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Equity Bottom-Up

<ul>
<li>CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a very attractive long run growth opportunity.</li>
<li>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%.</li>
<li>Group NAVPS also grew 11% and gearing fell to 25.1% vs. 28.6% y/y.</li>
</ul>


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 Limited (CIEL)  - Conglomerate Strategy Fixes Textile Challenge

<ul>
<li>CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company and one of the last great growth opportunities - Asia and Africa.</li>
<li>CIEL operates across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels &amp; Resorts, Finance and Agro.</li>
<li>CIEL’s 9M24 results put CIEL very comfortably ahead of our YE24E forecasts for EBITDA, EAT and EPS.</li>
</ul>


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 &amp; Resorts, Finance and Agro.
CIEL’s 9M24 results put CIEL very comfortably ahead of our YE24E forecasts for EBITDA, EAT and EPS.


Ciel Limited (CIEL) Post Results 9M24A 06062024

<ul>
<li>CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company.</li>
<li>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.</li>
<li>CIEL has a diversified international growth portfolio of 25 companies across 6 ‘clusters’ - Textile, Properties, Healthcare, Hotels &amp; Resorts, Agro and Finance.</li>
</ul>


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 &amp; Resorts, Agro and Finance.


Ciel Limited (CIEL) Finance Cluster 08042024

Mauritius

Ciel Limited operates as a diversified investment company. The Company targets investments involved in the agricultural industry and property, financial services, healthcare, hospitality, and textiles industries. Ciel focuses on portfolio holdings across Mauritius, Africa and Asia.

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CIEL (CIEL MP)

Ciel Limited (CIEL) - Conglomerate Strategy Fixes Textile Challenge

CIEL Limited (SEMDEX: CIEL) is a Mauritius listed diversified industrial company with a very attractive long run growth opportunity.

ACF Equity Research

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.

ACF Equity Research

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...

ACF Equity Research

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