DP world reported 2H2015 results with growth in main KPIs supported by the acquisition of Economic Zone World (EZW). Revenue grew 18% Y-o-Y to USD2,068 million, adjusted EBITDA 24% to USD1,004 million (margin up 1.7pp to 48.5%, as EZW enjoys higher margin), recurring earnings 39% to USD478 million (margin widened 3.1 pp to 23.1%). Earnings came 10% above our estimate on adjusted EBITDA margin beat (+120bps) and likely below-EBIT items. We maintain our view that DPW is well positioned to endure lower growth in global trade and tightening of spending in some GCC countries, helped by capacity additions and recent acquisitions, including EZW that offers a visible revenue stream with high margins.   As for FY2015, revenue grew 16% to USD3,968 million, adjusted EBITDA 21% to 1,928 million (margin up 2pp to 48.6%), and recurring earnings 31% to USD883 million (margin +2.5 pp to 22.3%). Like-for-like revenue increased by 5.6% driven by a 4.9% growth in containerised revenue. Volume growth of 2.7% was ahead of industry growth (estimated at 1.1%). Containerised revenue per TEU grew 3.2% LFL, and non-containerised revenue grew by 8.2% LFL. Freezone revenues (recently acquired EZW) grew 7% Y-o-Y on a pro-forma basis. The BoD recommends DPS of USD0.30 for 2015 up from USD0.235 last year (+17% vs. estimate), implying 28% payout and  1.7% yield.  (Company press release, Wafaa Baddour)       DP World: USD17.5 as of 16 March 2016, Rating: Buy, FV: USD22.0 per share, MCap: USD14,525 million, DPW DU / DPW DI