reports
- Mohamed Antar
CSAG EY | Rising competition, on local terminal capacity build-up; Dow...
Cut TP by 22% to EGP14.0/share. We update our FY21/22e forecasts for CSAG to factor in: i) +21pp higher throughput at DCHC and PSCH, on the 33% newly added capacity to the former terminal, ii) -16pp lower blended EBITDA margin at DCHC and PSCH, to reflect lower pricing amid substantial local capacity build-up (+77pp over 2019-22), and iii) loss-making core operations (e.g. custom clearance) vs. nil previously, eating into dividend income from terminal investments. CSAG trades on a FY20/21e P/E o...
- Mohamed Antar
Container handling investments main anchor of value; Initiate with Ove...
Appealing valuation. We initiate coverage on Canal Shipping (CSAG) with a TP of EGP18.0/share, mainly derived from its container handling investments, as we value core operations (i.e. custom clearance, warehousing), which almost break even, at nil. CSAG owns 20% stake in Damietta Containers (DCHC) and Port Said Containers (PSCH), strategically located at Suez Canal’s Mediterranean entrance, handling a combined c27% of TEUs in Egyptian ports in 2018. Our DCF for both port operators implies an av...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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