New Risk • Apr 17
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: Minor Risks High level of debt (47% net debt to equity). Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). 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. 4 experienced directors. 3 highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Jaouad Sqalli-Houssaini 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. 4 experienced directors. 3 highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Jaouad Sqalli-Houssaini 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. New Risk • Jul 14
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 1.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (د.م409.0m market cap, or US$45.5m). Upcoming Dividend • Jul 09
Upcoming dividend of د.م40.00 per share Eligible shareholders must have bought the stock before 16 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of Moroccan dividend payers (4.2%). In line with average of industry peers (4.5%). New Risk • Jun 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: د.م357.0m (US$38.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.4% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (100% payout ratio). Market cap is less than US$100m (د.م357.0m market cap, or US$38.9m). New Risk • Jun 05
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 100% Dividend yield: 4.0% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Earnings have declined by 2.4% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (100% payout ratio). Declared Dividend • May 18
Dividend increased to د.م40.00 Dividend of د.م40.00 is 18% higher than last year. Ex-date: 16th July 2025 Payment date: 25th July 2025 Dividend yield will be 4.8%, which is higher than the industry average of 1.8%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control, which is more than the 5.6% EPS growth achieved over the last 3 years. Duyuru • May 16
Microdata S.A., Annual General Meeting, Jun 24, 2025 Microdata S.A., Annual General Meeting, Jun 24, 2025. New Risk • Mar 20
New major risk - Revenue and earnings growth Earnings have declined by 3.9% 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 3.9% per year over the past 5 years. Minor Risks High level of debt (47% net debt to equity). Share price has been volatile over the past 3 months (6.6% average weekly change). Board Change • Feb 24
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. 6 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Jaouad Sqalli-Houssaini 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 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. 6 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Jaouad Sqalli-Houssaini 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. New Risk • Nov 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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 4.8% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). New Risk • Sep 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 99% Dividend yield: 5.4% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 99% Earnings have declined by 4.8% per year over the past 5 years. Upcoming Dividend • Jul 08
Upcoming dividend of د.م34.00 per share Eligible shareholders must have bought the stock before 15 July 2024. Payment date: 24 July 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of Moroccan dividend payers (4.4%). In line with average of industry peers (4.9%). Duyuru • May 23
Microdata S.A., Annual General Meeting, Jun 26, 2024 Microdata S.A., Annual General Meeting, Jun 26, 2024. Location: casablanca Morocco Reported Earnings • May 03
Full year 2023 earnings released Full year 2023 results: Revenue: د.م754.0m (up 8.5% from FY 2022). Net income: د.م57.2m (up 34% from FY 2022). Profit margin: 7.6% (up from 6.1% in FY 2022). The increase in margin was driven by higher revenue. New Risk • Apr 08
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 2.8% per year over the past 5 years. Minor Risks High level of debt (60% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (د.م273.0m market cap, or US$27.1m). New Risk • Mar 26
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 4.7% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.8% per year over the past 5 years. Minor Risks High level of debt (60% net debt to equity). Share price has been volatile over the past 3 months (4.7% average weekly change). Market cap is less than US$100m (د.م280.5m market cap, or US$27.8m). New Risk • Feb 19
New major risk - Revenue and earnings growth Earnings have declined by 2.8% 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 2.8% per year over the past 5 years. Minor Risks High level of debt (60% net debt to equity). Market cap is less than US$100m (د.م284.8m market cap, or US$28.3m). New Risk • Nov 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 December 2022 fiscal period end). Market cap is less than US$100m (د.م242.8m market cap, or US$23.7m). New Risk • Nov 01
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 5.3% 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: Minor Risks Share price has been volatile over the past 3 months (5.3% average weekly change). Market cap is less than US$100m (د.م241.9m market cap, or US$23.4m). Upcoming Dividend • Jul 05
Upcoming dividend of د.م25.00 per share at 4.7% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 24 July 2023. Trailing yield: 4.7%. Within top quartile of Moroccan dividend payers (4.5%). Lower than average of industry peers (9.1%). Reported Earnings • Sep 26
First half 2022 earnings released: EPS: د.م0 (vs د.م24.14 in 1H 2021) First half 2022 results: EPS: د.م0. Revenue: د.م443.9m (up 21% from 1H 2021). Net income: د.م46.9m (up 16% from 1H 2021). Profit margin: 11% (in line with 1H 2021). Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 17% share price gain to د.م581, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 22x in the IT industry in Africa. Total returns to shareholders of 57% over the past three years. Upcoming Dividend • Jul 05
Upcoming dividend of د.م27.00 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 21 July 2022. Payout ratio is on the higher end at 100%, and the cash payout ratio is above 100%. Trailing yield: 5.0%. Within top quartile of Moroccan dividend payers (4.4%). In line with average of industry peers (4.7%). Upcoming Dividend • Jul 05
Upcoming dividend of د.م33.00 per share Eligible shareholders must have bought the stock before 12 July 2021. Payment date: 22 July 2021. Trailing yield: 4.6%. Lower than top quartile of Moroccan dividend payers (4.8%). Lower than average of industry peers (5.3%). Is New 90 Day High Low • Feb 13
New 90-day high: د.م698 The company is up 31% from its price of د.م532 on 13 November 2020. The Moroccan market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 20% over the same period. Is New 90 Day High Low • Jan 09
New 90-day high: د.م597 The company is up 13% from its price of د.م530 on 09 October 2020. The Moroccan market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the IT industry, which is up 17% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: د.م577 The company is up 17% from its price of د.م495 on 15 September 2020. The Moroccan market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 21
New 90-day high: د.م538 The company is up 12% from its price of د.م482 on 19 August 2020. The Moroccan market is up 5.0% 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. Is New 90 Day High Low • Oct 08
New 90-day high: د.م535 The company is up 3.0% from its price of د.م518 on 10 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 28% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of د.م72.8m, up 22% from the prior year. Total revenue was د.م672.4m over the last 12 months, up 8.6% from the prior year.