Arabtec Holding Company

Pages
Pages 53
table
Tables 25
Chart
Charts 22
Price $100

• Arabtec was established in 1975 as a private company with focus on residential and office construction contractor. Over the years, it developed.....

Summary

• Arabtec was established in 1975 as a private company with focus on residential and office construction contractor. Over the years, it developed its capabilities into mechanical, plumbing, electrical and oil & gas infrastructure. 
• Major shareholders in the company are Aabar Investments (35%) and Hasan Ismaik (11%). Company founder, Mr Raid Kamal is no longer on the Board of Directors. 
• Its business is divided into Six units: Residential, Commercial Construction, mechanical, electrical and plumbing, and oil & gas infrastructure and power, and others including headquarter operations 
• Company recently won a USD 40 billion project from Egypt government to build 1 million affordable homes in the country. It also has to its credit, construction of world’s tallest building Burj Khalifa. 
• Revenue has grown at a CAGR of 15% during the period 2010-14. However, the highest increase was in 2013-14 due to revival of UAE construction market as government started awarding projects for developing infrastructure for WorldExpo 2020. 
• Arabtec’s stock has returned a total CAGR of 13% over the period of 5 years, in comparison the stock index (The Dubai Financial Market index) has returned a total CAGR of 38%. The stock has primarily been a growth stock and as a result has re-invested its earnings in the business instead of paying the dividends.

TOC

  1. Executive Summary
  2. Business Overview
    • Overview
    • Arabtec Holdings: Segments
    • Porter’s Five Forces Analysis
    • STEEPLED analysis
  3. Financial Overview
    • Revenue
    • Key Financial Ratios
    • Capital Expenditure
    • Debt/Equity Ratio (D/E)
    • Return on Equity (ROE) and Return on Asset (ROA)
    • CFO-to-Sales
    • Earnings Quality
  4. Financial Projections
  5. Peer Analysis
    • Regional Peers
    • Global Peers
  6. Share Market Overview
    • Dividend
    • Risk Metrics
    • Liquidity
    • Analyst Calls
  7. Appendix
    • Sector Overview
    • Shareholding and Board of Directors

Tables & Charts

Tables
1.1: Summary
1.2: Business View
1.3: Financial View (Long term view)
2.1: Performance Indicators (USD mn)
2.2:  Arabtec: Direct Investment and Related Entities
2.3: Arabtec’s Business Segment and Areas 
2.4: Summary of Porter’s Five Forces analysis
2.5: Summary of STEEPLED analysis
2.6: SWOT analysis
3.1: Financial Ratios
3.2: Earnings Quality across time periods
3.3: Earnings Quality Components (Period End: Sep 2014)
4.1: Projections for Income Statement, Balance Sheet
4.2: Business Segment wise revenue projections
5.1: Regional Peer Overview
5.2: Peer comparison based on size, P/E and dividends 
5.3: Peer comparison based on returns and margins (2014)
5.4: Peer comparison based on Balance Sheet strength (2014)
5.5: Selective of Global Peers based on Market Cap
6.1: Returns of Arabtec vs. DFMGI index
6.2: Arabtec Holdings Dividends, 2010-14
6.3: Risk Metrics
6.4: Liquidity Metrics
7.1: Projections for Income Statement, Balance Sheet 
7.2: Board of Directors and Executive Management 

Charts
2.1: Key milestones
2.2: Shareholding Pattern as on 15-Feb-2015
2.3: Business Segments
2.4: Revenue growth (USD mn), 2010-14
2.5: Cost analysis (USD mn), 2010-14
2.6: Revenue: Building Construction division (USD mn), 2010-14
2.7: Revenue: MEP division (USD mn), 2011-14
2.8: Revenue: Oil & Gas division (USD mn), 2011-14
2.9: Revenue: Headquarters (USD Mn), 2010-14 
3.1: Total Sales 2010-14 (USD Mn)
3.2: Segment sales (USD Mn)
3.3: Dupont Analysis
3.4: Arabtec CAPEX, USD Millions and Capex/Sales ratio (2010-14)
3.5: Arabtec Holding D/E Ratio, (2010-14)
3.6: ROE & ROA, (2010-14)
3.7: Cash Flow from Operations (in USD mn) and CFO-to-Sales ratio, 2010-14
6.1: Arabtec Holdings vs. DFMGI All Share Index, Rebased 2010 to 2014
6.2: Arabtec Volume traded vs. Price
6.3: Risk vs. Return: Arabtec and Peers, 2010-14
6.4: Analyst Calls
7.1: UAE GDP growth rate forecast, 2010-19
7.2: Distribution of construction sector spend by segment, 2014

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