Financials Afriquia Gaz SA

Equities

End-of-day quote Casablanca S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
4,100 ^MAD	-0.97%		0.00%	+2.50%

15/02	Afriquia Gaz SA Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Predator Oil & Gas Signs MoU with Afriquia Gaz for Potential Gas Sales Agreement	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,066	12,684	18,219	15,984	13,750	14,094	-	-
Enterprise Value (EV) ¹	12,832	13,388	18,371	15,984	14,098	14,763	14,773	14,094
P/E ratio	19.5 x	23.5 x	36.1 x	-	28.6 x	28.9 x	27.7 x	26.6 x
Yield	3.29%	3.39%	-	-	3.5%	3.41%	3.41%	3.54%
Capitalization / Revenue	2.06 x	2.22 x	2.55 x	1.68 x	1.67 x	1.61 x	1.55 x	1.5 x
EV / Revenue	2.02 x	2.34 x	2.58 x	1.68 x	1.71 x	1.69 x	1.62 x	1.5 x
EV / EBITDA	10 x	16.2 x	14.8 x	-	11.8 x	11.8 x	11.2 x	-
EV / FCF	8.87 x	-	-	-	-	92.3 x	31.4 x	-
FCF Yield	11.3%	-	-	-	-	1.08%	3.19%	-
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	3,438	3,438	3,438	3,438	3,438	3,438	-	-
Reference price ²	3,801	3,690	5,300	4,650	4,000	4,100	4,100	4,100
Announcement Date	11/02/20	18/02/21	05/04/22	07/04/23	15/02/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,348	5,716	7,132	9,510	8,257	8,751	9,106	9,399
EBITDA ¹	1,283	827.3	1,239	-	1,190	1,254	1,314	-
EBIT ¹	847.1	493.3	681.4	881.9	815	873	922	-
Operating Margin	13.35%	8.63%	9.55%	9.27%	9.87%	9.98%	10.13%	-
Earnings before Tax (EBT)	945.2	475.7	-	-	-	-	-	-
Net income ¹	669.2	362.2	-	504.5	481.5	488	508	529
Net margin	10.54%	6.34%	-	5.31%	5.83%	5.58%	5.58%	5.63%
EPS ²	194.7	157.2	147.0	-	140.0	142.0	148.0	154.0
Free Cash Flow ¹	1,447	-	-	-	-	160	471	-
FCF margin	22.8%	-	-	-	-	1.83%	5.17%	-
FCF Conversion (EBITDA)	112.76%	-	-	-	-	12.76%	35.84%	-
FCF Conversion (Net income)	216.25%	-	-	-	-	32.79%	92.72%	-
Dividend per Share ²	125.0	125.0	-	-	140.0	140.0	140.0	145.0
Announcement Date	11/02/20	18/02/21	05/04/22	07/04/23	15/02/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	703	152	-	348	669	679	-
Net Cash position ¹	233	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.8501 x	0.1231 x	-	0.292 x	0.5335 x	0.5167 x	-
Free Cash Flow ¹	1,447	-	-	-	-	160	471	-
ROE (net income / shareholders' equity)	24.9%	12.5%	11.5%	17%	16.2%	16.4%	17%	17.5%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	531	-	-	-	-	350	364	-
Capex / Sales	8.36%	-	-	-	-	4%	4%	-
Announcement Date	11/02/20	18/02/21	05/04/22	07/04/23	15/02/24	-	-	-

¹MAD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C-

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,100 MAD

Average target price

4,021 MAD

Spread / Average Target

-1.93%

	1st Jan change	Capi.
AFRIQUIA GAZ SA	+2.50%	1.39B
THE HONG KONG AND CHINA GAS CO LTD	0.00%	14.25B
ENN ENERGY HOLDINGS LIMITED	+16.26%	9.6B
KUNLUN ENERGY COMPANY LIMITED	+7.95%	8.41B
ENN NATURAL GAS CO.,LTD.	+5.35%	7.53B
CHINA RESOURCES GAS GROUP LIMITED	-3.52%	7.3B
GRUPO ENERGÍA BOGOTÁ S.A. E.S.P.	+28.95%	5.72B
NEW FORTRESS ENERGY INC.	-28.15%	5.56B
SOUTHWEST GAS HOLDINGS, INC.	+18.39%	5.37B
UGI CORPORATION	+3.17%	5.32B