The UAE Salik IPO – priced to go? 12 things investors should know
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UAE toll road operator Salik will list at AED2 per share, with the Government of Dubai to selling a 20% stake
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Salik is very profitable; the historical EBITDA margin is 82% but this falls to 67% after adjusting for concession fees
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A 100% payout ratio and scope to raise prices builds an attractive investment case. Key risks: technology, governance
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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