Major Estimate Revision • Apr 16
Consensus EPS estimates fall by 13%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from د.م6.16b to د.م6.26b. EPS estimate fell from د.م2.42 to د.م2.11 per share. Net income forecast to grow 6.2% next year vs 15% growth forecast for Retail Distributors industry in Morocco. Consensus price target up from د.م76.90 to د.م80.00. Share price fell 3.6% to د.م77.00 over the past week. Reported Earnings • Apr 06
Full year 2025 earnings released Full year 2025 results: Revenue: د.م5.91b (up 18% from FY 2024). Net income: د.م99.8m (up 484% from FY 2024). Profit margin: 1.7% (up from 0.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Global Retail Distributors industry. New Risk • Apr 05
New major risk - Revenue and earnings growth Earnings have declined by 54% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risk Earnings have declined by 54% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • Apr 02
Auto Hall S.A., Annual General Meeting, Apr 30, 2026 Auto Hall S.A., Annual General Meeting, Apr 30, 2026. Location: casablanca Morocco New Risk • Mar 04
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 6.0% 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 (223% payout ratio). Share price has been volatile over the past 3 months (6.0% average weekly change). New Risk • Aug 07
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 6.1% 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 Earnings have declined by 29% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (dividend per share is over 5x earnings per share). Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (0.3% net profit margin). Declared Dividend • Jun 06
Dividend of د.م2.00 announced Dividend of د.م2.00 is the same as last year. Ex-date: 9th June 2025 Payment date: 18th June 2025 Dividend yield will be 2.5%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 5x earnings). However, it is well covered by cash flows (10% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 554% to bring the payout ratio under control. However, EPS has declined by 36% over the last 5 years so the company would need to reverse this trend. Upcoming Dividend • May 29
Upcoming dividend of د.م2.00 per share Eligible shareholders must have bought the stock before 05 June 2025. Payment date: 16 June 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.6%. Lower than top quartile of Moroccan dividend payers (4.2%). In line with average of industry peers (2.4%). Price Target Changed • May 18
Price target increased by 10% to د.م60.00 Up from د.م54.40, the current price target is provided by 1 analyst. New target price is 25% below last closing price of د.م79.99. Stock is up 1.9% over the past year. The company posted earnings per share of د.م0.34 last year. Duyuru • May 09
Auto Hall S.A. announces Annual dividend, payable on June 16, 2025 Auto Hall S.A. announced Annual dividend of MAD 2.0000 per share payable on June 16, 2025, ex-date on June 05, 2025 and record date on June 04, 2025. New Risk • May 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.3% Last year net profit margin: 0.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 170% Dividend per share is over 102x cash flows per share. Earnings have declined by 29% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.3% net profit margin). New Risk • Apr 29
New major risk - Revenue and earnings growth Earnings have declined by 20% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. 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. 9 highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Nadia Fassi-Fehri 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 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. 1 experienced director. 9 highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Nadia Fassi-Fehri 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 • Oct 06
First half 2024 earnings released: EPS: د.م0.38 (vs د.م0.24 loss in 1H 2023) First half 2024 results: EPS: د.م0.38 (up from د.م0.24 loss in 1H 2023). Revenue: د.م2.43b (up 11% from 1H 2023). Net income: د.م19.3m (up د.م31.4m from 1H 2023). Profit margin: 0.8% (up from net loss in 1H 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Global Retail Distributors industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Price Target Changed • Oct 01
Price target increased by 18% to د.م60.85 Up from د.م51.60, the current price target is an average from 2 analysts. New target price is 17% below last closing price of د.م72.99. Stock is up 8.8% over the past year. The company is forecast to post earnings per share of د.م0.90 for next year compared to د.م0.55 last year. Buy Or Sell Opportunity • May 22
Now 22% undervalued Over the last 90 days, the stock has risen 11% to د.م74.50. The fair value is estimated to be د.م95.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 65%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings are also forecast to grow by 48% per annum over the same time period. Duyuru • May 05
Auto Hall S.A., Annual General Meeting, May 29, 2024 Auto Hall S.A., Annual General Meeting, May 29, 2024. Agenda: To consider Approval of accounts; to consider Allocation of results; and to consider Directors' mandates. Reported Earnings • May 02
Full year 2023 earnings released Full year 2023 results: Revenue: د.م4.91b (up 1.7% from FY 2022). Net income: د.م27.9m (down 72% from FY 2022). Profit margin: 0.6% (down from 2.1% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Global Retail Distributors industry. New Risk • Apr 16
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: Major Risk Earnings have declined by 3.0% per year over the past 5 years. Minor Risks 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 (0.03% net profit margin). Price Target Changed • Jan 24
Price target decreased by 24% to د.م50.10 Down from د.م65.50, the current price target is provided by 1 analyst. New target price is 26% below last closing price of د.م67.50. Stock is up 0.8% over the past year. The company posted earnings per share of د.م1.99 last year. New Risk • Oct 05
New major risk - Revenue and earnings growth Earnings have declined by 3.0% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risk Earnings have declined by 3.0% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.03% net profit margin). Reported Earnings • Oct 05
First half 2023 earnings released: د.م0.24 loss per share (vs د.م1.72 profit in 1H 2022) First half 2023 results: د.م0.24 loss per share (down from د.م1.72 profit in 1H 2022). Revenue: د.م2.20b (down 11% from 1H 2022). Net loss: د.م12.1m (down 114% from profit in 1H 2022). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Global Retail Distributors industry. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Price Target Changed • Jul 07
Price target increased by 16% to د.م64.85 Up from د.م56.10, the current price target is an average from 2 analysts. New target price is 14% below last closing price of د.م75.10. Stock is down 2.5% over the past year. The company posted earnings per share of د.م1.99 last year. Upcoming Dividend • Jun 13
Upcoming dividend of د.م3.50 per share at 4.6% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 03 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.6%. Within top quartile of Moroccan dividend payers (4.6%). Lower than average of industry peers (5.6%). Price Target Changed • Jan 10
Price target decreased to د.م67.20 Down from د.م78.40, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.م65.00. Stock is down 41% over the past year. The company posted earnings per share of د.م5.25 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. No experienced directors. 9 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Director Bouchaïb Najioullah was the last independent director to join the board, commencing their role in 2000. 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 • Jun 15
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from د.م5.42b to د.م4.79b. EPS estimate fell from د.م4.06 to د.م2.58 per share. Net income forecast to shrink 51% next year vs 16% growth forecast for Retail Distributors industry in Morocco . Consensus price target up from د.م77.30 to د.م79.00. Share price fell 8.0% to د.م81.85 over the past week. Upcoming Dividend • Jun 02
Upcoming dividend of د.م3.50 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 20 June 2022. Trailing yield: 4.2%. Lower than top quartile of Moroccan dividend payers (4.3%). Higher than average of industry peers (3.7%). Price Target Changed • May 04
Price target decreased to د.م77.30 Down from د.م97.17, the current price target is an average from 2 analysts. New target price is 17% below last closing price of د.م93.30. Stock is up 3.7% over the past year. The company is forecast to post earnings per share of د.م4.28 for next year compared to د.م5.25 last year. 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. No experienced directors. 9 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Director Bouchaïb Najioullah was the last independent director to join the board, commencing their role in 2000. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Sep 30
Price target increased to د.م77.67 Up from د.م64.05, the current price target is an average from 2 analysts. New target price is 22% below last closing price of د.م100. Stock is up 50% over the past year. Upcoming Dividend • Jun 10
Upcoming dividend of د.م3.50 per share Eligible shareholders must have bought the stock before 17 June 2021. Payment date: 28 June 2021. Trailing yield: 3.8%. Lower than top quartile of Moroccan dividend payers (4.7%). Higher than average of industry peers (1.9%). Is New 90 Day High Low • Jan 19
New 90-day high: د.م72.49 The company is up 12% from its price of د.م65.00 on 21 October 2020. The Moroccan market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م15.73 per share. Price Target Changed • Dec 30
Price target lowered to د.م62.05 Down from د.م73.40, the current price target is an average from 2 analysts. The new target price is 13% below the current share price of د.م71.30. As of last close, the stock is down 11% over the past year. Is New 90 Day High Low • Dec 12
New 90-day high: د.م71.90 The company is up 7.0% from its price of د.م67.00 on 11 September 2020. The Moroccan market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Retail Distributors industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م16.09 per share. Is New 90 Day High Low • Nov 17
New 90-day high: د.م69.00 The company is up 11% from its price of د.م62.00 on 19 August 2020. The Moroccan market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م13.11 per share. Reported Earnings • Oct 02
First half earnings released Over the last 12 months the company has reported total profits of د.م52.9m, down 65% from the prior year. Total revenue was د.م3.54b over the last 12 months, down 22% from the prior year.