Financials TotalEnergies Marketing Maroc S.A.

Equities

End-of-day quote Casablanca S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
1,410 ^MAD	+2.55%		+4.44%	+21.55%

Apr. 29	TotalEnergies Marketing Maroc S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	TotalEnergies Marketing Maroc S.A. Reports Earnings Results for the Half Year Ended June 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	10,456	10,752	15,411	11,630	10,394	12,544	-
Enterprise Value (EV) ¹	9,641	9,961	14,665	12,108	10,394	13,584	12,544
P/E ratio	17.4 x	24 x	16.5 x	24 x	-	30.2 x	25.4 x
Yield	4.8%	4.2%	3.26%	4.31%	-	3.86%	4%
Capitalization / Revenue	0.85 x	1.22 x	1.2 x	0.59 x	0.61 x	0.7 x	0.68 x
EV / Revenue	0.78 x	1.13 x	1.14 x	0.61 x	0.61 x	0.76 x	0.68 x
EV / EBITDA	8.39 x	9.41 x	8.96 x	11.2 x	-	15.3 x	-
EV / FCF	25 x	10.7 x	36.4 x	-17 x	-	98.4 x	-
FCF Yield	4%	9.35%	2.75%	-5.87%	-	1.02%	-
Price to Book	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	8,960	8,960	8,960	8,960	8,960	8,960	-
Reference price ²	1,167	1,200	1,720	1,298	1,160	1,400	1,400
Announcement Date	5/1/20	4/30/21	4/30/22	3/27/23	4/30/24	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	12,310	8,824	12,870	19,719	16,933	17,839	18,546
EBITDA ¹	1,149	1,058	1,637	1,083	-	890	-
EBIT ¹	846.8	762.9	1,311	730.2	419.3	536	-
Operating Margin	6.88%	8.65%	10.18%	3.7%	2.48%	3%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income ¹	599.9	451.2	934.9	488.1	50.25	415	495
Net margin	4.87%	5.11%	7.26%	2.48%	0.3%	2.33%	2.67%
EPS ²	67.00	50.00	104.0	54.00	-	46.30	55.20
Free Cash Flow ¹	385.4	931.7	402.8	-710.7	-	138	-
FCF margin	3.13%	10.56%	3.13%	-3.6%	-	0.77%	-
FCF Conversion (EBITDA)	33.54%	88.05%	24.6%	-	-	15.51%	-
FCF Conversion (Net income)	64.24%	206.48%	43.08%	-	-	33.25%	-
Dividend per Share ²	56.00	50.39	56.00	56.00	-	54.00	56.00
Announcement Date	5/1/20	4/30/21	4/30/22	3/27/23	4/30/24	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	478	-	1,040	-
Net Cash position ¹	816	791	747	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.4411 x	-	1.169 x	-
Free Cash Flow ¹	385	932	403	-711	-	138	-
ROE (net income / shareholders' equity)	26%	19.4%	36.8%	17.6%	-	17.7%	21.7%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	701	456	434	350	-	303	-
Capex / Sales	5.69%	5.17%	3.37%	1.77%	-	1.7%	-
Announcement Date	5/1/20	4/30/21	4/30/22	3/27/23	4/30/24	-	-

¹MAD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1,400 MAD

Average target price

1,063 MAD

Spread / Average Target

-24.07%

	1st Jan change	Capi.
TOTALENERGIES MARKETING MAROC S.A.	+21.55%	1.24B
RELIANCE INDUSTRIES LTD	+10.95%	238B
BP PLC	+9.34%	106B
CHINA PETROLEUM & CHEMICAL CORPORATION	+14.43%	99.79B
MARATHON PETROLEUM CORPORATION	+23.31%	64.46B
PHILLIPS 66	+8.06%	60.99B
VALERO ENERGY CORPORATION	+21.03%	51.45B
IMPERIAL OIL LIMITED	+23.52%	36.45B
INDIAN OIL CORPORATION LIMITED	+31.50%	28.61B
FORMOSA PETROCHEMICAL CORPORATION	-10.53%	21.02B