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Euro-Cycles: 1 director sold
A director at Euro-Cycles sold 6,000 shares at 18.850TND and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
ASN Africa Stock Guide - July 2019
- In this Africa Stock Guide document, we have 33 main stocks selected from the Casablanca Stock Exchange from our scope of 40 companies, 13 stocks selected from the Tunisia Stock Exchange and 16 stocks from of the BRVM Stock Exchange. - The total capitalization of those stocks is: EUR 61.1 bn.
ECYCL EURO-CYCLES S.A
BIAT BIAT
IAM ITISSALAT AL MAGHRIB STE SA
TJARI ATTIJARI BANK
ATL COMPAGNIE D'ASSURANCES ET DE REASSURANCE ATLANTA
ATW ATTIJARIWAFA BANK
NAKL ENNAKL AUTOMOBILES
CC CARTHAGE CEMENT
A110ZV TAQA MOROCCO
LBV HYPER S.A. (LABEL VIE)
SAH SAHAM ASSURANCE
LYD LYONNAISE DES EAUX DE CASABLANCA
GAZ AFRIQUIA GAZ
SFBT SOCIETE FRIGORIFIQUE ET BRASSERIE DE TUNIS
ATH AUTO HALL
OUL LES EAUX MINERALES D'OULMES S.A.
LES LESIEUR CRISTAL S.A.
DHO DELTA HOLDING S.A.
CMT COMPAGNIE MINIERE DE TOUSSIT S.A.
ADH DOUJA PROMOTION GROUPE ADDOHA
CMA LES CIMENTS DU MAROC
CDM CREDIT DU MAROC
ADI ALLIANCES DEVELOPPEMENT IMMOBILIER SA
TMA TOTAL MAROC SA
SOT SOTHEMA
MSA MARSA MAROC
DH DELICE HOLDING
LHM LAFARGEHOLCIM MAROC SA
2018 : Une transition économique difficile
Légère reprise de la croissance non accompagnée d’une amélioration des équilibres macroéconomiques en 2017 (hausse des déficits jumeaux, augmentation de l’inflation et du chômage)... ; …Qui devraient toutefois commencer à se résorber grâce à la réforme de la fiscalité introduite dans le cadre de la Loi de Finances 2018 et de la réforme de la fonction publique ; Performance satisfaisante du marché boursier en 2017, notamment des secteurs des technologies et des biens et services industriels… ...
- Ghada JENDOUBI
Well done !
During Q2 2017, Euro-Cycles has succeeded to achieve a double-digit growth, with revenues increasing by 19.2% to TND24.154m. Thus, the company has ended the first six months with a 14% yoy increase in sales. Over Q2 2017, the production volume rose by 4.7% compared to Q2 2016 to reach 117,186 bikes. During the first six months of 2017, the company’s investments have declined to TND1.131m, i.e. a 31% drop compared to the same period last year.
- Ghada JENDOUBI
The pace resumes but still lower than expected
During Q1 2017, Euro-Cycles’ revenues reached TND21.828m vs. TND19.924m in the same period last year, i.e a 10% yoy growth. The production volume increased by 5% to 119,161 bikes. The company’s capex declined by 25% to TND606m. These investments correspond mainly to the construction of a new production unit (children bikes) and the completion of new offices for the staff. Q1 2017 debt was up by 5.6%(compared to 31/12/2016) to TND14.177m. The dividend was set at TND1.4 vs.
- Ghada JENDOUBI
A quite disappointing Q4
At the end of December 2016, Euro-Cycles’ revenues reached TND12.6m, i.e. a 21% decrease compared to Q4 2015. The production volume dropped 6% to 91 million bikes. Thus, the company ended the year with a 7% increase in revenues, reaching TND80.2m vs. TND74.7m in 2015. The annual production rose by only 1% to 470 million bikes. Debts amounted to TND13m vs. TND9.3m a year earlier, i.e. a 44% progression, mainly pulled up by a medium and long term investment loan (intended to finance tangible inv...
- Ghada JENDOUBI
A surprising recovery
During Q3 2016, Euro-Cycles has recorded an important revenue growth of 36.6% (compared to Q2 2016), with revenues amounting to TND27.417m, bringing up the YTD growth rate to 15% (yoy). Thus, 9M 2016 sales amounted to TND67.599m. Debts increased to TND16.648m, a progression of 12% pulled up mainly by long and medium term debts in order to finance some investments (capex has doubled to reach TND3.249m against TND1.522m a year earlier.
Worrying figures
Euro-Cycles has recorded sluggish growth for Q2 2016, with revenues decreasing by 6.4% to TND20.25m, bringing up the YTD growth rate to 4% (yoy) since the beginning of the year. Over Q2 2016, the production volume declined by 16.6% compared to Q2 2015, to reach 111.9k bikes, recording a decrease of 7% over H1 2016. Over the first six months, investments increased by 49% to TND1.6m, corresponding mainly to the acquisition of transport equipment and the completion of a new building to be used for ...
2016 looks very promising
Q1 2016 revenues reached TND19.9m vs. TND17.02m, a 17% increase compared to Q1 2015. The production volume has progressed by only 4% to 113,793 bikes. The company pursues its development plan with incurred investments of TND812k (+48% yoy and +58% qoq), mainly corresponding to the construction of a new storage building and to the strengthening of the frame production. Debts declined by 7% to TND13.17m compared to TND14.7m a year earlier.
An intriguing business model
*Euro-Cycles, the bikes manufacturer* With a TND203M market capitalisation, Euro-Cycles is a full exporter Tunisian company, specialized the manufacturing, the assembling, the selling of the two-wheeled cycles. In 2007, within the framework of a vertical integration, they created Tunindustries, a subsidiary held at 99.99 % by Euro-Cycles with the objective to supply the parent company with bikes components such as wheel rims and frames. The result was immediately positive; the group gained noto...
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