Financials Sonatel SA

Equities

End-of-day quote BRVM - Abidjan Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
19,000 ^XOF	0.00%		0.00%	+5.67%

Feb. 22	Sonatel SA Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Troops deployed as Dakar braces for more unrest	RE

Fiscal Period: December	2018	2019	2021	2022	2023	2024	2025
Capitalization ¹	1,600,000	1,699,500	1,397,500	1,520,000	1,900,000	1,900,000	-
Enterprise Value (EV) ¹	1,696,603	1,699,500	1,397,500	1,686,203	1,779,925	2,027,273	1,900,000
P/E ratio	9.28 x	-	6.62 x	6.44 x	7.32 x	6.23 x	5.66 x
Yield	10.4%	8.01%	-	9.87%	9.73%	11.2%	12.4%
Capitalization / Revenue	1.57 x	1.56 x	-	1.04 x	1.11 x	1.07 x	1.01 x
EV / Revenue	1.66 x	1.56 x	-	1.16 x	1.1 x	1.15 x	1.01 x
EV / EBITDA	3.61 x	3.53 x	-	2.62 x	1.89 x	2.63 x	-
EV / FCF	6.32 x	8.69 x	-	8.38 x	5.01 x	12.1 x	-
FCF Yield	15.8%	11.5%	-	11.9%	19.9%	8.29%	-
Price to Book	2.55 x	-	-	-	2 x	-	-
Nbr of stocks (in thousands)	100,000	100,000	100,000	100,000	100,000	100,000	-
Reference price ²	16,000	16,995	13,975	15,200	19,000	19,000	19,000
Announcement Date	2/25/19	3/4/20	3/1/22	2/24/23	2/22/24	-	-

¹XOF in Million²XOF

Estimates

Fiscal Period: December	2018	2019	2021	2022	2023	2024	2025
Net sales ¹	1,021,956	1,086,756	-	1,455,049	1,620,701	1,770,247	1,873,700
EBITDA ¹	470,137	481,090	-	643,457	941,359	771,128	-
EBIT ¹	312,286	316,748	-	435,979	728,149	543,478	-
Operating Margin	30.56%	29.15%	-	29.96%	44.93%	30.7%	-
Earnings before Tax (EBT)	295,390	294,699	-	422,273	-	-	-
Net income ¹	172,467	167,970	211,054	235,974	279,448	-	-
Net margin	16.88%	15.46%	-	16.22%	17.24%	-	-
EPS ²	1,725	-	2,110	2,359	2,594	3,048	3,355
Free Cash Flow ¹	268,300	195,522	-	201,147	354,951	168,084	-
FCF margin	26.25%	17.99%	-	13.82%	21.9%	9.49%	-
FCF Conversion (EBITDA)	57.07%	40.64%	-	31.26%	37.71%	21.8%	-
FCF Conversion (Net income)	155.57%	116.4%	-	85.24%	127.02%	-	-
Dividend per Share ²	1,667	1,361	-	1,500	1,750	2,134	2,349
Announcement Date	2/25/19	3/4/20	3/1/22	2/24/23	2/22/24	-	-

¹XOF in Million²XOF

Estimates

Fiscal Period: December	2018	2019	2021	2022	2023	2024	2025
Net Debt ¹	96,603	-	-	166,203	131,179	127,273	-
Net Cash position ¹	-	-	-	-	18,075	-	-
Leverage (Debt/EBITDA)	0.2055 x	-	-	0.2583 x	0.1888 x	0.165 x	-
Free Cash Flow ¹	268,300	195,522	-	201,147	354,951	168,084	-
ROE (net income / shareholders' equity)	27.5%	27%	-	33.3%	34.4%	32.4%	-
ROA (Net income/ Total Assets)	10.2%	-	-	-	-	-	-
Assets ¹	1,684,511	-	-	-	-	-	-
Book Value Per Share ²	6,266	-	-	-	9,480	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	194,200	261,128	-	262,989	288,126	311,907	-
Capex / Sales	19%	24.03%	-	18.07%	17.78%	17.62%	-
Announcement Date	2/25/19	3/4/20	3/1/22	2/24/23	2/22/24	-	-

¹XOF in Million²XOF

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

19,000 XOF

Average target price

20,210 XOF

Spread / Average Target

+6.37%

	1st Jan change	Capi.
SONATEL SA	+5.67%	3.09B
CHINA MOBILE LIMITED	+9.65%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	36.67B