Stock ARD ARADEI CAPITAL S.A.
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Financials Aradei Capital S.A.

Equities

ARD

MA0000012460

Real Estate Development & Operations

End-of-day quote Casablanca S.E.
Other stock markets
 06:00:00 2024-05-26 pm EDT 		5-day change 1st Jan Change
496 MAD -5.86% Intraday chart for Aradei Capital S.A. -4.60% +11.46%
Mar. 08 Aradei Capital S.A. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Aradei Capital S.A. Reports Earnings Results for the Half Year Ended June 30, 2023 CI

Valuation

Fiscal Period: December 2020 2021 2022 2023
Capitalization 1 4,258 4,418 4,542 4,990
Enterprise Value (EV) 1 5,485 6,363 7,052 7,728
P/E ratio 242 x 12.8 x 20 x 18.4 x
Yield 1% 0.25% 1.34% 4.6%
Capitalization / Revenue 15.7 x 10.5 x 9.34 x 8.56 x
EV / Revenue 20.2 x 15.1 x 14.5 x 13.3 x
EV / EBITDA 26.8 x 21.6 x 19.6 x 17.4 x
EV / FCF 69.4 x 30.7 x 17.2 x 17.6 x
FCF Yield 1.44% 3.25% 5.82% 5.69%
Price to Book 1.06 x 1.05 x 1.02 x 1.11 x
Nbr of stocks (in thousands) 10,646 10,646 11,214 11,214
Reference price 2 400.0 415.0 405.0 445.0
Announcement Date 3/2/21 4/4/22 4/28/23 4/30/24
1MAD in Million2MAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 269.2 287.6 271.1 421.1 486.1 583.2
EBITDA 1 226.1 245.5 205 295.3 359.2 443.9
EBIT 1 222.4 241.1 200.3 291 355.1 439.8
Operating Margin 82.61% 83.83% 73.9% 69.11% 73.05% 75.42%
Earnings before Tax (EBT) 1 432.4 277.1 67.65 416.6 348.2 383.4
Net income 1 380.3 213.7 17.6 344.1 227.1 271.6
Net margin 141.26% 74.31% 6.49% 81.7% 46.71% 46.57%
EPS 2 46.87 26.34 1.650 32.32 20.25 24.22
Free Cash Flow 1 26.75 251 79.01 207 410.3 439.5
FCF margin 9.94% 87.29% 29.15% 49.14% 84.41% 75.37%
FCF Conversion (EBITDA) 11.83% 102.26% 38.54% 70.1% 114.24% 99%
FCF Conversion (Net income) 7.04% 117.47% 449.02% 60.15% 180.7% 161.84%
Dividend per Share - - 4.000 1.050 5.420 20.47
Announcement Date 3/21/19 4/27/20 3/2/21 4/4/22 4/28/23 4/30/24
1MAD in Million2MAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,136 1,630 1,227 1,945 2,510 2,737
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 5.023 x 6.64 x 5.984 x 6.587 x 6.99 x 6.166 x
Free Cash Flow 1 26.8 251 79 207 410 440
ROE (net income / shareholders' equity) 12.1% 6.38% 0.47% 8.36% 6% 6.19%
ROA (Net income/ Total Assets) 2.84% 2.73% 2.07% 2.67% 2.84% 3.15%
Assets 1 13,403 7,815 852.1 12,906 7,990 8,628
Book Value Per Share 2 404.0 422.0 377.0 396.0 398.0 401.0
Cash Flow per Share 2 71.60 15.40 62.40 46.60 33.70 60.80
Capex 1 1.18 - - - - 5.06
Capex / Sales 0.44% - - - - 0.87%
Announcement Date 3/21/19 4/27/20 3/2/21 4/4/22 4/28/23 4/30/24
1MAD in Million2MAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Chiffre d''affaires - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

1st Jan change Capi.
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Other Real Estate Development & Operations
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