Announcement • May 07
Retail Holding S.A. agreed to acquire remaining 49.75% stake in Label Vie S.A. (CBSE:LBV) for MAD 6.2 billion. Retail Holding S.A. agreed to acquire remaining 49.75% stake in Label Vie S.A. (CBSE:LBV) for MAD 6.2 billion on May 4, 2026. The consideration consists of common equity of Retail Holding S.A. to be issued for common equity of Label Vie S.A. Upon completion, Retail Holding S.A. will own 100% stake in Label Vie S.A. On
this basis, LabelVie S.A. and Retail Holding S.A. have agreed on an exchange ratio of 8 Retail Holding S.A. shares for 11 LabelVie S.A. shares
The transaction is subject to approval of offer by acquirer shareholders, Moroccan capital market authority and approval of offer by target shareholders. Board of Retail Holding S.A. and Label Vie S.A. approved the acquisition. The transaction is expected to be completed in beginning of August 2026. Announcement • May 02
Label Vie S.A., Annual General Meeting, Jun 01, 2026 Label Vie S.A., Annual General Meeting, Jun 01, 2026. Board Change • Feb 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 3 highly experienced directors. 4 independent directors (8 non-independent directors). Chairman of the Board of Directors Rachid Hadni was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 3 highly experienced directors. 4 independent directors (8 non-independent directors). Chairman of the Board of Directors Rachid Hadni was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 25
Label Vie S.A., Annual General Meeting, Dec 23, 2025 Label Vie S.A., Annual General Meeting, Dec 23, 2025. Upcoming Dividend • Jul 14
Upcoming dividend of د.م111 per share Eligible shareholders must have bought the stock before 21 July 2025. Payment date: 31 July 2025. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Moroccan dividend payers (4.1%). In line with average of industry peers (2.5%). Announcement • Jul 08
Label Vie S.A. announces Annual dividend, payable on July 31, 2025 Label Vie S.A. announced Annual dividend of MAD 110.5700 per share payable on July 31, 2025, ex-date on July 21, 2025 and record date on July 18, 2025. Reported Earnings • Mar 05
Full year 2024 earnings released Full year 2024 results: Revenue: د.م16.7b (up 5.6% from FY 2023). Net income: د.م541.7m (up 6.7% from FY 2023). Profit margin: 3.2% (in line with FY 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Consumer Retailing industry in Africa. Price Target Changed • Mar 04
Price target increased by 9.2% to د.م5,409 Up from د.م4,952, the current price target is an average from 3 analysts. New target price is 35% above last closing price of د.م4,020. Stock is down 7.6% over the past year. Board Change • Feb 24
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 2 highly experienced directors. 2 independent directors (9 non-independent directors). Chairman of the Board of Directors Rachid Hadni was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Oct 08
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: 2.2% 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: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.4% net profit margin). Reported Earnings • Sep 27
First half 2024 earnings released First half 2024 results: Revenue: د.م7.78b (up 3.3% from 1H 2023). Net income: د.م259.0m (up 17% from 1H 2023). Profit margin: 3.3% (up from 2.9% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Consumer Retailing industry in Africa. New Risk • Jul 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Moroccan stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Profit margins are more than 30% lower than last year (3.2% net profit margin). Announcement • May 05
Label Vie S.A., Annual General Meeting, Jun 03, 2024 Label Vie S.A., Annual General Meeting, Jun 03, 2024. Major Estimate Revision • Mar 07
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from د.م18.4b to د.م17.8b. EPS estimate also fell from د.م254 per share to د.م205 per share. Net income forecast to grow 17% next year vs 21% growth forecast for Consumer Retailing industry in Morocco. Consensus price target broadly unchanged at د.م5,168. Share price was steady at د.م4,276 over the past week. Reported Earnings • Mar 03
Full year 2023 earnings released Full year 2023 results: Revenue: د.م16.0b (up 15% from FY 2022). Net income: د.م507.7m (down 32% from FY 2022). Profit margin: 3.2% (down from 5.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Consumer Retailing industry in Africa. New Risk • Oct 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% 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 Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Price Target Changed • Oct 05
Price target increased by 9.5% to د.م4,734 Up from د.م4,323, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of د.م4,600. Stock is down 1.7% over the past year. The company is forecast to post earnings per share of د.م231 for next year compared to د.م263 last year. Upcoming Dividend • Jun 26
Upcoming dividend of د.م86.38 per share at 1.9% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 12 July 2023. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Moroccan dividend payers (4.6%). Lower than average of industry peers (2.5%). Price Target Changed • Jun 08
Price target decreased by 15% to د.م4,460 Down from د.م5,235, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of د.م4,412. Stock is down 6.7% over the past year. The company is forecast to post earnings per share of د.م214 for next year compared to د.م263 last year. Upcoming Dividend • Dec 14
Upcoming dividend of د.م69.10 per share Eligible shareholders must have bought the stock before 21 December 2022. Payment date: 30 December 2022. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Moroccan dividend payers (4.7%). Lower than average of industry peers (2.5%). Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. 1 independent director (11 non-independent directors). Chairman of the Board of Directors Rachid Hadni was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Oct 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from د.م11.4b to د.م13.2b. EPS estimate unchanged from د.م171 at last update. Consumer Retailing industry in Morocco expected to see average net income growth of 21% next year. Consensus price target up from د.م5,231 to د.م5,339. Share price was steady at د.م4,705 over the past week. Upcoming Dividend • Jul 05
Upcoming dividend of د.م70.40 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 20 July 2022. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Moroccan dividend payers (4.4%). Lower than average of industry peers (2.5%). Price Target Changed • May 31
Price target increased to د.م5,314 Up from د.م4,816, the current price target is an average from 3 analysts. New target price is 13% above last closing price of د.م4,700. Stock is up 27% over the past year. The company is forecast to post earnings per share of د.م161 for next year compared to د.م143 last year. Price Target Changed • Jan 31
Price target increased to د.م4,570 Up from د.م4,266, the current price target is an average from 3 analysts. New target price is 13% below last closing price of د.م5,250. Stock is up 64% over the past year. The company is forecast to post earnings per share of د.م135 for next year compared to د.م119 last year. Price Target Changed • Dec 02
Price target increased to د.م4,555 Up from د.م4,037, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of د.م4,709. Stock is up 54% over the past year. The company is forecast to post earnings per share of د.م134 for next year compared to د.م119 last year. Major Estimate Revision • Feb 25
Analysts update estimates The 2021 consensus revenue estimate was lowered from د.م12.3b to د.م11.9b. Earnings per share (EPS) increased from د.م141 to د.م177 for the same period. Net income is expected to grow by 6.4% next year compared to 20% growth forecast for the Consumer Retailing industry in Morocco. The consensus price target increased from د.م3,615 to د.م3,695. Share price stayed mostly flat at د.م3,220 over the past week. Is New 90 Day High Low • Dec 01
New 90-day high: د.م3,150 The company is up 4.0% from its price of د.م3,035 on 01 September 2020. The Moroccan market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م1,390 per share. Is New 90 Day High Low • Oct 22
New 90-day high: د.م3,084 The company is up 4.0% from its price of د.م2,970 on 24 July 2020. The Moroccan market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Retailing 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.م1,419 per share.