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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.
EURO CYCLES SA
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
ENNAKL AUTOMOBILES : Un contexte toujours difficile pour l’opérateu...
En dépit d’un contexte marqué notamment par le repli du marché automobile tunisien, la société vient de publier ses indicateurs d’activité au terme du T2 2019 faisant ressortir les réalisations suivantes: Un CA cumulé en amélioration de 16,68% (en y-o-y) à M MAD 624,7 ; Un coût d’achat des marchandises vendues qui s’établit à M MAD 531,6, soit +20,8% ; Un résultat financier en dégradation de 5,14% à M MAD 25,9 ; Une trésorerie nette qui vire au rouge à M MAD -3,7 en raison d’un BFR en alo...
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
A quite calm start to the year
During Q1 2017, Ennakl’s revenues increased by 2.4% to TND88.4m vs. TND86.358m in Q1 2016. The dealer’s gross margin was up by 3.3% to TND14.152m, i.e. an almost stable gross margin rate (16% vs. 15.9% a year earlier). The company’s staff costs has slightly increased (+2.4% yoy) to establish at TND3.317m. This rise was justified by an increase in wages as well as 2016 promotions. At the end of March, 2017, the number of employees stabilised at 355 workers.
- Ghada JENDOUBI
Impressive!
During Q4 2016, Ennakl’s revenues reached TND93.981m, i.e. a 6% yoy increase. The dealer’s gross margin witnessed a significant drop of 25% to TND12.966m. Thus, the gross margin rate lost 570 bps to 13.8%. Ennakl ended the year 2016 with a 13.6% yoy progression in revenues which amounted to TND359.91m vs. TND316.777m a year earlier. The gross margin decreased by 5.6% to TND56.779m vs. TND60.129m in 2015, bringing the gross margin rate down to 15.8% (losing 321 bps).
- Ghada JENDOUBI
An expected quarterly decline
During Q3 2016, Ennakl recorded a revenue decline of 28.1% to TND56.57m. The gross margin witnessed a significant drop of 47.5% to reach TND8.352m. Thus, the gross margin rate lost 549 bps to 14.76%. The company ended the nine first months with an increase in revenue by 16.6% to TND265.93m. 9M 2016 gross margin improved by around 2.3% to reach TND43.814m compared to TND42.844m a year earlier. Ennakl saw its staff costs increase by 10.4% due to the granted promotions and the amelioration of the s...
A quality management, a great improvement
Ennakl released its Q1 2016 financial statements revealing its impressive performance in early 2016. The dealer’s revenues reached TND86.3m, i.e. a 48.5% increase on a y-o-y basis. The company’s gross margin increased substantially by 69% to establish at TND14.6m, i.e. a gross margin rate gotten fat by 205 basis points to 16.95%. At the end of March, 2016, the company’s net cash position amounted to TND76.6m, i.e. an 80.2% y-o-y increase.
Better and better
At the end of 2015, Ennakl’s revenues reached TND316.4M, i.e. a 12.4 % y-o-y increase. The dealer’s gross margin grew by 34.2 % to TND59.5M. Thus, the gross margin rate gained 306 basis points to 18.82 %. However, staff expenses increased by 22.1% to TND15.1M following the granted promotions and the new profit-sharing policy. 2015 Staff expenses represented 4.8% of revenues in 2015 against 4.4 % in 2014. The number of employees at the end of 2015 was at 357 against 351 in 2014. Besides, the ...
Our improved margins’ scenario comes true
ENNAKL’s financial statements at end of June 2015 show an 11% increase in revenues to TND165.995M. Purchases added only 7.56%, thanks to a better bargaining power with suppliers, to the appreciation of TND vs. € during this first half of the year, and to the optimization of the product mix. Hence, the gross margin soared by 43.68% to TND20.66M. Consistently, the gross margin got fat, adding 283 bps to 12.45%. Besides, a better control of the operating expenses allowed the dealer to improve i...
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