AFRIQUIA GAZ : A rather profitable liberalization
LPG leader in Morocco (more than 40% of the overall volume sold) with a presence throughout the entire value chain and evolving in a very dynamic market with high potential, AFRIQUIA GAZ is well positioned to take full advantage of the ongoing liberalization. The decision of the public authorities in this area expected for implementation by 2020.
Having a significant storage capacity (the largest in the Kingdom with more than 80 000 T) being extended, we believe that the slight decrease in operating margin recorded in 2017 following the sharp rise in butane prices accompanied by the liberalization of imports, should be recovered quickly through better supply conditions (size effect) and greater logistical flexibility.
Beyond its industrial performance, AFRIQUIA GAZ presents sound financial fundamentals and balanced financial structure. Additionally, the stock continues to outperform the market in terms of d/y with 4.2% in 2017.
BMCE Capital Global Research is a subsidiary of BMCE Capital Group dedicated to Research and Financial Analysis. It is addressed to professional investors (financial institutions, management companies, etc.) to which it provides information and independent analysis aligned with international standards. BMCE Capital Research covers equities, interest rate, Forex and commodities markets in Morocco, Tunisia and WAEMU region (Bourse Régionale des Valeurs Mobilières, BRVM). Thanks to its latest generation technology platform, to its teams and to those of its partners, the Research Office of BMCE Capital is now able to cover simultaneously several places in Africa and to produce several publications co-branded under its umbrella brand African Securities Network, ASN.
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