Stock AFM AFMA S.A.
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Financials AFMA S.A.

Equities

AFM

MA0000012296

Multiline Insurance & Brokers

End-of-day quote Casablanca S.E.
Other stock markets
 18:00:00 2024-07-15 EDT 		5-day change 1st Jan Change
1,248 MAD +1.96% Intraday chart for AFMA S.A. +1.88% +4.00%
04-30 AFMA S.A. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 AFMA S.A. Reports Earnings Results for the Half Year Ended June 30, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 990 1,025 1,116 1,360 1,300 1,200
Enterprise Value (EV) 1 1,040 1,113 1,188 1,445 1,437 1,330
P/E ratio 19.9 x 20.4 x 26.2 x 23.5 x 21.9 x 20 x
Yield - - 4.21% 3.97% 4.23% 4.58%
Capitalization / Revenue 5.3 x 5.29 x 5.48 x 6.13 x 5.33 x 4.64 x
EV / Revenue 5.57 x 5.74 x 5.83 x 6.51 x 5.89 x 5.14 x
EV / EBITDA 13 x 13.3 x 13 x 14.8 x 13.6 x 11.9 x
EV / FCF 24 x 12.1 x 11.4 x 33.1 x 62.6 x 20.9 x
FCF Yield 4.17% 8.26% 8.77% 3.02% 1.6% 4.78%
Price to Book 15 x 26.5 x 37.4 x 33.6 x 28.4 x 23.6 x
Nbr of stocks (in thousands) 1,000 1,000 1,000 1,000 1,000 1,000
Reference price 2 990.0 1,025 1,116 1,360 1,300 1,200
Announcement Date 19-04-01 20-04-30 21-04-30 22-06-13 23-04-28 24-04-30
1MAD in Million2MAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 186.8 193.9 203.6 221.9 243.7 258.8
EBITDA 1 79.93 83.92 91.29 97.66 105.4 112
EBIT 1 75.8 80.49 87.37 93.36 99.75 105.8
Operating Margin 40.59% 41.51% 42.91% 42.08% 40.93% 40.89%
Earnings before Tax (EBT) 1 66.85 72.55 65.53 86.79 90.9 92.93
Net income 1 49.78 50.14 42.56 57.85 59.32 60
Net margin 26.66% 25.86% 20.9% 26.08% 24.34% 23.18%
EPS 2 49.78 50.14 42.56 57.85 59.32 60.00
Free Cash Flow 1 43.36 92 104.1 43.63 22.93 63.55
FCF margin 23.22% 47.45% 51.14% 19.66% 9.41% 24.56%
FCF Conversion (EBITDA) 54.25% 109.63% 114.08% 44.67% 21.75% 56.73%
FCF Conversion (Net income) 87.1% 183.5% 244.69% 75.41% 38.66% 105.93%
Dividend per Share - - 47.00 54.00 55.00 55.00
Announcement Date 19-04-01 20-04-30 21-04-30 22-06-13 23-04-28 24-04-30
1MAD in Million2MAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 50.4 88.2 71.9 84.5 137 130
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.6309 x 1.051 x 0.7874 x 0.8654 x 1.295 x 1.158 x
Free Cash Flow 1 43.4 92 104 43.6 22.9 63.6
ROE (net income / shareholders' equity) 71.7% 95.9% 125% 162% 133% 120%
ROA (Net income/ Total Assets) 6.45% 7.07% 7.31% 6.83% 6.92% 7.23%
Assets 1 771.3 709.1 582 847.1 857.8 830.2
Book Value Per Share 2 65.90 38.60 29.80 40.40 45.80 50.80
Cash Flow per Share 2 7.750 31.00 44.70 27.10 11.10 19.70
Capex 1 1.15 5.64 3.5 7.16 13.5 15.2
Capex / Sales 0.62% 2.91% 1.72% 3.23% 5.53% 5.88%
Announcement Date 19-04-01 20-04-30 21-04-30 22-06-13 23-04-28 24-04-30
1MAD in Million2MAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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