Thoughts on ENGIE deal, remain Overweight
Mubadala to convert all MCBs into shares, sell 40% to ENGIE at 13x 2018e EV/EBITDA. As part of the transaction announced today, Mubadala, which currently owns c82% of Tabreed (via equity and MCBs), will be converting all its MCBs into shares, with 1,086mn shares (equivalent to a 40% stake in Tabreed) being transferred to ENGIE [ENGI FP] at AED2.62/share. Mubadala will retain a 42%
holding. Although a c42% premium to the 18 Jun-17 closing, the deal price is 6.9% higher than our previous TP, and implies 2017e and 2018e EV/EBITDA multiples of 15.3x and 13.2x, respectively. The deal price appears to be based on ENGIE’s own valuation and is on par with EM utility peers, adjusting for growth.
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.