Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Consolidated revenues up 14.1% to MAD 7,602.6m; Continuation of the development strategy with a global investment of MAD 400.4m at the end of September 2019; Net debt down 4.6% to MAD 2,070.4m at the end of September 2019 compared to the end of September 2018
LABEL’VIE a clôturé avec succès l’émission de son emprunt obligataire de M MAD 750, dont la souscription s’est déroulée du 25 au 27 nsovembre 2019 inclus.
Des revenus consolidés en appréciation de 14,1% à M MAD 7 602,6 ; Poursuite de la stratégie de développement avec une enveloppe d’investissements globale de M MAD 400,4 à fin septembre 2019 ; Une dette nette en baisse de 4,6% à M MAD 2 070,4 à fin septembre 2019 par rapport à fin septembre 2018.
Label'Vie's H1 '19 revenue growth exceeded our expectations. The Atacadão store format expanded the Group's retail market share in Morocco which supported the growth. However, the Atacadão store format is a lower margin business. Thus, we revised our GP margin forecast downward for FY ‘19f and we decelerated our forecast margin expansion thereafter. Despite the downward revision, we view LBV as a high-quality business producing excess returns to capital.
Des revenus consolidés semestriels 2019 en appréciation de 12,4% à M MAD 4 683,3 par rapport au S1 2018 ; Renforcement de sa position sur le marché national avec l’ouverture de 7 nouveaux points de vente au S1 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.
Dans un marché qui dispose d’un fort potentiel de croissance (faible taux de pénétration de la distribution moderne compris entre 15% et 17%), LABEL’VIE devrait poursuivre son rythme de croissance, profitant notamment : De l’extension continue de son réseau de distribution avec 92 points de vente à fin 2018 pour une superficie totale de 187 398 m². Au titre de 2019 et si le Groupe parvient à réaliser son programme d’ouvertures, le nombre de magasins devrait être porté à 108 ; Et, de sa polit...
Label'Vie's FY '18 results were ahead of our expectations and set records relative to its own performance since FY ‘10. Over the period, improvements in EBIT margins (5% from 3%) and return on equity (15% from 4%) are due to the Group's ability to capture the growth in Morocco's retail sector. Given the low penetration rate of formal retail in Morocco (c.17%), we believe the sector can grow as a whole; particularly Label'Vie due to its established presence in the country.
Since beginning operations in 1985, Label'Vie operates the Carrefour brand in Morocco and has become the second largest retailer in the country. The Group's diversified store formats expose it to more consumers relative to its peers. With c.20% of food purchased through formal channels in Morocco, we believe Label'Vie can benefit from a formalisation in retail due to increasing disposable incomes, a growing urban population and increasing retail penetration.
Label ‘Vie posted a 12% increase in its consolidated H1 2017 revenues to MAD3.934bn. This increase in sales is due to the 4.2% rise in sales of existing stores at the end of 2015, the increase in the number of stores opened in 2016, and the additional sales made by the stores opened in the first half of 2017. Sales, however, were impacted by the work of converting the outlets of Casablanca Vélodrome and Rabat Zaers under the brand of “Carrefour Gourmetâ€. The EBIT posted a 36.7% jump to MA...
Des revenus en amélioration, profitant de la hausse de 4,2% du volume des ventes des magasins existants au 31/12/2015 (périmètre constant), de la montée en puissance des magasins ouverts en 2016 et des ventes additionnelles réalisées par les magasins ouverts au S1 2017 ; Poursuite de la maîtrise des charges d’exploitation, permettant de booster l’EBE de 23% ; Ambition d’ouvrir 10 nouveaux magasins au S2 2017.
The Market Regulator of the Casablanca Stock Exchange –AMMC- has granted on August 11th, 2017 its approval for the prospectus relating to the capital increase in cash of LABEL’VIE.
L’Autorité Marocaine des Marchés de Capitaux -AMMC- vient d’accorder en date du 11 août 2017 son visa pour la note d’information relative à l’opération d’augmentation de capital en numéraire de LABEL’VIE.
The subsidiary of Label’Vie, ‘VLV’, which owns 40% of the commercial real estate operated by the retailer, has just created a joint venture with one of Morocco’s leading commercial real estate players, ‘Petra’ (A portfolio of 3 shopping centers and 4 shopping malls). It should be noted that VLV carried out a capital increase in favor of the BERD with the objective of becoming an OPCI that would be a reference in Morocco, taking advantage of the new regulations set in place in Morocco...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
At the end of H1 2016, consolidated sales totaled MAD3.473bn, up 6.6% compared to H1 2015. A jump that is explained by improved sales of existing stores (+5.8% in sales volume), as well as the effect of new openings (3 Carrefour Market outlets and one Carrefour hypermarket). The EBITDA posted a increase of 24.8% to MAD271.966m. Thus, the EBITDA margin is fixed at 7.8% (+110 bps). The group posted a growth rate of 34.6% in its operating income, to MAD154m, bringing the operating margin to 4.4% (...
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