Financials Société d'Exploitation des Ports

Equities

End-of-day quote Casablanca S.E. Other stock markets 23:00:00 27/06/2024 BST			5-day change	1st Jan Change
312 ^MAD	-0.32%		+4.00%	+12.23%

04-27	Société d'Exploitation des Ports Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Société d'Exploitation des Ports Reports Earnings Results for the Half Year Ended June 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,193	15,413	20,543	15,853	20,404	22,899	-	-
Enterprise Value (EV) ¹	14,978	15,413	22,048	15,853	20,404	22,128	21,309	22,899
P/E ratio	22.6 x	52.8 x	30.8 x	-	23.9 x	-	-	-
Yield	4.69%	3.81%	-	-	3.06%	2.88%	3.21%	3.53%
Capitalization / Revenue	5.22 x	5.59 x	5.72 x	4.01 x	4.72 x	4.79 x	4.28 x	3.82 x
EV / Revenue	5.15 x	5.59 x	6.14 x	4.01 x	4.72 x	4.63 x	3.98 x	3.82 x
EV / EBITDA	10.2 x	-	-	8.41 x	9.79 x	9.32 x	7.93 x	-
EV / FCF	19.6 x	-	111 x	-	-	15.6 x	14.4 x	-
FCF Yield	5.1%	-	0.9%	-	-	6.41%	6.94%	-
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	73,396	73,396	73,396	73,396	73,396	73,396	-	-
Reference price ²	207.0	210.0	279.9	216.0	278.0	312.0	312.0	312.0
Announcement Date	28/04/20	30/04/21	27/04/22	20/04/23	14/03/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,909	2,757	3,592	3,949	4,320	4,777	5,350	5,992
EBITDA ¹	1,466	-	-	1,884	2,084	2,374	2,688	-
EBIT ¹	937.1	-	1,129	-	1,555	1,801	2,153	-
Operating Margin	32.21%	-	31.44%	-	36%	37.7%	40.24%	-
Earnings before Tax (EBT)	918	-	1,022	-	-	-	-	-
Net income ¹	671.6	-	666.4	-	852	1,130	1,357	1,389
Net margin	23.08%	-	18.55%	-	19.72%	23.66%	25.36%	23.18%
EPS	9.150	3.980	9.080	-	11.61	-	-	-
Free Cash Flow ¹	763.9	-	198	-	-	1,419	1,479	-
FCF margin	26.26%	-	5.51%	-	-	29.7%	27.64%	-
FCF Conversion (EBITDA)	52.1%	-	-	-	-	59.77%	55.02%	-
FCF Conversion (Net income)	113.76%	-	29.71%	-	-	125.58%	108.99%	-
Dividend per Share ²	9.700	8.000	-	-	8.500	9.000	10.00	11.00
Announcement Date	28/04/20	30/04/21	27/04/22	20/04/23	14/03/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	1,504	-	-	-	-	-
Net Cash position ¹	215	-	-	-	-	771	1,590	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	764	-	198	-	-	1,419	1,479	-
ROE (net income / shareholders' equity)	29.1%	14%	34.7%	-	-	40.9%	40.3%	34.3%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	868	-	585	-	-	382	535	-
Capex / Sales	29.85%	-	16.28%	-	-	8%	10%	-
Announcement Date	28/04/20	30/04/21	27/04/22	20/04/23	14/03/24	-	-	-

¹MAD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

312 MAD

Average target price

362 MAD

Spread / Average Target

+16.03%

	1st Jan change	Capi.
SOCIÉTÉ D'EXPLOITATION DES PORTS	+12.23%	2.3B
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED	+44.30%	38.3B
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD.	+17.96%	18.52B
DP WORLD PLC	0.00%	13.47B
MISC	+16.87%	8.06B
JSW INFRASTRUCTURE LIMITED	+57.66%	8.05B
QINGDAO PORT INTERNATIONAL CO., LTD.	+40.90%	7.93B
ABU DHABI PORTS COMPANY	-20.06%	7.06B
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED	+9.21%	6.25B
QUBE HOLDINGS LIMITED	+12.65%	4.3B