blues on the Casablanca stock exchange As the end of the year fast approaching, the Casablanca stock exchange suffers a stroke depression these days with a certain drop in the indexes and a downward trend which admittedly, is limited to -4.6% over the last month and bringing the annual performance of MASI to a comfortable 30.96% increase, but the question of the future of scholarship in the coming months. Recent introductions
ATLANTA, SNEP STOKVIS or other on the Moroccan market failed to return once the euphoria known with ADDOHA and CGI.
The dream is finished?
After these performances 2-digit years, with a growth rate of 30.5% in 2003, 14.7% in 2004, 22.5% in 2005, 71.1% in 2006 and nearly 31% in 2007 so far , investors were accustomed to nice capital gains they will have to tighten their belts?
An early correction would not be so catastrophic, according to some analysts would place even desirable to reduce the price of corporations to levels more in line with their results.
The Casablanca stock exchange it is true is currently paying a little expensive with a PER that is dangerously close to 30 times the expected results in 2007, returning to around the 20 is already more in line with what is practiced in other lands.
So what does it take on the season and the coming months?
Sell stocks, but why not look to what other products? Today
although the increase for this year is probably complete and should be between 30% and 35%, an output of the market does not seem to be the most recommended.
Although a round trip on its positions will be needed to avoid increasing the tax on capital gains security that should rise from 10% to 15% in 2008, but then a careful selection of shares constituting the portfolio will be more than required to remain on the site.
An output of sectors that experienced the sharpest increase is not excluded, as well as companies that have experienced very strong speculation, as for example the CIH.
But in the end if the stock picking will revert back to the rule, the picture is not so black, the arrival of many large companies in 2008 and 2009pourrait rekindled the flame on the market, one company already announced such as VEOLIA Morocco, Credit Agricole, Meditel, La Belle Vie and other subsidiaries of major groups, holding or investment funds.
Towards the end of easy money in stocks? So that IPOs traditionally instilled a positive breath on the Casablanca stock exchange with an increased volume and higher indices it appears now that there is a trend reversal.
It has also been marked with the title SNEP, dated last company to be listed on the Moroccan market pending GSI Morocco, which had a very difficult week with a real dive. Usually
last added titles are experiencing a period of grace where reservations upward succession of significant price increases generally fast enough that propel the track to gain 50%, before seeing the trade to stabilize around an equilibrium price.
Gold SNEP now the state of grace did not last more than a week, we went from the highest point of the title of 1663 dhs only 9 November 1400 dhs this Friday, November 16, either a performance since the stock quotation reduced to a 12% gain winded.
If we add to that the low number of shares allocated during the introduction, with 2 to 3 tracks for most individuals, we find that the interest to participate in IPOs is not so marked that 'ago for investors. Is there
see a beginning of disinterest individuals for the Moroccan market?
The question worth asking, but I think this transition period is necessary and allow a return to reason with the end of the 50% increase in one or two weeks and we should move towards a more normal situation during introductions with higher satisfaction satisfactory to investors, far from the 0.5% or 1% down on last operations.
Brokerage firms, banks and other stakeholders in the Casablanca stock exchange should now look towards the development of tools for the medium-term investment as savings plans Action tax-free, or mutual funds invested in action. Especially
lurks the risk of seeing part of the new investors attracted by the performance of CGI Addoha and turn away from the Moroccan place in 2008 with the likely application of the tax on capital gains to 20% instead of 10% now .
difficult off of people's savings in exchange Although these last 2 years the Casablanca stock exchange has seen a record number of IPOs, with an exceptional year in 2006 with no fewer than 10 new listed companies, the emergence of a class individual investors on the stock market has trouble now truly take off.
Of course the big introductions What was the Addoha, CGI and other Atlanta and helped popularize mediate the Moroccan market, but we must recognize that this is still the tree that hides the forest.
Indeed, although these large operations have attracted considerable sums in excess of 100 billion dirhams in sales with peaks of more than 100,000 individual investors must qualify the real significance of these figures.
Often investors multiply the number of subscribers so artificille by signing orders on behalf of all family members in hopes of multiplying the shares obtained. Similarly
banks to grow on subscription through the leverage offered by the credit, so expect to get 10,000 dirhams of shares it is not uncommon for some individual claims up to 1 million dhs.
But these long-term practices is most likely to discourage a minority of the population invest in stocks, especially small shareholders unable to play the little game on subscription, for which he is likely to remain only crumbs.
The situation is already critical with the recent introduction of Atlanta where most investors have not seen each allocated only 2 actions by people and this scenario should reproduce SNEP with which we announced already ridiculous level of satisfaction, many will settle for 4 or 5 shares at most.
In the end, the authorities would benefit from encouraging small holders in their reserving a tranche of less than 50,000 dhs, which is a bet on the future, because for a real takeoff of the Moroccan stock market will require more than Wholesale spécualteurs who make their appearance each introduction, but rather a multitude of investors over the medium term.
In this sense the government should review its copy of the draft Finance Act 2008 which provides a passage of the tax on capital gains on securities 10% to 20%, and disclaimer below a ceiling of 100,000 dhs transfer and the creation of a savings action plan capital gains tax exemption after 5 years of detention in the PEA are steps in common sense.
Also, their side broker should play their role of guide and advisor with the development of online financial information and lower transaction costs, the emergence of online trading sites to 'Attijariwafa bank with WAFABOURSE BMCE and should be the occasion to launch a certain competition in so far as most speakers charge the maximum authorized by law, hindering the growth of transactions with orders whose cost amounts to nearly 1% of the amount ordered.
The technology sector is expanding at the Casablanca stock exchange The Casablanca stock exchange will soon be able to count an additional member in the technology sector with the entry of the GSI Morocco that will appear for an initial listing on December 7.
The introduction will be via a capital increase with the issuance of 50,000 new shares at a price of 528 dhs is a total of 26.4 million dirhams.
The transaction, representing the final third of the capital of the company, will begin November 21 and will close 23 of the same month and will be controlled by a syndicate of SIDS as a leader and Attijariwafa Bank and Credit SAFA Award of Morocco, which should be given more than enough the low supply.
The operation is conventionally divided into three categories: Type 1
: employees, the number of shares reserved for this category is 1000 shares or 2% of the total amount of the transaction
Type 2: natural and legal persons expressing orders less than 1000 shares, the number of shares reserved for this category is 24 or 000 titles 48% of the total amount of the transaction.
Type 3: corporate and institutional expressing orders over 1000 shares, the number of shares reserved for this category is 25 000 shares representing 50% of the total amount of the transaction.
The valuation of the company was conducted by two methods:
- the comparable stock
- the DCF method
The sample used for the first method consists of HPS MATEL, Distrisoft, IB and Morocco Involys and criteria Deductions are the PER and P / E (price to book).
The weighted average PER of 31 in 2006 and 22 in 2007, it should be noted that Title HPS account for nearly half the weight with a 48% share so it strongly influences the development of GSI with this method it is the most ttre in the sample representing the highest ratio.
With this method the apparent recovery of 57 million dirhams on the basis of 2007 results which according to the financial advisor would be more appropriate given the strong earnings growth with a jump of 138% and funds CCleaner up 72% compared 2006.
Based on the 2006 recovery with this method would have been only 39 million dirhams.
Regarding the second DCF method, it is out a valuation of 61 million dirhams based on fairly optimistic forecast with RN 2007, MAD 2556, RN 2008, RN 2010 and 6609 MAD MAD 18.
Finally the average of these two methods gives a valuation of 60 million or 600 dhs per track, so at the proposed price of 528 dhs this represents a discount of 12%
The GSI Morocco has in the sale of equipment and software (nearly 80% of revenue for infrastructure pole) is also present in the training (10% of revenues), maintenance (4.5% of sales) and coseil (2.5% of sales) for that introduction
investors may benefit of leveraging a level of 2 times the capital invested for only 50% of demand will be effectively blocked. This SME
therefore has characteristics quite risky with sales down 3 years (turnover of MAD 93,177 in 2004, 81,599 in 2005 and only MAD MAD 77,375 in 2006) and a fairly ambitious recovery, so there is little chance of see the title to know the same route as CGI, Atlanta Addoha .
Accelerating the pace of introductions in late While the results of the IPO in Atlanta are just falling and that the introduction of SNEP is under way, the stock will soon be filled Casabalca celebrate the arrival of a 3rd company on this last quarter with Stokvis.
And it's not over yet we announce the arrival of 2 or 3 companies for this year end with the consumer society Salafin subsidiary of BMCE. Meanwhile
individuals, disappointed that most received only 2 shares in Tranche 2 of the introduction of Atlanta, will be able to catch up with Stokvis.
The company provides investors with no fewer than 183,903 shares at a price of 590 dhs is a total of 108.5 million dirhams.
The subscription period will begin November 12 and ends on the 14th of that month and will be piloted by CDG Capital as adviser and its subsidiary brokerage firm Safabourse as leader of a union that will also include BMCI Attijariwafa bank, BMCE stock market, and ART SOGEBOURSE Exchange. Stokvis
The company plans to use some of the money raised to fund the development of its new subsidiaries.
subsidiary Pacific Motors pocketing 45 million dirhams to expand the import of Chinese cars, the company is the 1000 cars in 2008 or about 1% of the Moroccan market.
Regarding another group subsidiary, Komcat it will benefit from 13.5 million dirhams for the activity of leasing vehicles.
In Concerning the distribution of the offer will be made up as follows:
Type 1: reserved for employees of Stokvis, are allocated 18,390 shares representing 10% of the amount offered.
Type 2: for natural persons and legal entities expressing orders under 500 shares, are allocated 64,366 shares or 35% of the amount offered.
Type 3: for natural persons and legal entities expressing orders between 500 and 5000 titles, are allocated 27,586 shares or 15% of the amount offered.
Type 4: Only legal persons expressing orders between 5000 and 8500 titles, are allocated 18,390 shares 10% of the amount offered.
Type 5; reserved for institutional expressing orders below 18,390 shares, 55,171 shares are allocated 30% of the amount offered.
The valuation methods employed show a price of 590 dhs a minority discount of 21.6% representing an overall recovery of 434 dhs millionds.
In detail, the DCF method gives 518 million dirhams, the market comparables 464 million dirhams (the sample is composed of Nejma Auto, Auto Hall, Berliet, Fénié Brosset, FERTIMA, RS and focuses on the PER and P / B ) and finally the Anglo Saxon method of 777.3 million dirhams.
The company realized a 2006 turnover of 469.99 million dirhams, up 53.9% over 2005 net profit of 20.25 million dirhams.
forecasts for 2007 and 2008 give a profit of respectively 28 and MAD 43,894 Mdhssoit a PER of 10.
The first listing will take place on 03/12 and it is clear that the organizers of this operation relies heavily on individuals, despite the modest size of the operation on the subscription should not be massive and we can have a satisfaction rate of 5% to 10%
The SNEP to scout for other subsidiaries of the Group Chaabi Rumors of the month of August announced the initial public offering of 4 additional companies the Casablanca stock exchange in the month of September, namely, Atlanta-Sanad, SNEP, and Stokvis Salafin.
If Atlanta has complied with a schedule listing and visa CDVM in September, an initial subscription in the first week of October and the first listing on October 16, the other companies are lagging behind.
The group's petrochemical subsidiary Chaabi has finally made its announcement, the subscription period will begin October 22 and will end no later than October 26, like Atlanta, there will be a possibility of early closure in case of excessive October 24
request will be a test size for the CEO Ynna Holding, Miloud Chaabi, who had announced his intention to grant more of these subsidiaries, including the most anticipated operating in the real estate sector Chaabi Lil Iskane which is already predicted a future for Adohha or CGI but it will wait for it to 2008.
Meanwhile investors may be consioler with 35% floated for SNEP at a price ranging between 1 150 and 1 250 dhs is a total operation that will reach every time 1.05 billion dirhams.
The offer is conventionally cut into 4 slices:
Type 1: reserved for employees Company, the number of shares offered is 33,600 shares, representing 4% of the total offered equivalent to 1.4% stake in the SNEP.
Type 2: for natural persons and legal entities expressing orders strictly greater than Dh 400,000, the number of shares offered is 252,000 shares, representing 30% of the total number of shares offered and 10.5% stake the company.
Type 3: for natural persons and legal entities expressing orders exceeding 400,000 dirhams and not exceeding Dh 20 million, the number of shares offered is 260,400 shares, representing 31% of offered shares and 10.85% capital of the company.
Type IV: reserved for institutional and corporate étangères expressing orders below 84,000 shares, representing 35% of offered shares and 12.25% stake in the company.
The syndicate consists of Attijariwafa bank which will also lead, Societe Generale, BMCE Bank, Morocco's Credit, Credit Agricole, Art Exchange, Capital BMCE Exchange, Credit capital of Morocco, Dar Tawfir, Safabourse, SOGEBOURSE and Upline Securities.
For investors do not have an account in one of these institutions ouvront hurry to open one quickly or risk seeing a good opportunity pass investing in stocks, we note the absence of the bank noticed this popular introduction when she was part of the union for the Atlanta operation, we will then service the more than 600 branches of the bank group for this chaabi operation to the chagrin of customers of the bank stock
Renewed interest in the stock market by individuals While subscribing to the introduction of the insurance company Atlanta-Sanad has just ended so early this Wednesday 03 October, investors are already looking towards the future rookie of the rating, the company SNEP. Indeed
regarding Atlanta demand once again exceeded all expectations, the orders were pouring in early in the agencies by individuals who rushed to their banks for fear of not being able to place their request before the fateful date of the closing early which led again to a massive oversubscription, the risk of being disappointed many.
More and more individuals, attracted by the runaway success of Adohha and CGI, turned to the stock market to build their savings, not hesitating to place orders for several million dirhams, helped in this by Bankers granting of credit leverage with a vengeance to their best customers, which leads to disconnect more and more demand expressed real satisfaction of investors.
It is not uncommon to see the introduction see overall satisfaction rate fall below 5%.
The amateurism of some investors and lack of training and professionalism of some bankers who fail in their role to advise that you arrive at the paradoxical situation where applications are millions of less well served than the demand few thousand dirhams.
How did we get here?
Quite simply through the different types of orders in each introduction that does not enjoy the same treatment in the calculation rule for the allocation of shares.
For example in the case of CGI, the category of lower orders at 300 000 dhs was served by successive iteration Burning Out to the number of shares allocated to that category, are distributed to each clear action from the subscribers who have requested to the last 300 000 dhs investors, once he reached the last remaining shares to distribute, we did another round until there is more action.
So that applying 2 shares will be fully served in the 2nd turn, asked for 3 shares in the 3rd round ... etc.
So it is clear that this category focuses on three small shareholders, having served the maximum was 15 shares.
While category 4, which included orders of more than 300,000 dhs 25 million was used in proportion to demand.
Knowing that the satisfaction rate was 0.46% in this category, as well as for category 3, it was an express order of 3.104 million dirhams.
So all those who have been advised to invest in under 3 million dirhams have been had. So
time that bankers will push individuals to express their demands in order to inflate to have a maximum of action, there will always be on underwriting massive and disappointed investors who will watch the upcoming introductions eagerly hoping to catch up.
An estimated 100,000 individuals who invest in stock in Morocco hope that their behavior will improve over introductions and will encourage others to follow their steps to invest in the long term and not only on the speculation during introductions
What potential for scholarship as CGI? The CGI week just ended has seen the first trade on the CGI as the central market of the Casablanca stock exchange after the title was reserved Exchange during the first sessions due to the excessive demand for purchase with more than one million shares requested at the best price against just a handful of thousands of securities for sale.
action has grown more significant than from a listing price of 952 dhs dhs to 1531 this Friday, August 17, a phenomenal growth of over 60% within a week propelling and market capitalization of the company to nearly 28 billion dirhams.
Hence the question that torments most investors, as the CGI goes far wrong?
Should it sell this Prices for individuals who managed to get shares in the introduction and pocket and a comfortable capital gain or should it wait until the action still continues its upward trend?
The choice is true is not easy given the difficulty in appreciating the intrinsic value of this company and the enthusiasm of institutional drive up with large collection of titles.
addition there are many investors who still head the previous Addoha which has seen its price almost multiplied by 5 in a little over a year and have absolutely no desire to be fooled a second time leaving prematurely . But
dint expect not there no risk to be a bubble around CGI? The parallel with
Addoha is it really justified?
So many questions to which it is difficult to answer categorically but at least some figures can provide some insights for investors.
Addoha The company is listed now for just about 14 months at the Casablanca stock exchange after a sale of 35% stake in the company by its largest shareholder Anas Sefrioui at a price of 585 dhs is a total of 2.76 billion dirhams.
Since the first trade of 741 dhs in society on 10/07/2006 has seen its course grow very steadily to a high of 3200 dhs before falling to 2895 dhs on 17/08/2007.
action has stagnated in a range between 2500 and dhs 3000dhs and has been almost 3 months.
The Group's market capitalization stood at nearly 39 billion dirhams for a turnover of 1.668 billion dirhams and a net profit of 536 million dirhams in 2006 which gives a PER of 72.92 to yield 0.86% after the posting a dividend of 25 dirhams.
The company listed on the CGI was introduced at a price of 952 dhs per share partly through a capital increase and sale of shares from its shareholder CDG Principal for a total of 3.5 billion dirhams.
Since the first exchange in 1266 dhs on 15/08/2007 the company has chained bookings on the rise and few transactions in the market essentially blocks to finally reach the 1531 dhs Friday, 17/08, an increase of nearly 60% within a week.
The Group's market capitalization stood at around 28 dirhams millairds a turnover of 620 dirhams and a millionds RN 88.5 million dirhams in 2006 which gives a PER of 318 for a yield of 1.80% following the posting of a dividend of 27.59 dirhams in July.
Regarding plans for 2007 if the company ADDOHA expects a profit of 843 million dirhams in 2007, CGI expects to achieve a turnover of 1,197 billion for an operating revenue of 2.777 billion dirhams and a profit of 229 million dirhams.
By 2010 the group has planned a 4-fold increase of its turnover and operating Result respectively 5.143 billion and 9.814 billion to a profit of 1.046 billion dirhams.
So even with very promising prospects for the housing sector in Morocco, titles Addoha and CGI will pay all the same tune of almost 30 times their earnings in 2010, beware that a speculative bubble on the values Real estate does is not being formed on the Moroccan stock market.
tornado descends on the Casablanca stock exchange As one might expect the introduction into the Moroccan market for CGI company specializing in real estate development has shattered all previous records.
Nothing really surprising given the media campaign that has surrounded this entry on the place and the wait unbearable Casablanca underwriters an operation quality and scope to satisfy the insatiable appetite of investors gorged liquidity. Previous introductions
PROMOPHARMA what were, or M2M TIMAR could contain the flood of liquidity given the small amounts they represented.
The broad syndicate comprising almost all the banks and brokerage company in Morocco has raked off and pushed customers purchase most often has the maximum possible price ceiling, which gave the figure keep you well whopping 496.5 billion dirhams, or almost equivalent to the GDP of Morocco.
course these figures are impressive downside untaux overall satisfaction with ridiculously low 0.71%.
Fortunately for the subscribers of Unit 3, regardless of the amount claimed over 15 people share has been served, thereby to escape the rampant escalation in introductions where everyone inflates their applications in the hope of reaching the real goal which is well below.
As expected the action was not graded for the first day to the excessive demand compared to the small number of sellers, and this should continue for another 2 days, the first trade could take place Wednesday. Meanwhile
predictions on the course title are extremely confident, some already see a path to Adohha who saw her being more than double in less than a year. The title
CGI will not depart from the rule considering the quality of its business plan and reserve land available to society, real sinews of war in the business of real estate developer.
Meanwhile here are the technical results of this introduction: Global
Amount subscribed: 496 499 160 956 dhs
Action requested: 521 514 463 Shares issued
securities: 3,681,600 shares
satisfaction rate: 0.71% Number of
Subscribers: 57,559 people
Order 1: CGI employees
Amount subscribed: 70,947,761 dhs
Action requested: 74 474 shares granted
Shares: 73,632 shares
Satisfaction Rate: 98.87% Number
of subscribers: 101 people
Order 2: CDG group employees
Amount subscribed: 194 396 261 dhs
Action requested: 203,917 shares granted
Shares: 202,488 shares
Satisfaction Rate: 99.30%
Number of subscribers: 565 people
Order 3: individuals and legal entities expressing orders below 300 000dhs
Amount subscribed: 3073451672 dhs
Action requested: 3,219,530 shares Shares
granted 460 200 shares
Satisfaction Rate: 14.29% Number of subscribers
: 32 534 people
Order 4: natural and legal persons expressing orders above 300 000dhs and less than 25 million dhs
Amount subscribed: 192 009 966 004 dhs
Action requested: 201,682,089 shares granted
Shares: 920,400 shares
satisfaction rate: 0.46%
Number of subscribers: 23 463 people
Order 5: Institutional
Amount subscribed: 301 150 399 256 dhs
Action requested: 316 334 453 Shares issued securities
: 2,024,880 shares
satisfaction rate: 0.64%
Number of subscribers: 896 institutional
Result M2M The results of the introduction of group M2M might appear at first glance like a good news for the Casablanca Stock Exchange which is currently undergoing a period Alcam with relatively low trading volumes and a short time horizon that does not seem to reassure investors or at least give them a clear vision of a positive trend that would allow them to place to buy.
Calm prevails so in recent weeks on the Moroccan financial market and no news has upset the place except the title Addoha which just announced one after an alliance with the giant English company Fadesa in a joint at 50-50 and taking 3% stake in Moroccan bank CIH seeks to shed its role as banking, real estate and tourism to become a universal bank.
But for now this has not yet been any repercussions on the animation market, and market capitalization of the Moroccan market is still stuck under the symbolic $ 500 billion dirhams.
Moreover the results of the introduction of M2M we look more closely merely confirm a trend now firmly established on the Moroccan place, the oversubscription in its way into the minds of investors, which pushes them to seek whenever the maximum allowed and maintenance, and satisfaction rates to ridiculous levels.
Thus, in addition to employees of companies that are protected This shopping spree thanks to a share which is reserved, the other categories of investors will see that credited interest rate of between 1% and 5%.
In the case of M2M, the satisfaction rate actually fell to 0.66% for Institutional, never seen.
To subscribe whether introductions is still up, even if for the moment the new listed companies have seen their strong progress during the first days which saves a little money, as such grew M2M 11.6% since its introduction even if the session Friday saw during the dive 7.70% to 1222 dirhams. Pending future
introduction of CGI, a subsidiary of Caisse des immobolière Filing and Management here are the results from that of M2M.
Order 1 reserved for employees
Amount subscribed: 11,206,230 dhs
Action requested: 10 234 shares
Shares allotted: 6 990 shares
satisfaction rate: 68.30%
Number of subscribers: 56
Order 2 persons only physical and moral expressing lower orders to 274 titles
Amount subscribed: 1367813775 dhs
Action requested: 1,249,145 shares
Shares allotted: 38,867 shares
satisfaction rate: 3.11%
Number of subscribers: 11 804
Order 3 for natural persons and legal entities expressing orders over 271 titles and 6500 titles below
Amount subscribed: 4280241840 dhs
Action requested: 3,908,872 shares
Shares allotted: 38,867 shares
satisfaction rate: 0.99%
Number of subscribers: 1818
Order 4 reserved for institutional
Amount subscribed: 7426426875 dhs
Action requested: 6,782,125 shares
Shares allotted: 44,831 shares
Satisfaction : 0.66%
Number of subscribers: 526
widely expected to start subscription TIMAR this Monday, July 2 From Monday, July 2 and until 07.04 investors may subscribe to shares of the new recruit to the Moroccan stock market: the company TIMAR company involved in international transport of goods and logistics. It
Finergy brokerage firm to act as co computer and leader of a syndicate composed of Eurobourse and credit of Morocco and its brokerage firm CoM Capital for this new SMEs which turns to the Moroccan financial market.
Finergy is positioning itself as a specialist in small IPOs, having already managed to convince Mediaco companies, Dari COUSPATE, RS or Cartier Saada to take the step he relapse again in 2007 with the SME TIMAR.
Indeed this is a relatively small size with an offer of 45,000 shares at the underwriting of 350 dhs is a limited amount of 15.75 million dirhams.
Although this introduction will not change the appearance of the Casablanca side it will nonetheless help to broaden the range and diversity of industries present in the Moroccan financial market, it will be only the second listed company sector of transport after CTM.
The transaction will be effected through one type of offer management of natural persons or legal entities expressing orders less than or equal to 285 shares, which could enable interested investors to be relatively well served with satisfaction that could reach two digits, which would be a progress in itself for the Moroccan stock market. Finally
in short, the company achieved a turnover in 2006 of 99.895 million dirhams, up 47% over 2005 thanks to a transport operation of wind on behalf of a English company, and a result net 3.31 million dhs.
The equity of the company are 16.57 million dhs for a medium-term debt of 11 million dirhams from Attijariwafa bank.
The company employs 120 employees in 2006.
PROMOPHARMA result of the introduction unsurprisingly Once again a new company wishing to penetrate the Moroccan financial market sees the results of the subscription exceeded all expectations with exceptionally high figures.
This paper rush fees from investors shows some confidence in the Casablanca stock exchange despite the light bursts that have known the Moroccan place lately.
This influx of demand there is a positive sign in the confidence that place the shareholder in the company or should it rather see no sign that a mere speculation on the introduction in order for carriers to make a nice capital gain in the short term?
In any case one thing is sure, by dint of seeing satisfaction rates as low as the Moroccan stock market risk of a leak of the small shareholders unable to underwrite hundreds of thousands of dirhams in the hope of awarded tens of securities and thereby lose its role as a drain people's savings in a medium to long term to finance the Moroccan companies.
The results of the subscriptions are :
- Global
Amount subscribed: 14,269,160,400 dhs
Action requested: 16,214,955 shares
Shares allotted: 270 045 titles
satisfaction rate: 1.67% Number of
soscripteurs: 8012 people
- Order 1 : reserved for individuals expressing orders below 400 000 dhs
Amount subscribed: 798 387 040 dhs
Action requested: 907,258 titles
Shares allotted: 81,014 titles
satisfaction rate: 8.93% Number of
soscripteurs: 5986 people
- Order 2: for natural persons and legal persons (in brackets) included expressing orders between 400 000 and 10 000 000 dhs dhs.
Amount subscribed: 5,973,220,000 dirhams (including PM 781057000)
Action requested: 6,787,750 shares (including 887,565 PM)
Shares allotted: 81,014 titles (including PM 11 070)
Satisfaction Rate: 1.19 % (including 1.25% PM)
soscripteurs Number: 1 701 people (PM 161)
- Order 3: reserved for institutional
Amount subscribed: 7497553360 dhs
Action requested: 8,519,947 shares Shares allotted
: 108 017 titles
satisfaction rate: 1.27% Number of
soscripteurs: 325 institutional
So in the end despite an early closure May 31 is only one day after launching the operation, the mass subscription has not been curbed.
Note however that unlike the previous introduction there is an improvement in the satisfaction rate of the first category for small investors since they are awarded a higher rate of satisfaction even if they remain below 10%
M2M launches into the bath While the introduction of the Pharmaceutical Society PROMOPHARMA has just completed an early close on May 31, here's a new company to maocaine point his nose at the gates of the Casablanca stock exchange.
The comeback of the Moroccan financial market is confirmed after some hesitation has been able to know the place following the profit taking and fear of forming a bubble.
It seems in any case in the eyes of new recruit M2M time is opportune to enter the market with a sale of 20% or 129,555 shares of capita prices of 1095 dirhams.
This new company to take the step of rating Casablanca, certainly does not change the financial landscape profoundly with his Moroccan cesión limited to the amount of 141.863 million dirhams, but will at least increase the number of listed companies and thus approaching the psychological threshold of 100 companies listed on around 2010.
The subscription will start June 20 and ends June 22 and will be led by Attijariwafa bank as a leader and co leader BMCE plus the Societe Generale Marocaine de Banque Safabourse, management company subsidiary of the CDG.
In short, a syndicate that may be oversized given the limited amount of securities available to investors and still as voracious Appétit shareholders in need of fresh paper, ready to rush on any occasion .
The offer will consist of 4 categories:
- Type 1: Reserved for Group Employees, 6990 securities issued or 5.40% of supply TITTRE (20% discount if the securities are held at least 3 years)
- Type 2: reserved for legal entities and individuals expressing lower orders of 274 shares, 38,867 shares granted 30% of the offering of securities.
- Type 3: reserved for legal entities and individuals expressing orders range from 274 shares and 6500 shares, 38,867 shares granted 30% of the offering of securities.
- Type 4: reserved for nstitionnels, 44,831 shares granted either% 34.60 Offer securities.
The valuation methods used to track the price action are the fellows with a comparable sample of Distrisoft, HPS, IB Morocco, and Involys Matel PC Market with a weighting of 70% for HPH as it is closest to the activity of M2M.
This method revealed an average price of 1348.5 dhs.
The DCF (discounted cash flow) it does highlight an average price of 1287 dhs.
Finally the proposed price of 1095 dhs thereby underscores a discount of 14.9% but at this price the company is already paying 20.6 times its 2007 net income and 15.1 times that of 2008 and even 22.4 times the NPGS 2007 (RN group share) and 17.2 times that of 2008.
valuations that might seem high enough and therefore does not really give way to a strong possibility of upward trend of the title, but given the speculation and the potential lack of paper should still exceed 30% By the end of the year.
In the end, the first listing will take place July 4 at that date the company will still RMK shareholder with 51% of capital and the flow of 20%.
The company had 2005 revenue of 65.519 million to a profit of 11.481 million and a turnover in 2006 of 72,084 million dhs for a RN 27485000 dhs.
NarI
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