants’ relatively old age, it will face a heavier impact from a weaker EGP. Our bearish outlook on EGP/USD proves a major overhang on Suez Cement. This, and accounting for our recently reduced industry pricing assumptions, are the main reasons behind our downgrade.
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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