The Casablanca stock market continues its march forward in the development of market Moroccan financial with the introduction of Life Label Society which is closer to its goal of 100 listed companies for 2010.
Indeed when society CMT (CMT registered) has just the leap here is that the Moroccan stock market will host its first company of grocery retailing, expanding at the same time the sectors represented.
Label Life specialist supermarkets in Morocco with 13 supermarkets decided to appeal to the market to raise between 456 and 524 million dirhams by a capital increase of 20%.
This piliotée BMCI as a leader with a syndicate composed of BMCE, BCP, Safa and ART stock exchange, has the primary purpose of financing an ambitious program to develop 27 new outlets by 2011 in order to reach 40 outlets with 6 hypermarkets.
Naturally there are also more traditional goals of each introduction including institutionalizing corporate image, developing the reputation of the business, diversify funding sources and especially benefit from tax incentives that are not negligible, the recall They include reducing by 50% for the SI firms that enter the stock market via a augmentaion capital of at least 20%.
The operation will take place through the creation of 458,150 new shares at a price ranging between 895 dirhams and 1,044 dirhams, which will subscribe to between 16 and 20 June with the possibility of an early closing on June 17 evening and a first quotation on July 2.
The distribution of the offer will be as follows:
Type 1: reserved for employees, 18 326 shares representing 4% of supply
Type 2: for natural persons (PP) and legal persons (PM) expressing orders below 500 000 dhs, 142,027 titles 31% of the offer
Type 3: Reserved PP and PM express orders of between 500,000 and 3 million dhs dhs, 68 722 shares representing 15% of supply
Type 4: Subject to banking law Moroccan, brokerage firm, mutual funds and institutional expressing orders up to 45,815 songs, 160,353 shares or 35% of supply
Type 5: Reserved for SA principally engaged in investment securities expressing orders up of 26.205 million dirhams, 68 722 shares or 15% of the offer.
methodologies used for valuing funds CCleaner are:
DCF: cost IFs of 12.78%, perpetual growth rate of 3.5% which gives a price of 2.432 billion and 2.898 billion dhs dhs which it is appropriate to impute a minority discount of 15%, which amounts to billions FP 2067 2463 millairds. Multiple stock
: The sample consists of companies Dairy Farm (Asia), Seventh Continent (Russian), BIM (Turkey) and Walmex (Mexico) and the ratios used are EV / sales and EV / EBIT, the average these two ratios gives a price of 1.239 billion dirhams
In the end, taking a weighting of 70% and 30% DCF gives a comparable price to 1,819 Billion 2.096 billion.
The group that conducted a turnover of 870 million, up 23.6% and net income (RN) from 8.394 million in 2007 (against only one million in 2006) is through an investment program committed 934 million dirhams over the next 3 years for the opening of four hypermarkets and 10 supermarkets a turnover of 5.689 billion and an RN 311 million dirhams in 2011.
Ultimately the price of this may seem quite high with a value of about 2 billion dirhams for a society that has made a profit limited to 8.394 million dirhams in 2007 and 41,184,000 in 2008, but places in the area supermarkets in Morocco are now limited with a concentrated market players between 4 Marjane (17 supermarkets and 25 hyperchés Acima) Aswak Assalam (6 hypermarkets) Metro (6 cash and carry) and newcomer Hanouty with its concept of supermarkets seeking to redeploy to the supermarket format.
The price is worth the candle, only time will tell especially since other players have their eye to the Moroccan market.
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