MANAGEM S.A. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,275 MAD | +1.56% |
|
-1.73% | +29.26% |
| Apr. 08 | Oriole Resources up after extending Senala licence to 2027 | AN |
| Apr. 08 | Oriole Resources Renews License for Senala Gold Project in Senegal | MT |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 9,012 | 8,493 | 11,480 | 15,686 | 25,278 | 26,992 | 26,992 | - |
| Enterprise Value (EV) 1 | 11,695 | 12,948 | 17,219 | 15,686 | 29,123 | 33,550 | 31,571 | 26,992 |
| P/E ratio | 24.4 x | -19.9 x | 51.1 x | 18.2 x | 15.7 x | 35.9 x | 24.1 x | 16.5 x |
| Yield | 1.66% | - | - | - | 1.19% | 0.66% | 0.81% | 0.9% |
| Capitalization / Revenue | 2.07 x | 1.87 x | 2.43 x | - | 2.62 x | 3.36 x | 2.9 x | 2.14 x |
| EV / Revenue | 2.68 x | 2.84 x | 3.64 x | - | 3.02 x | 4.18 x | 3.39 x | 2.14 x |
| EV / EBITDA | 8.45 x | 10.8 x | 10.7 x | - | 8.38 x | 15.2 x | 11.2 x | 7.22 x |
| EV / FCF | -310 x | -13 x | -29.7 x | - | 85.4 x | -14.1 x | -35.6 x | - |
| FCF Yield | -0.32% | -7.69% | -3.36% | - | 1.17% | -7.1% | -2.81% | - |
| 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 | 2,275 | 2,275 | 2,275 |
| 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 | 9,319 | 12,638 |
| EBITDA 1 | 1,384 | 1,195 | 1,613 | - | 3,476 | 2,207 | 2,808 | 3,741 |
| EBIT 1 | 461.4 | -345 | 444 | - | 1,993 | 957.9 | 1,371 | 2,388 |
| Operating Margin | 10.59% | -7.58% | 9.39% | - | 20.66% | 11.94% | 14.71% | 18.9% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - |
| Net income 1 | 369.8 | -427 | 225 | 861.5 | 1,615 | 676.8 | 995.6 | 1,455 |
| Net margin | 8.49% | -9.38% | 4.76% | - | 16.74% | 8.44% | 10.68% | 11.52% |
| EPS 2 | 37.01 | -42.72 | 22.50 | 86.20 | 161.6 | 63.35 | 94.35 | 137.8 |
| Free Cash Flow 1 | -37.71 | -996.3 | -578.9 | - | 341.2 | -2,381 | -886 | - |
| FCF margin | -0.87% | -21.88% | -12.25% | - | 3.54% | -29.68% | -9.51% | - |
| FCF Conversion (EBITDA) | - | - | - | - | 9.82% | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | 21.13% | - | - | - |
| Dividend per Share 2 | 15.00 | - | - | - | 30.00 | 15.00 | 18.50 | 20.50 |
| 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 | 4,579 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.938 x | 3.728 x | 3.559 x | - | 1.106 x | 2.971 x | 1.631 x | - |
| Free Cash Flow 1 | -37.7 | -996 | -579 | - | 341 | -2,381 | -886 | - |
| ROE (net income / shareholders' equity) | 7.05% | -8.73% | 5.18% | - | 24.2% | 7.05% | 7.13% | 8.33% |
| 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 | 3,449 | - |
| Capex / Sales | 39.09% | 41.4% | 49.09% | - | 22.54% | 59.98% | 37.01% | - |
| 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
OUTPERFORM
Number of Analysts
2
Last Close Price
2,275
MAD
Average target price
2,088
MAD
Spread / Average Target
-8.24%
EPS Revisions
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +29.26% | 2.66B | |
| -14.40% | 143B | |
| -6.66% | 117B | |
| -0.55% | 71.07B | |
| +6.69% | 50.97B | |
| +13.30% | 48.38B | |
| +34.12% | 39.93B | |
| +22.92% | 26.1B | |
| +32.58% | 21.36B | |
| +58.44% | 18.57B |
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