Financials Societe des Boissons du Maroc

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
2,600 ^MAD	0.00%		-6.78%	+15.20%

Mar. 29	Societe des Boissons du Maroc Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Societe des Boissons du Maroc 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	8,065	6,788	8,093	6,786	6,387	7,357	-	-
Enterprise Value (EV) ¹	7,271	6,114	7,430	6,786	6,387	6,558	6,575	7,357
P/E ratio	-	-	24.2 x	-	-	-	-	-
Yield	4.77%	4.42%	3.95%	-	-	5.62%	5.62%	-
Capitalization / Revenue	3.02 x	2.84 x	3 x	2.33 x	2.19 x	2.7 x	2.64 x	2.52 x
EV / Revenue	2.72 x	2.56 x	2.75 x	2.33 x	2.19 x	2.4 x	2.36 x	2.52 x
EV / EBITDA	10.2 x	10.5 x	13.3 x	8.42 x	8.34 x	9.62 x	9.29 x	-
EV / FCF	22.8 x	23.9 x	17 x	-	-	21.4 x	16.7 x	-
FCF Yield	4.38%	4.18%	5.89%	-	-	4.68%	5.99%	-
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	2,830	2,830	2,830	2,830	2,830	2,830	-	-
Reference price ²	2,850	2,399	2,860	2,398	2,257	2,600	2,600	2,600
Announcement Date	3/27/20	4/1/21	3/31/22	4/7/23	3/29/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,669	2,392	2,697	2,910	2,922	2,729	2,789	2,923
EBITDA ¹	711	583.9	560.2	805.8	765.6	682	708	-
EBIT ¹	582.4	461.8	542.4	647.3	596.8	521	544	-
Operating Margin	21.82%	19.31%	20.11%	22.25%	20.43%	19.09%	19.51%	-
Earnings before Tax (EBT)	-	378.6	-	-	-	-	-	-
Net income ¹	373.7	230.7	334.8	398.7	637.2	391	408	-
Net margin	14%	9.65%	12.41%	13.7%	21.81%	14.33%	14.63%	-
EPS	-	-	118.3	-	-	-	-	-
Free Cash Flow ¹	318.8	255.7	437.7	-	-	307	394	-
FCF margin	11.94%	10.69%	16.23%	-	-	11.25%	14.13%	-
FCF Conversion (EBITDA)	44.84%	43.79%	78.13%	-	-	45.01%	55.65%	-
FCF Conversion (Net income)	85.31%	110.82%	130.72%	-	-	78.52%	96.57%	-
Dividend per Share ²	136.0	106.0	113.0	-	-	146.0	146.0	-
Announcement Date	3/27/20	4/1/21	3/31/22	4/7/23	3/29/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	794	675	663	-	-	799	782	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	319	256	438	-	-	307	394	-
ROE (net income / shareholders' equity)	23.4%	15.1%	23.1%	-	-	22.3%	23.9%	25.6%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	99.9	87.7	203	-	-	191	139	-
Capex / Sales	3.74%	3.67%	7.51%	-	-	7%	4.98%	-
Announcement Date	3/27/20	4/1/21	3/31/22	4/7/23	3/29/24	-	-	-

¹MAD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,600 MAD

Average target price

3,229 MAD

Spread / Average Target

+24.19%

	1st Jan change	Capi.
SOCIETE DES BOISSONS DU MAROC	+15.20%	725M
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HEINEKEN HOLDING N.V.	0.00%	23.13B
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ASAHI GROUP HOLDINGS, LTD.	+3.94%	17.59B