Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to د.م13,321, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 7x in the Metals and Mining industry in Africa. Total returns to shareholders of 622% over the past three years. Duyuru • May 26
Managem S.A., Annual General Meeting, Jun 25, 2026 Managem S.A., Annual General Meeting, Jun 25, 2026. Location: casablanca Morocco New Risk • Apr 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 2025. 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: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (9.0% average weekly change). High level of non-cash earnings (29% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Apr 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Moroccan stocks, typically moving 8.8% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (8.8% average weekly change). High level of non-cash earnings (29% accrual ratio). Price Target Changed • Feb 16
Price target increased by 67% to د.م7,719 Up from د.م4,614, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.م7,951. Stock is up 99% over the past year. The company is forecast to post earnings per share of د.م69.67 for next year compared to د.م52.24 last year. Board Change • Feb 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Momar Nguer was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Dec 25
Price target increased by 15% to د.م4,614 Up from د.م4,003, the current price target is provided by 1 analyst. New target price is 26% below last closing price of د.م6,200. Stock is up 118% over the past year. The company is forecast to post earnings per share of د.م75.40 for next year compared to د.م52.24 last year. Board Change • Dec 25
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Momar Nguer was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Jun 23
Dividend increased to د.م40.00 Dividend of د.م40.00 is 33% higher than last year. Ex-date: 30th June 2025 Payment date: 8th July 2025 Dividend yield will be 0.8%, which is lower than the industry average of 4.8%. Upcoming Dividend • Jun 23
Upcoming dividend of د.م40.00 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 08 July 2025. Payout ratio is on the higher end at 77% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Moroccan dividend payers (4.4%). Lower than average of industry peers (2.9%). Major Estimate Revision • May 20
Consensus EPS estimates fall by 24%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from د.م9.97b to د.م10.2b. EPS estimate fell from د.م83.80 to د.م64.10 per share. Net income forecast to grow 23% next year vs 17% growth forecast for Metals and Mining industry in Morocco. Consensus price target up from د.م2,367 to د.م3,155. Share price was steady at د.م5,399 over the past week. Price Target Changed • May 19
Price target increased by 37% to د.م3,155 Up from د.م2,299, the current price target is provided by 1 analyst. New target price is 42% below last closing price of د.م5,400. Stock is up 121% over the past year. The company is forecast to post earnings per share of د.م64.10 for next year compared to د.م52.24 last year. Duyuru • May 09
Managem S.A., Annual General Meeting, Jun 11, 2025 Managem S.A., Annual General Meeting, Jun 11, 2025. Reported Earnings • May 05
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: د.م52.24 (up from د.م51.49 in FY 2023). Revenue: د.م9.22b (up 23% from FY 2023). Net income: د.م619.8m (up 21% from FY 2023). Profit margin: 6.7% (down from 6.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 5.2%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Metals and Mining industry in Africa. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. New Risk • Apr 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). 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. 2 experienced directors. 6 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Samir Oudghiri was the last independent director to join the board, commencing their role in 2020. 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. 2 experienced directors. 6 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Samir Oudghiri was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Dec 12
Managem S.A. (CBSE:MNG) completed the acquisition of Sound Energy Morocco East Limited from Sound Energy plc (AIM:SOU). Managem S.A. (CBSE:MNG) agreed to acquire Sound Energy Morocco East Limited from Sound Energy plc (AIM:SOU) for $14.5 million on June 14, 2024. SPA consideration payable to and on behalf of the Group includes $12.0 million in Concession Phase 1 development back costs through to July 2024 net to a 55% interest in the Concession and payable to the Group in cash on completion; $1.0 million in back costs in respect of Concession Phase 2 development and Permits back costs payable to the Company in cash on completion; Up to $24.5 million net carry through Managem funding of the Group's remaining 20% interest in future Concession Phase 2 development. oContingent consideration of $1.5 million payable to the Group no later than one year after first gas from Concession Phase 2 development.; $3.6 million net carry through funding the Group's remaining 27.5% Grand Tendrara Permit interest in drilling exploration well SBK-1; and $2.6 million net carry through funding the Group's remaining 27.5% Anoual Permit interest in drilling exploration well M5. Sale of the entire share capital of SEME with an effective date of 1 January 2022, pursuant to which Managem will acquire the following interests in the Group's Moroccan assets, 55.0% of the Concession (Sound Energy to retain 20% interest), 47.5% of the Grand Tendrara Permit (Sound Energy to retain 27.5% interest), and 47.5% of the Anoual Exploration Permit (Sound Energy to retain 27.5% interest). Ben Jeynes and Peter Lynch of Cavendish Capital Markets acted as nominated adviser, Jon Fitzpatrick, Paul Weidman and Doug Rycroft of Gneiss Energy Limited acted as Financial Adviser and Mohammed Benslimane, and Reda Benjelloun of Advisory & Finance Group Investment Bank acted as M&A advisor to Sound Energy. The transaction remains conditional upon approvals by ONHYM and the Moroccan Minister of Energy of the Company continuing as the Operator of record of the Tendrara Exploitation Concession, and the Anoual and Grand Tendrara Exploration Permits where required, approval of ONEE of the change of control of the Company pursuant to the ONEE GSA, approval of Managem's board of directors of the Transaction, removal of Sound Energy Morocco SARL AU as dormant subsidiary of SEME and receipt of Moroccan Competition Council's authorisation. As of October 21, 2024, minister of Energy Transition & Sustainable Development approved the deal.
Managem S.A. (CBSE:MNG) completed the acquisition of Sound Energy Morocco East Limited from Sound Energy plc (AIM:SOU) on December 11, 2024. Price Target Changed • Sep 10
Price target increased by 7.1% to د.م2,337 Up from د.م2,182, the current price target is provided by 1 analyst. New target price is 17% below last closing price of د.م2,830. Stock is up 59% over the past year. The company is forecast to post earnings per share of د.م59.55 for next year compared to د.م51.48 last year. Major Estimate Revision • Sep 04
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from د.م66.40 to د.م59.55. Revenue forecast unchanged from د.م9.03b at last update. Net income forecast to grow 53% next year vs 56% growth forecast for Metals and Mining industry in Morocco. Consensus price target of د.م2,106 unchanged from last update. Share price was steady at د.م2,850 over the past week. Duyuru • Jun 15
Managem S.A. (CBSE:MNG) agreed to acquire Sound Energy Morocco East Limited from Sound Energy plc (AIM:SOU) for $14.5 million. Managem S.A. (CBSE:MNG) agreed to acquire Sound Energy Morocco East Limited from Sound Energy plc (AIM:SOU) for $14.5 million on June 14, 2024. SPA consideration payable to and on behalf of the Group includes $12.0 million in Concession Phase 1 development back costs through to July 2024 net to a 55% interest in the Concession and payable to the Group in cash on completion; $1.0 million in back costs in respect of Concession Phase 2 development and Permits back costs payable to the Company in cash on completion; Up to $24.5 million net carry through Managem funding of the Group's remaining 20% interest in future Concession Phase 2 development. oContingent consideration of $1.5 million payable to the Group no later than one year after first gas from Concession Phase 2 development.; $3.6 million net carry through funding the Group's remaining 27.5% Grand Tendrara Permit interest in drilling exploration well SBK-1; and $2.6 million net carry through funding the Group's remaining 27.5% Anoual Permit interest in drilling exploration well M5. Sale of the entire share capital of SEME with an effective date of 1 January 2022, pursuant to which Managem will acquire the following interests in the Group's Moroccan assets, 55.0% of the Concession (Sound Energy to retain 20% interest), 47.5% of the Grand Tendrara Permit (Sound Energy to retain 27.5% interest), and 47.5% of the Anoual Exploration Permit (Sound Energy to retain 27.5% interest). Ben Jeynes and Peter Lynch of Cavendish Capital Markets acted as nominated adviser, Jon Fitzpatrick, Paul Weidman and Doug Rycroft of Gneiss Energy Limited acted as Financial Adviser and Mohammed Benslimane, and Reda Benjelloun of Advisory & Finance Group Investment Bank acted as M&A advisor to Sound Energy. Duyuru • May 05
Managem S.A., Annual General Meeting, Jun 06, 2024 Managem S.A., Annual General Meeting, Jun 06, 2024. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to د.م2,201, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 10x in the Metals and Mining industry in Africa. Total returns to shareholders of 58% over the past three years. New Risk • Apr 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% 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 High level of debt (74% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (8.5% net profit margin). Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Apr 15
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 High level of debt (74% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (8.5% net profit margin). Price Target Changed • Dec 28
Price target decreased by 14% to د.م2,188 Down from د.م2,537, the current price target is provided by 1 analyst. New target price is 26% above last closing price of د.م1,730. Stock is down 30% over the past year. The company is forecast to post earnings per share of د.م132 for next year compared to د.م162 last year. Price Target Changed • Dec 22
Price target decreased by 7.5% to د.م2,410 Down from د.م2,604, the current price target is an average from 2 analysts. New target price is 46% above last closing price of د.م1,650. Stock is down 34% over the past year. The company is forecast to post earnings per share of د.م209 for next year compared to د.م162 last year. Major Estimate Revision • Oct 06
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from د.م10.1b to د.م9.44b. EPS estimate also fell from د.م162 per share to د.م144 per share. Net income forecast to grow 104% next year vs 29% growth forecast for Metals and Mining industry in Morocco. Consensus price target down from د.م2,604 to د.م2,537. Share price rose 6.0% to د.م1,750 over the past week. Reported Earnings • May 03
Full year 2022 earnings: Revenues in line with analyst expectations Full year 2022 results: Revenue: د.م9.79b (up 32% from FY 2021). Net income: د.م1.61b (up 87% from FY 2021). Profit margin: 17% (up from 12% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Revenue is forecast to stay flat during the next 2 years compared to a 3.2% growth forecast for the Metals and Mining industry in Africa. Price Target Changed • Mar 02
Price target increased by 8.1% to د.م2,735 Up from د.م2,529, the current price target is provided by 1 analyst. New target price is 6.0% above last closing price of د.م2,580. Stock is up 43% over the past year. The company is forecast to post earnings per share of د.م152 for next year compared to د.م86.22 last year. Duyuru • Dec 21
Oriole Resources PLC Signs A Definitive Agreement to Sell Its Portfolio of Projects in Senegal, Mali and Guinea to Managem Group Oriole Resources PLC reported that it's partner on the Senala gold project in Senegal, IAMGOLD Corporation, has signed a definitive agreement to sell its portfolio of projects in Senegal, Mali and Guinea to Managem Group for an aggregate consideration of approximately USD 282 million. Included in the sale is IAMGOLD's interest in the Option Agreement on Senala, where IAMGOLD has recently earned a 51% initial interest in Senala by spending USD 4 million over four years and can earn up to a further 19% (total 70%) by spending an additional USD 4 million before the end of February 2024. Oriole notes that the Transaction is subject to certain regulatory approvals as well as other closing conditions and IAMGOLD expects the Transaction to close early in the third quarter of 2023. Oriole is currently in discussions with IAMGOLD as to the effect of the Transaction and the timing of further exploration at Senala, and will update the market in due course. Board Change • Nov 16
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 an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Samir Oudghiri was the last independent director to join the board, commencing their role in 2020. 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 2022 earnings released: EPS: د.م0 (vs د.م18.50 in 1H 2021) First half 2022 results: EPS: د.م0. Revenue: د.م5.68b (up 89% from 1H 2021). Net income: د.م1.21b (up د.م1.02b from 1H 2021). Profit margin: 21% (up from 6.1% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.2% growth forecast for the Metals and Mining industry in Africa. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improved over the past week After last week's 18% share price gain to د.م2,523, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 6x in the Metals and Mining industry in Africa. Total returns to shareholders of 242% over the past three years. Board Change • Aug 02
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Samir Oudghiri was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 18% share price decline to د.م1,787, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 6x in the Metals and Mining industry in Africa. Total returns to shareholders of 119% over the past three years. Reported Earnings • May 04
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: د.م7.63b (up 62% from FY 2020). Net income: د.م861.5m (up 283% from FY 2020). Profit margin: 11% (up from 4.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.0%. Reported Earnings • Oct 06
First half 2021 earnings released: EPS د.م18.50 (vs د.م9.84 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: د.م3.01b (up 27% from 1H 2020). Net income: د.م184.8m (up 88% from 1H 2020). Profit margin: 6.1% (up from 4.1% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Price Target Changed • Jul 15
Price target increased to د.م1,097 Up from د.م982, the current price target is an average from 2 analysts. New target price is 28% below last closing price of د.م1,525. Stock is up 98% over the past year. Reported Earnings • May 04
Full year 2020 earnings released: EPS د.م22.50 (vs د.م42.72 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: د.م4.73b (up 3.8% from FY 2019). Net income: د.م224.8m (up د.م651.6m from FY 2019). Profit margin: 4.8% (up from net loss in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Price Target Changed • Feb 03
Price target raised to د.م951 Up from د.م823, the current price target is an average from 2 analysts. The new target price is 31% below the current share price of د.م1,375. As of last close, the stock is up 61% over the past year. Is New 90 Day High Low • Jan 27
New 90-day high: د.م1,306 The company is up 16% from its price of د.م1,128 on 28 October 2020. The Moroccan market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م64.72 per share. Is New 90 Day High Low • Jan 05
New 90-day high: د.م1,186 The company is up 24% from its price of د.م960 on 07 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 Metals and Mining industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م65.52 per share. Is New 90 Day High Low • Nov 04
New 90-day high: د.م1,164 The company is up 16% from its price of د.م1,000 on 06 August 2020. The Moroccan market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م53.54 per share. Is New 90 Day High Low • Oct 10
New 90-day high: د.م1,018 The company is up 36% from its price of د.م751 on 10 July 2020. The Moroccan market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م53.67 per share. 
