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TQM

TAQA MoroccoCBSE:TQM Stock Report

Market Cap

د.م25.0b

7D

-1.8%

1Y

15.5%

Updated

21 Oct, 2021

Data

Company Financials +
TQM fundamental analysis
Snowflake Score
Valuation0/6
Future Growth2/6
Past Performance2/6
Financial Health4/6
Dividends2/6

TQM Overview

TAQA Morocco S.A. produces and supplies electricity in Morocco.

Price History & Performance

Summary of all time highs, changes and price drops for TAQA Morocco
Historical stock prices
Current Share Priceد.م1,061.00
52 Week Highد.م897.00
52 Week Lowد.م1,099.00
Beta0.38
1 Month Change6.10%
3 Month Change9.04%
1 Year Change15.45%
3 Year Change23.52%
5 Year Change54.75%
Change since IPO134.74%

Recent News & Updates

Shareholder Returns

TQMMA Renewable EnergyMA Market
7D-1.8%-1.0%0.06%
1Y15.5%14.0%25.5%

Return vs Industry: TQM underperformed the MA Renewable Energy industry which returned 17.8% over the past year.

Return vs Market: TQM underperformed the MA Market which returned 26.2% over the past year.

Price Volatility

Is TQM's price volatile compared to industry and market?
TQM volatility
TQM Beta0.38
Industry Beta0.62
Market Beta1

Stable Share Price: TQM is not significantly more volatile than the rest of MA stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: TQM's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1997481Abdelmajid Houssainihttps://www.taqamorocco.ma

TAQA Morocco S.A. produces and supplies electricity in Morocco. The company operates 6 coal-fired thermal power plants with the total capacity of 2,056 MW. The company was founded in 1997 and is headquartered in El Jadida, Morocco.

TAQA Morocco Fundamentals Summary

How do TAQA Morocco's earnings and revenue compare to its market cap?
TQM fundamental statistics
Market Capد.م25.03b
Earnings (TTM)د.م895.22m
Revenue (TTM)د.م7.24b

28.0x

P/E Ratio

3.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
TQM income statement (TTM)
Revenueد.م7.24b
Cost of Revenueد.م3.77b
Gross Profitد.م3.47b
Expensesد.م2.57b
Earningsد.م895.22m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

Nov 12, 2021

Earnings per share (EPS)37.95
Gross Margin47.89%
Net Profit Margin12.37%
Debt/Equity Ratio160.2%

How did TQM perform over the long term?

See historical performance and comparison

Dividends

3.3%

Current Dividend Yield

92%

Payout Ratio

Valuation

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

27.96x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: TQM (MAD1061) is trading above our estimate of fair value (MAD888.67)

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


Price To Earnings Ratio

PE vs Industry: TQM is poor value based on its PE Ratio (28x) compared to the Global Renewable Energy industry average (17.5x).

PE vs Market: TQM is poor value based on its PE Ratio (28x) compared to the MA market (26.8x).


Price to Earnings Growth Ratio

PEG Ratio: TQM is poor value based on its PEG Ratio (3x)


Price to Book Ratio

PB vs Industry: TQM is overvalued based on its PB Ratio (4.8x) compared to the XF Renewable Energy industry average (0.6x).


Future Growth

How is TAQA Morocco forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

9.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TQM's forecast earnings growth (9.4% per year) is above the savings rate (9.1%).

Earnings vs Market: TQM's earnings (9.4% per year) are forecast to grow slower than the MA market (13.1% per year).

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

Revenue vs Market: TQM's revenue (7% per year) is forecast to grow faster than the MA market (6.8% per year).

High Growth Revenue: TQM's revenue (7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TQM's Return on Equity is forecast to be low in 3 years time (18.8%).


Past Performance

How has TAQA Morocco performed over the past 5 years?

-1.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TQM has high quality earnings.

Growing Profit Margin: TQM's current net profit margins (12.4%) are higher than last year (11.3%).


Past Earnings Growth Analysis

Earnings Trend: TQM's earnings have declined by 1.8% per year over the past 5 years.

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

Earnings vs Industry: TQM had negative earnings growth (-8.2%) over the past year, making it difficult to compare to the Renewable Energy industry average (14.4%).


Return on Equity

High ROE: TQM's Return on Equity (18.2%) is considered low.


Financial Health

How is TAQA Morocco's financial position?


Financial Position Analysis

Short Term Liabilities: TQM's short term assets (MAD5.7B) exceed its short term liabilities (MAD3.1B).

Long Term Liabilities: TQM's short term assets (MAD5.7B) do not cover its long term liabilities (MAD10.3B).


Debt to Equity History and Analysis

Debt Level: TQM's debt to equity ratio (160.2%) is considered high.

Reducing Debt: TQM's debt to equity ratio has reduced from 260.4% to 160.2% over the past 5 years.

Debt Coverage: TQM's debt is well covered by operating cash flow (25.2%).

Interest Coverage: TQM's interest payments on its debt are well covered by EBIT (4.6x coverage).


Balance Sheet


Dividend

What is TAQA Morocco current dividend yield, its reliability and sustainability?

3.30%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: TQM's dividend (3.3%) is higher than the bottom 25% of dividend payers in the MA market (2.22%).

High Dividend: TQM's dividend (3.3%) is low compared to the top 25% of dividend payers in the MA market (4.86%).


Stability and Growth of Payments

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

Growing Dividend: TQM has only been paying a dividend for 2 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (92.2%), TQM's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: TQM's dividends in 3 years are forecast to be covered by earnings (80.8% payout ratio).


Next Steps

Management

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

4.4yrs

Average management tenure


CEO

Abdelmajid Houssaini

no data

Tenure

Mr. Abdelmajid Iraqui Houssaini serves as the Chief Executive Officer of TAQA Morocco S.A. (formerly known as Jorf Lasfar Energy Company). Mr. Houssaini has been Chairman and Member of Management Board at...


Leadership Team

Experienced Management: TQM's management team is considered experienced (4.4 years average tenure).


Board Members

Experienced Board: TQM's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.


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

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


Key Information

  • Name: TAQA Morocco S.A.
  • Ticker: TQM
  • Exchange: CBSE
  • Founded: 1997
  • Industry: Independent Power Producers and Energy Traders
  • Sector: Utilities
  • Market Cap: د.م25.027b
  • Shares outstanding: 23.59m
  • Website: https://www.taqamorocco.ma

Number of Employees


Location

  • TAQA Morocco S.A.
  • Centrale Thermique Jorf Lasfar
  • Km 23, Route secondaire 301
  • El Jadida
  • Morocco

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/21 21:00
End of Day Share Price2021/10/21 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.