Risma SA

Risma SA maintains a capital structure characterized by moderate leverage and tight liquidity. The company reports total equity of 1.69 billion MAD against total liabilities of 2.93 billion MAD, resulting in a debt-to-equity ratio of 0.48. While long-term debt stands at 814 million MAD, the firm holds 333 million MAD in cash and equivalents, leading to a negative net cash position. Liquidity is constrained, evidenced by a current ratio of 0.45, which signals potential short-term working capital pressure. Operating cash flow remains robust at 542 million MAD, but heavy capital expenditures of 385 million MAD result in negative free cash flow of -49 million MAD.

Profitability metrics indicate efficient asset utilization relative to equity, though returns on assets are modest. Return on equity stands at 15.97%, reflecting the leverage effect on the 270 million MAD net income. Return on assets is 5.84%, derived from a total asset base of 4.62 billion MAD. The gross profit margin is approximately 73.3%, calculated from 1.20 billion MAD gross profit on 1.63 billion MAD revenue, suggesting high-margin core operations typical of leisure services. Operating income of 425 million MAD yields an operating margin of roughly 26%, demonstrating strong operational efficiency before interest and taxes.

Revenue concentration and geographic exposure are not detailed in the available segment or geography data. The company’s total revenue of 1.63 billion MAD is reported as a consolidated figure without breakdown by business unit or region. Consequently, specific risks related to customer concentration or regional economic dependency cannot be quantified from the current dataset. The absence of segment data limits the ability to assess diversification benefits or specific growth drivers within the hospitality portfolio.

Growth trajectory analysis is hindered by the absence of historical period data. The financial snapshot provides only the latest normalized period figures, with no five-year annual or eight-quarter quarterly trends available for comparison. Analyst estimates indicate a recent actual revenue of 503 million MAD and a negative EPS of -21.00 MAD, suggesting volatility or one-time charges impacting recent earnings performance. Without historical context, the sustainability of the current 1.63 billion MAD revenue run rate remains unverified against past performance.

Risk assessment highlights medium liquidity risk and low dilution risk. The key flag notes that net cash is negative after subtracting total debt, reinforcing the liquidity concerns identified by the 0.45 current ratio. Dilution risk is assessed as low, supported by the fact that basic and diluted shares outstanding are identical at 16.01 million shares, indicating no significant options or convertible securities currently impacting share count. The negative free cash flow poses a risk to internal funding of future growth, necessitating reliance on operating cash flow or external financing.

Recent observations include ESG scoring and analyst estimates. The company holds a ESG score of 45.26, graded C+, with strong governance (60.38) but weaker environmental (40.20) and social (38.22) pillars. The ESG controversies score is 100, indicating no significant controversies. Analyst data shows a recent actual EPS of -21.00 MAD, which contrasts with the positive net income in the financial snapshot, potentially indicating different reporting periods or adjustments. No specific filing, news, or transcript events are provided to detail recent corporate actions.

With a debt-to-equity ratio of 0.48, Risma SA maintains leverage below the cohort median of 0.4, suggesting manageable financial risk.

Cash conversion of 2.01 exceeds the cohort median of 1.2, indicating robust ability to turn earnings into cash.

The four-year revenue CAGR of -15.6% indicates a persistent long-term decline in the company's top-line growth trajectory.

A medium liquidity risk flag suggests potential challenges in meeting short-term financial obligations amidst declining cash flows.

Revenue MAD 1.63B, +29,3% YoY; Operating income +45,0% YoY.

• ▍Revenue MAD 1.63B, +29,3% YoY
• ▍Operating income +45,0% YoY
• ▍Net income +47,3% YoY
• ▍Free cash flow −129,1% YoY
• ▍Net margin 16.5%

Revenue MAD 1.26B, +7,6% YoY; Operating income +17,2% YoY.

• ▍Revenue MAD 1.26B, +7,6% YoY
• ▍Operating income +17,2% YoY
• ▍Net income −25,0% YoY
• ▍Free cash flow −48,3% YoY
• ▍Net margin 14.5%

Revenue MAD 1.17B, +13,3% YoY; Operating income +22,4% YoY.

• ▍Revenue MAD 1.17B, +13,3% YoY
• ▍Operating income +22,4% YoY
• ▍Net income +60,5% YoY
• ▍Free cash flow +36,5% YoY
• ▍Net margin 20.8%

Revenue MAD 1.04B, +97,5% YoY; Operating income +344,3% YoY.

• ▍Revenue MAD 1.04B, +97,5% YoY
• ▍Operating income +344,3% YoY
• ▍Net income +188,5% YoY
• ▍Free cash flow +303,0% YoY
• ▍Net margin 14.7%