Securitization

Securitization : a financing leveraging vehicle.

2020 Annual - Listed companies - 2020 Results

The financial results of listed companies in 2020 stand out without major surprises for investors. As proof, the low levels of liquidity and volatility which marked the period of the annual release.

Research Paper - Auto Hall 2020 Results

For the FY 2020, Auto Hall’s revenue stands at MAD 3,948 Mn, down -10.8% against an AGR estimate of -21.5%. At the origin of this outperformance, the good momentum of the DFSK and OPEL brands, whose sales increased by 66% and 44% respectively in 2020.

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Research Paper - Marsa Maroc 2020 Results

In 2020, Marsa Maroc recorded a much-awaited drop in its results within a context marked by a significant slowdown in port activity on a global scale. 

Research Paper - SNEP 2020 Results

For the FY 2020, SNEP shows a limited decline in its revenue, i.e. -2.9% to MAD 917 Mn in line with our estimate of MAD 914 Mn (Cf. Start the year 2021 under the cash-conversion perspective).

Research Paper - CMT 2020 Results

CMT's operational achievements in 2020 do not come as a real surprise. In fact, the decreases in the EBIT by -31% to MAD 158 Mn and in the recurring NIGS by -35% to MAD 120 Mn are largely integrated into our initial forecasts (Cf. Start 2021 under the cash-conversion perspective).

Research Paper - CIMAR 2020 Results

In a context marked by the fall in domestic cement consumption of -10.0% in 2020, CIMAR outperforms its sector by limiting the drop in its revenues to -7.2% against an AGR estimate of -6.4 % (Cf. Start 2021 under the cash-conversion perspective).

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