Financials TAQA Morocco S.A.

Equities

TQM

MA0000012205

Independent Power Producers

End-of-day quote Casablanca S.E. Other stock markets 18:00:00 2024-04-29 EDT			5-day change	1st Jan Change
1,300 ^MAD	-2.26%		+1.56%	+18.18%

02-27	TAQA Morocco S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	TAQA Morocco S.A. Reports Earnings Results for the Half Year Ended June 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2022	2023	2024	2025
Capitalization ¹	20,994	21,914	21,584	25,900	30,665	30,665	-
Enterprise Value (EV) ¹	30,210	31,626	30,512	33,715	25,947	36,467	35,786
P/E ratio	20 x	20.8 x	24.5 x	19.9 x	25 x	28.4 x	29.9 x
Yield	4.49%	3.88%	3.83%	3.19%	2.69%	2.69%	2.77%
Capitalization / Revenue	2.47 x	2.4 x	2.77 x	1.9 x	1.97 x	2.39 x	2.31 x
EV / Revenue	3.55 x	3.47 x	3.92 x	2.48 x	1.97 x	2.84 x	2.69 x
EV / EBITDA	8.43 x	8.99 x	9.65 x	9.05 x	7.3 x	11.8 x	11.4 x
EV / FCF	15.7 x	16.1 x	81.6 x	20.6 x	19.1 x	20.1 x	23.7 x
FCF Yield	6.36%	6.19%	1.23%	4.86%	5.24%	4.96%	4.21%
Price to Book	3.87 x	-	-	-	-	-	-
Nbr of stocks (in thousands)	23,589	23,589	23,589	23,589	23,589	23,589	-
Reference price ²	890.0	929.0	915.0	1,098	1,300	1,300	1,300
Announcement Date	19-03-11	20-03-18	21-03-16	23-02-27	24-04-30	-	-

¹MAD in Million²MAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2022	2023	2024	2025
Net sales ¹	8,511	9,118	7,789	13,604	13,191	12,855	13,279
EBITDA ¹	3,584	3,519	3,161	3,726	3,555	3,080	3,129
EBIT ¹	2,641	2,550	2,359	2,910	2,707	2,215	2,245
Operating Margin	31.03%	27.97%	30.28%	21.39%	20.53%	17.23%	16.91%
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income ¹	1,049	1,054	880.2	1,303	1,037	970	1,026
Net margin	12.33%	11.56%	11.3%	9.58%	7.86%	7.55%	7.73%
EPS ²	44.46	44.69	37.31	55.23	43.98	45.80	43.50
Free Cash Flow ¹	1,922	1,959	374.1	1,638	2,000	1,810	1,507
FCF margin	22.58%	21.48%	4.8%	12.04%	13.09%	14.08%	11.35%
FCF Conversion (EBITDA)	53.62%	55.67%	11.83%	43.96%	59.49%	58.77%	48.16%
FCF Conversion (Net income)	183.21%	185.82%	42.5%	125.76%	185.87%	186.6%	146.88%
Dividend per Share ²	40.00	36.00	35.00	35.00	35.00	35.00	36.00
Announcement Date	19-03-11	20-03-18	21-03-16	23-02-27	24-04-30	-	-

¹MAD in Million²MAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1
Net sales ¹	4,090
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income	-
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	23-09-16

¹MAD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2022	2023	2024	2025
Net Debt ¹	9,216	9,712	8,928	7,814	7,515	5,802	5,121
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.571 x	2.76 x	2.825 x	2.097 x	2.235 x	1.884 x	1.637 x
Free Cash Flow ¹	1,922	1,959	374	1,638	2,000	1,810	1,507
ROE (net income / shareholders' equity)	19.5%	19.2%	15.8%	21.8%	16.9%	14.9%	15.4%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share	230.0	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	250	112	1,888	242	275	437	465
Capex / Sales	2.93%	1.22%	24.23%	1.78%	1.8%	3.4%	3.5%
Announcement Date	19-03-11	20-03-18	21-03-16	23-02-27	24-04-30	-	-

¹MAD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for TAQA Morocco S.A.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

1,300 MAD

Average target price

1,145 MAD

Spread / Average Target

-11.92%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Fossil Fuel IPPs

	1st Jan change	Capi.
TAQA MOROCCO S.A.	+18.18%	3.03B
HUANENG POWER INTERNATIONAL, INC.	+17.39%	17.22B
JSW ENERGY LIMITED	+56.07%	13.16B
GULF ENERGY DEVELOPMENT	-9.55%	12.74B
ZHEJIANG ZHENENG ELECTRIC POWER CO., LTD.	+35.14%	11.54B
SHAANXI ENERGY INVESTMENT CO., LTD.	+17.31%	5.2B
ABOITIZ POWER CORPORATION	-1.98%	4.62B
JIANGSU GUOXIN CORP. LTD.	+25.42%	4.3B
GLOBAL POWER SYNERGY	+1.03%	3.73B
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.	+8.79%	3.48B

Fossil Fuel IPPs