Financials Ciments du Maroc Société Anonyme

Equities

End-of-day quote Casablanca S.E. Other stock markets 06:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
1,865 ^MAD	+3.10%		+4.78%	+11.01%

Apr. 26	Ciments du Maroc Société Anonyme Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Ciments du Maroc Société Anonyme Reports Earnings Results for the Full Year Ended December 31, 2022	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,964	24,238	27,428	18,478	24,252	26,923	-	-
Enterprise Value (EV) ¹	23,964	22,614	25,922	18,214	24,252	26,121	25,818	26,923
P/E ratio	-	34.3 x	22.9 x	20.3 x	25.1 x	22.6 x	19.4 x	16.7 x
Yield	5.12%	5.36%	5%	4.69%	-	3.75%	4.29%	4.29%
Capitalization / Revenue	5.99 x	6.55 x	6.62 x	4.54 x	5.6 x	5.7 x	5.03 x	4.43 x
EV / Revenue	5.99 x	6.11 x	6.25 x	4.48 x	5.6 x	5.53 x	4.82 x	4.43 x
EV / EBITDA	12.3 x	16.8 x	14.2 x	11.2 x	14.2 x	13.3 x	11.4 x	-
EV / FCF	-	18.8 x	19.8 x	132 x	-	23.8 x	19.4 x	-
FCF Yield	-	5.33%	5.04%	0.76%	-	4.2%	5.15%	-
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	14,436	14,436	14,436	14,436	14,436	14,436	-	-
Reference price ²	1,660	1,679	1,900	1,280	1,680	1,865	1,865	1,865
Announcement Date	3/20/20	4/26/21	4/29/22	4/28/23	4/26/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,998	3,702	4,146	4,068	4,333	4,721	5,354	6,080
EBITDA ¹	1,945	1,349	1,830	1,620	1,707	1,960	2,262	-
EBIT ¹	1,481	1,349	1,620	1,327	1,428	1,741	2,029	-
Operating Margin	37.04%	36.45%	39.06%	32.62%	32.96%	36.88%	37.9%	-
Earnings before Tax (EBT)	-	-	1,682	-	-	-	-	-
Net income ¹	1,081	709.1	1,197	905.1	970.2	1,191	1,388	1,611
Net margin	27.04%	19.16%	28.87%	22.25%	22.39%	25.23%	25.92%	26.5%
EPS ²	-	49.00	83.00	63.00	67.00	82.50	96.20	112.0
Free Cash Flow ¹	-	1,206	1,307	138.4	-	1,096	1,329	-
FCF margin	-	32.58%	31.52%	3.4%	-	23.22%	24.82%	-
FCF Conversion (EBITDA)	-	89.39%	71.41%	8.54%	-	55.92%	58.75%	-
FCF Conversion (Net income)	-	170.08%	109.18%	15.29%	-	92.02%	95.75%	-
Dividend per Share ²	85.00	90.00	95.00	60.00	-	70.00	80.00	80.00
Announcement Date	3/20/20	4/26/21	4/29/22	4/28/23	4/26/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	1,624	1,507	264	-	802	1,105	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	1,206	1,307	138	-	1,096	1,329	-
ROE (net income / shareholders' equity)	22%	16.1%	30.6%	25.5%	-	33.2%	35.2%	37%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	102	271	347	-	189	241	-
Capex / Sales	-	2.76%	6.54%	8.54%	-	4%	4.5%	-
Announcement Date	3/20/20	4/26/21	4/29/22	4/28/23	4/26/24	-	-	-

¹MAD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1,865 MAD

Average target price

1,416 MAD

Spread / Average Target

-24.08%

	1st Jan change	Capi.
CIMENTS DU MAROC SOCIÉTÉ ANONYME	+11.01%	2.72B
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ANHUI CONCH CEMENT COMPANY LIMITED	+13.36%	17.41B
JAMES HARDIE INDUSTRIES PLC	-16.50%	13.5B
SHREE CEMENT LIMITED	-10.51%	11.19B
EAGLE MATERIALS INC.	+19.45%	8.35B
BUZZI S.P.A.	+43.72%	7.99B
TAIWAN CEMENT CORP.	-4.30%	7.77B
TIANSHAN MATERIAL CO., LTD.	-3.29%	7.74B
DANGOTE CEMENT PLC	+105.28%	7.19B