New Risk • Jul 09
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 Moroccan stocks, typically moving 5.7% 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. This is currently the only risk that has been identified for the company. Declared Dividend • Jul 05
Dividend increased to د.م8.00 Dividend of د.م8.00 is 14% higher than last year. Ex-date: 16th July 2026 Payment date: 27th July 2026 Dividend yield will be 1.3%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 108% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Jul 03
Hightech Payment Systems S.A. announces Annual dividend, payable on July 27, 2026 Hightech Payment Systems S.A. announced Annual dividend of MAD 8.0000 per share payable on July 27, 2026, ex-date on July 16, 2026 and record date on July 15, 2026. Tillkännagivande • May 26
Hightech Payment Systems S.A., Annual General Meeting, Jun 24, 2026 Hightech Payment Systems S.A., Annual General Meeting, Jun 24, 2026. Location: casablanca Morocco Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to د.م650, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 10x in the Diversified Financial industry in Africa. Total returns to shareholders of 7.7% over the past three years. 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. 3 experienced directors. 7 highly experienced directors. 3 independent directors (7 non-independent directors). Independent Non-Executive Director Rachida Benabdallah was the last independent director to join the board, commencing their role in 2022. 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 No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 7 highly experienced directors. 3 independent directors (7 non-independent directors). Independent Non-Executive Director Rachida Benabdallah was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 28
First half 2025 earnings released: د.م63.80 loss per share (vs د.م5.39 profit in 1H 2024) First half 2025 results: د.م63.80 loss per share (down from د.م5.39 profit in 1H 2024). Revenue: د.م672.5m (up 16% from 1H 2024). Net loss: د.م47.3m (down 218% from profit in 1H 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Diversified Financial industry in Africa. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 08
Dividend of €7.00 announced Shareholders will receive a dividend of €7.00. Ex-date: 16th July 2025 Payment date: 25th July 2025 Dividend yield will be 1.2%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (69% earnings payout ratio) but not covered by cash flows (dividend approximately 32x free cash flows). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 102% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • May 29
Hightech Payment Systems S.A., Annual General Meeting, Jun 26, 2025 Hightech Payment Systems S.A., Annual General Meeting, Jun 26, 2025. Major Estimate Revision • May 14
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from د.م17.35 to د.م15.07. Revenue forecast unchanged from د.م1.52b at last update. Net income forecast to grow 47% next year vs 7.5% growth forecast for Diversified Financial industry in Morocco. Consensus price target of د.م675 unchanged from last update. Share price was steady at د.م570 over the past week. Major Estimate Revision • Apr 22
Consensus revenue estimates increase by 13%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from د.م1.32b to د.م1.49b. EPS estimate fell from د.م18.95 to د.م17.35. Net income forecast to grow 61% next year vs 7.5% growth forecast for Diversified Financial industry in Morocco. Consensus price target down from د.م674 to د.م650. Share price fell 2.9% to د.م570 over the past week. Reported Earnings • Apr 02
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: د.م10.17 (down from د.م13.50 in FY 2023). Revenue: د.م1.25b (up 8.1% from FY 2023). Net income: د.م75.3m (down 25% from FY 2023). Profit margin: 6.0% (down from 8.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.4%. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Diversified Financial industry in Africa. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Feb 24
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. 3 experienced directors. 7 highly experienced directors. 2 independent directors (8 non-independent directors). Independent Board Member Chami Meryem was the last independent director to join the board, commencing their role in 2021. 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. 2 experienced directors. 7 highly experienced directors. 2 independent directors (8 non-independent directors). Independent Board Member Chami Meryem was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 03
First half 2024 earnings released: EPS: د.م53.90 (vs د.م6.47 in 1H 2023) First half 2024 results: EPS: د.م53.90. Revenue: د.م577.6m (up 9.7% from 1H 2023). Net income: د.م40.0m (down 12% from 1H 2023). Profit margin: 6.9% (down from 8.6% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Diversified Financial industry in Africa. Price Target Changed • Oct 03
Price target decreased by 8.0% to د.م664 Down from د.م722, the current price target is an average from 3 analysts. New target price is 15% above last closing price of د.م575. Stock is down 14% over the past year. The company is forecast to post earnings per share of د.م15.10 for next year compared to د.م13.50 last year. Tillkännagivande • Aug 28
Hightech Payment Systems S.A. (CBSE:HPS) completed the acquisition of CR2 Ltd. Hightech Payment Systems S.A. (CBSE:HPS) agreed to acquire CR2 Ltd. on May 24, 2024. In the 12 months to June 2023, CR2 generated revenues of €23.8 million. The transaction is subject to customary regulatory conditions and is expected to close in the coming months. Evercore Advisors I LLC is serving as exclusive financial adviser to HPS. Norton Rose Morocco SARL and Matheson LLP are serving as legal advisers to HPS.
Hightech Payment Systems S.A. (CBSE:HPS) completed the acquisition of CR2 Ltd. on August 27, 2024. Upcoming Dividend • Jul 10
Upcoming dividend of د.م6.80 per share Eligible shareholders must have bought the stock before 17 July 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 1.4%. Lower than top quartile of Moroccan dividend payers (4.4%). Lower than average of industry peers (4.4%). Tillkännagivande • Jun 01
Hightech Payment Systems S.A., Annual General Meeting, Jun 28, 2024 Hightech Payment Systems S.A., Annual General Meeting, Jun 28, 2024. Location: casablanca Morocco Reported Earnings • Mar 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: د.م13.49 (down from د.م16.64 in FY 2022). Revenue: د.م1.15b (up 15% from FY 2022). Net income: د.م99.9m (down 15% from FY 2022). Profit margin: 8.7% (down from 12% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Diversified Financial industry in Africa. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Oct 30
Price target decreased by 11% to د.م687 Down from د.م770, the current price target is an average from 3 analysts. New target price is 9.9% above last closing price of د.م625. Stock is down 5.0% over the past year. The company is forecast to post earnings per share of د.م19.70 for next year compared to د.م16.64 last year. New Risk • Jul 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Upcoming Dividend • Jun 28
Upcoming dividend of د.م60.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 1.0%. Lower than top quartile of Moroccan dividend payers (4.5%). Lower than average of industry peers (4.5%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Board Member Chami Meryem was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 28
First half 2022 earnings released: EPS: د.م96.24 (vs د.م52.35 in 1H 2021) First half 2022 results: EPS: د.م96.24 (up from د.م52.35 in 1H 2021). Revenue: د.م479.6m (up 22% from 1H 2021). Net income: د.م67.7m (up 84% from 1H 2021). Profit margin: 14% (up from 9.4% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 23% growth forecast for the IT industry in Africa. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of د.م55.00 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 08 August 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Moroccan dividend payers (4.4%). Lower than average of industry peers (4.6%). Board Change • Apr 27
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. 2 experienced directors. 8 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Isabel Navarro was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 29
First half 2021 earnings released: EPS د.م52.40 (vs د.م70.30 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: د.م392.9m (up 12% from 1H 2020). Net income: د.م36.8m (down 26% from 1H 2020). Profit margin: 9.4% (down from 14% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 47% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 09
Upcoming dividend of د.م50.00 per share Eligible shareholders must have bought the stock before 16 July 2021. Payment date: 29 July 2021. Trailing yield: 0.8%. Lower than top quartile of Moroccan dividend payers (4.5%). Lower than average of industry peers (5.2%). Major Estimate Revision • Jun 05
Consensus revenue estimates increase to د.م926.0m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from د.م797.7m to د.م926.0m. EPS estimate increased from د.م140 to د.م161 per share. Net income forecast to grow 48% next year vs 20% growth forecast for IT industry in Morocco. Consensus price target up from د.م6,383 to د.م6,983. Share price rose 9.0% to د.م6,596 over the past week. Price Target Changed • May 21
Price target increased to د.م6,383 Up from د.م5,833, the current price target is an average from 3 analysts. New target price is 7.4% above last closing price of د.م5,941. Stock is up 49% over the past year. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS د.م120 (vs د.م133 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: د.م720.7m (flat on FY 2019). Net income: د.م84.4m (down 10.0% from FY 2019). Profit margin: 12% (down from 13% in FY 2019). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 11
New 90-day high: د.م6,730 The company is up 29% from its price of د.م5,199 on 13 November 2020. The Moroccan market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م1,932 per share. Is New 90 Day High Low • Jan 09
New 90-day high: د.م6,685 The company is up 39% from its price of د.م4,800 on 08 October 2020. The Moroccan market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م1,971 per share. Price Target Changed • Dec 11
Price target raised to د.م5,833 Up from د.م5,212, the current price target is an average from 3 analysts. The new target price is close to the current share price of د.م5,900. As of last close, the stock is up 59% over the past year. Is New 90 Day High Low • Dec 04
New 90-day high: د.م5,850 The company is up 27% from its price of د.م4,600 on 04 September 2020. The Moroccan market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م1,605 per share. Is New 90 Day High Low • Nov 10
New 90-day high: د.م5,203 The company is up 17% from its price of د.م4,450 on 11 August 2020. The Moroccan market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the IT industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م1,642 per share. Is New 90 Day High Low • Oct 22
New 90-day high: د.م5,000 The company is up 15% from its price of د.م4,350 on 24 July 2020. The Moroccan market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the IT industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م1,704 per share. Is New 90 Day High Low • Oct 06
New 90-day high: د.م4,800 The company is up 9.0% from its price of د.م4,399 on 08 July 2020. The Moroccan market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the IT industry, which is up 21% over the same period. Tillkännagivande • Jul 17
Hightech Payment Systems S.A. (CBSE:HPS) signed an agreement to acquire IPRC. Hightech Payment Systems S.A. (CBSE:HPS) signed an agreement to acquire IPRC on July 7, 2020. The acquisition is subject to the usual suspensive clauses.