Reported Earnings • Jun 09
Full year 2025 earnings released Full year 2025 results: Revenue: د.ت875.9m (up 13% from FY 2024). Net income: د.ت14.0m (up 104% from FY 2024). Profit margin: 1.6% (up from 0.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Global Multiline Retail industry. New Risk • May 29
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2024. 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 Risks Latest financial reports are more than 1 year old (reported December 2024 fiscal period end). Interest payments are not well covered by earnings (2.9x net interest cover). Share price has been highly volatile over the past 3 months (6.8% average weekly change). Minor Risk Market cap is less than US$100m (د.ت273.2m market cap, or US$94.7m). Board Change • May 20
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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Oct 10
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 4.2% 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 Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (4.2% average weekly change). Market cap is less than US$100m (د.ت158.4m market cap, or US$54.3m). Price Target Changed • Sep 10
Price target increased by 15% to د.ت7.70 Up from د.ت6.72, the current price target is provided by 1 analyst. New target price is 24% above last closing price of د.ت6.22. Stock is up 56% over the past year. Upcoming Dividend • Sep 04
Upcoming dividend of د.ت0.15 per share Eligible shareholders must have bought the stock before 10 September 2025. Payment date: 12 September 2025. Trailing yield: 1.5%. Lower than top quartile of Tunisian dividend payers (6.6%). In line with average of industry peers (1.4%). Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to د.ت6.70, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Multiline Retail industry globally. Total returns to shareholders of 45% over the past three years. Declared Dividend • Jul 01
Dividend increased to د.ت0.15 Dividend of د.ت0.15 is 50% higher than last year. Ex-date: 10th September 2025 Payment date: 12th September 2025 Dividend yield will be 2.7%, which is higher than the industry average of 1.9%. Sustainability & Growth Board Change • Jul 01
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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Apr 29
Société Nouvelle Maison de la Ville de Tunis, Annual General Meeting, Jun 12, 2025 Société Nouvelle Maison de la Ville de Tunis, Annual General Meeting, Jun 12, 2025, at 09:00 W. Central Africa Standard Time. Location: iace aux berges du lac, tunis Tunisia Board Change • Jan 03
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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Sep 18
Consensus EPS estimates fall from profit to د.ت0.01 loss The consensus outlook for fiscal year 2024 has been updated. Forecast loss of -د.ت0.01 per share in 2024, versus previous forecasts of د.ت0.05 per share. Revenue forecast unchanged from د.ت773.0m at last update. Multiline Retail industry in Tunisia expected to see average net income growth of 19% next year. Consensus price target down from د.ت6.53 to د.ت5.28. Share price rose 2.8% to د.ت4.11 over the past week. Price Target Changed • Sep 17
Price target decreased by 20% to د.ت5.28 Down from د.ت6.59, the current price target is provided by 1 analyst. New target price is 28% above last closing price of د.ت4.11. Stock is down 23% over the past year. Upcoming Dividend • Sep 02
Inaugural dividend of د.ت0.10 per share Eligible shareholders must have bought the stock before 09 September 2024. Payment date: 11 September 2024. This is the first dividend for Société Nouvelle Maison de la Ville de Tunis since going public. The average dividend yield among industry peers is 1.8%. Price Target Changed • Jul 24
Price target decreased by 7.2% to د.ت6.53 Down from د.ت7.04, the current price target is provided by 1 analyst. New target price is 61% above last closing price of د.ت4.05. Stock is down 29% over the past year. Major Estimate Revision • Jun 14
Consensus EPS estimates increase from loss to د.ت0.05 profit The consensus outlook for fiscal year 2024 has been updated. 2024 forecast for profit of -د.ت0.01 instead of a loss of د.ت0.05 per share previously. Revenue forecast unchanged at د.ت773.0m. Multiline Retail industry in Tunisia expected to see average net income growth of 18% next year. Consensus price target down from د.ت7.04 to د.ت6.59. Share price was steady at د.ت4.24 over the past week. New Risk • Jun 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 57% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Share price has been highly volatile over the past 3 months (7.9% average weekly change). Earnings are forecast to decline by an average of 57% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (د.ت107.7m market cap, or US$34.5m). New Risk • Jun 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 57% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (8.1% average weekly change). Earnings are forecast to decline by an average of 57% per year for the foreseeable future. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (د.ت111.8m market cap, or US$36.1m). New Risk • Mar 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor 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. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (د.ت128.5m market cap, or US$41.5m). Board Change • Mar 15
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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . 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 • Oct 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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Sep 08
Consensus estimates of losses per share improve by 97% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from د.ت657.0m to د.ت696.0m. EPS estimate increased from -د.ت0.31 per share to -د.ت0.01 per share. Multiline Retail industry in Tunisia expected to see average net income growth of 14% next year. Consensus price target down from د.ت6.99 to د.ت6.85. Share price fell 4.8% to د.ت5.50 over the past week. Reported Earnings • Sep 03
First half 2023 earnings released First half 2023 results: Revenue: د.ت316.3m (up 7.8% from 1H 2022). Net income: د.ت1.72m (up د.ت5.35m from 1H 2022). Profit margin: 0.5% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Global Multiline Retail industry. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • Jul 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% 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: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (د.ت1.2m net loss in 3 years). Share price has been volatile over the past 3 months (4.7% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (د.ت145.2m market cap, or US$47.4m). Price Target Changed • Jun 03
Price target increased by 25% to د.ت6.39 Up from د.ت5.11, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.ت6.10. Stock is up 33% over the past year. The company is forecast to post a net loss per share of د.ت0.31 next year compared to a net loss per share of د.ت0.42 last year. Price Target Changed • May 24
Price target decreased by 15% to د.ت5.11 Down from د.ت6.01, the current price target is provided by 1 analyst. New target price is 12% below last closing price of د.ت5.80. Stock is up 29% over the past year. The company is forecast to post a net loss per share of د.ت0.35 next year compared to a net loss per share of د.ت0.42 last year. Breakeven Date Change • May 22
No longer forecast to breakeven The analyst covering Société Nouvelle Maison de la Ville de Tunis no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of د.ت880.0k in 2023. New forecast suggests the company will make a loss of د.ت2.42m in 2024. Price Target Changed • Apr 29
Price target increased by 21% to د.ت6.01 Up from د.ت4.97, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.ت5.93. Stock is up 46% over the past year. The company is forecast to post a net loss per share of د.ت0.37 next year compared to a net loss per share of د.ت0.16 last year. Board Change • Nov 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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . 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 • Sep 23
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Price Target Changed • Jul 22
Price target decreased to د.ت5.63 Down from د.ت6.13, the current price target is provided by 1 analyst. New target price is 17% above last closing price of د.ت4.80. Stock is down 11% over the past year. The company is forecast to post a net loss per share of د.ت0.04 next year compared to a net loss per share of د.ت0.16 last year. Price Target Changed • May 20
Price target decreased to د.ت6.13 Down from د.ت8.39, the current price target is provided by 1 analyst. New target price is 31% above last closing price of د.ت4.68. Stock is down 13% over the past year. The company is forecast to post a net loss per share of د.ت0.04 next year compared to a net loss per share of د.ت0.16 last year. Reported Earnings • May 09
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: د.ت0.16 loss per share (up from د.ت0.48 loss in FY 2020). Revenue: د.ت657.5m (up 4.1% from FY 2020). Net loss: د.ت3.12m (loss narrowed 68% from FY 2020). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Over the next year, revenue is expected to shrink by 2.7% compared to a 6.7% growth forecast for the retail industry in Tunisia. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 22% per year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Major Estimate Revision • Jun 08
Consensus EPS estimates fall to -د.ت0.39 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from د.ت651.0m to د.ت621.0m. Losses expected to increase from -د.ت0.28 to -د.ت0.39. Multiline Retail industry in Tunisia expected to see average net income growth of 13% next year. Consensus price target broadly unchanged at د.ت8.33. Share price was steady at د.ت5.64 over the past week. Reported Earnings • May 06
Full year 2020 earnings released: د.ت0.48 loss per share (vs د.ت0.007 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: د.ت649.6m (up 2.1% from FY 2019). Net loss: د.ت9.59m (down د.ت9.72m from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Feb 22
New 90-day low: د.ت5.60 The company is down 9.0% from its price of د.ت6.15 on 24 November 2020. The Tunisian market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is up 4.0% over the same period. Is New 90 Day High Low • Jan 29
New 90-day low: د.ت5.80 The company is down 6.0% from its price of د.ت6.14 on 30 October 2020. The Tunisian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is up 12% over the same period. Is New 90 Day High Low • Jan 08
New 90-day low: د.ت5.80 The company is down 6.0% from its price of د.ت6.20 on 09 October 2020. The Tunisian market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 03
New 90-day low: د.ت5.96 The company is down 9.0% from its price of د.ت6.58 on 05 August 2020. The Tunisian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 02
New 90-day low: د.ت6.20 The company is down 5.0% from its price of د.ت6.50 on 03 July 2020. The Tunisian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Multiline Retail industry, which is up 7.0% over the same period.