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
