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HC Brokerage Assigns ‘Buy’ Rating to Aramex
DUBAI - HC Brokerage has assigned Aramex ‘buy’ in its initial coverage of the Dubai-based logistics provider, citing its strong balance sheet and minimal debt.
HC pegged a target price of Dh1.47 for Aramex, whose businesses range from domestic and international freight forwarding, logistics and document management.
“Most of Aramex’s assets are leased. The company has strong free cash flow generation capabilities and a sound balance sheet with negligible debt,” HC said, adding these would boost future acquisitions. HC said that it sees little risk for Aramex due to its diversified businesses and client base and high Middle East exposure.
“We forecast 2009 EBITDA to grow by 3 per cent and 2 per cent respectively.” It said that Aramex is well-positioned for a new wave of acquisitions once the markets recover, and it is becoming a well-entrenched player with its selective acquisition strategy.
The company has identified Asia as its primary new target for acquisitions and has on its sight China to add to its base in Hong Kong, Indonesia and Singapore.
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