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AFM

AFMACBSE:AFM Stock Report

Market Cap

د.م1.3b

7D

6.0%

1Y

28.4%

Updated

17 Oct, 2021

Data

Company Financials
AFM fundamental analysis
Snowflake Score
Valuation0/6
Future Growth0/6
Past Performance1/6
Financial Health3/6
Dividends1/6

AFM Overview

AFMA S.A. provides insurance brokerage services for private and corporate clients in Morocco and internationally.

Price History & Performance

Summary of all time highs, changes and price drops for AFMA
Historical stock prices
Current Share Priceد.م1,335.00
52 Week Highد.م1,001.00
52 Week Lowد.م1,335.00
Beta0.14
1 Month Change9.43%
3 Month Change8.98%
1 Year Change28.37%
3 Year Change33.77%
5 Year Change84.14%
Change since IPO76.59%

Recent News & Updates

Shareholder Returns

AFMMA InsuranceMA Market
7D6.0%2.4%1.0%
1Y28.4%26.8%26.4%

Return vs Industry: AFM exceeded the MA Insurance industry which returned 26.8% over the past year.

Return vs Market: AFM exceeded the MA Market which returned 26.4% over the past year.

Price Volatility

Is AFM's price volatile compared to industry and market?
AFM volatility
AFM Beta0.14
Industry Beta0.81
Market Beta1

Stable Share Price: AFM is less volatile than 75% of MA stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: AFM's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1953263Farid Bensaïdhttps://www.afma.ma

AFMA S.A. provides insurance brokerage services for private and corporate clients in Morocco and internationally. The company offers insurance products for businesses, such as civil liabilities, business interruption, automobile, transport, damage, and credit insurance, as well as insurance related to construction; and personal and cyber risk insurance products. It also provides individual insurance solutions comprising car, multi-risk home, death, retirement capitalization, individual accident, and health insurance products.

AFMA Fundamentals Summary

How do AFMA's earnings and revenue compare to its market cap?
AFM fundamental statistics
Market Capد.م1.34b
Earnings (TTM)د.م44.98m
Revenue (TTM)د.م206.57m

29.7x

P/E Ratio

6.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
AFM income statement (TTM)
Revenueد.م206.57m
Cost of Revenueد.م104.33m
Gross Profitد.م102.25m
Expensesد.م57.26m
Earningsد.م44.98m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)44.98
Gross Margin49.50%
Net Profit Margin21.78%
Debt/Equity Ratio316.5%

How did AFM perform over the long term?

See historical performance and comparison

Dividends

3.5%

Current Dividend Yield

104%

Payout Ratio

Valuation

Is AFMA undervalued compared to its fair value and its price relative to the market?

29.68x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: AFM (MAD1335) is trading above our estimate of fair value (MAD797.21)

Significantly Below Fair Value: AFM is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: AFM is poor value based on its PE Ratio (29.7x) compared to the MA Insurance industry average (16.8x).

PE vs Market: AFM is poor value based on its PE Ratio (29.7x) compared to the MA market (26.8x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate AFM's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: AFM is overvalued based on its PB Ratio (80.5x) compared to the MA Insurance industry average (3.6x).


Future Growth

How is AFMA forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

27.1%

Forecasted Insurance industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as AFMA has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Past Performance

How has AFMA performed over the past 5 years?

-6.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AFM has high quality earnings.

Growing Profit Margin: AFM's current net profit margins (21.8%) are lower than last year (23.5%).


Past Earnings Growth Analysis

Earnings Trend: AFM's earnings have declined by 6.4% per year over the past 5 years.

Accelerating Growth: AFM's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: AFM had negative earnings growth (-2.6%) over the past year, making it difficult to compare to the Insurance industry average (26.8%).


Return on Equity

High ROE: Whilst AFM's Return on Equity (258.94%) is outstanding, this metric is skewed due to their high level of debt.


Financial Health

How is AFMA's financial position?


Financial Position Analysis

Short Term Liabilities: AFM's short term assets (MAD908.7M) do not cover its short term liabilities (MAD948.8M).

Long Term Liabilities: AFM's short term assets (MAD908.7M) exceed its long term liabilities (MAD82.1M).


Debt to Equity History and Analysis

Debt Level: AFM's debt to equity ratio (316.5%) is considered high.

Reducing Debt: AFM's debt to equity ratio has increased from 25.8% to 316.5% over the past 5 years.

Debt Coverage: AFM's debt is well covered by operating cash flow (174.5%).

Interest Coverage: AFM's interest payments on its debt are well covered by EBIT (15.1x coverage).


Balance Sheet


Dividend

What is AFMA current dividend yield, its reliability and sustainability?

3.52%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: AFM's dividend (3.52%) is higher than the bottom 25% of dividend payers in the MA market (2.22%).

High Dividend: AFM's dividend (3.52%) is low compared to the top 25% of dividend payers in the MA market (4.85%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, AFM has been paying a dividend for less than 10 years.

Growing Dividend: AFM has only been paying a dividend for 3 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (104.5%), AFM's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.8yrs

Average board tenure


CEO

Farid Bensaïd

no data

Tenure

Mr. Farid Bensaïd serves as the Chairman of the Board of Directors and CEO at AFMA SA and its Director since December 15, 2015.


Board Members

Experienced Board: AFM's board of directors are considered experienced (5.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

AFMA S.A.'s employee growth, exchange listings and data sources


Key Information

  • Name: AFMA S.A.
  • Ticker: AFM
  • Exchange: CBSE
  • Founded: 1953
  • Industry: Insurance Brokers
  • Sector: Insurance
  • Market Cap: د.م1.335b
  • Shares outstanding: 1.00m
  • Website: https://www.afma.ma

Number of Employees


Location

  • AFMA S.A.
  • 22 Bd Moulay Youssef
  • Casablanca
  • 20 070
  • Morocco

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/17 16:30
End of Day Share Price2021/10/15 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.