DP world reported 1H16 results with growth in main KPIs, supported by the consolidation of EZW (since March 2015) and Prince Rupert in Canada (August 2015) as well a significant expansion in adjusted EBITDA margin. Revenue grew 10% Y-o-Y to USD2,094mn (in line) and by 2.5% on a like-for-like basis. Adjusted EBITDA surged 27% to USD1,176mn and the margin expanded 7.5pp to a new high of 56.2% (well above 2H15 margin of 48.6% and our estimate of 49.4%), reflecting EZW’s higher margin and increased contribution from other higher margin locations. Like-for-like adjusted EBITDA margin was 51.8%. Recurring earnings soared 50% to USD608mn, coming in 41 % above our estimate on adjusted EBITDA margin beat and likely below-EBIT items. Recurring earnings grew 4.3% on a like-for-like basis on a constant currency. (Company disclosure, Wafaa Baddour)   DP World: USD18.74 as of 17 August 2016, Rating: Buy, FV: USD22.0 per share, MCap: USD1,554mn, DPW DU / DPW DI