Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to د.ت108, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 20x in the Chemicals industry in Africa. Total returns to shareholders of 31% over the past three years. New Risk • Jun 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Tunisian stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Paying a dividend despite having no free cash flows. High level of non-cash earnings (22% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.3% average weekly change). Profit margins are more than 30% lower than last year (7.3% net profit margin). Market cap is less than US$100m (د.ت213.7m market cap, or US$73.8m). New Risk • Sep 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Tunisian stocks, typically moving 4.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 465% Minor Risks Share price has been volatile over the past 3 months (4.5% average weekly change). Market cap is less than US$100m (د.ت190.1m market cap, or US$65.5m). New Risk • Sep 16
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 465% Dividend yield: 7.8% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 465% Minor Risk Market cap is less than US$100m (د.ت208.5m market cap, or US$72.4m). Declared Dividend • Jul 01
Dividend of د.ت7.70 announced Shareholders will receive a dividend of د.ت7.70. Ex-date: 9th July 2025 Payment date: 11th July 2025 Dividend yield will be 6.7%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 16% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.5% EPS decline seen over the last 5 years. Announcement • Apr 27
Les industries Chimiques du Fluor SA announces Annual dividend, payable on July 11, 2025 Les industries Chimiques du Fluor SA announced Annual dividend of TND 7.7000 per share payable on July 11, 2025, ex-date on July 09, 2025 and record date on July 10, 2025. Announcement • Apr 10
Les industries Chimiques du Fluor SA, Annual General Meeting, Apr 17, 2025 Les industries Chimiques du Fluor SA, Annual General Meeting, Apr 17, 2025, at 09:30 W. Central Africa Standard Time. Location: hotel shiraton, tunis Tunisia Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to د.ت114, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 9x in the Chemicals industry in Africa. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to د.ت78.80, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 9x in the Chemicals industry in Africa. Total returns to shareholders of 26% over the past three years. New Risk • Aug 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Tunisian stocks, typically moving 4.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (126% payout ratio). Share price has been volatile over the past 3 months (4.0% average weekly change). Market cap is less than US$100m (د.ت165.5m market cap, or US$54.6m). Upcoming Dividend • Jun 28
Upcoming dividend of د.ت2.50 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 09 July 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 11%. Within top quartile of Tunisian dividend payers (8.3%). Higher than average of industry peers (9.7%). New Risk • Mar 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Tunisian stocks, typically moving 4.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (4.0% average weekly change). Market cap is less than US$100m (د.ت136.3m market cap, or US$44.0m). New Risk • Dec 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Market cap is less than US$100m (د.ت149.9m market cap, or US$48.9m). New Risk • Aug 30
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2022. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported June 2022 fiscal period end). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Share price has been volatile over the past 3 months (3.7% average weekly change). Market cap is less than US$100m (د.ت158.5m market cap, or US$51.2m). New Risk • Aug 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Tunisian stocks, typically moving 3.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2022 fiscal period end). Short dividend paying track record (less than a year of continuous dividend payments). Share price has been volatile over the past 3 months (3.8% average weekly change). Market cap is less than US$100m (د.ت162.5m market cap, or US$52.7m). Upcoming Dividend • Jun 29
Upcoming dividend of د.ت7.50 per share at 7.6% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 07 July 2023. Trailing yield: 7.6%. Lower than top quartile of Tunisian dividend payers (7.8%). Higher than average of industry peers (6.2%). Upcoming Dividend • Jun 21
Inaugural dividend of د.ت3.70 per share Eligible shareholders must have bought the stock before 28 June 2022. Payment date: 01 July 2022. This is the first dividend for Industries Chimiques du Fluor since going public. The average dividend yield among industry peers is 6.0%. Reported Earnings • Mar 18
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: د.ت148.0m (up 26% from FY 2020). Net income: د.ت9.02m (up د.ت20.4m from FY 2020). Profit margin: 6.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Upcoming Dividend • Jun 29
Inaugural dividend of د.ت1.50 per share Eligible shareholders must have bought the stock before 06 July 2021. Payment date: 09 July 2021. This is the first dividend for Industries Chimiques du Fluor since going public. The average dividend yield among industry peers is 5.3%. Reported Earnings • Mar 28
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: د.ت117.5m (down 38% from FY 2019). Net loss: د.ت11.4m (down 149% from profit in FY 2019). Is New 90 Day High Low • Mar 05
New 90-day high: د.ت74.01 The company is up 6.0% from its price of د.ت70.00 on 04 December 2020. The Tunisian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 29% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: د.ت73.19 The company is up 25% from its price of د.ت58.40 on 16 October 2020. The Tunisian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 33% over the same period. Is New 90 Day High Low • Dec 25
New 90-day high: د.ت71.00 The company is up 15% from its price of د.ت61.50 on 25 September 2020. The Tunisian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 05
New 90-day high: د.ت70.00 The company is up 21% from its price of د.ت57.68 on 04 September 2020. The Tunisian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 2.0% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: د.ت64.00 The company is up 8.0% from its price of د.ت59.38 on 21 August 2020. The Tunisian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 6.0% over the same period. 
