Financials TotalEnergies Marketing Maroc 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
1,375 ^MAD	0.00%		+1.85%	+18.53%

2023	TotalEnergies Marketing Maroc S.A. Reports Earnings Results for the Half Year Ended June 30, 2023	CI
2023	TotalEnergies Marketing Maroc S.A. Reports Earnings Results for the Full Year Ended December 31, 2022	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	8,243	10,456	10,752	15,411	11,630	12,320	12,320	-
Enterprise Value (EV) ¹	7,505	9,641	9,961	14,665	12,108	12,979	13,360	12,320
P/E ratio	10.6 x	17.4 x	24 x	16.5 x	24 x	-	29.7 x	24.9 x
Yield	6.09%	4.8%	4.2%	3.26%	4.31%	1.45%	3.93%	4.07%
Capitalization / Revenue	0.66 x	0.85 x	1.22 x	1.2 x	0.59 x	0.73 x	0.69 x	0.66 x
EV / Revenue	0.6 x	0.78 x	1.13 x	1.14 x	0.61 x	0.77 x	0.75 x	0.66 x
EV / EBITDA	6.45 x	8.39 x	9.41 x	8.96 x	11.2 x	15.7 x	15 x	-
EV / FCF	11.1 x	25 x	10.7 x	36.4 x	-17 x	38.3 x	96.8 x	-
FCF Yield	9.02%	4%	9.35%	2.75%	-5.87%	2.61%	1.03%	-
Price to Book	3.65 x	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	8,960	8,960	8,960	8,960	8,960	8,960	8,960	-
Reference price ²	920.0	1,167	1,200	1,720	1,298	1,375	1,375	1,375
Announcement Date	3/28/19	5/1/20	4/30/21	4/30/22	3/27/23	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	12,480	12,310	8,824	12,870	19,719	16,840	17,839	18,546
EBITDA ¹	1,164	1,149	1,058	1,637	1,083	829	890	-
EBIT ¹	945.8	846.8	762.9	1,311	730.2	460	536	-
Operating Margin	7.58%	6.88%	8.65%	10.18%	3.7%	2.73%	3%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	781.8	599.9	451.2	934.9	488.1	147	415	495
Net margin	6.26%	4.87%	5.11%	7.26%	2.48%	0.87%	2.33%	2.67%
EPS	87.00	67.00	50.00	104.0	54.00	-	46.30	55.20
Free Cash Flow ¹	677.1	385.4	931.7	402.8	-710.7	339	138	-
FCF margin	5.43%	3.13%	10.56%	3.13%	-3.6%	2.01%	0.77%	-
FCF Conversion (EBITDA)	58.19%	33.54%	88.05%	24.6%	-	40.89%	15.51%	-
FCF Conversion (Net income)	86.61%	64.24%	206.48%	43.08%	-	230.61%	33.25%	-
Dividend per Share ²	56.00	56.00	50.39	56.00	56.00	20.00	54.00	56.00
Announcement Date	3/28/19	5/1/20	4/30/21	4/30/22	3/27/23	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	478	659	1,040	-
Net Cash position ¹	738	816	791	747	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	0.4411 x	0.7949 x	1.169 x	-
Free Cash Flow ¹	677	385	932	403	-711	339	138	-
ROE (net income / shareholders' equity)	36.9%	26%	19.4%	36.8%	17.6%	5.7%	17.7%	21.7%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	252.0	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	211	701	456	434	350	320	303	-
Capex / Sales	1.69%	5.69%	5.17%	3.37%	1.77%	1.9%	1.7%	-
Announcement Date	3/28/19	5/1/20	4/30/21	4/30/22	3/27/23	-	-	-

¹MAD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1,375 MAD

Average target price

1,063 MAD

Spread / Average Target

-22.69%

	1st Jan change	Capi.
TOTALENERGIES MARKETING MAROC S.A.	+18.53%	1.21B
RELIANCE INDUSTRIES LTD	+12.39%	221B
BP PLC	+12.58%	107B
CHINA PETROLEUM & CHEMICAL CORPORATION	+17.36%	103B
MARATHON PETROLEUM CORPORATION	+33.72%	71.49B
PHILLIPS 66	+13.72%	64.2B
VALERO ENERGY CORPORATION	+27.54%	54.22B
IMPERIAL OIL LIMITED	+27.93%	37.79B
INDIAN OIL CORPORATION LIMITED	+32.11%	28.33B
FORMOSA PETROCHEMICAL CORPORATION	-11.77%	20.79B