Financials Label Vie S.A.

Equities

End-of-day quote Casablanca S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
4,430 ^MAD	-3.70%		-3.23%	+5.48%

Feb. 29	Label Vie S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Label Vie S.A. 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	5,533	7,617	9,085	14,053	13,457	12,820	12,820	-
Enterprise Value (EV) ¹	7,315	9,910	11,320	16,744	16,487	12,155	16,428	16,465
P/E ratio	19.4 x	24.4 x	26.9 x	34.5 x	17.7 x	20.4 x	21.6 x	19.5 x
Yield	2.71%	2.1%	1.88%	1.42%	1.86%	1.69%	2.19%	2.19%
Capitalization / Revenue	0.61 x	0.73 x	0.82 x	1.2 x	0.96 x	0.77 x	0.72 x	0.66 x
EV / Revenue	0.81 x	0.95 x	1.03 x	1.42 x	1.18 x	0.77 x	0.92 x	0.85 x
EV / EBITDA	10.4 x	12.5 x	12.4 x	16.1 x	13.6 x	9.17 x	11 x	9.92 x
EV / FCF	53.5 x	-46.3 x	-73.9 x	-	-64.4 x	51.6 x	51 x	67.8 x
FCF Yield	1.87%	-2.16%	-1.35%	-	-1.55%	1.94%	1.96%	1.48%
Price to Book	3.02 x	-	-	5.86 x	-	-	-	-
Nbr of stocks (in thousands)	2,839	2,839	2,839	2,839	2,894	2,894	2,894	-
Reference price ²	1,949	2,683	3,200	4,950	4,650	4,430	4,430	4,430
Announcement Date	3/26/19	3/17/20	2/16/21	3/4/22	3/2/23	2/29/24	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	9,033	10,396	11,012	11,758	13,947	15,800	17,828	19,476
EBITDA ¹	704.8	790.1	909.9	1,037	1,213	1,325	1,499	1,659
EBIT ¹	426.7	465.7	540.6	630.8	751.8	794.4	946	1,055
Operating Margin	4.72%	4.48%	4.91%	5.36%	5.39%	5.03%	5.31%	5.42%
Earnings before Tax (EBT)	397.9	433.1	-	582.6	965.5	-	-	-
Net income ¹	285.2	312	337.7	407.2	748.4	507.7	592	656
Net margin	3.16%	3%	3.07%	3.46%	5.37%	3.21%	3.32%	3.37%
EPS ²	100.5	109.9	118.9	143.4	263.4	217.0	205.0	227.0
Free Cash Flow ¹	136.8	-214.2	-153.2	-	-255.8	306	322	243
FCF margin	1.51%	-2.06%	-1.39%	-	-1.83%	1.9%	1.81%	1.25%
FCF Conversion (EBITDA)	19.41%	-	-	-	-	22.03%	21.48%	14.65%
FCF Conversion (Net income)	47.96%	-	-	-	-	48.96%	54.39%	37.04%
Dividend per Share ²	52.84	56.40	60.00	70.40	86.36	75.00	96.80	96.80
Announcement Date	3/26/19	3/17/20	2/16/21	3/4/22	3/2/23	2/29/24	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	1,782	2,293	2,235	2,691	3,030	2,975	3,608	3,645
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.529 x	2.902 x	2.457 x	2.595 x	2.498 x	2.142 x	2.407 x	2.197 x
Free Cash Flow ¹	137	-214	-153	-	-256	306	322	243
ROE (net income / shareholders' equity)	16.2%	16.3%	16.2%	17.8%	28.4%	20.4%	17.9%	18%
ROA (Net income/ Total Assets)	3.62%	3.78%	-	-	-	-	-	-
Assets ¹	7,886	8,245	-	-	-	-	-	-
Book Value Per Share	645.0	-	-	845.0	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	428	1,096	652	1,431	1,145	807	874	954
Capex / Sales	4.74%	10.54%	5.92%	12.17%	8.21%	5%	4.9%	4.9%
Announcement Date	3/26/19	3/17/20	2/16/21	3/4/22	3/2/23	2/29/24	-	-

¹MAD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,430 MAD

Average target price

5,168 MAD

Spread / Average Target

+16.65%

	1st Jan change	Capi.
LABEL VIE S.A.	+5.48%	1.26B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-7.21%	38.45B
AVENUE SUPERMARTS LIMITED	+11.52%	35.53B
SEVEN & I HOLDINGS CO., LTD.	+9.36%	33.86B
SM INVESTMENTS CORPORATION	+9.52%	20.2B
COLES GROUP LIMITED	+1.92%	14.29B
JERÓNIMO MARTINS, SGPS, S.A.	-17.40%	12.77B
ICA GRUPPEN	-.--%	11.82B
CASEY'S GENERAL STORES, INC.	+16.48%	11.85B
CARREFOUR	-3.89%	11.75B