Financials Sonatel SA

Equities

End-of-day quote BRVM - Abidjan Other stock markets 18:00:00 2024-06-27 EDT			5-day change	1st Jan Change
19,380 ^XOF	+0.68%		-0.62%	+7.79%

02-22	Sonatel SA Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Troops deployed as Dakar braces for more unrest	RE

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,699,500	1,397,500	1,520,000	1,798,000	1,938,000	-	-
Enterprise Value (EV) ¹	1,699,500	1,397,500	1,686,203	1,779,925	1,947,303	1,950,399	1,938,000
P/E ratio	-	6.62 x	6.44 x	6.44 x	6.36 x	5.78 x	-
Yield	8.01%	-	9.87%	9.73%	9.63%	10.3%	8.77%
Capitalization / Revenue	1.56 x	-	1.04 x	1.11 x	1.12 x	1.05 x	1.07 x
EV / Revenue	1.56 x	-	1.16 x	1.1 x	1.13 x	1.06 x	1.07 x
EV / EBITDA	3.53 x	-	2.62 x	1.89 x	2.55 x	2.47 x	-
EV / FCF	8.69 x	-	8.38 x	5.01 x	12.6 x	12.4 x	-
FCF Yield	11.5%	-	11.9%	19.9%	7.91%	8.04%	-
Price to Book	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	100,000	100,000	100,000	100,000	100,000	-	-
Reference price ²	16,995	13,975	15,200	17,980	19,380	19,380	19,380
Announcement Date	20-03-04	22-03-01	23-02-24	24-02-22	-	-	-

¹XOF in Million²XOF

Estimates

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Net sales ¹	1,086,756	-	1,455,049	1,620,701	1,727,431	1,841,509	1,808,832
EBITDA ¹	481,090	-	643,457	941,359	762,386	790,823	-
EBIT ¹	316,748	-	435,979	728,149	535,299	559,799	-
Operating Margin	29.15%	-	29.96%	44.93%	30.99%	30.4%	-
Earnings before Tax (EBT)	294,699	-	422,273	-	-	-	-
Net income	167,970	211,054	235,974	279,448	-	-	-
Net margin	15.46%	-	16.22%	17.24%	-	-	-
EPS ²	-	2,110	2,359	2,794	3,048	3,355	-
Free Cash Flow ¹	195,522	-	201,147	354,951	153,955	156,903	-
FCF margin	17.99%	-	13.82%	21.9%	8.91%	8.52%	-
FCF Conversion (EBITDA)	40.64%	-	31.26%	37.71%	20.19%	19.84%	-
FCF Conversion (Net income)	116.4%	-	85.24%	127.02%	-	-	-
Dividend per Share ²	1,361	-	1,500	1,750	1,867	1,999	1,700
Announcement Date	20-03-04	22-03-01	23-02-24	24-02-22	-	-	-

¹XOF in Million²XOF

Estimates

Fiscal Period: December	2019	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	166,203	-	9,303	12,399	-
Net Cash position ¹	-	-	-	18,075	-	-	-
Leverage (Debt/EBITDA)	-	-	0.2583 x	-	0.0122 x	0.0157 x	-
Free Cash Flow ¹	195,522	-	201,147	354,951	153,955	156,903	-
ROE (net income / shareholders' equity)	27%	-	33.3%	34.4%	31%	28.2%	25.9%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	261,128	-	262,989	288,126	299,861	305,356	-
Capex / Sales	24.03%	-	18.07%	17.78%	17.36%	16.58%	-
Announcement Date	20-03-04	22-03-01	23-02-24	24-02-22	-	-	-

¹XOF in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

19,380 XOF

Average target price

21,708 XOF

Spread / Average Target

+12.01%

	1st Jan change	Capi.
SONATEL SA	+7.79%	3.17B
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AMÉRICA MÓVIL, S.A.B. DE C.V.	-1.08%	52.56B
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