ciel group

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Industrial Innovations at a glance

Welcome to ACF Equity Research’s Industrials and innovations page. This page provides examples of relatively recent leading investment / equity research derived from our expert analysis and insights on the industrials sector. We provide in-depth reports, thematics and engaging and insightful blogs on groundbreaking innovations and market opportunities. ACF Equity Research delivers investment research that moves prices, increases volumes and helps educate investors, thorough, accurate, clear and insightful award winning products, analysis and services.

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TASE Aerospace and Defence Opportunity

The aerospace and defence sector is experiencing a remarkable surge, with companies listed on the Tel Aviv Stock Exchange (TASE) playing a pivotal role. The TASE has become a nurturing ground for aerospace and defence companies, reflecting Israel’s strategic emphasis on technological advancements in these fields. Key players range from established giants to innovative startups.

Due to the robustness and strategic importance of this sector, it attracts considerable interest from both domestic and international investors. The consistent demand for advanced defence solutions ensures a steady flow of capital into these companies, making them key components of the TASE…..READ MORE ON AEROSPACE AND DEFENCE SECTOR

itaconix core investment case

Itaconix Plc’s (AIM: ITX.L, OTC: ITXXF) vision – safer chemicals in consumer goods. ITX makes IP protected innovative bio-polymers that replace acrylic acid and styrene based polymers (US$ 20bn market) in consumer products. IA polymers have commercial applications in consumer and specialty chemicals markets including detergents markets as water softeners and dispersants; odour capture markets and hair products markets for hold, texture and flexibility. ITX’s innovations are protected by 16 patent families. ITX revenues YE22A rose to US$ 5.6m up 115% vs. 2.6m y/y. ITX’s recent YE23A preliminary revenues US$ 7.86m, despite a recent YE24 downgrade, ITX’ IP product strategy has attractive long run growth and margin characteristics…..READ MORE ON ITX CORE INVESTMENT CASE

Ciel Post Results

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 for EBITDA, PAT and FCF, irrespective of a 1.1% miss on our revenue estimate and a decline in the EBTIDA/FCF conversion rate by 610bps to 45.1% y/y. We estimate Textile contributed 46.7% of Group FCF in part driven by a one off Textile WCAP reduction driven by a 1H24A 15.6% decline in Textile revenues y/y….READ MORE ON CIEL POST-RESULTS NOTE

ciel last great global groth oportunities

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 margins expanded (up 153 bps) to 20.01% and EBITDA grew 34.4% vs. YE22A restated EBITDA. 1Q24A results – CIEL’s portfolio asset value (AV) was MUR 23.1bn (~USD500m at date of note) up 8.5% vs. YE23A – Textile and Properties accounted for 48% of AV vs. 52% YE23A, driven by AV growth in Hotels & Resorts. …READ MORE ON CIEL INITIATION NOTE

ciel core invetsment case

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 CIEL’s portfolio as at 31 Dec 2022 was MUR 21.2bn (~US$475m), with Textile and Healthcare together accounting for more than 50% of this value…READ MORE ON CIEL CORE INVESTMENT CASE

textile manufacturing tactical necessities

Textile manufacturing is potentially a very attractive business investment. The cost base is often in low value currencies and revenues are often in US dollars (US$).

The tactical challenge for public companies engaged in textile manufacturing is customer base diversification. Over reliance on a small number of significant customers, though initially attractive (large reliable orders and relatively simple customer relationship management) makes textile manufacturing businesses particularly vulnerable to cyclicality.

The textile industry is inherently cyclical and can be subdivided into textiles and apparel. Inherent cyclicality drivers in the textile industry include fashion trends, which come and go very quickly, and seasonal variation, e.g. winter coats and summer dresses and supply chain complexity…READ MORE ON GLOBAL TEXTILE AND APPAREL VALUE CHAIN

top 5 investment research tips

Expanding your investor base is hard work. We know that stress and risk is involved. Here we share 5 uses of investment research by our clients to expand investor reach and add major institutions.

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Christopher Nicholson, Managing Director, ACF Equity Research

Christopher Nicholson

Managing Director/Head of Research

I am a financial analyst, entrepreneur, professionally qualified equestrian and amateur eventer. Amongst others, I trained as a financial analyst at Global US based fund manager Legg Mason Investors and have been head of Technology and Media Equity Research at Bryan Garnier, a pan-European investment bank and brokerage.

I founded ORACA Independent Equity Research a ground breaking highly independent thinking large-cap secondary comm business and ACF Equity Research, a very high-quality independent issuer-pays small and mid-cap research business. I opened our first corporate finance business (Destrier Partners) and am approaching the launch of our first non-financial services business. In my view, I am only able to do these things because of the quality of the team I work with at ACF. For 11 years I broadcasted as an expert guest and wrote regularly in the leading pan-European and international media including Bloomberg Television, BBC Radio 4 and the Financial Times.

I studied Biochemistry at Kings followed by Economics at LSE and can conduct business in English and French, I speak German and have basic knowledge of Spanish and Italian. My free time, which I make sure I carve out, is in part each day spent on my passion – riding, competing with and caring for my horse(s).

 Mike Wort,Non-Executive Chairman, ACF Equity Research

Mike Wort

Non-Executive Chairman

I have managed over 20 IPOs in the US, UK and Europe from small to large cap, I am proud to be ACF Equity Research’s Non-Executive Chairman.

I am also Executive Chairman of Texadon Oil Plc focussed on oil & gas production in the Texas Gulf Basin and is a Non-Executive Director of UK AiM listed Diaceutics, a diagnostics commercialisation business. I am a life sciences communications expert and have a background in large and mega cap pharmaceuticals.

During my more  thann  20 IPOs and secondary raisings I have brought in well in excess of £600m.

In addition, I have co-founded a number of life science start-up companies in Europe and the USA.

I am a life science communications expert and former life sciences CEO (large to start-up). He graduated in microbiology and lectured to science undergraduates in both the UK and Nigeria. He joined the pharmaceutical industry, working in a number of senior sales, marketing and clinical roles for Glaxo, SmithKline and Wellcome in the UK and overseas.

Appointed IR Manager for Wellcome, I helped organise its global roadshow for a £2.4bn secondary offering.

I have consulted on and conducted M&A and DD in the life science sector and developed disaster recovery programmes for SME companies.

I worked with Deutsche Bank to privatise the Bulgarian pharmaceutical industry. As the CEO of Balkanpharma, I led the consolidation of the three key assets into one cohesive unit. Balkanpharma has, through a series of M&A activities, become a significant part of NYSE listed Allergan.

Formerly MD at De Facto Communications, Bell Pottinger’s healthcare offering, I recently retired from Walbrook, the UK’s most successful SME PR/IR agency.


Amalia Barnoschi, Head of Operations, ACF Equity Research

Amalia Barnoschi

Head of Operations

Joining ACF at its founding I started in financial services in 2007 on the sell-side with ORACA, a large-cap independent equity research business that changed the industry. Before financial services I was a highly successful and rapidly promoted young manager in manufacturing and have worked closely at board level for over 15 years with SMEs in the City and in other financial markets.

I co-run ACF with our MD, as Head of Operations, responsible for driving profitability and developing and designing processes and managing projects for ACF and for client partners to allow our portfolio of businesses to grow. I am bilingual English/Romanian, read Italian and am working towards my accountancy ACCA qualification with AAT.

I love to relax by making time for my favourite out-of-hours activity – photography – taking my first formal nature course in May 2018. I have a keen understanding and interest in horses, though not a rider, this is combined with a life-long love of polo.

Anne Castagnede, Head of Sales & Strategy, ACF Equity Research

Anne Castagnede

Head of Sales & Strategy

I am a sales professional with a top-tier luxury goods background. In the past 5 years I managed flagship boutiques as well as working for some of the great Haute Couture houses including Chanel and Jimmy Choo, where I established a reputation as a top performer by developing, maintaining and offering information and guidance to new and existing clients.

I have researched, recommended and implemented service opportunities as well as improvements. In the early days of my career I trained with Air France and later with Chanel. On my journey I acquired management skills from back office through to front office and have a high degree of practical IT literacy.

I know from personal experience that passion leads the way to perfection and my will to learn matched with my sales ability will result in clients being in very capable hands. My bilingual languages are French and English and I speak Spanish. Off-duty my passions are languages and art.

Renas Sidahmed, Sales & Strategy / Staff Analyst, ACF Equity Research

Renas Sidahmed

Head of ESG / Staff Analyst

I am a macro-economic and financial analyst, linguist, mathematician, professional dancer and chef. I worked for four years with the IMF, two and half years with the International Finance Corporation (IFC) and eight months with the World Bank in Washington DC.

I also wrote award winning research notes and met with senior politicians with varied global and local interests in both wealthy and less developed economies. My sector expertise includes natural resources (particularly oil & gas) healthcare, manufacturing, infrastructure and investment portfolio management.

At ACF, as part of my staff analyst role, I am also Head of ESG / Sustainability and its products and services.

Before joining ACF Equity Research, I worked with Japan’s second largest brokerage, Mitsubishi Bank, in the London office. I speak six languages including English (native), Italian, French and Arabic and obtained an MBA in Rome and a Mathematics degree from a sister Ivy League – Smith College. I joined ACF because of its entrepreneurial, female friendly City culture, overarching global values and excellent growth prospects.

Anthony Kimber

Anthony Kimber

Senior Analyst ESG / Sustainability

I have considerable experience in the wealth management and private banking industries. I am co-author of the Platforum UK Wealth Management Market Overview report, and previously was Research Director at PAM Insight, a specialist publisher for the wealth management industry. I engage in research and analysis both qualitative and quantitative and am an experienced project and business development manager. I have been commissioned by UHNWI's, companies and organisations for various bespoke projects.

I also contribute to major news and media organisations, compiling and analysing data and research for the Daily Telegraph and Evening Standard on national government and environmental issues. Prior, I contributed to the Guardian, the Spectator, BBC news and investigative programming, the Sunday Times, and the Sunday Times Rich List.

My interest in ESG and sustainability is focused on raising awareness and achieving practical and workable solutions to the climate crisis we are facing. I enjoy spending my free time with family and friends, watching cricket, theatre and film.

Anda Maria Onu, Sales & Strategy, ACF Equity Research

Anda Maria Onu

Sales & Strategy

I have strong analytical, planning and execution skills, I love working as part of a team both inside ACF and externally with our clients and prospective clients.

I am used to working with and within senior leadership teams and understand the needs of small and medium sized companies through my current and previous professional experience, I graduated in life sciences with a specialisation in Ecology and Environmental Protection in Romania in 2007 and for my first job I worked in a laboratory carrying out chemical analysis of industrial waste-water.

I am passionate about the environment and work as a volunteer for the Sussex Wildlife Trust doing conservation work at the Old Lodge nature reserve. In my spare time I am a school governor and have been a juror at the Royal Court of Justice. My hobbies are dance, horses, swimming, opera and theatre.

Zak Mir, Technical Analyst, ACF Equity Research

Zak Mir

Technical Analyst

Zak Mir has 30 years financial markets experience and understands credible influencing across digital channels in order to drive stock liquidity. He is an accomplished author.

I am part of ACF’s advisory and execution team helping growth companies (nano, micro, small and mid-cap) maximise their profiles to achieve the optimal investment message.

Amongst others I have worked for Man Group companies, Berkeley Futures and Sucden. I have been a technical analyst, derivatives broker and Chief Market Strategist for a number of brokers in the retail space developing and optimising client trading strategies. I ran the well-attended annual Master Investor conferences and am a keynote speaker at the UK investor show. I also host the CityAM Podcast.

Analytical communications is part of my forte – I have variously been a markets columnist, editor and commentator for influential retail financial information outlets, amongst others – Investors Chronical, Yahoo! Finance, Shares Magazine, international leading long-form periodical The Spectator, CNBC and Bloomberg TV.

Away from the markets, I am a song writer and musician and have a long and patient interest in politics – areas that continue to be potential additional professional careers.
I was attracted to ACF because of the effectiveness of its high quality research and its forwarding thinking culture.

Richard Calvert, Director, Distribution & Service, ACF Equity Research

Richard Calvert

Director, Distribution & Service

I’m a Modern Marketing Strategist with a strong CXM, digital transformation and innovation background working with global blue chip clients, modern creative and media agencies and start-ups.

I put people, data, technology and brand at the heart of everything I do – always delivering highly creative and effective integrated solutions with engaged, excited teams. I believe in taking everyone from the Account Exec to the C-suite client with me on the journey.

I work with Global clients as easily as entrepreneurial start-ups across a broad range of categories from Automotive to FMCG, Financial Services and Technology. My recent focus has been on Digital integration; Relationship Marketing; Content Planning and Brand evolution.

Specialties: Strategic Planning, CXM, Digital and Business Transformation, Programmatic Marketing, Proposition Development, Content Planning, User Experience Development and Design, Mobile, Consumer Insight Development, Brand Planning and Development, Information Architecture and Design, Business Development, Digital Channel Strategy Development, Brand Development, CRM Strategy and Delivery, Business Development

Vicky Ryce, Director, Research Distribution, ACF Equity Research

Vicky Ryce

Director, Research Distribution

I am a digital communications and distribution specialist and strategist used to board level decision making. I started my career as part of the ground-breaking young cadre that for a short exciting time formed the original Text 100, and whose members have gone on to lead and influence thought in digital communications.

During my career I have worked with world leading agency Publicis and counselled the C-suite of some of the world’s biggest public companies, including Philips, Xerox and Microsoft, on how to improve their communications reach and then helping them execute. I also work with smaller and mid-sized private and public companies on the FTSE 250 and below. I am as comfortable dealing with retail reach, as with corporate and institutional capital markets distribution strategies.

I am an equestrian, proven entrepreneur and charitable volunteer and when I can cut out the time, I help young adults via the Princes Trust. I am an English and History graduate with an MA in Media and Culture. ACF Equity Research has a determined problem solving, enlightened forward-thinking capital markets culture and a global values set.

Adrian Chiappe, Editor, ACF Equity Research

Adrian Chiappe


Adrian has over 20 years investment research writing, editing and supervisory analysis experience for leading investment banks including Barclays Capital, UBS, BNP Paribas, Jefferies, S&P, Danske Bank, ABN Amro, Lombard Odier and Bear Stearns.

He has a deep understanding of his subject. Adrian has executed editing and supervisory analysis for investment banks, brokerages and fund managers. He has up-to-date knowledge of the operational and regulatory framework for international institutional equities markets. Adrian is a materials scientist and has languages