Financials Sonatel SA

Equities

End-of-day quote BRVM - Abidjan Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
19,200 ^XOF	+1.05%		+1.05%	+6.79%

22/02	Sonatel SA Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Troops deployed as Dakar braces for more unrest	RE

Fiscal Period: December	2018	2019	2021	2022	2023	2024	2025
Capitalization ¹	16,00,000	16,99,500	13,97,500	15,20,000	19,20,000	19,20,000	-
Enterprise Value (EV) ¹	16,96,603	16,99,500	13,97,500	16,86,203	17,79,925	20,47,273	19,20,000
P/E ratio	9.28 x	-	6.62 x	6.44 x	6.44 x	6.3 x	5.72 x
Yield	10.4%	8.01%	-	9.87%	9.73%	11.1%	12.2%
Capitalization / Revenue	1.57 x	1.56 x	-	1.04 x	1.11 x	1.08 x	1.02 x
EV / Revenue	1.66 x	1.56 x	-	1.16 x	1.1 x	1.16 x	1.02 x
EV / EBITDA	3.61 x	3.53 x	-	2.62 x	1.89 x	2.65 x	-
EV / FCF	6.32 x	8.69 x	-	8.38 x	5.01 x	12.2 x	-
FCF Yield	15.8%	11.5%	-	11.9%	19.9%	8.21%	-
Price to Book	2.55 x	-	-	-	2.03 x	-	-
Nbr of stocks (in thousands)	1,00,000	1,00,000	1,00,000	1,00,000	1,00,000	1,00,000	-
Reference price ²	16,000	16,995	13,975	15,200	19,200	19,200	19,200
Announcement Date	25/02/19	04/03/20	01/03/22	24/02/23	22/02/24	-	-

¹XOF in Million²XOF

Estimates

Fiscal Period: December	2018	2019	2021	2022	2023	2024	2025
Net sales ¹	10,21,956	10,86,756	-	14,55,049	16,20,701	17,70,247	18,73,700
EBITDA ¹	4,70,137	4,81,090	-	6,43,457	9,41,359	7,71,128	-
EBIT ¹	3,12,286	3,16,748	-	4,35,979	7,28,149	5,43,478	-
Operating Margin	30.56%	29.15%	-	29.96%	44.93%	30.7%	-
Earnings before Tax (EBT)	2,95,390	2,94,699	-	4,22,273	-	-	-
Net income ¹	1,72,467	1,67,970	2,11,054	2,35,974	2,79,448	-	-
Net margin	16.88%	15.46%	-	16.22%	17.24%	-	-
EPS ²	1,725	-	2,110	2,359	2,794	3,048	3,355
Free Cash Flow ¹	2,68,300	1,95,522	-	2,01,147	3,54,951	1,68,084	-
FCF margin	26.25%	17.99%	-	13.82%	21.9%	9.49%	-
FCF Conversion (EBITDA)	57.07%	40.64%	-	31.26%	37.71%	21.8%	-
FCF Conversion (Net income)	155.57%	116.4%	-	85.24%	127.02%	-	-
Dividend per Share ²	1,667	1,361	-	1,500	1,750	2,134	2,349
Announcement Date	25/02/19	04/03/20	01/03/22	24/02/23	22/02/24	-	-

¹XOF in Million²XOF

Estimates

Fiscal Period: December	2018	2019	2021	2022	2023	2024	2025
Net Debt ¹	96,603	-	-	1,66,203	1,31,179	1,27,273	-
Net Cash position ¹	-	-	-	-	18,075	-	-
Leverage (Debt/EBITDA)	0.2055 x	-	-	0.2583 x	0.1888 x	0.165 x	-
Free Cash Flow ¹	2,68,300	1,95,522	-	2,01,147	3,54,951	1,68,084	-
ROE (net income / shareholders' equity)	27.5%	27%	-	33.3%	34.4%	32.4%	-
ROA (Net income/ Total Assets)	10.2%	-	-	-	-	-	-
Assets ¹	16,84,511	-	-	-	-	-	-
Book Value Per Share ²	6,266	-	-	-	9,480	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	1,94,200	2,61,128	-	2,62,989	2,88,126	3,11,907	-
Capex / Sales	19%	24.03%	-	18.07%	17.78%	17.62%	-
Announcement Date	25/02/19	04/03/20	01/03/22	24/02/23	22/02/24	-	-

¹XOF in Million²XOF

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

19,200 XOF

Average target price

20,210 XOF

Spread / Average Target

+5.26%

	1st Jan change	Capi.
SONATEL SA	+6.79%	3.13B
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NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-1.10%	90.97B
CHINA TELECOM CORPORATION LIMITED	+13.90%	72B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+5.15%	59.29B
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EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-16.80%	39.35B
CHARTER COMMUNICATIONS, INC.	-32.59%	37.4B