Shore Capital appointed Joint Broker to Global Ports Holding
Global Ports Holding is the world’s largest independent cruise port operator, which recently floated on the Main Market of the LSE.
Shore Capital acted as lead manager on the IPO (syndicate of Goldman Sachs, Citi, Barclays, VTB and Shore Capital) and is now being appointed as Joint Broker alongside Barclays.
Global Ports Holding Highlights
• An expanding and international cruise ports operator underpinned by growing and very cash generative commercial port operations
-2014-2016 Revenue CAGR 13%
-2014-2016 Segmental EBITDA CAGR 14%
• Provider of key infrastructure and services to the cruise industry, serving 7.8 million passengers annually2 (doubled since 2014) across 14 ports in 8 countries with significant first mover advantage in consolidating industry
• Existing portfolio of 14 cruise ports benefiting from the growth in cruise passengers and the benefits of commercial ownership
• 6 ports added in the last 18 months, with a pipeline of near term opportunities in the Mediterranean, Caribbean and Asia
• Strategy of transforming traditional cruise terminals, via implementation of attractive B2C and B2B revenue opportunities, to improve the passenger “experience” at GPH’s cruise ports, similar to the strategies that have been successfully implemented by airport operators to target non- aviation revenue streams
• Commercial ports growth driven by strong position in export traffic from its hinterland in Southern Turkey, and from the recently completed investment into the Port of Adria-Bar
• Operationally geared business with high profitability, strong cash conversion and low maintenance capex (FY 2014-2016): consistently high segmental EBITDA margin of c.70% (FY 2014-2016), and cash conversion of 88% (FY 2016)3
• Experienced management team, led by Chief Executive Emre Sayin, with an established international track record of operational excellence and effective strategy. Supported by Chairman / Co-Founder Mehmet Kutman and an experienced Board
• The Board of GPH expects to pay a minimum dividend of US$25 million in 2017, and expects dividends to grow broadly in line with earnings after that. The split of dividend between interim and final will be approximately 50/50 and the Board of GPH intends to pay an interim dividend in September 2017
Shore Capital team is as follows:
Corporate Finance: Dru Danford / Patrick Castle / Connor Williams
Research: Martin Brown / Greg Johnson
Sales Champions: John Ritchie / Jamie Vickers