Financials Société d'Exploitation des Ports

Equities

End-of-day quote Casablanca S.E. Other stock markets 06:00:00 2024-05-22 pm EDT			5-day change	1st Jan Change
289 ^MAD	+1.05%		+1.98%	+3.96%

Apr. 27	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	21,211	21,211	-
Enterprise Value (EV) ¹	11,849	14,978	15,413	22,048	15,853	20,404	20,440	19,621
P/E ratio	21.7 x	22.6 x	52.8 x	30.8 x	-	23.9 x	-	-
Yield	5.67%	4.69%	3.81%	-	-	3.06%	3.11%	3.46%
Capitalization / Revenue	4.38 x	5.22 x	5.59 x	5.72 x	4.01 x	4.72 x	4.44 x	3.96 x
EV / Revenue	4.31 x	5.15 x	5.59 x	6.14 x	4.01 x	4.72 x	4.28 x	3.67 x
EV / EBITDA	9.49 x	10.2 x	-	-	8.41 x	9.79 x	8.61 x	7.3 x
EV / FCF	15.4 x	19.6 x	-	111 x	-	16.2 x	14.4 x	13.3 x
FCF Yield	6.48%	5.1%	-	0.9%	-	6.16%	6.94%	7.54%
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	289.0	289.0	289.0
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	2,084	2,374	2,688
EBIT ¹	824.2	937.1	-	1,129	-	1,555	1,801	2,153
Operating Margin	29.99%	32.21%	-	31.44%	-	36%	37.7%	40.24%
Earnings before Tax (EBT)	-	918	-	1,022	-	-	-	-
Net income ¹	555.7	671.6	-	666.4	-	852	1,130	1,357
Net margin	20.22%	23.08%	-	18.55%	-	19.72%	23.66%	25.36%
EPS ²	7.570	9.150	3.980	9.080	-	12.10	-	-
Free Cash Flow ¹	767.7	763.9	-	198	-	1,285	1,419	1,479
FCF margin	27.93%	26.26%	-	5.51%	-	30.47%	29.7%	27.64%
FCF Conversion (EBITDA)	61.47%	52.1%	-	-	-	64.83%	59.77%	55.02%
FCF Conversion (Net income)	138.15%	113.76%	-	29.71%	-	144.38%	125.58%	108.99%
Dividend per Share ²	9.300	9.700	8.000	-	-	8.500	9.000	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	771	1,590
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	768	764	-	198	-	1,285	1,419	1,479
ROE (net income / shareholders' equity)	22.9%	29.1%	14%	34.7%	-	36.7%	40.9%	40.3%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	31.50	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	347	868	-	585	-	299	382	535
Capex / Sales	12.64%	29.85%	-	16.28%	-	7.09%	8%	10%
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

OUTPERFORM

Number of Analysts

Last Close Price

289 MAD

Average target price

362 MAD

Spread / Average Target

+25.26%

	1st Jan change	Capi.
SOCIÉTÉ D'EXPLOITATION DES PORTS	+3.96%	2.12B
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED	+40.90%	35.75B
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD.	+14.08%	18.23B
DP WORLD PLC	0.00%	13.47B
MISC	+15.91%	7.9B
ABU DHABI PORTS COMPANY	-18.97%	7.34B
QINGDAO PORT INTERNATIONAL CO., LTD.	+33.10%	7.02B
JSW INFRASTRUCTURE LIMITED	+33.94%	6.84B
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED	+8.08%	6.24B
QUBE HOLDINGS LIMITED	+11.73%	4.23B