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MSA

Société d'Exploitation des PortsCBSE:MSA Stock Report

Market Cap

د.م20.4b

7D

-0.4%

1Y

46.4%

Updated

20 Oct, 2021

Data

Company Financials +
MSA fundamental analysis
Snowflake Score
Valuation0/6
Future Growth3/6
Past Performance0/6
Financial Health3/6
Dividends2/6

MSA Overview

Société d'Exploitation des Ports manages port terminals in Morocco.

Price History & Performance

Summary of all time highs, changes and price drops for Société d'Exploitation des Ports
Historical stock prices
Current Share Priceد.م278.25
52 Week Highد.م185.10
52 Week Lowد.م288.00
Beta0.63
1 Month Change0.49%
3 Month Change10.64%
1 Year Change46.45%
3 Year Change66.12%
5 Year Change196.64%
Change since IPO273.39%

Recent News & Updates

Shareholder Returns

MSAMA InfrastructureMA Market
7D-0.4%0.4%1.0%
1Y46.4%31.8%26.4%

Return vs Industry: MSA exceeded the MA Infrastructure industry which returned 31.8% over the past year.

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

Price Volatility

Is MSA's price volatile compared to industry and market?
MSA volatility
MSA Beta0.63
Industry Beta0.68
Market Beta1

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

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

About the Company

FoundedEmployeesCEOWebsite
20062,504Mohammed Abdeljalilhttps://www.sodep.co.ma

Société d'Exploitation des Ports manages port terminals in Morocco. It engages in the piloting, towing, mooring, and refueling of vessels. The company is also involved in the on board; warehousing; pointing, weighing, stuffing, and stripping of containers; and skidding, stacking, loading, unloading of trucks, etc. Société d'Exploitation des Ports was founded in 2006 and is headquartered in Casablanca, Morocco.

Société d'Exploitation des Ports Fundamentals Summary

How do Société d'Exploitation des Ports's earnings and revenue compare to its market cap?
MSA fundamental statistics
Market Capد.م20.42b
Earnings (TTM)د.م291.88m
Revenue (TTM)د.م2.76b

70.0x

P/E Ratio

7.4x

P/S Ratio


Dividends

2.9%

Current Dividend Yield

201%

Payout Ratio

Valuation

Is Société d'Exploitation des Ports undervalued compared to its fair value and its price relative to the market?

69.97x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MSA (MAD278.25) is trading above our estimate of fair value (MAD196.04)

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


Price To Earnings Ratio

PE vs Industry: MSA is poor value based on its PE Ratio (70x) compared to the African Infrastructure industry average (10.9x).

PE vs Market: MSA is poor value based on its PE Ratio (70x) compared to the MA market (26.8x).


Price to Earnings Growth Ratio

PEG Ratio: MSA is poor value based on its PEG Ratio (5.9x)


Price to Book Ratio

PB vs Industry: MSA is overvalued based on its PB Ratio (10.9x) compared to the XF Infrastructure industry average (2.7x).


Future Growth

How is Société d'Exploitation des Ports forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

11.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MSA's forecast earnings growth (11.9% per year) is above the savings rate (9.1%).

Earnings vs Market: MSA's earnings (11.9% per year) are forecast to grow slower than the MA market (13.1% per year).

High Growth Earnings: MSA's earnings are forecast to grow, but not significantly.

Revenue vs Market: MSA's revenue (9.6% per year) is forecast to grow faster than the MA market (6.8% per year).

High Growth Revenue: MSA's revenue (9.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MSA's Return on Equity is forecast to be high in 3 years time (38.4%)


Past Performance

How has Société d'Exploitation des Ports performed over the past 5 years?

-0.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MSA has a large one-off loss of MAD337.1M impacting its December 31 2020 financial results.

Growing Profit Margin: MSA's current net profit margins (10.6%) are lower than last year (23%).


Past Earnings Growth Analysis

Earnings Trend: MSA's earnings have declined by 0.7% per year over the past 5 years.

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

Earnings vs Industry: MSA had negative earnings growth (-56.4%) over the past year, making it difficult to compare to the Infrastructure industry average (0.2%).


Return on Equity

High ROE: MSA's Return on Equity (12.4%) is considered low.


Financial Health

How is Société d'Exploitation des Ports's financial position?


Financial Position Analysis

Short Term Liabilities: MSA's short term assets (MAD2.4B) exceed its short term liabilities (MAD2.1B).

Long Term Liabilities: MSA's short term assets (MAD2.4B) do not cover its long term liabilities (MAD3.3B).


Debt to Equity History and Analysis

Debt Level: MSA's debt to equity ratio (100.6%) is considered high.

Reducing Debt: MSA's debt to equity ratio has increased from 18.8% to 100.6% over the past 5 years.

Debt Coverage: MSA's debt is well covered by operating cash flow (49.9%).

Interest Coverage: MSA's interest payments on its debt are well covered by EBIT (23.1x coverage).


Balance Sheet


Dividend

What is Société d'Exploitation des Ports's current dividend yield, its reliability and sustainability?

2.88%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MSA's dividend (2.88%) is higher than the bottom 25% of dividend payers in the MA market (2.22%).

High Dividend: MSA's dividend (2.88%) is low compared to the top 25% of dividend payers in the MA market (4.86%).


Stability and Growth of Payments

Stable Dividend: Too early to tell whether MSA's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if MSA's dividend payments are increasing as they only just started paying a dividend.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (201.2%), MSA's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MSA's dividends in 3 years are forecast to be covered by earnings (76.3% payout ratio).


Next Steps

Management

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

9.5yrs

Average management tenure


CEO

Mohammed Abdeljalil (53 yo)

no data

Tenure

Mr. Mohammed Abdeljalil serves as the President of Executive Board at Société d'Exploitation des Ports.


Leadership Team

Experienced Management: MSA's management team is seasoned and experienced (9.5 years average tenure).


Board Members

Experienced Board: MSA's board of directors are considered experienced (7.2 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

Société d'Exploitation des Ports's employee growth, exchange listings and data sources


Key Information

  • Name: Société d'Exploitation des Ports
  • Ticker: MSA
  • Exchange: CBSE
  • Founded: 2006
  • Industry: Marine Ports and Services
  • Sector: Transportation
  • Market Cap: د.م20.422b
  • Shares outstanding: 73.40m
  • Website: https://www.sodep.co.ma

Number of Employees


Location

  • Société d'Exploitation des Ports
  • 175, BD Zerktouni
  • Casablanca
  • 20 100
  • Morocco

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/20 16:31
End of Day Share Price2021/10/18 00:00
Earnings2020/12/31
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.