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
http://marocbourse.blogspot.com/
0 comments:
Post a Comment