Raise TP to AED2.30/share on new concessions
Raise TP by c50%, remain Overweight. In Sep-16 Tabreed disclosed that it has signed 81k RT1 of new long-term DC concessions. Alongside its 100k RT backlog, this raises due additions to 18% of its 2Q16 capacity. The new concessions need marginal capex vs. a greenfield. We raise 2016-18e EBITDA by c5% a year, leaving 2017e EV/EBITDA at 10.2x, 26% below EM utilities in spite boasting similar cash flow visibility. New concessions, reduced capex estimates as of 2017 on low spending needed for add-ons, and rolling over our DCF, leads to our TP hike.
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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