Equity Analysis /

Alexandria Containers 2018 valuation update: A last year’s story

    Tellimer Research
    5 December 2017
    Published byTellimer Research
    We downgrade our TP on ALCN to EGP185, based on the above highlighted changes in forecasts, while maintaining an Equalweight recommendation. Our FV takes into account 1)Flattish container figures in FY17/18 2)The drop in the fees approved by the company’s board. The company has a net cash position of EGP3,431mn and is trading at FY17/18 P/E of 14 and EV/EBITDA of 13.6. We assume a dividend payout ratio of 61%, translating into a DY for FY17/18 of 4.3%.