Reported Earnings • May 06
Full year 2025 earnings released Full year 2025 results: Revenue: د.م4.41b (up 49% from FY 2024). Net income: د.م443.7m (up 41% from FY 2024). Profit margin: 10% (in line with FY 2024). Revenue is forecast to grow 38% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Global Healthcare industry. New Risk • Apr 17
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: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). High level of non-cash earnings (66% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). 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.م980, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 11x in the Healthcare industry in Africa. Total returns to shareholders of 245% over the past three years. 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. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Mohammed Benhalima was the last independent 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. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Mohammed Benhalima was the last independent 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 • Dec 25
Akdital S.A (CBSE:AKT) signed a memorandum of understanding to acquire Taoufik Hospitals Group for $90 million. Akdital S.A (CBSE:AKT) signed a memorandum of understanding to acquire Taoufik Hospitals Group for $90 million on December 23, 2025. A cash consideration of $90 million will be paid by Akdital S.A. As part of consideration, $90 million is paid towards common equity of Taoufik Hospitals Group.
For the period ending December 31, 2024, Taoufik Hospitals Group reported total revenue of $45 million.
The completion of the transaction remains subject to customary regulatory approvals. Upcoming Dividend • Jul 14
Upcoming dividend of د.م10.00 per share Eligible shareholders must have bought the stock before 21 July 2025. Payment date: 31 July 2025. Trailing yield: 0.7%. Lower than top quartile of Moroccan dividend payers (4.1%). Lower than average of industry peers (2.6%). Declared Dividend • May 23
Dividend increased to د.م10.00 Dividend of د.م10.00 is 67% higher than last year. Ex-date: 21st July 2025 Payment date: 31st July 2025 Dividend yield will be 0.7%, which is lower than the industry average of 1.7%. Sustainability & Growth Announcement • May 21
Akdital S.A, Annual General Meeting, Jun 18, 2025 Akdital S.A, Annual General Meeting, Jun 18, 2025. Price Target Changed • Apr 11
Price target increased by 18% to د.م1,493 Up from د.م1,267, the current price target is an average from 2 analysts. New target price is 17% above last closing price of د.م1,280. Stock is up 73% over the past year. Major Estimate Revision • Apr 11
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from د.م4.59b to د.م4.66b. EPS estimate increased from د.م32.07 to د.م35.37 per share. Net income forecast to grow 79% next year vs 39% growth forecast for Healthcare industry in Morocco. Consensus price target up from د.م1,267 to د.م1,493. Share price rose 2.4% to د.م1,280 over the past week. New Risk • Mar 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 12% 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 (12% operating cash flow to total debt). High level of non-cash earnings (91% accrual ratio). Reported Earnings • Mar 26
Full year 2024 earnings released Full year 2024 results: Revenue: د.م2.95b (up 55% from FY 2023). Net income: د.م314.6m (up 80% from FY 2023). Profit margin: 11% (up from 9.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Healthcare industry in Africa. Price Target Changed • Mar 21
Price target increased by 12% to د.م1,267 Up from د.م1,127, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of د.م1,256. Stock is up 85% over the past year. Board Change • Feb 24
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Mohammed Benhalima was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 25
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Mohammed Benhalima was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 03
First half 2024 earnings released First half 2024 results: Revenue: د.م1.25b (up 51% from 1H 2023). Net income: د.م112.9m (up 69% from 1H 2023). Profit margin: 9.0% (up from 8.1% in 1H 2023). Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Healthcare industry in Africa. New Risk • Jul 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (49% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (12% increase in shares outstanding). Upcoming Dividend • Jul 12
Upcoming dividend of د.م6.00 per share Eligible shareholders must have bought the stock before 19 July 2024. Payment date: 31 July 2024. Trailing yield: 0.4%. Lower than top quartile of Moroccan dividend payers (4.4%). Lower than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to د.م800, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 11x in the Healthcare industry in Africa. Total returns to shareholders of 115% over the past year. New Risk • Apr 12
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 (49% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Buy Or Sell Opportunity • Feb 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to د.م683. The fair value is estimated to be د.م558, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 26% per annum over the same time period. Buying Opportunity • Dec 22
Now 20% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be د.م621, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 115% in 2 years. Earnings is forecast to grow by 138% in the next 2 years. Buying Opportunity • Nov 07
Now 20% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be د.م621, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 115% in 2 years. Earnings is forecast to grow by 138% in the next 2 years. New Risk • Oct 01
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 61% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to د.م472, the stock trades at a trailing P/E ratio of 68.2x. Average forward P/E is 19x in the Healthcare industry in Africa. New Risk • Sep 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 Risk High level of non-cash earnings (37% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end).