Reported Earnings • Apr 23
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: د.م45.32 (up from د.م41.81 in FY 2024). Revenue: د.م2.08b (up 9.0% from FY 2024). Net income: د.م85.5m (up 8.4% from FY 2024). Profit margin: 4.1% (in line with FY 2024). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 10.0%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Global Electronic industry. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 23
Dividend increased to د.م44.00 Dividend of د.م44.00 is 10% higher than last year. Ex-date: 24th June 2026 Payment date: 3rd July 2026 Dividend yield will be 5.7%, which is higher than the industry average of 2.0%. Sustainability & Growth The dividend has increased by an average of 8.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 7.9% to bring the payout ratio under control. EPS is expected to grow by 23% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Duyuru • Apr 22
Disway S.A. announces Annual dividend, payable on July 03, 2026 Disway S.A. announced Annual dividend of MAD 44.0000 per share payable on July 03, 2026, ex-date on June 24, 2026 and record date on June 23, 2026. Duyuru • Apr 21
Disway S.A., Annual General Meeting, May 20, 2026 Disway S.A., Annual General Meeting, May 20, 2026. Location: casablanca Morocco New Risk • Mar 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 97% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.8% 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. This is currently the only risk that has been identified for the company. New Risk • Oct 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (224% cash payout ratio). Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to د.م913, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the Electronic industry globally. Total returns to shareholders of 47% over the past three years. Price Target Changed • Jul 22
Price target increased by 14% to د.م788 Up from د.م690, the current price target is an average from 2 analysts. New target price is 9.1% above last closing price of د.م723. Stock is up 5.0% over the past year. The company is forecast to post earnings per share of د.م48.10 for next year compared to د.م41.81 last year. 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: 09 July 2025. Payout ratio and cash payout ratio are on the higher end at 96% and 84% respectively. Trailing yield: 5.0%. Within top quartile of Moroccan dividend payers (4.4%). Higher than average of industry peers (1.8%). Major Estimate Revision • May 04
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from د.م1.87b to د.م1.98b. EPS estimate increased from د.م41.63 to د.م48.10 per share. Net income forecast to grow 15% next year vs 27% growth forecast for Electronic industry in Morocco. Consensus price target up from د.م690 to د.م712. Share price was steady at د.م796 over the past week. Declared Dividend • Apr 14
Dividend increased to د.م40.00 Dividend of د.م40.00 is 14% higher than last year. Ex-date: 25th June 2025 Payment date: 4th July 2025 Dividend yield will be 5.1%, which is higher than the industry average of 2.0%. Sustainability & Growth The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 6.3% to bring the payout ratio under control. However, EPS is expected to decline by 2.2% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • Mar 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% 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 Risk Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (94% payout ratio). Reported Earnings • Mar 10
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: د.م41.81 (up from د.م34.74 in FY 2023). Revenue: د.م1.93b (up 3.2% from FY 2023). Net income: د.م78.8m (up 20% from FY 2023). Profit margin: 4.1% (up from 3.5% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Electronic industry. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Price Target Changed • Feb 24
Price target decreased by 11% to د.م680 Down from د.م761, the current price target is an average from 2 analysts. New target price is 5.6% below last closing price of د.م720. Stock is up 2.6% over the past year. The company is forecast to post earnings per share of د.م35.33 for next year compared to د.م34.74 last year. Price Target Changed • Dec 25
Price target decreased by 11% to د.م680 Down from د.م761, the current price target is an average from 2 analysts. New target price is 7.9% above last closing price of د.م630. Stock is down 5.3% over the past year. The company is forecast to post earnings per share of د.م36.30 for next year compared to د.م34.74 last year. Price Target Changed • Oct 24
Price target decreased by 11% to د.م680 Down from د.م761, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of د.م666. Stock is down 4.2% over the past year. The company is forecast to post earnings per share of د.م36.30 for next year compared to د.م34.74 last year. Major Estimate Revision • Jun 28
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from د.م54.50 to د.م48.50. Revenue forecast unchanged from د.م1.98b at last update. Net income forecast to grow 57% next year vs 30% growth forecast for Electronic industry in Morocco. Consensus price target of د.م886 unchanged from last update. Share price fell 3.4% to د.م685 over the past week. Upcoming Dividend • Jun 18
Upcoming dividend of د.م35.00 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 04 July 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.0%. Within top quartile of Moroccan dividend payers (4.3%). Higher than average of industry peers (1.6%). Reported Earnings • Apr 21
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: د.م34.74 (down from د.م44.88 in FY 2022). Revenue: د.م1.87b (down 4.1% from FY 2022). Net income: د.م65.5m (down 23% from FY 2022). Profit margin: 3.5% (down from 4.3% in FY 2022). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Global Electronic industry. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Duyuru • Apr 17
Disway S.A., Annual General Meeting, May 17, 2024 Disway S.A., Annual General Meeting, May 17, 2024. Agenda: To consider Approval of accounts; to consider Assignment of results. Reported Earnings • Mar 09
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: د.م34.74 (down from د.م44.88 in FY 2022). Revenue: د.م1.91b (down 2.1% from FY 2022). Net income: د.م65.5m (down 23% from FY 2022). Profit margin: 3.4% (down from 4.3% in FY 2022). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Global Electronic industry. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Price Target Changed • Dec 27
Price target increased by 9.3% to د.م833 Up from د.م762, the current price target is provided by 1 analyst. New target price is 25% above last closing price of د.م665. Stock is down 1.5% over the past year. The company is forecast to post earnings per share of د.م42.20 for next year compared to د.م44.88 last year. Upcoming Dividend • Jun 15
Upcoming dividend of د.م35.00 per share at 4.8% yield Eligible shareholders must have bought the stock before 22 June 2023. Payment date: 05 July 2023. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 4.8%. Within top quartile of Moroccan dividend payers (4.6%). Higher than average of industry peers (1.8%). Major Estimate Revision • May 18
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from د.م2.05b to د.م2.02b. EPS estimate also fell from د.م50.10 per share to د.م39.00 per share. Net income forecast to shrink 13% next year vs 21% growth forecast for Electronic industry in Morocco . Consensus price target up from د.م722 to د.م743. Share price was steady at د.م719 over the past week. Reported Earnings • Sep 25
First half 2022 earnings released: EPS: د.م27.71 (vs د.م32.57 in 1H 2021) First half 2022 results: EPS: د.م27.71 (down from د.م32.57 in 1H 2021). Revenue: د.م986.5m (up 5.4% from 1H 2021). Net income: د.م49.3m (down 16% from 1H 2021). Profit margin: 5.0% (down from 6.2% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Electronic industry. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 17
Upcoming dividend of د.م70.00 per share Eligible shareholders must have bought the stock before 24 June 2022. Payment date: 05 July 2022. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of Moroccan dividend payers (4.3%). Higher than average of industry peers (2.1%). Reported Earnings • Apr 17
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: د.م60.26 (up from د.م46.07 in FY 2020). Revenue: د.م1.82b (up 6.7% from FY 2020). Net income: د.م107.6m (up 27% from FY 2020). Profit margin: 5.9% (up from 4.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 12%. Over the next year, revenue is forecast to grow 9.8%, compared to a 18% growth forecast for the industry in Morocco. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 46% per year. Reported Earnings • Mar 08
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: د.م60.26 (up from د.م46.07 in FY 2020). Revenue: د.م1.85b (up 8.0% from FY 2020). Net income: د.م107.6m (up 27% from FY 2020). Profit margin: 5.8% (up from 4.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 12%. Over the next year, revenue is forecast to grow 8.4%, compared to a 20% growth forecast for the industry in Morocco. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 44% per year. Reported Earnings • Sep 26
First half 2021 earnings released: EPS د.م32.57 (vs د.م23.50 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: د.م924.4m (up 12% from 1H 2020). Net income: د.م58.3m (up 34% from 1H 2020). Profit margin: 6.3% (up from 5.3% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 17
Upcoming dividend of د.م35.00 per share Eligible shareholders must have bought the stock before 24 June 2021. Payment date: 05 July 2021. Trailing yield: 6.1%. Within top quartile of Moroccan dividend payers (4.7%). Higher than average of industry peers (1.4%). Price Target Changed • May 05
Price target increased to د.م499 Up from د.م445, the current price target is provided by 1 analyst. New target price is 13% below last closing price of د.م576. Stock is up 85% over the past year. Is New 90 Day High Low • Mar 08
New 90-day high: د.م502 The company is up 11% from its price of د.م452 on 08 December 2020. The Moroccan market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م341 per share. Reported Earnings • Mar 08
Full year 2020 earnings released: EPS د.م46.07 (vs د.م36.44 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: د.م1.72b (up 6.3% from FY 2019). Net income: د.م84.6m (up 24% from FY 2019). Profit margin: 4.9% (up from 4.2% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 08
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.8%. Earnings per share (EPS) also surpassed analyst estimates by 43%. Over the next year, revenue is forecast to grow 1.3%, compared to a 20% growth forecast for the Electronic industry in Morocco. Is New 90 Day High Low • Feb 09
New 90-day high: د.م500 The company is up 10.0% from its price of د.م455 on 11 November 2020. The Moroccan market is also up 10.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Electronic 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.م334 per share. Is New 90 Day High Low • Jan 21
New 90-day high: د.م469 The company is up 16% from its price of د.م405 on 23 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 Electronic industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م335 per share. Is New 90 Day High Low • Oct 29
New 90-day high: د.م422 The company is up 4.0% from its price of د.م407 on 29 July 2020. The Moroccan market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م208 per share. Reported Earnings • Sep 21
First half earnings released Over the last 12 months the company has reported total profits of د.م71.3m, up 51% from the prior year. Total revenue was د.م1.65b over the last 12 months, up 1.5% from the prior year.