Société d'Exploitation des Ports manages port terminals in Morocco.
Price History & Performance
|Historical stock prices|
|Current Share Price||د.م278.25|
|52 Week High||د.م185.10|
|52 Week Low||د.م288.00|
|1 Month Change||0.49%|
|3 Month Change||10.64%|
|1 Year Change||46.45%|
|3 Year Change||66.12%|
|5 Year Change||196.64%|
|Change since IPO||273.39%|
Recent News & Updates
|MSA||MA Infrastructure||MA Market|
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.
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
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
|MSA fundamental statistics|
Is MSA overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|MSA income statement (TTM)|
|Cost of Revenue||د.م1.60b|
Last Reported Earnings
Dec 31, 2020
Next Earnings Date
|Earnings per share (EPS)||3.98|
|Net Profit Margin||10.59%|
How did MSA perform over the long term?See historical performance and comparison
2.9%Current Dividend Yield
Is Société d'Exploitation des Ports undervalued compared to its fair value and its price relative to the market?
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).
How is Société d'Exploitation des Ports forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
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%)
How has Société d'Exploitation des Ports performed over the past 5 years?
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.
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).
What is Société d'Exploitation des Ports's current dividend yield, its reliability and sustainability?
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).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Mohammed Abdeljalil (53 yo)
Mr. Mohammed Abdeljalil serves as the President of Executive Board at Société d'Exploitation des Ports.
Experienced Management: MSA's management team is seasoned and experienced (9.5 years average tenure).
Experienced Board: MSA's board of directors are considered experienced (7.2 years average tenure).
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.
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Société d'Exploitation des Ports's employee growth, exchange listings and data sources
- 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
- Société d'Exploitation des Ports
- 175, BD Zerktouni
- 20 100
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/10/20 16:31|
|End of Day Share Price||2021/10/18 00:00|
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.