Financials Société Industrielle d'Appareillage et de Matériels Electriques

Equities

End-of-day quote Tunis Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
3.75 ^TND	-0.79%		+1.90%	-1.83%

May. 22	Société Industrielle d'Appareillage et de Matériels Electriques Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Société Industrielle d'Appareillage et de Matériels Electriques Reports Earnings Results for the Full Year Ended December 31, 2022	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	57.99	57.42	66.56	59.15	59	57.92	-	-
Enterprise Value (EV) ¹	73.38	69.8	79.23	81.71	59	80.52	81.12	57.92
P/E ratio	-	-	16.2 x	-235 x	29.2 x	22.1 x	16.3 x	12.1 x
Yield	3.62%	2.93%	2.53%	-	-	2.67%	4%	4%
Capitalization / Revenue	0.97 x	1.06 x	1.03 x	1.2 x	1.44 x	0.84 x	0.78 x	0.71 x
EV / Revenue	1.23 x	1.29 x	1.23 x	1.66 x	1.44 x	1.17 x	1.09 x	0.71 x
EV / EBITDA	9.5 x	10.3 x	9.4 x	16.2 x	10 x	10 x	8.89 x	-
EV / FCF	55.8 x	16.5 x	-1,410 x	-12 x	-	-91.5 x	89.1 x	-
FCF Yield	1.79%	6.07%	-0.07%	-8.31%	-	-1.09%	1.12%	-
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	15,444	15,444	15,444	15,444	15,444	15,444	-	-
Reference price ²	3.755	3.718	4.310	3.830	3.820	3.750	3.750	3.750
Announcement Date	6/26/20	6/3/21	5/24/22	5/10/23	5/6/24	-	-	-

¹TND in Million²TND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	59.48	53.95	64.35	49.27	41.05	68.7	74.5	81.1
EBITDA ¹	7.723	6.763	8.43	5.044	5.874	8.03	9.12	-
EBIT ¹	5.13	4.085	5.467	2.765	4.455	6.31	7.36	-
Operating Margin	8.62%	7.57%	8.5%	5.61%	10.85%	9.18%	9.88%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	2.558	1.677	4.111	-0.2517	2.019	2.64	3.57	4.79
Net margin	4.3%	3.11%	6.39%	-0.51%	4.92%	3.84%	4.79%	5.91%
EPS ²	-	-	0.2662	-0.0163	0.1307	0.1700	0.2300	0.3100
Free Cash Flow ¹	1.315	4.236	-0.0562	-6.792	-	-0.88	0.91	-
FCF margin	2.21%	7.85%	-0.09%	-13.79%	-	-1.28%	1.22%	-
FCF Conversion (EBITDA)	17.02%	62.63%	-	-	-	-	9.98%	-
FCF Conversion (Net income)	51.38%	252.67%	-	-	-	-	25.49%	-
Dividend per Share ²	0.1360	0.1091	0.1091	-	-	0.1000	0.1500	0.1500
Announcement Date	6/26/20	6/3/21	5/24/22	5/10/23	5/6/24	-	-	-

¹TND in Million²TND

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	15.4	12.4	12.7	22.6	-	22.6	23.2	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.994 x	1.831 x	1.502 x	4.473 x	-	2.814 x	2.544 x	-
Free Cash Flow ¹	1.31	4.24	-0.06	-6.79	-	-0.88	0.91	-
ROE (net income / shareholders' equity)	9.08%	5.92%	14.1%	-0.84%	-	8.76%	11.2%	14.1%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	3.73	2.49	2.28	1.61	-	1.63	1.91	-
Capex / Sales	6.28%	4.61%	3.54%	3.28%	-	2.37%	2.56%	-
Announcement Date	6/26/20	6/3/21	5/24/22	5/10/23	5/6/24	-	-	-

¹TND in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.75 TND

Average target price

4.17 TND

Spread / Average Target

+11.20%

	1st Jan change	Capi.
SOCIÉTÉ INDUSTRIELLE D'APPAREILLAGE ET DE MATÉRIELS ELECTRIQUES	-1.83%	18.57M
SIEMENS AG	+3.73%	150B
SCHNEIDER ELECTRIC SE	+25.12%	138B
EATON CORPORATION PLC	+38.22%	133B
EMERSON ELECTRIC CO.	+15.24%	64.16B
AMETEK, INC.	+2.84%	39.25B
VERTIV HOLDINGS CO	+104.18%	36.71B
WEG S.A.	+1.73%	30.06B
ROCKWELL AUTOMATION, INC.	-17.05%	29.36B
NIDEC CORPORATION	+37.72%	28.66B