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Ciments du Maroc Société Anonyme

CBSE:CMA
Snowflake Description

Flawless balance sheet with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CMA
CBSE
MAD18B
Market Cap
  1. Home
  2. MA
  3. Materials
Company description

Ciments du Maroc Société Anonyme manufactures and sells cement in Morocco. The last earnings update was 189 days ago. More info.


Add to Portfolio Compare Print
  • Ciments du Maroc Société Anonyme has significant price volatility in the past 3 months.
CMA Share Price and Events
7 Day Returns
-8.7%
CBSE:CMA
-4.5%
Africa Basic Materials
-3.5%
MA Market
1 Year Returns
-17.3%
CBSE:CMA
-27.1%
Africa Basic Materials
-14.9%
MA Market
CMA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ciments du Maroc Société Anonyme (CMA) -8.7% -25.2% -26.4% -17.3% -9.4% 18.8%
Africa Basic Materials -4.5% -20.8% -20% -27.1% -38.4% -45.8%
MA Market -3.5% -17.8% -22.6% -14.9% -17.6% -7.3%
1 Year Return vs Industry and Market
  • CMA outperformed the Basic Materials industry which returned -27.1% over the past year.
  • CMA underperformed the Market in Morocco which returned -14.9% over the past year.
Price Volatility
CMA
Industry
5yr Volatility vs Market
Related Companies

CMA Value

 Is Ciments du Maroc Société Anonyme undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Ciments du Maroc Société Anonyme to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Ciments du Maroc Société Anonyme.

CBSE:CMA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 16.1%
Perpetual Growth Rate 10-Year MA Government Bond Rate 8.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for CBSE:CMA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year MA Govt Bond Rate 8.6%
Equity Risk Premium S&P Global 8.6%
Basic Materials Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.806 (1 + (1- 31%) (0.15%))
0.871
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.6% + (0.871 * 8.61%)
16.1%

Discounted Cash Flow Calculation for CBSE:CMA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Ciments du Maroc Société Anonyme is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

CBSE:CMA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (MAD, Millions) Source Present Value
Discounted (@ 16.1%)
2020 1,036.38 Est @ -22.32% 892.69
2021 901.17 Est @ -13.05% 668.61
2022 842.13 Est @ -6.55% 538.18
2023 825.23 Est @ -2.01% 454.26
2024 834.93 Est @ 1.18% 395.88
2025 863.34 Est @ 3.4% 352.60
2026 906.18 Est @ 4.96% 318.79
2027 961.04 Est @ 6.05% 291.21
2028 1,026.55 Est @ 6.82% 267.94
2029 1,102.03 Est @ 7.35% 247.76
Present value of next 10 years cash flows MAD4,427.00
CBSE:CMA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= MAD1,102.03 × (1 + 8.6%) ÷ (16.1% – 8.6%)
MAD15,966.16
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= MAD15,966.16 ÷ (1 + 16.1%)10
MAD3,589.49
CBSE:CMA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= MAD4,427.00 + MAD3,589.49
MAD8,016.49
Equity Value per Share
(MAD)
= Total value / Shares Outstanding
= MAD8,016.49 / 14.44
MAD555.31
CBSE:CMA Discount to Share Price
Calculation Result
Value per share (MAD) From above. MAD555.31
Current discount Discount to share price of MAD1,196.00
= -1 x (MAD1,196.00 - MAD555.31) / MAD555.31
-115.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Ciments du Maroc Société Anonyme is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Ciments du Maroc Société Anonyme's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ciments du Maroc Société Anonyme's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
CBSE:CMA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in MAD MAD66.13
CBSE:CMA Share Price ** CBSE (2020-04-06) in MAD MAD1196
Africa Basic Materials Industry PE Ratio Median Figure of 14 Publicly-Listed Basic Materials Companies 13.23x
Morocco Market PE Ratio Median Figure of 34 Publicly-Listed Companies 15.54x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Ciments du Maroc Société Anonyme.

CBSE:CMA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= CBSE:CMA Share Price ÷ EPS (both in MAD)

= 1196 ÷ 66.13

18.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ciments du Maroc Société Anonyme is overvalued based on earnings compared to the Africa Basic Materials industry average.
  • Ciments du Maroc Société Anonyme is overvalued based on earnings compared to the Morocco market.
Price based on expected Growth
Does Ciments du Maroc Société Anonyme's expected growth come at a high price?
Raw Data
CBSE:CMA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Africa Basic Materials Industry PEG Ratio Median Figure of 7 Publicly-Listed Basic Materials Companies 0.37x
Morocco Market PEG Ratio Median Figure of 21 Publicly-Listed Companies 2.22x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Ciments du Maroc Société Anonyme, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Ciments du Maroc Société Anonyme's assets?
Raw Data
CBSE:CMA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in MAD MAD294.11
CBSE:CMA Share Price * CBSE (2020-04-06) in MAD MAD1196
Africa Basic Materials Industry PB Ratio Median Figure of 20 Publicly-Listed Basic Materials Companies 0.44x
Morocco Market PB Ratio Median Figure of 38 Publicly-Listed Companies 1.48x
CBSE:CMA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= CBSE:CMA Share Price ÷ Book Value per Share (both in MAD)

= 1196 ÷ 294.11

4.07x

* Primary Listing of Ciments du Maroc Société Anonyme.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ciments du Maroc Société Anonyme is overvalued based on assets compared to the Africa Basic Materials industry average.
X
Value checks
We assess Ciments du Maroc Société Anonyme's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Basic Materials industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Basic Materials industry average (and greater than 0)? (1 check)
  5. Ciments du Maroc Société Anonyme has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CMA Future Performance

 How is Ciments du Maroc Société Anonyme expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Ciments du Maroc Société Anonyme has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.8%
Expected Basic Materials industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ciments du Maroc Société Anonyme expected to grow at an attractive rate?
  • Unable to compare Ciments du Maroc Société Anonyme's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Ciments du Maroc Société Anonyme's earnings growth to the Morocco market average as no estimate data is available.
  • Unable to compare Ciments du Maroc Société Anonyme's revenue growth to the Morocco market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
CBSE:CMA Future Growth Rates Data Sources
Data Point Source Value (per year)
Africa Basic Materials Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
Africa Basic Materials Industry Revenue Growth Rate Market Cap Weighted Average 3.3%
Morocco Market Earnings Growth Rate Market Cap Weighted Average 13.4%
Morocco Market Revenue Growth Rate Market Cap Weighted Average 4.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
CBSE:CMA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (9 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in MAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
CBSE:CMA Future Estimates Data
Date (Data in MAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-04-06
2019-12-31 4,154 1,085 2
CBSE:CMA Past Financials Data
Date (Data in MAD Millions) Revenue Cash Flow Net Income *
2019-06-30 4,130 1,429 953
2019-03-31 4,075 1,588 983
2018-12-31 4,020 1,748 1,012
2018-09-30 3,993 980
2018-06-30 3,965 2,064 948
2018-03-31 4,008 1,963 963
2017-12-31 4,050 1,861 979
2017-09-30 3,970 469
2017-06-30 3,890 1,346 -41
2017-03-31 3,878 1,336 -89
2016-12-31 3,866 1,327 -136
2016-09-30 3,834 471

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Ciments du Maroc Société Anonyme is high growth as no earnings estimate data is available.
  • Unable to determine if Ciments du Maroc Société Anonyme is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
CBSE:CMA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (9 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Ciments du Maroc Société Anonyme Company Filings, last reported 9 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

CBSE:CMA Future Estimates Data
Date (Data in MAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-04-06
2019-12-31
CBSE:CMA Past Financials Data
Date (Data in MAD Millions) EPS *
2019-06-30 66.13
2019-03-31 68.12
2018-12-31 70.10
2018-09-30 67.95
2018-06-30 65.80
2018-03-31 66.81
2017-12-31 67.82
2017-09-30 32.48
2017-06-30 -2.84
2017-03-31 -6.17
2016-12-31 -9.45
2016-09-30 32.64

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Ciments du Maroc Société Anonyme will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Check out Ciments du Maroc Société Anonyme's track record over time to understand how much the company has returned to shareholders and its earnings growth rate in the past.
  2. Ciments du Maroc Société Anonyme's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Materials companies here
  3. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Ciments du Maroc Société Anonyme's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Africa market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Africa market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Ciments du Maroc Société Anonyme has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CMA Past Performance

  How has Ciments du Maroc Société Anonyme performed over the past 5 years?

  • Ciments du Maroc Société Anonyme's last earnings update was 189 days ago.
The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Ciments du Maroc Société Anonyme's growth in the last year to its industry (Basic Materials).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Ciments du Maroc Société Anonyme's year on year earnings growth rate has been positive over the past 5 years.
  • Ciments du Maroc Société Anonyme's 1-year earnings growth is less than its 5-year average (0.6% vs 1.3%)
  • Ciments du Maroc Société Anonyme's earnings growth has not exceeded the Africa Basic Materials industry average in the past year (0.6% vs 4.9%).
Earnings and Revenue History
Ciments du Maroc Société Anonyme's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Ciments du Maroc Société Anonyme Company Filings, last reported 9 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

CBSE:CMA Past Revenue, Cash Flow and Net Income Data
Date (Data in MAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 4,130.38 953.46 269.61
2019-03-31 4,075.39 982.71 267.50
2018-12-31 4,020.40 1,011.95 265.38
2018-09-30 3,992.69 979.96 261.27
2018-06-30 3,964.99 947.97 257.17
2018-03-31 4,007.58 963.50 259.67
2017-12-31 4,050.18 979.02 262.16
2017-09-30 3,969.96 468.89 270.55
2017-06-30 3,890.29 -40.88 278.84
2017-03-31 3,878.16 -88.63 280.32
2016-12-31 3,866.02 -136.39 281.79
2016-09-30 3,833.58 471.16 274.24
2016-06-30 3,801.13 1,078.70 266.69
2016-03-31 3,770.63 1,078.20 267.19
2015-12-31 3,740.13 1,077.70 267.69
2015-09-30 3,670.94 961.49 268.54
2015-06-30 3,601.76 845.27 269.39
2015-03-31 3,528.05 823.49 264.53
2014-12-31 3,454.35 801.70 259.66
2014-09-30 3,489.42 788.24 257.43
2014-06-30 3,524.48 774.78 255.20
2014-03-31 3,578.42 791.82 253.56
2013-12-31 3,632.37 808.86 251.93
2013-09-30 3,577.02 734.16 249.32
2013-06-30 3,521.68 659.46 246.71

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Ciments du Maroc Société Anonyme has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Ciments du Maroc Société Anonyme used its assets more efficiently than the Africa Basic Materials industry average last year based on Return on Assets.
  • Ciments du Maroc Société Anonyme has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Ciments du Maroc Société Anonyme's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Basic Materials industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Ciments du Maroc Société Anonyme has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CMA Health

 How is Ciments du Maroc Société Anonyme's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Ciments du Maroc Société Anonyme's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ciments du Maroc Société Anonyme is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Ciments du Maroc Société Anonyme's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Ciments du Maroc Société Anonyme's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 172.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Ciments du Maroc Société Anonyme Company Filings, last reported 9 months ago.

CBSE:CMA Past Debt and Equity Data
Date (Data in MAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 4,232.62 26.41 2,940.45
2019-03-31 4,232.62 26.41 2,940.45
2018-12-31 4,972.73 15.78 2,398.70
2018-09-30 4,972.73 15.78 2,398.70
2018-06-30 4,508.88 40.39 3,054.26
2018-03-31 4,508.88 40.39 3,054.26
2017-12-31 5,412.87 54.12 2,197.27
2017-09-30 5,412.87 54.12 2,197.27
2017-06-30 5,010.67 140.14 2,116.59
2017-03-31 5,010.67 140.14 2,116.59
2016-12-31 5,361.32 266.07 1,583.80
2016-09-30 5,361.32 266.07 1,583.80
2016-06-30 5,986.00 277.00 1,856.00
2016-03-31 5,986.00 277.00 1,856.00
2015-12-31 6,289.62 191.31 1,171.36
2015-09-30 6,289.62 191.31 1,171.36
2015-06-30 5,697.99 214.30 1,631.99
2015-03-31 5,697.99 214.30 1,631.99
2014-12-31 6,334.21 199.68 1,020.89
2014-09-30 6,334.21 199.68 1,020.89
2014-06-30 5,976.88 224.84 1,249.34
2014-03-31 5,976.88 224.84 1,249.34
2013-12-31 6,197.06 193.25 739.97
2013-09-30 6,197.06 193.25 739.97
2013-06-30 5,867.86 233.43 729.11
  • Ciments du Maroc Société Anonyme's level of debt (0.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (3.8% vs 0.6% today).
  • Debt is well covered by operating cash flow (5410.1%, greater than 20% of total debt).
  • Ciments du Maroc Société Anonyme earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Ciments du Maroc Société Anonyme's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Ciments du Maroc Société Anonyme has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CMA Dividends

 What is Ciments du Maroc Société Anonyme's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.11%
Current annual income from Ciments du Maroc Société Anonyme dividends.
If you bought MAD2,000 of Ciments du Maroc Société Anonyme shares you are expected to receive MAD142 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Ciments du Maroc Société Anonyme's pays a higher dividend yield than the bottom 25% of dividend payers in Morocco (3.58%).
  • Ciments du Maroc Société Anonyme's dividend is above the markets top 25% of dividend payers in Morocco (6.23%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
CBSE:CMA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Africa Basic Materials Industry Average Dividend Yield Market Cap Weighted Average of 12 Stocks 9.1%
Morocco Market Average Dividend Yield Market Cap Weighted Average of 37 Stocks 4.4%
Morocco Minimum Threshold Dividend Yield 10th Percentile 2.6%
Morocco Bottom 25% Dividend Yield 25th Percentile 3.6%
Morocco Top 25% Dividend Yield 75th Percentile 6.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

CBSE:CMA Future Dividends Estimate Data
Date (Data in MAD) Dividend per Share (annual) Avg. No. Analysts
2020-04-06
2019-12-31 73.00 1.00
CBSE:CMA Past Annualized Dividends Data
Date (Data in MAD) Dividend per share (annual) Avg. Yield (%)
2019-10-18 85.000 5.369
2019-04-05 85.000 5.421
2019-02-25 75.000 5.191
2017-08-31 65.000 4.004
2016-08-05 55.000 4.140
2016-02-29 55.000 4.641
2015-03-13 50.000 4.311
2014-06-16 45.000 4.559
2013-06-14 40.000 5.103
2012-04-30 35.000 4.802
2012-04-11 35.000 3.720
2011-04-18 30.000 2.932
2011-03-31 30.000 2.772
2010-05-14 27.500 2.367
2010-04-01 27.500 2.563

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Ciments du Maroc Société Anonyme's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Ciments du Maroc Société Anonyme's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 2.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Ciments du Maroc Société Anonyme afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ciments du Maroc Société Anonyme has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CMA Management

 What is the CEO of Ciments du Maroc Société Anonyme's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Matteo Rozzanigo
CEO Bio

Mr. Matteo Rozzanigo serves as General Manager and Director at Ciments du Maroc Société Anonyme. Mr. Rozzanigo has held several positions of responsibility at Italcementi since 2007 including the position of Director of cement and BPE activities in the Middle East and the position of General Manager of the Spanish subsidiary FYM. From 2016, Mr. Rozzanigo was appointed to the position of Development Director for the South West Europe Zone of HeidelbergCement and then Director of Strategy and Development of the German Group. Mr. Rozzanigo is a graduate of the Polytechnic University of Milan (Industrial Engineer).

CEO Compensation
  • Insufficient data for Matteo to compare compensation growth.
  • Insufficient data for Matteo to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team

Matteo Rozzanigo

TITLE
GM & Director

Luis Llimos

TITLE
Administrative & Financial Director and Secretary
TENURE
1.3 yrs

Mostafa Nasmy

TITLE
Technical Director
AGE
61

Ghizlane Ouakrim

TITLE
Head of Communication Department

Said El Ghazi

TITLE
Director of Human Resource
AGE
55
Board of Directors

Mohamed Chaïbi

TITLE
Chairman of the Board
AGE
69

Matteo Rozzanigo

TITLE
GM & Director

Abdellatif Zaghnoun

TITLE
Vice-Chairman

Mustapha Faris

TITLE
Honorary Chairman

Khalid Cheddadi

TITLE
Representative Director

Abdallah Belkeziz

TITLE
Independent Director

Hakan Gurdal

TITLE
Director
AGE
51

David Robert Flory

TITLE
Representative Director

Gary Whitehead

TITLE
Representative Director
AGE
49

Francesco Brambilla

TITLE
Representative Director
AGE
47
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (MAD) Value (MAD)
X
Management checks
We assess Ciments du Maroc Société Anonyme's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Ciments du Maroc Société Anonyme has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CMA News

Simply Wall St News

CMA Company Info

Description

Ciments du Maroc Société Anonyme manufactures and sells cement in Morocco. It offers ready concrete and aggregates. The company was founded in 1951 and is headquartered in Casablanca, Morocco. Ciments du Maroc Société Anonyme is a subsidiary of HeidelbergCement Group.

Details
Name: Ciments du Maroc Société Anonyme
CMA
Exchange: CBSE
Founded: 1951
MAD17,900,644,960
14,436,004
Website: http://www.cimentsdumaroc.com
Address: Ciments du Maroc Société Anonyme
621 Boulevard Panoramique,
Casablanca,
20 150,
Morocco
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
CBSE CMA Share Capital Casablanca Stock Exchange MA MAD 08. Jun 1994
Number of employees
Current staff
Staff numbers
0
Ciments du Maroc Société Anonyme employees.
Industry
Construction Materials
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/06 17:39
End of day share price update: 2020/04/06 00:00
Last estimates confirmation: 2020/03/20
Last earnings filing: 2019/09/30
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.