Financials Société d'Exploitation des Ports

Equities

End-of-day quote Casablanca S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
287.9 ^MAD	-0.03%		-1.40%	+3.56%

01:06am	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	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	12,037	15,193	15,413	20,543	15,853	21,131	21,131	-
Enterprise Value (EV) ¹	11,849	14,978	15,413	22,048	15,853	20,404	20,055	21,131
P/E ratio	21.7 x	22.6 x	52.8 x	30.8 x	-	23.8 x	20.1 x	-
Yield	5.67%	4.69%	3.81%	-	-	3.06%	3.47%	3.47%
Capitalization / Revenue	4.38 x	5.22 x	5.59 x	5.72 x	4.01 x	4.72 x	4.42 x	3.95 x
EV / Revenue	4.31 x	5.15 x	5.59 x	6.14 x	4.01 x	4.72 x	4.2 x	3.95 x
EV / EBITDA	9.49 x	10.2 x	-	-	8.41 x	10.5 x	8.65 x	-
EV / FCF	15.4 x	19.6 x	-	111 x	-	16.2 x	14.5 x	-
FCF Yield	6.48%	5.1%	-	0.9%	-	6.19%	6.89%	-
Price to Book	5.21 x	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	73,396	73,396	73,396	73,396	73,396	73,396	73,396	-
Reference price ²	164.0	207.0	210.0	279.9	216.0	287.9	287.9	287.9
Announcement Date	3/25/19	4/28/20	4/30/21	4/27/22	4/20/23	3/14/24	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	2,748	2,909	2,757	3,592	3,949	4,320	4,777	5,350
EBITDA ¹	1,249	1,466	-	-	1,884	1,982	2,318	-
EBIT ¹	824.2	937.1	-	1,129	-	1,555	1,745	-
Operating Margin	29.99%	32.21%	-	31.44%	-	36%	36.53%	-
Earnings before Tax (EBT)	-	918	-	1,022	-	-	-	-
Net income ¹	555.7	671.6	-	666.4	-	852	1,050	-
Net margin	20.22%	23.08%	-	18.55%	-	19.72%	21.98%	-
EPS ²	7.570	9.150	3.980	9.080	-	12.10	14.30	-
Free Cash Flow ¹	767.7	763.9	-	198	-	1,285	1,381	-
FCF margin	27.93%	26.26%	-	5.51%	-	30.47%	28.91%	-
FCF Conversion (EBITDA)	61.47%	52.1%	-	-	-	64.83%	59.58%	-
FCF Conversion (Net income)	138.15%	113.76%	-	29.71%	-	144.38%	131.52%	-
Dividend per Share ²	9.300	9.700	8.000	-	-	8.500	10.00	10.00
Announcement Date	3/25/19	4/28/20	4/30/21	4/27/22	4/20/23	3/14/24	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	1,504	-	-	-	-
Net Cash position ¹	188	215	-	-	-	356	1,076	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	768	764	-	198	-	1,285	1,381	-
ROE (net income / shareholders' equity)	22.9%	29.1%	14%	34.7%	-	36.7%	38.2%	39.2%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	31.50	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	347	868	-	585	-	299	382	-
Capex / Sales	12.64%	29.85%	-	16.28%	-	7.09%	8%	-
Announcement Date	3/25/19	4/28/20	4/30/21	4/27/22	4/20/23	3/14/24	-	-

¹MAD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

287.9 MAD

Average target price

269 MAD

Spread / Average Target

-6.56%

	1st Jan change	Capi.
SOCIÉTÉ D'EXPLOITATION DES PORTS	+3.56%	2.08B
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED	+29.31%	34.31B
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD.	+14.90%	18.09B
DP WORLD PLC	0.00%	13.47B
MISC	+8.23%	7.39B
ABU DHABI PORTS COMPANY	-14.11%	7.59B
QINGDAO PORT INTERNATIONAL CO., LTD.	+21.75%	6.85B
JSW INFRASTRUCTURE LIMITED	+21.22%	6.19B
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED	-2.63%	5.56B
LIAONING PORT CO., LTD.	0.00%	4.12B