MANAGEM S.A. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,402 MAD | -1.96% |
|
+2.56% | +36.48% |
| Apr. 30 | Managem S.A. Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
| Apr. 08 | Oriole Resources up after extending Senala licence to 2027 | AN |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 9,012 | 8,493 | 11,480 | 15,686 | 25,278 | 28,499 | 28,499 | - |
| Enterprise Value (EV) 1 | 11,695 | 12,948 | 17,219 | 15,686 | 29,123 | 35,057 | 34,737 | 35,623 |
| P/E ratio | 24.4 x | -19.9 x | 51.1 x | 18.2 x | 15.7 x | 37.9 x | 24.3 x | 16.8 x |
| Yield | 1.66% | - | - | - | 1.19% | 0.62% | 1.04% | 1.04% |
| Capitalization / Revenue | 2.07 x | 1.87 x | 2.43 x | - | 2.62 x | 3.55 x | 3.06 x | 2.27 x |
| EV / Revenue | 2.68 x | 2.84 x | 3.64 x | - | 3.02 x | 4.37 x | 3.73 x | 2.83 x |
| EV / EBITDA | 8.45 x | 10.8 x | 10.7 x | - | 8.38 x | 15.9 x | 12.6 x | 9.7 x |
| EV / FCF | -310 x | -13 x | -29.7 x | - | 85.4 x | -14.7 x | -19.7 x | -69.8 x |
| FCF Yield | -0.32% | -7.69% | -3.36% | - | 1.17% | -6.79% | -5.09% | -1.43% |
| Price to Book | 1.7 x | - | 2.72 x | - | - | - | - | - |
| Nbr of stocks (in thousands) | 9,991 | 9,991 | 9,991 | 9,991 | 9,991 | 11,865 | 11,865 | - |
| Reference price 2 | 902.0 | 850.0 | 1,149 | 1,570 | 2,530 | 2,402 | 2,402 | 2,402 |
| Announcement Date | 4/1/19 | 3/24/20 | 3/25/21 | 5/1/22 | 4/29/23 | - | - | - |
1MAD in Million2MAD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 4,356 | 4,553 | 4,726 | - | 9,645 | 8,023 | 9,324 | 12,582 |
| EBITDA 1 | 1,384 | 1,195 | 1,613 | - | 3,476 | 2,207 | 2,747 | 3,672 |
| EBIT 1 | 461.4 | -345 | 444 | - | 1,993 | 957.9 | 1,497 | 2,030 |
| Operating Margin | 10.59% | -7.58% | 9.39% | - | 20.66% | 11.94% | 16.05% | 16.13% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - |
| Net income 1 | 369.8 | -427 | 225 | 861.5 | 1,615 | 676.8 | 1,047 | 1,518 |
| Net margin | 8.49% | -9.38% | 4.76% | - | 16.74% | 8.44% | 11.23% | 12.07% |
| EPS 2 | 37.01 | -42.72 | 22.50 | 86.20 | 161.6 | 63.35 | 98.70 | 143.1 |
| Free Cash Flow 1 | -37.71 | -996.3 | -578.9 | - | 341.2 | -2,381 | -1,767 | -510 |
| FCF margin | -0.87% | -21.88% | -12.25% | - | 3.54% | -29.68% | -18.95% | -4.05% |
| FCF Conversion (EBITDA) | - | - | - | - | 9.82% | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | 21.13% | - | - | - |
| Dividend per Share 2 | 15.00 | - | - | - | 30.00 | 15.00 | 25.00 | 25.00 |
| Announcement Date | 4/1/19 | 3/24/20 | 3/25/21 | 5/1/22 | 4/29/23 | - | - | - |
1MAD in Million2MAD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,683 | 4,455 | 5,739 | - | 3,845 | 6,558 | 6,238 | 7,124 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.938 x | 3.728 x | 3.559 x | - | 1.106 x | 2.971 x | 2.271 x | 1.94 x |
| Free Cash Flow 1 | -37.7 | -996 | -579 | - | 341 | -2,381 | -1,767 | -510 |
| ROE (net income / shareholders' equity) | 7.05% | -8.73% | 5.18% | - | 24.2% | 7.05% | 8.48% | 9.73% |
| ROA (Net income/ Total Assets) | - | - | - | - | - | - | - | - |
| Assets 1 | - | - | - | - | - | - | - | - |
| Book Value Per Share | 532.0 | - | 422.0 | - | - | - | - | - |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex 1 | 1,703 | 1,885 | 2,320 | - | 2,174 | 4,812 | 4,336 | 3,350 |
| Capex / Sales | 39.09% | 41.4% | 49.09% | - | 22.54% | 59.98% | 46.5% | 26.63% |
| Announcement Date | 4/1/19 | 3/24/20 | 3/25/21 | 5/1/22 | 4/29/23 | - | - | - |
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
2,402
MAD
Average target price
2,182
MAD
Spread / Average Target
-9.16%
EPS Revisions
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +36.48% | 2.87B | |
| -10.91% | 156B | |
| -2.77% | 124B | |
| +2.40% | 74.71B | |
| +15.66% | 51.04B | |
| +2.88% | 50.57B | |
| +34.25% | 41.66B | |
| +132.88% | 39.21B | |
| +23.41% | 26.36B | |
| +82.83% | 21.72B |
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- MNG Stock
- Financials Managem S.A.
