Upcoming Dividend • Jun 05
Upcoming dividend of د.م96.00 per share Eligible shareholders must have bought the stock before 12 June 2026. Payment date: 24 June 2026. The company is paying out more than 100% of its profits and is paying out 98% of its cash flow. Trailing yield: 5.2%. Within top quartile of Moroccan dividend payers (4.6%). Higher than average of industry peers (3.7%). New Risk • May 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 98% Dividend yield: 5.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 06
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: د.م92.90 (up from د.م78.29 in FY 2024). Revenue: د.م8.94b (up 9.6% from FY 2024). Net income: د.م2.17b (up 19% from FY 2024). Profit margin: 24% (up from 22% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.1%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Basic Materials industry in Africa. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 06
Price target increased by 25% to د.م2,330 Up from د.م1,864, the current price target is provided by 1 analyst. New target price is 25% above last closing price of د.م1,859. Stock is down 4.0% over the past year. The company is forecast to post earnings per share of د.م87.55 for next year compared to د.م78.29 last year. Declared Dividend • Apr 23
Dividend increased to د.م96.00 Dividend of د.م96.00 is 37% higher than last year. Ex-date: 15th June 2026 Payment date: 24th June 2026 Dividend yield will be 5.1%, which is higher than the industry average of 2.5%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (47% net debt to equity). Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to د.م1,500, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Basic Materials industry in Africa. Total returns to shareholders of 21% over the past three years. New Risk • Oct 05
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 47% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Jun 06
Upcoming dividend of د.م70.00 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 24 June 2025. Payout ratio is on the higher end at 89%, however this is supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Moroccan dividend payers (4.1%). Lower than average of industry peers (4.1%). Reported Earnings • May 06
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: د.م78.30 (up from د.م66.37 in FY 2023). Revenue: د.م8.15b (flat on FY 2023). Net income: د.م1.83b (up 18% from FY 2023). Profit margin: 22% (up from 19% in FY 2023). Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 7.6%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Basic Materials industry in Africa. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has increased by 1% per year. Declared Dividend • Apr 28
Dividend increased to د.م70.00 Dividend of د.م70.00 is 6.1% higher than last year. Ex-date: 13th June 2025 Payment date: 24th June 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.5%. Sustainability & Growth The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 16% to bring the payout ratio under control. EPS is expected to grow by 44% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Annonce • Apr 21
LafargeHolcim Maroc S.A., Annual General Meeting, May 21, 2025 LafargeHolcim Maroc S.A., Annual General Meeting, May 21, 2025. New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Oct 15
Price target increased by 11% to د.م1,795 Up from د.م1,624, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of د.م1,800. Stock is down 3.5% over the past year. The company is forecast to post earnings per share of د.م78.05 for next year compared to د.م66.37 last year. New Risk • Oct 15
New major risk - Revenue and earnings growth Earnings have declined by 1.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 104% Cash payout ratio: 371% Earnings have declined by 1.2% per year over the past 5 years. Price Target Changed • Jul 12
Price target increased by 15% to د.م1,624 Up from د.م1,418, the current price target is provided by 1 analyst. New target price is 15% below last closing price of د.م1,900. Stock is up 9.8% over the past year. The company is forecast to post earnings per share of د.م78.55 for next year compared to د.م66.37 last year. Annonce • May 05
LafargeHolcim Maroc S.A., Annual General Meeting, May 23, 2024 LafargeHolcim Maroc S.A., Annual General Meeting, May 23, 2024. Agenda: To consider Approval of accounts; and to consider Allocation of results. New Risk • Apr 26
New major risk - Revenue and earnings growth Earnings have declined by 0.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.3% per year over the past 5 years. Minor Risks High level of debt (43% net debt to equity). Dividend is not well covered by earnings (106% payout ratio). Reported Earnings • Apr 25
Full year 2023 earnings released: EPS: د.م66.40 (vs د.م59.68 in FY 2022) Full year 2023 results: EPS: د.م66.40 (up from د.م59.68 in FY 2022). Revenue: د.م8.21b (up 2.8% from FY 2022). Net income: د.م1.55b (up 11% from FY 2022). Profit margin: 19% (up from 17% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Basic Materials industry in Africa. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (46% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Jul 11
Price target decreased by 10% to د.م1,385 Down from د.م1,544, the current price target is an average from 3 analysts. New target price is 23% below last closing price of د.م1,795. Stock is up 9.5% over the past year. The company is forecast to post earnings per share of د.م71.65 for next year compared to د.م59.68 last year. Upcoming Dividend • Jul 09
Upcoming dividend of د.م66.00 per share at 3.7% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 27 July 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.7%. Lower than top quartile of Moroccan dividend payers (4.4%). Lower than average of industry peers (4.9%). Major Estimate Revision • May 10
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from د.م9.64b to د.م7.76b. EPS estimate fell from د.م101 to د.م62.60 per share. Net income forecast to grow 7.5% next year vs 31% growth forecast for Basic Materials industry in Morocco. Consensus price target down from د.م1,481 to د.م1,437. Share price fell 2.5% to د.م1,481 over the past week. Price Target Changed • Feb 24
Price target decreased by 7.7% to د.م1,638 Down from د.م1,774, the current price target is provided by 1 analyst. New target price is 17% above last closing price of د.م1,400. Stock is down 32% over the past year. The company is forecast to post earnings per share of د.م95.90 for next year compared to د.م86.21 last year. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 18% share price gain to د.م1,415, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Basic Materials industry in Africa. Total loss to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.م824 per share. Upcoming Dividend • May 25
Upcoming dividend of د.م66.00 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 10 June 2022. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Moroccan dividend payers (4.3%). Lower than average of industry peers (5.7%). Price Target Changed • Feb 15
Price target increased to د.م1,886 Up from د.م1,756, the current price target is an average from 3 analysts. New target price is 16% below last closing price of د.م2,255. Stock is up 38% over the past year. The company is forecast to post earnings per share of د.م82.35 for next year compared to د.م63.99 last year. Reported Earnings • Oct 01
First half 2021 earnings released: EPS د.م44.54 (vs د.م18.48 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: د.م4.00b (up 26% from 1H 2020). Net income: د.م1.04b (up 141% from 1H 2020). Profit margin: 26% (up from 14% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Price Target Changed • Apr 09
Price target increased to د.م1,733 Up from د.م1,597, the current price target is an average from 2 analysts. New target price is 5.4% above last closing price of د.م1,644. Stock is up 38% over the past year. Is New 90 Day High Low • Jan 27
New 90-day high: د.م1,680 The company is up 14% from its price of د.م1,470 on 28 October 2020. The Moroccan market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 46% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م801 per share. Is New 90 Day High Low • Dec 10
New 90-day high: د.م1,580 The company is up 15% from its price of د.م1,376 on 09 September 2020. The Moroccan market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م672 per share. Is New 90 Day High Low • Nov 11
New 90-day high: د.م1,485 The company is up 5.0% from its price of د.م1,414 on 13 August 2020. The Moroccan market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م650 per share. Is New 90 Day High Low • Oct 15
New 90-day high: د.م1,430 The company is up 2.0% from its price of د.م1,408 on 16 July 2020. The Moroccan market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م468 per share. Reported Earnings • Oct 03
First half earnings released Over the last 12 months the company has reported total profits of د.م1.17b, down 30% from the prior year. Total revenue was د.م7.14b over the last 12 months, down 9.5% from the prior year. Is New 90 Day High Low • Sep 28
New 90-day low: د.م1,331 The company is down 1.0% from its price of د.م1,350 on 30 June 2020. The Moroccan market is also down 1.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Basic Materials industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م422 per share.