reports
- Research Team ACF
Ciel Limited (CIEL) Post Results YE24A 07112024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a very attractive long run growth opportunity. Whilst CIEL missed our revenue target by -3.4%, it delivered very significant beats on profit measures EBITDA 23.7%, PAT +135.9% and EPS (dil) +30.7%. Group NAVPS also grew 11% and gearing fell to 25.1% vs. 28.6% y/y. CIEL beat our YE24A FCFE forecast by 5%. Operationally there is a great deal to like. We are forecasting significant improvement in Group FCFE YE25E ...
- Research Team ACF
Ciel Limited (CIEL) Post Results 9M24A 06062024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company and one of the last great growth opportunities - Asia and Africa. CIEL operates across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Finance and Agro. CIEL’s 9M24 results put CIEL very comfortably ahead of our YE24E forecasts for EBITDA, EAT and EPS. FCFF (the basis of our DCF valuation) is in line for YE24A assuming Textiles is back ‘online’ for 4Q FCF, and or there are further land sales/increa...
- Research Team ACF
Ciel Limited (CIEL) Finance Cluster 08042024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company. In this update we focus on CIEL’s Finance Cluster which in 1H24 accounted for 35.9% of Group (Grp) FCF, 25.8% of Grp EBITDA and 15.5% of Grp revenues. CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Agro and Finance. CIEL’s geographical footprint spreads across 10 emerging markets in Asia and Africa. CIEL Finance 1H24A de...
- Research Team ACF
Ciel Limited (CIEL) Post Results 1H24A 28032024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a 111-year track record and exposure to the globe’s last great growth opportunities, Asia and Africa. CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Finance and Agro. CIEL’s geographical footprint spreads across 10 emerging markets in Asia and Africa. CIEL Group delivered a series of 1H24A significant estimate beats ...
- Research Team ACF
CIEL (Ciel Limited) Initiation 13022024
CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a 111-year track record and exposure to the globe’s last great growth opportunities, Asia and Africa. CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels & Resorts, Finance and Agro. CIEL’s geographical footprint spreads across 10 emerging markets in Asia and Africa. CIEL delivered 24.1% y/y revenue growth YE23A fiscal. CIEL EBITDA ...
- Research Team ACF
Ciel Limited (CIEL) Core Investment Case 28092023
CIEL Limited (SEMDEX: CIEL) is Mauritius listed. It has a 111-year track record. CIEL has a diversified portfolio of 25 companies across 6 sectors - Textile, Finance, Healthcare, Hotels & Resorts, Property and Agriculture (sugar dominated). CIEL’s geographical footprint spreads across 10 emerging markets in South Asia and Africa. Africa is the last regional megascale growth opportunity. CIEL has delivered solid growth 1H23A fiscal - revs up 37% y/y. We estimate EBITDA up 42% y/y. The value of CI...
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