MANAGEM S.A. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,500 MAD | 0.00% |
|
+1.21% | +42.05% |
| Jul. 16 | Managem Approves Purchase of Sound Energy's Moroccan Assets | MT |
| Jun. 15 | UK's Sound Energy PLC sells Moroccan gas assets to Managem | RE |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 8,493 | 11,480 | 15,686 | 25,278 | 17,585 | 29,662 | - | - |
| Enterprise Value (EV) 1 | 12,948 | 17,219 | 15,686 | 29,123 | 24,686 | 35,900 | 36,786 | 29,662 |
| P/E ratio | -19.9 x | 51.1 x | 18.2 x | 15.7 x | 34.2 x | 37.7 x | 17.5 x | 8.45 x |
| Yield | - | - | - | 1.19% | - | 1.2% | 1% | 1% |
| Capitalization / Revenue | 1.87 x | 2.43 x | - | 2.62 x | 2.34 x | 3.29 x | 2.36 x | 2.16 x |
| EV / Revenue | 2.84 x | 3.64 x | - | 3.02 x | 3.29 x | 3.98 x | 2.92 x | 2.16 x |
| EV / EBITDA | 10.8 x | 10.7 x | - | 8.38 x | 9.93 x | 11.7 x | 10 x | 6.61 x |
| EV / FCF | -13 x | -29.7 x | - | 85.4 x | - | -20.3 x | -72.1 x | - |
| FCF Yield | -7.69% | -3.36% | - | 1.17% | - | -4.92% | -1.39% | - |
| Price to Book | - | 2.72 x | - | - | - | - | - | - |
| Nbr of stocks (in thousands) | 9,991 | 9,991 | 9,991 | 9,991 | 9,991 | 11,865 | - | - |
| Reference price 2 | 850.0 | 1,149 | 1,570 | 2,530 | 1,760 | 2,500 | 2,500 | 2,500 |
| Announcement Date | 3/24/20 | 3/25/21 | 5/1/22 | 4/29/23 | 4/30/24 | - | - | - |
1MAD in Million2MAD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 4,553 | 4,726 | - | 9,645 | 7,508 | 9,027 | 12,582 | 13,743 |
| EBITDA 1 | 1,195 | 1,613 | - | 3,476 | 2,485 | 3,064 | 3,672 | 4,486 |
| EBIT 1 | -345 | 444 | - | 1,993 | 1,088 | 1,333 | 2,030 | 3,588 |
| Operating Margin | -7.58% | 9.39% | - | 20.66% | 14.49% | 14.77% | 16.13% | 26.1% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - |
| Net income 1 | -427 | 225 | 861.5 | 1,615 | 514.4 | 787 | 1,518 | 2,953 |
| Net margin | -9.38% | 4.76% | - | 16.74% | 6.85% | 8.72% | 12.07% | 21.49% |
| EPS 2 | -42.72 | 22.50 | 86.20 | 161.6 | 51.50 | 66.40 | 143.1 | 296.0 |
| Free Cash Flow 1 | -996.3 | -578.9 | - | 341.2 | - | -1,767 | -510 | - |
| FCF margin | -21.88% | -12.25% | - | 3.54% | - | -19.57% | -4.05% | - |
| FCF Conversion (EBITDA) | - | - | - | 9.82% | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | 21.13% | - | - | - | - |
| Dividend per Share 2 | - | - | - | 30.00 | - | 30.00 | 25.00 | 25.00 |
| Announcement Date | 3/24/20 | 3/25/21 | 5/1/22 | 4/29/23 | 4/30/24 | - | - | - |
1MAD in Million2MAD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 4,455 | 5,739 | - | 3,845 | 7,102 | 6,238 | 7,124 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.728 x | 3.559 x | - | 1.106 x | 2.858 x | 2.036 x | 1.94 x | - |
| Free Cash Flow 1 | -996 | -579 | - | 341 | - | -1,767 | -510 | - |
| ROE (net income / shareholders' equity) | -8.73% | 5.18% | - | 24.2% | 6.79% | 8.48% | 9.73% | 11.7% |
| ROA (Net income/ Total Assets) | - | - | - | - | - | - | - | - |
| Assets 1 | - | - | - | - | - | - | - | - |
| Book Value Per Share | - | 422.0 | - | - | - | - | - | - |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex 1 | 1,885 | 2,320 | - | 2,174 | - | 4,336 | 3,350 | - |
| Capex / Sales | 41.4% | 49.09% | - | 22.54% | - | 48.03% | 26.63% | - |
| Announcement Date | 3/24/20 | 3/25/21 | 5/1/22 | 4/29/23 | 4/30/24 | - | - | - |
1MAD in Million
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
2
Last Close Price
2,500
MAD
Average target price
2,106
MAD
Spread / Average Target
-15.78%
EPS Revisions
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +42.05% | 3.01B | |
| -15.29% | 147B | |
| -13.20% | 111B | |
| -2.88% | 72.2B | |
| +12.93% | 46.83B | |
| -7.52% | 44.12B | |
| +15.45% | 36.29B | |
| +108.07% | 33.46B | |
| +19.05% | 25.79B | |
| +76.17% | 20.22B |
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- Financials Managem S.A.
