New Risk • Jul 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 137% The company is paying a dividend despite having no free cash flows. Dividend yield: 6.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Risks Debt is not well covered by operating cash flow (9.2% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 137% Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (د.م819.2m market cap, or US$87.2m). Upcoming Dividend • Jun 18
Upcoming dividend of د.م2.50 per share Eligible shareholders must have bought the stock before 24 June 2026. Payment date: 03 July 2026. Trailing yield: 5.7%. Within top quartile of Moroccan dividend payers (4.6%). Lower than average of industry peers (7.3%). Declared Dividend • May 05
Dividend of د.م2.50 announced Shareholders will receive a dividend of د.م2.50. Ex-date: 24th June 2026 Payment date: 3rd July 2026 Dividend yield will be 6.1%, which is higher than the industry average of 3.0%. Declared Dividend • Apr 19
Dividend of د.م1.00 announced Dividend of د.م1.00 is the same as last year. Ex-date: 22nd April 2026 Payment date: 4th May 2026 Dividend yield will be 5.7%, which is higher than the industry average of 3.0%. 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 Risk Debt is not well covered by operating cash flow (9.7% operating cash flow to total debt). 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. Large one-off items impacting financial results. Market cap is less than US$100m (د.م818.7m market cap, or US$88.7m). Announcement • Feb 23
Immorente Invest S.A., Annual General Meeting, Apr 01, 2026 Immorente Invest S.A., Annual General Meeting, Apr 01, 2026. Location: casablanca Morocco 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. 5 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Ahmed Reda Chami was the last independent director to join the board, commencing their role in 2020. 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 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. 4 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Ahmed Reda Chami was the last independent director to join the board, commencing their role in 2020. 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
Immorente Invest S.A. announces Annual dividend, payable on December 19, 2025 Immorente Invest S.A. announced Annual dividend of MAD 1.0000 per share payable on December 19, 2025, ex-date on December 10, 2025 and record date on December 09, 2025. Upcoming Dividend • Sep 19
Upcoming dividend of د.م1.00 per share Eligible shareholders must have bought the stock before 23 September 2025. Payment date: 02 October 2025. Trailing yield: 5.5%. Within top quartile of Moroccan dividend payers (4.0%). Lower than average of industry peers (8.3%). New Risk • Sep 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Paying a dividend despite having no free cash flows. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Large one-off items impacting financial results. Market cap is less than US$100m (د.م801.6m market cap, or US$88.3m). Upcoming Dividend • Aug 21
Upcoming dividend of د.م1.00 per share Eligible shareholders must have bought the stock before 27 August 2025. Payment date: 05 September 2025. Trailing yield: 5.8%. Within top quartile of Moroccan dividend payers (4.0%). Lower than average of industry peers (8.2%). Upcoming Dividend • Jun 10
Upcoming dividend of د.م2.20 per share Eligible shareholders must have bought the stock before 17 June 2025. Payment date: 26 June 2025. Trailing yield: 5.8%. Within top quartile of Moroccan dividend payers (4.2%). Lower than average of industry peers (8.6%). Declared Dividend • Apr 14
Dividend of د.م1.00 announced Shareholders will receive a dividend of د.م1.00. Ex-date: 18th April 2025 Payment date: 29th April 2025 Dividend yield will be 7.0%, which is higher than the industry average of 3.0%. Upcoming Dividend • Mar 25
Upcoming dividend of د.م1.00 per share Eligible shareholders must have bought the stock before 01 April 2025. Payment date: 10 April 2025. Trailing yield: 5.8%. Within top quartile of Moroccan dividend payers (4.0%). Lower than average of industry peers (8.9%). Announcement • Mar 03
Immorente Invest S.A., Annual General Meeting, Mar 26, 2025 Immorente Invest S.A., Annual General Meeting, Mar 26, 2025. 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. 7 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Ahmed Reda Chami was the last independent director to join the board, commencing their role in 2020. 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 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. 7 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Ahmed Reda Chami was the last independent director to join the board, commencing their role in 2020. 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 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 109% Paying a dividend despite having no free cash flows. High level of non-cash earnings (21% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (د.م814.4m market cap, or US$82.5m). New Risk • Sep 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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 December 2023 fiscal period end). Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (د.م828.9m market cap, or US$85.0m). Upcoming Dividend • Aug 21
Upcoming dividend of د.م1.00 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 06 September 2024. Trailing yield: 5.4%. Within top quartile of Moroccan dividend payers (4.2%). Lower than average of industry peers (9.2%). New Risk • Mar 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (د.م862.0m market cap, or US$85.5m). Reported Earnings • Mar 03
Full year 2023 earnings released Full year 2023 results: Revenue: د.م72.2m (up 7.7% from FY 2022). Net income: د.م1.59m (down 81% from FY 2022). Profit margin: 2.2% (down from 13% in FY 2022). Upcoming Dividend • Dec 05
Upcoming dividend of د.م1.00 per share at 5.3% yield Eligible shareholders must have bought the stock before 12 December 2023. Payment date: 21 December 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.3%. Within top quartile of Moroccan dividend payers (4.5%). Lower than average of industry peers (6.5%). New Risk • Sep 22
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 Dividend is not well covered by earnings and cash flows. Payout ratio: 482% Cash payout ratio: 102% Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (د.م882.7m market cap, or US$86.0m). New Risk • Sep 06
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 Dividend is not well covered by earnings and cash flows. Payout ratio: 482% Cash payout ratio: 112% Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (د.م864.6m market cap, or US$84.9m). Upcoming Dividend • Jun 08
Upcoming dividend of د.م2.00 per share at 5.7% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 26 June 2023. 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 (4.5%). Lower than average of industry peers (7.5%). Reported Earnings • Dec 30
First half 2022 earnings released First half 2022 results: Revenue: د.م33.8m (up 6.3% from 1H 2021). Net income: د.م3.80m (up د.م8.19m from 1H 2021). Profit margin: 11% (up from net loss in 1H 2021). Upcoming Dividend • Dec 06
Upcoming dividend of د.م1.00 per share Eligible shareholders must have bought the stock before 13 December 2022. Payment date: 22 December 2022. Trailing yield: 5.4%. Within top quartile of Moroccan dividend payers (4.7%). Lower than average of industry peers (6.1%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Ahmed Reda Chami was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 20
Upcoming dividend of د.م2.50 per share Eligible shareholders must have bought the stock before 27 June 2022. Payment date: 06 July 2022. Trailing yield: 3.5%. Lower than top quartile of Moroccan dividend payers (4.3%). Lower than average of industry peers (5.3%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Ahmed Reda Chami was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 05
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: د.م70.1m (up 18% from FY 2020). Net income: د.م3.81m (down 9.4% from FY 2020). Profit margin: 5.4% (down from 7.0% in FY 2020). Revenue was in line with analyst estimates. Reported Earnings • Mar 10
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: د.م59.6m (up 4.1% from FY 2019). Net income: د.م4.20m (up 17% from FY 2019). Profit margin: 7.0% (up from 6.3% in FY 2019). Is New 90 Day High Low • Feb 19
New 90-day low: د.م91.00 The company is down 4.0% from its price of د.م95.00 on 20 November 2020. The Moroccan market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 12% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of د.م4.50 Per Share Will be paid on the 8th of January to those who are registered shareholders by the 29th of December. The trailing yield of 7.7% is in the top quartile of Moroccan dividend payers (5.7%), and it is higher than industry peers (6.1%). Is New 90 Day High Low • Dec 17
New 90-day high: د.م96.44 The company is up 7.0% from its price of د.م90.00 on 18 September 2020. The Moroccan market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: د.م93.00 The company is up 3.0% from its price of د.م90.00 on 12 August 2020. The Moroccan market is also up 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Real Estate industry, which is down 7.0% over the same period. Reported Earnings • Sep 27
First half earnings released Over the last 12 months the company has reported total profits of د.م1.27m, down 89% from the prior year. Total revenue was د.م68.8m over the last 12 months, up 122% from the prior year.