Declared Dividend • Jun 10
Dividend increased to د.م65.00 Dividend of د.م65.00 is 8.3% higher than last year. Ex-date: 6th July 2026 Payment date: 15th July 2026 Dividend yield will be 3.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (68% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • May 06
Price target increased by 15% to د.م2,386 Up from د.م2,066, the current price target is provided by 1 analyst. New target price is 41% above last closing price of د.م1,698. Stock is down 12% over the past year. The company is forecast to post earnings per share of د.م86.60 for next year compared to د.م95.42 last year. New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 0.6% 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 0.6% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Apr 27
Ciments du Maroc Société Anonyme, Annual General Meeting, May 25, 2026 Ciments du Maroc Société Anonyme, Annual General Meeting, May 25, 2026. Location: casablanca Morocco 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 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 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. Major Estimate Revision • Oct 07
Consensus revenue estimates increase by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from د.م4.93b to د.م5.62b. EPS estimate unchanged from د.م67.70 at last update. Basic Materials industry in Morocco expected to see average net income growth of 40% next year. Consensus price target up from د.م1,771 to د.م2,033. Share price fell 4.9% to د.م1,950 over the past week. Reported Earnings • Sep 28
First half 2025 earnings released: EPS: د.م42.00 (vs د.م30.00 in 1H 2024) First half 2025 results: EPS: د.م42.00 (up from د.م30.00 in 1H 2024). Revenue: د.م2.20b (up 10% from 1H 2024). Net income: د.م601.0m (up 39% from 1H 2024). Profit margin: 27% (up from 22% in 1H 2024). 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 13% growth forecast for the Basic Materials industry in Africa. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 31
Price target increased by 8.6% to د.م1,771 Up from د.م1,631, the current price target is provided by 1 analyst. New target price is 16% below last closing price of د.م2,100. Stock is up 19% over the past year. The company is forecast to post earnings per share of د.م78.70 for next year compared to د.م63.33 last year. Upcoming Dividend • Jul 11
Upcoming dividend of د.م60.00 per share Eligible shareholders must have bought the stock before 18 July 2025. Payment date: 29 July 2025. Payout ratio and cash payout ratio are on the higher end at 95% and 80% respectively. Trailing yield: 2.9%. Lower than top quartile of Moroccan dividend payers (4.1%). Lower than average of industry peers (4.2%). Price Target Changed • Jun 03
Price target decreased by 7.3% to د.م1,672 Down from د.م1,803, the current price target is provided by 1 analyst. New target price is 16% below last closing price of د.م1,985. Stock is up 12% over the past year. The company is forecast to post earnings per share of د.م89.70 for next year compared to د.م63.33 last year. Reported Earnings • Apr 30
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: د.م63.33 (down from د.م67.21 in FY 2023). Revenue: د.م4.44b (up 2.5% from FY 2023). Net income: د.م914.2m (down 5.8% from FY 2023). Profit margin: 21% (down from 22% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 8.4%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Basic Materials industry in Africa. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Apr 29
Ciments du Maroc Société Anonyme, Annual General Meeting, May 26, 2025 Ciments du Maroc Société Anonyme, Annual General Meeting, May 26, 2025. New Risk • Apr 18
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: 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 • Jul 11
Price target increased by 16% to د.م1,648 Up from د.م1,416, the current price target is provided by 1 analyst. New target price is 6.9% below last closing price of د.م1,770. Stock is up 19% over the past year. The company is forecast to post earnings per share of د.م82.50 for next year compared to د.م67.21 last year. Upcoming Dividend • Jun 27
Upcoming dividend of د.م60.00 per share Eligible shareholders must have bought the stock before 04 July 2024. Payment date: 15 July 2024. Payout ratio is on the higher end at 89%, however this is supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Moroccan dividend payers (4.3%). Lower than average of industry peers (3.8%). Reported Earnings • Apr 26
Full year 2023 earnings released: EPS: د.م67.21 (vs د.م62.70 in FY 2022) Full year 2023 results: EPS: د.م67.21 (up from د.م62.70 in FY 2022). Revenue: د.م4.34b (up 6.6% from FY 2022). Net income: د.م970.2m (up 7.2% from FY 2022). Profit margin: 22% (in line with FY 2022). Revenue is forecast to grow 11% 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 2% per year whereas the company’s share price has fallen by 1% per year. 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 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. New Risk • Dec 26
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 (28% 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. Upcoming Dividend • Jun 30
Upcoming dividend of د.م60.00 per share at 3.9% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 17 July 2023. Payout ratio is on the higher end at 96%, and the cash payout ratio is above 100%. Trailing yield: 3.9%. Lower than top quartile of Moroccan dividend payers (4.6%). Lower than average of industry peers (4.9%). Price Target Changed • May 21
Price target increased by 10% to د.م1,529 Up from د.م1,386, the current price target is provided by 1 analyst. New target price is 14% above last closing price of د.م1,339. Stock is down 22% over the past year. The company is forecast to post earnings per share of د.م67.70 for next year compared to د.م62.70 last year. Major Estimate Revision • May 10
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from د.م4.73b to د.م4.26b. EPS estimate also fell from د.م77.20 per share to د.م67.70 per share. Net income forecast to grow 8.1% next year vs 31% growth forecast for Basic Materials industry in Morocco. Consensus price target down from د.م1,597 to د.م1,386. Share price rose 4.9% to د.م1,303 over the past week. Price Target Changed • May 10
Price target decreased by 19% to د.م1,386 Down from د.م1,708, the current price target is provided by 1 analyst. New target price is 6.4% above last closing price of د.م1,303. Stock is down 26% over the past year. The company is forecast to post earnings per share of د.م67.70 for next year compared to د.م62.70 last year. Reported Earnings • May 02
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: د.م62.70 (down from د.م82.92 in FY 2021). Revenue: د.م4.26b (up 2.7% from FY 2021). Net income: د.م905.1m (down 24% from FY 2021). Profit margin: 21% (down from 29% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) exceeded analyst estimates by 6.7%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Basic Materials industry in Africa. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buying Opportunity • Apr 14
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 6.3%. The fair value is estimated to be د.م1,532, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.3%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Buying Opportunity • Mar 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be د.م1,522, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.3%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Upcoming Dividend • Jun 27
Upcoming dividend of د.م95.00 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 15 July 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.7%. Within top quartile of Moroccan dividend payers (4.4%). In line with average of industry peers (6.1%). Price Target Changed • May 24
Price target decreased to د.م1,679 Down from د.م1,853, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.م1,700. Stock is down 9.3% over the past year. The company is forecast to post earnings per share of د.م49.60 for next year compared to د.م82.92 last year. Price Target Changed • May 04
Price target increased to د.م1,853 Up from د.م1,701, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of د.م1,830. Stock is up 0.5% over the past year. The company is forecast to post earnings per share of د.م60.60 for next year compared to د.م49.12 last year. Reported Earnings • Oct 05
First half 2021 earnings released: EPS د.م40.00 (vs د.م13.00 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: د.م1.99b (up 18% from 1H 2020). Net income: د.م575.1m (up 202% from 1H 2020). Profit margin: 29% (up from 11% in 1H 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 29
Upcoming dividend of د.م100.00 per share Eligible shareholders must have bought the stock before 06 July 2021. Payment date: 15 July 2021. Trailing yield: 4.9%. Within top quartile of Moroccan dividend payers (4.9%). In line with average of industry peers (4.9%). Reported Earnings • Apr 29
Full year 2020 earnings released: EPS د.م49.12 (vs د.م73.79 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: د.م3.70b (down 7.4% from FY 2019). Net income: د.م709.1m (down 33% from FY 2019). Profit margin: 19% (down from 27% in FY 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Price Target Changed • Apr 02
Price target decreased to د.م1,426 Down from د.م1,551, the current price target is provided by 1 analyst. New target price is 17% below last closing price of د.م1,726. Stock is up 35% over the past year. Is New 90 Day High Low • Jan 27
New 90-day high: د.م1,683 The company is up 15% from its price of د.م1,460 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.م746 per share. Is New 90 Day High Low • Jan 01
New 90-day high: د.م1,679 The company is up 15% from its price of د.م1,460 on 02 October 2020. The Moroccan market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 43% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م745 per share. Is New 90 Day High Low • Dec 12
New 90-day high: د.م1,632 The company is up 10.0% from its price of د.م1,480 on 11 September 2020. The Moroccan market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م746 per share. Is New 90 Day High Low • Nov 17
New 90-day high: د.م1,522 The company is up 3.0% from its price of د.م1,479 on 19 August 2020. The Moroccan market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م620 per share. Is New 90 Day High Low • Sep 28
New 90-day low: د.م1,400 The company is down 1.0% from its price of د.م1,420 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.م473 per share.