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9th January 2018

1. ENL Land Ltd sees 72% jump in profits for year ending June 2017.

ENL Land, which is one of the largest listed Mauritian companies (SEM-10) and represents more than 5% of the SEMDEX, reported a 72% jump of its net profit to MUR 1.3 bn. Overall profitability measures indicate resilience with the operating margin and net profit margin growing 10% and 27% respectively. Financing charges were also higher compared to the previous financial year by 54%.

Revenue generation is driven by contribution by Rogers, ENL Properly, ENL Agri while having significant stakes in Eclosia and NMH Group.

ENL plans to unlock value through its new 3-year strategic plan- Vision 2020. The intrinsic value of its land bank is expected to be improved through further development of the Moka Smart City, while the operating cost of its traditional sugar business is expected to be contained with increased mechanization program for cane harvesting.

Using a sum of parts approach, ENL Land trades at a discount of 10% to its fair value of Rs 45.00. The company offers a dividend yield of 2.8%, which we expect to be maintained since the dividend cover stood above 2x.

We consider ENL Land as one of the best run property and investment company in Mauritius and represents a good upside potential over the next three years.  

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