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.
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