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 .
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