Financials Afric Industries S.A.

Equities

AFI

MA0000012114

Construction Supplies & Fixtures

End-of-day quote Casablanca S.E. 23:00:00 02/05/2024 BST 5-day change 1st Jan Change
325 MAD +1.42% Intraday chart for Afric Industries S.A. 0.00% -2.97%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 78.7 83.95 80.75 99.98 98.82 97.64
Enterprise Value (EV) 1 80.91 87.42 83.38 96.86 102.8 91.63
P/E ratio 12.4 x 11.6 x 10.4 x 19 x 16 x -
Yield 7.41% 6.94% 7.94% 6.41% 5.9% -
Capitalization / Revenue 2.01 x 1.95 x 1.94 x 2.13 x 2.48 x 2.27 x
EV / Revenue 2.07 x 2.03 x 2 x 2.07 x 2.58 x 2.13 x
EV / EBITDA 9.23 x 8.42 x 7.53 x 7.48 x 11.3 x 14.6 x
EV / FCF 23.9 x 15.5 x 14.4 x 9.37 x -66.1 x 6.5 x
FCF Yield 4.18% 6.43% 6.94% 10.7% -1.51% 15.4%
Price to Book 1.82 x 1.87 x 1.73 x 2.2 x 2.18 x -
Nbr of stocks (in thousands) 292 292 292 292 292 292
Reference price 2 270.0 288.0 277.0 343.0 339.0 335.0
Announcement Date 15/04/19 30/04/20 16/04/21 28/04/22 28/04/23 30/04/24
1MAD in Million2MAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 39.16 43.07 41.7 46.84 39.86 43.09
EBITDA 1 8.769 10.38 11.07 12.95 9.074 6.281
EBIT 1 8.708 10.36 10.6 12.54 8.7 6.224
Operating Margin 22.24% 24.06% 25.43% 26.77% 21.83% 14.44%
Earnings before Tax (EBT) 1 8.826 10.18 10.51 7.268 8.435 6.299
Net income 1 6.333 7.262 7.74 5.268 6.187 4.457
Net margin 16.17% 16.86% 18.56% 11.25% 15.52% 10.34%
EPS 2 21.73 24.91 26.55 18.07 21.23 -
Free Cash Flow 1 3.384 5.625 5.783 10.33 -1.555 14.11
FCF margin 8.64% 13.06% 13.87% 22.06% -3.9% 32.73%
FCF Conversion (EBITDA) 38.6% 54.2% 52.24% 79.79% - 224.57%
FCF Conversion (Net income) 53.43% 77.46% 74.72% 196.14% - 316.51%
Dividend per Share 2 20.00 20.00 22.00 22.00 20.00 -
Announcement Date 15/04/19 30/04/20 16/04/21 28/04/22 28/04/23 30/04/24
1MAD in Million2MAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 2.2 3.47 2.64 - 4 -
Net Cash position 1 - - - 3.12 - 6.01
Leverage (Debt/EBITDA) 0.2515 x 0.3339 x 0.2383 x - 0.4411 x -
Free Cash Flow 1 3.38 5.63 5.78 10.3 -1.55 14.1
ROE (net income / shareholders' equity) 14.7% 16.5% 16.9% 11.4% 13.6% 9.98%
ROA (Net income/ Total Assets) 10.2% 11.7% 11.6% 14% 9.64% 7.01%
Assets 1 61.99 62.31 66.72 37.58 64.19 63.54
Book Value Per Share 2 149.0 154.0 160.0 156.0 155.0 -
Cash Flow per Share 2 1.770 0.1700 0.8000 6.070 4.140 -
Capex 1 0.51 0.44 0.24 - 0.1 1.22
Capex / Sales 1.3% 1.01% 0.57% - 0.26% 2.84%
Announcement Date 15/04/19 30/04/20 16/04/21 28/04/22 28/04/23 30/04/24
1MAD in Million2MAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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