Capital Industrials Beverages

CFBANQUE Investment confirms the AA rating assigned to Capital Industrials Beverages (CRP0657.LG), an operator in the Industrials sector based in Nigeria. This credit opinion reflects a superior credit quality, reflecting a very strong capacity to honour its financial obligations even under an adverse macroeconomic environment.

From a fundamental standpoint, the issuer posts an EBITDA margin of 46.0% which sits at the upper end of the sector range and evidences robust pricing power and exhibits a net leverage of 2.72x EBITDA, deemed consistent with the issuer's recurring cash flow generation. With revenues of $8.66B and a market capitalisation of $6.49B, Capital Industrials Beverages commands a significant economic footprint within its domestic market.

Our proprietary models assign a Debt Capacity score of 654/1000, an Investment score of 707/1000 and an ESG & Governance score of 730/1000, reflecting an acceptable debt coverage, an attractive investment potential and governance standards aligned with best market practice.

The Stable outlook indicates that our committee does not anticipate, in its central scenario, a revision of the rating over a 12 to 18 month horizon. This analysis stems from the combined review of our quantitative models and the qualitative judgement of the CFBANQUE Investment rating committee, and may be updated in line with the evolution of fundamentals or the regional macroeconomic environment.