Maghrebine De Credit Bail Leasing Ste SA

Maghrebine De Credit Bail Leasing Ste SA maintains a highly leveraged capital structure, with total liabilities of MAD 12.99 billion against total equity of MAD 1.23 billion. The debt-to-equity ratio stands at 9.94, indicating significant reliance on debt financing. Long-term debt comprises MAD 12.21 billion, while cash and equivalents are reported at zero, resulting in negative net cash. Despite the high leverage, the company generates positive operating cash flow of MAD 497 million and free cash flow of MAD 76.6 million, providing some liquidity buffer. The current liquidity risk is assessed as medium, reflecting the tight balance between debt obligations and cash generation.

Profitability metrics show a return on equity of 8.06% and a return on assets of 0.7%. The company reported revenue of MAD 848 million, with gross profit of MAD 438 million and operating income of MAD 262 million. Net income reached MAD 148 million, yielding an actual EPS of 67.61 MAD. The gross margin is approximately 51.7%, and the operating margin is 30.9%, suggesting efficient cost management relative to revenue generation. However, the low return on assets highlights the asset-heavy nature of the leasing business model.

Segment and geographic data are not explicitly detailed in the available financial snapshot, limiting the analysis of revenue concentration by product or region. The company’s activity is broadly classified under Real Estate Management & Development, which may imply exposure to property-related leasing or development projects. Without specific segment breakdowns, the revenue mix remains opaque, though the high leverage suggests a focus on large-scale asset financing.

Growth trajectory cannot be assessed due to the absence of historical period data in the input. The current financial snapshot provides a single-period view, preventing year-over-year or trend analysis of revenue and net income. The lack of historical context limits the ability to evaluate the sustainability of current profitability levels or the direction of future growth.

Risk factors include medium liquidity risk and low dilution risk. The key flag notes that net cash is negative after subtracting total debt, emphasizing the company’s dependence on continuous cash flow to service debt. The high debt-to-equity ratio of 9.94 amplifies financial risk, particularly in rising interest rate environments or if cash flows decline. Dilution risk is low, as basic and diluted shares outstanding are identical at 1.38 million shares.

Recent observations include an ESG score of 26.67 with a grade of C-, indicating moderate environmental, social, and governance performance. The governance pillar score is 41.72, while the social pillar is lower at 14.38. The company has no significant ESG controversies, with a score of 100. Analyst estimates confirm the last actual EPS of 67.61 MAD, aligning with reported net income. No recent news or filing events are detailed in the input.

Revenue grew 11.4% year-over-year to 848 million MAD, demonstrating strong top-line expansion momentum.

Capital expenditure intensity is low at -0.6% of revenue, ranking above the 75th percentile for efficiency.

Debt-to-equity ratio of 9.94 sits in the bottom quartile, far exceeding the 0.39 cohort median.

High credit risk flag indicates significant potential for loan losses or counterparty default issues.

Cash conversion of -2.33 ranks in the bottom quartile, signaling poor ability to turn earnings into cash.

Medium liquidity risk suggests potential challenges in meeting short-term financial obligations or funding needs.

Revenue MAD 697.5M; Operating income MAD 175.7M.

• ▍Revenue MAD 697.5M
• ▍Operating income MAD 175.7M
• ▍Net margin 14.2%