Financials Aluminium Du Maroc SA

Equities

End-of-day quote Casablanca S.E. Other stock markets 06:00:00 2024-04-24 pm EDT			5-day change	1st Jan Change
1,500 ^MAD	+1.69%		0.00%	+9.57%

2023	Aluminium Du Maroc SA Reports Earnings Results for the Half Year Ended June 30, 2023	CI
2023	Aluminium Du Maroc SA Reports Earnings Results for the Full Year Ended December 31, 2022	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	729.2	783.3	626.7	648.6	660.7	698.9	698.9	-
Enterprise Value (EV) ¹	729.2	1,181	626.7	1,064	1,308	1,159	1,183	698.9
P/E ratio	-	13 x	-	35.7 x	-	67 x	34 x	25.4 x
Yield	-	4.16%	-	7.18%	4.94%	4.67%	4.67%	4.67%
Capitalization / Revenue	0.79 x	0.88 x	0.69 x	0.55 x	0.47 x	0.58 x	0.54 x	0.49 x
EV / Revenue	0.79 x	1.32 x	0.69 x	0.91 x	0.92 x	0.96 x	0.91 x	0.49 x
EV / EBITDA	-	16.1 x	-	8.33 x	10.4 x	11.4 x	9.46 x	-
EV / FCF	-	24.7 x	-	-13.3 x	10.9 x	3.03 x	164 x	-
FCF Yield	-	4.04%	-	-7.52%	9.19%	33%	0.61%	-
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	466	466	466	466	466	466	466	-
Reference price ²	1,565	1,681	1,345	1,392	1,418	1,500	1,500	1,500
Announcement Date	4/3/19	4/30/20	5/3/21	3/30/22	4/28/23	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	925.2	893.1	907.5	1,172	1,419	1,206	1,302	1,433
EBITDA ¹	-	73.12	-	127.7	125.6	102	125	-
EBIT ¹	-	60.34	-	127.6	122.7	72.5	94.7	-
Operating Margin	-	6.76%	-	10.89%	8.65%	6.01%	7.27%	-
Earnings before Tax (EBT)	-	-	33.66	-	-	-	-	-
Net income ¹	57.35	60.12	-	18.2	4.5	10.4	20.6	27.5
Net margin	6.2%	6.73%	-	1.55%	0.32%	0.86%	1.58%	1.92%
EPS ²	-	129.0	-	38.97	-	22.40	44.10	59.10
Free Cash Flow ¹	-	47.71	-	-80	120.2	383	7.23	-
FCF margin	-	5.34%	-	-6.83%	8.47%	31.76%	0.56%	-
FCF Conversion (EBITDA)	-	65.25%	-	-	95.7%	375.49%	5.78%	-
FCF Conversion (Net income)	-	79.36%	-	-	2,671.11%	3,682.69%	35.1%	-
Dividend per Share ²	-	70.00	-	100.0	70.00	70.00	70.00	70.00
Announcement Date	4/3/19	4/30/20	5/3/21	3/30/22	4/28/23	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	397	-	415	647	460	484	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	5.436 x	-	3.252 x	5.154 x	4.51 x	3.872 x	-
Free Cash Flow ¹	-	47.7	-	-80	120	383	7.23	-
ROE (net income / shareholders' equity)	-	15.1%	-	5.92%	1.54%	4.01%	8.47%	11.8%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	16.2	-	23.4	12.7	13.2	13.7	-
Capex / Sales	-	1.81%	-	2%	0.9%	1.09%	1.05%	-
Announcement Date	4/3/19	4/30/20	5/3/21	3/30/22	4/28/23	-	-	-

¹MAD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1,500 MAD

Average target price

1,297 MAD

Spread / Average Target

-13.53%

	1st Jan change	Capi.
ALUMINIUM DU MAROC SA	+9.57%	68.91M
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ALCOA CORPORATION	+8.47%	6.62B
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EN+ GROUP INTERNATIONAL	-.--%	5.94B
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SHENZHEN KEDALI INDUSTRY CO., LTD.	+6.62%	3.36B