Stock AFM AFMA S.A.
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Financials AFMA S.A.

Equities

AFM

MA0000012296

Multiline Insurance & Brokers

End-of-day quote Casablanca S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
1,244 MAD +0.57% Intraday chart for AFMA S.A. +0.89% +3.67%
2023 AFMA S.A. Reports Earnings Results for the Half Year Ended June 30, 2023 CI
2023 AFMA S.A. Reports Earnings Results for the Full Year Ended December 31, 2022 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 1,000 990 1,025 1,116 1,360 1,300
Enterprise Value (EV) 1 1,039 1,040 1,113 1,188 1,445 1,437
P/E ratio 17.1 x 19.9 x 20.4 x 26.2 x 23.5 x 21.9 x
Yield 5.7% - - 4.21% 3.97% 4.23%
Capitalization / Revenue 5.47 x 5.3 x 5.29 x 5.48 x 6.13 x 5.33 x
EV / Revenue 5.69 x 5.57 x 5.74 x 5.83 x 6.51 x 5.89 x
EV / EBITDA 12.7 x 13 x 13.3 x 13 x 14.8 x 13.6 x
EV / FCF 105 x 24 x 12.1 x 11.4 x 33.1 x 62.6 x
FCF Yield 0.95% 4.17% 8.26% 8.77% 3.02% 1.6%
Price to Book 13.7 x 15 x 26.5 x 37.4 x 33.6 x 28.4 x
Nbr of stocks (in thousands) 1,000 1,000 1,000 1,000 1,000 1,000
Reference price 2 1,000 990.0 1,025 1,116 1,360 1,300
Announcement Date 6/7/18 4/1/19 4/30/20 4/30/21 6/13/22 4/28/23
1MAD in Million2MAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 182.7 186.8 193.9 203.6 221.9 243.7
EBITDA 1 82.04 79.93 83.92 91.29 97.66 105.4
EBIT 1 77.26 75.8 80.49 87.37 93.36 99.75
Operating Margin 42.29% 40.59% 41.51% 42.91% 42.08% 40.93%
Earnings before Tax (EBT) 1 77.58 66.85 72.55 65.53 86.79 90.9
Net income 1 58.58 49.78 50.14 42.56 57.85 59.32
Net margin 32.07% 26.66% 25.86% 20.9% 26.08% 24.34%
EPS 2 58.58 49.78 50.14 42.56 57.85 59.32
Free Cash Flow 1 9.925 43.36 92 104.1 43.63 22.93
FCF margin 5.43% 23.22% 47.45% 51.14% 19.66% 9.41%
FCF Conversion (EBITDA) 12.1% 54.25% 109.63% 114.08% 44.67% 21.75%
FCF Conversion (Net income) 16.94% 87.1% 183.5% 244.69% 75.41% 38.66%
Dividend per Share 2 57.00 - - 47.00 54.00 55.00
Announcement Date 6/7/18 4/1/19 4/30/20 4/30/21 6/13/22 4/28/23
1MAD in Million2MAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 39.3 50.4 88.2 71.9 84.5 137
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.4795 x 0.6309 x 1.051 x 0.7874 x 0.8654 x 1.295 x
Free Cash Flow 1 9.93 43.4 92 104 43.6 22.9
ROE (net income / shareholders' equity) 82.3% 71.7% 95.9% 125% 162% 133%
ROA (Net income/ Total Assets) 7.05% 6.45% 7.07% 7.31% 6.83% 6.92%
Assets 1 831.1 771.3 709.1 582 847.1 857.8
Book Value Per Share 2 73.10 65.90 38.60 29.80 40.40 45.80
Cash Flow per Share 2 9.910 7.750 31.00 44.70 27.10 11.10
Capex 1 1.78 1.15 5.64 3.5 7.16 13.5
Capex / Sales 0.97% 0.62% 2.91% 1.72% 3.23% 5.53%
Announcement Date 6/7/18 4/1/19 4/30/20 4/30/21 6/13/22 4/28/23
1MAD in Million2MAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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