Financials TAQA Morocco S.A.

Equities

TQM

MA0000012205

Independent Power Producers

End-of-day quote Casablanca S.E. Other stock markets 06:00:00 2024-06-02 pm EDT			5-day change	1st Jan Change
1,329 ^MAD	-0.08%		-0.89%	+20.82%

Feb. 27	TAQA Morocco S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	TAQA Morocco S.A. Reports Earnings Results for the Half Year Ended June 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2022	2023	2024	2025	2026
Capitalization ¹	21,914	21,584	25,900	25,947	31,349	-	-
Enterprise Value (EV) ¹	31,626	30,512	33,715	25,947	36,742	35,698	31,349
P/E ratio	20.8 x	24.5 x	19.9 x	25 x	26.3 x	-	-
Yield	3.88%	3.83%	3.19%	-	2.71%	2.71%	2.71%
Capitalization / Revenue	2.4 x	2.77 x	1.9 x	1.97 x	2.61 x	2.53 x	2.42 x
EV / Revenue	3.47 x	3.92 x	2.48 x	1.97 x	3.06 x	2.88 x	2.42 x
EV / EBITDA	8.99 x	9.65 x	9.05 x	7.3 x	10.8 x	10.4 x	-
EV / FCF	16.1 x	81.6 x	20.6 x	-	16.6 x	18.9 x	-
FCF Yield	6.19%	1.23%	4.86%	-	6.04%	5.3%	-
Price to Book	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	23,589	23,589	23,589	23,589	23,589	-	-
Reference price ²	929.0	915.0	1,098	1,100	1,329	1,329	1,329
Announcement Date	3/18/20	3/16/21	2/27/23	4/30/24	-	-	-

¹MAD in Million²MAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2022	2023	2024	2025	2026
Net sales ¹	9,118	7,789	13,604	13,191	12,001	12,396	12,974
EBITDA ¹	3,519	3,161	3,726	3,555	3,404	3,441	-
EBIT ¹	2,550	2,359	2,910	2,707	2,538	2,569	-
Operating Margin	27.97%	30.28%	21.39%	20.53%	21.15%	20.72%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income	1,054	880.2	1,303	1,037	-	-	-
Net margin	11.56%	11.3%	9.58%	7.86%	-	-	-
EPS ²	44.69	37.31	55.23	43.98	50.50	-	-
Free Cash Flow ¹	1,959	374.1	1,638	-	2,220	1,893	-
FCF margin	21.48%	4.8%	12.04%	-	18.5%	15.27%	-
FCF Conversion (EBITDA)	55.67%	11.83%	43.96%	-	65.22%	55.01%	-
FCF Conversion (Net income)	185.82%	42.5%	125.76%	-	-	-	-
Dividend per Share ²	36.00	35.00	35.00	-	36.00	36.00	36.00
Announcement Date	3/18/20	3/16/21	2/27/23	4/30/24	-	-	-

¹MAD in Million²MAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1
Net sales ¹	4,090
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income	-
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	9/16/23

¹MAD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2022	2023	2024	2025	2026
Net Debt ¹	9,712	8,928	7,814	-	5,393	4,349	-
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.76 x	2.825 x	2.097 x	-	1.584 x	1.264 x	-
Free Cash Flow ¹	1,959	374	1,638	-	2,220	1,893	-
ROE (net income / shareholders' equity)	19.2%	15.8%	21.8%	-	18.6%	18.3%	17.7%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	112	1,888	242	-	437	465	-
Capex / Sales	1.22%	24.23%	1.78%	-	3.64%	3.75%	-
Announcement Date	3/18/20	3/16/21	2/27/23	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

Ratings for TAQA Morocco S.A.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,329 MAD

Average target price

1,313 MAD

Spread / Average Target

-1.20%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Fossil Fuel IPPs

	1st Jan change	Capi.
TAQA MOROCCO S.A.	+20.82%	3.15B
HUANENG POWER INTERNATIONAL, INC.	+29.71%	16.81B
JSW ENERGY LIMITED	+35.59%	13.82B
GULF ENERGY DEVELOPMENT	-10.67%	12.96B
ZHEJIANG ZHENENG ELECTRIC POWER CO., LTD.	+48.16%	12.48B
SHAANXI ENERGY INVESTMENT CO., LTD.	+31.35%	5.74B
JIANGSU GUOXIN CORP. LTD.	+26.64%	4.18B
ABOITIZ POWER CORPORATION	-10.32%	4.18B
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.	+16.77%	3.67B
GLOBAL POWER SYNERGY	-7.22%	3.61B

Fossil Fuel IPPs