Financials Lesieur Cristal S.A.

Equities

End-of-day quote Casablanca S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
275.1 ^MAD	+0.04%		+0.77%	+1.89%

Apr. 30	Lesieur Cristal S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Mar. 18	Lesieur Cristal S.A.(CBSE:LES) added to S&P Pan Arab Composite	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,974	4,476	5,416	6,355	7,461	7,601	-	-
Enterprise Value (EV) ¹	4,673	4,464	5,416	5,880	7,461	6,953	7,201	7,601
P/E ratio	30 x	-	39.2 x	32.9 x	-	61.8 x	45.4 x	39.2 x
Yield	1.94%	-	-	1.96%	-	0.73%	1.27%	1.27%
Capitalization / Revenue	1.27 x	1.15 x	1.11 x	0.92 x	1.26 x	1.25 x	1.2 x	1.14 x
EV / Revenue	1.2 x	1.15 x	1.11 x	0.85 x	1.26 x	1.14 x	1.14 x	1.14 x
EV / EBITDA	13.3 x	11.5 x	12.1 x	8.02 x	49.1 x	21.3 x	18.3 x	-
EV / FCF	25.7 x	78.3 x	-	10.3 x	-	28.4 x	23.7 x	-
FCF Yield	3.89%	1.28%	-	9.74%	-	3.52%	4.22%	-
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	27,632	27,632	27,632	27,632	27,632	27,632	-	-
Reference price ²	180.0	162.0	196.0	230.0	270.0	275.1	275.1	275.1
Announcement Date	3/27/20	3/27/21	4/5/22	4/18/23	4/30/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,910	3,890	4,863	6,897	5,934	6,100	6,344	6,649
EBITDA ¹	351	389	448	733	152	326	393	-
EBIT ¹	254	287	309	463	74	231	295	-
Operating Margin	6.5%	7.38%	6.35%	6.71%	1.25%	3.79%	4.65%	-
Earnings before Tax (EBT)	-	244	-	-	-	-	-	-
Net income ¹	166	157	-	206	2	123	167	194
Net margin	4.25%	4.04%	-	2.99%	0.03%	2.02%	2.63%	2.92%
EPS ²	6.000	-	5.000	7.000	-	4.450	6.060	7.020
Free Cash Flow ¹	182	57	-	573	-	245	304	-
FCF margin	4.65%	1.47%	-	8.31%	-	4.02%	4.79%	-
FCF Conversion (EBITDA)	51.85%	14.65%	-	78.17%	-	75.15%	77.35%	-
FCF Conversion (Net income)	109.64%	36.31%	-	278.16%	-	199.19%	182.04%	-
Dividend per Share ²	3.500	-	-	4.500	-	2.000	3.500	3.500
Announcement Date	3/27/20	3/27/21	4/5/22	4/18/23	4/30/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	301	12	-	475	-	648	400	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	182	57	-	573	-	245	304	-
ROE (net income / shareholders' equity)	10.1%	9.18%	7.92%	11.2%	-	6.66%	8.65%	9.51%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	41	42	-	93	-	91.5	95.2	-
Capex / Sales	1.05%	1.08%	-	1.35%	-	1.5%	1.5%	-
Announcement Date	3/27/20	3/27/21	4/5/22	4/18/23	4/30/24	-	-	-

¹MAD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

275.1 MAD

Average target price

232 MAD

Spread / Average Target

-15.67%

	1st Jan change	Capi.
LESIEUR CRISTAL S.A.	+1.89%	756M
NESTLÉ S.A.	-6.31%	266B
MONDELEZ INTERNATIONAL, INC.	-3.45%	93.75B
KRAFT HEINZ	-3.35%	44.14B
THE HERSHEY COMPANY	+5.39%	40.03B
DANONE	-0.99%	39.92B
GENERAL MILLS, INC.	+6.14%	39.47B
ARCHER-DANIELS-MIDLAND COMPANY	-16.66%	29.26B
NESTLÉ INDIA LIMITED	-7.58%	28.39B
ASSOCIATED BRITISH FOODS PLC	+12.84%	25.04B