Board Change • May 21
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 공시 • May 12
Bernabe Cote D'ivoire SA, Annual General Meeting, Jun 20, 2024 Bernabe Cote D'ivoire SA, Annual General Meeting, Jun 20, 2024. Location: cgeci, abidjan France Reported Earnings • May 10
Full year 2023 earnings released Full year 2023 results: Revenue: XOF48.3b (down 8.6% from FY 2022). Net income: XOF36.0m (down 98% from FY 2022). Profit margin: 0.1% (down from 3.4% in FY 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to XOF1,070, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 8x in the Trade Distributors industry in Africa. Total returns to shareholders of 18% over the past three years. New Risk • Feb 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (22% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (XOF7.32b market cap, or US$12.0m). Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to XOF1,105, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 8x in the Trade Distributors industry in Africa. Total returns to shareholders of 94% over the past three years. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to XOF1,375, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 10x in the Trade Distributors industry in Africa. Total returns to shareholders of 132% over the past three years. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to XOF1,565, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 7x in the Trade Distributors industry in Africa. Total returns to shareholders of 169% over the past three years. New Risk • Oct 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Ivorian stocks, typically moving 7.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (7.2% average weekly change). High level of non-cash earnings (22% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (XOF13.0b market cap, or US$21.1m). Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to XOF1,750, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 7x in the Trade Distributors industry in Africa. Total returns to shareholders of 189% over the past three years. New Risk • Aug 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (XOF13.8b market cap, or US$23.2m). Reported Earnings • Aug 03
Full year 2022 earnings released Full year 2022 results: Revenue: XOF53.2b (up 16% from FY 2021). Net income: XOF1.81b (up 13% from FY 2021). Profit margin: 3.4% (down from 3.5% in FY 2021). The decrease in margin was driven by higher expenses. New Risk • Jul 24
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 8.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (55% net debt to equity). Latest financial reports are more than 6 months old (reported June 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (XOF13.9b market cap, or US$23.5m). Board Change • Nov 18
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Sep 28
First half 2022 earnings released: EPS: XOF0 (vs XOF0 in 1H 2021) First half 2022 results: EPS: XOF0 (in line with 1H 2021). Revenue: XOF25.5b (up 10% from 1H 2021). Net income: XOF1.23b (up 32% from 1H 2021). Profit margin: 4.8% (up from 4.0% in 1H 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 19% share price gain to XOF2,495, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 10x in the Trade Distributors industry in Africa. Total returns to shareholders of 41% over the past three years. Reported Earnings • May 06
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: XOF46.3b (up 12% from FY 2020). Net income: XOF1.60b (up 154% from FY 2020). Profit margin: 3.4% (up from 1.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.5%. Buying Opportunity • May 04
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be XOF2,618, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Buying Opportunity • Feb 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.5%. The fair value is estimated to be XOF2,757, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 16% share price gain to XOF2,150, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 15x in the Trade Distributors industry in Africa. Total loss to shareholders of 6.1% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 18% share price gain to XOF1,955, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 8x in the Trade Distributors industry in Africa. Total loss to shareholders of 8.8% over the past three years. Is New 90 Day High Low • Feb 20
New 90-day low: XOF570 The company is down 12% from its price of XOF650 on 19 November 2020. The Ivorian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 31% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: XOF650 The company is up 3.0% from its price of XOF630 on 19 August 2020. The Ivorian market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Trade Distributors industry, which is up 8.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: XOF560 The company is down 20% from its price of XOF700 on 22 June 2020. The Ivorian market is down 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is down 7.0% over the same period.