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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