The analysts of M.S.IN anticipate average annual growth of 5.3% for the consolidated turnover and 8.6% for net profit group share adjusted (which does not take into account exceptional items) over the period 2024-2028. This dynamic is based on several strategic initiatives. The launch of the Vitaia rangeincluding soaps and gels showerfrom the end of 2023, should boost sales in 2024 and 2025. Furthermore, the acquisition ofAïn Ifrane for 372 million dirhams will make it possible to expand the offer with derivative products, in particularcarbonated mineral water. In the sector of drinksbrands like Fruits and Vitakids continue to seduce the Moroccan market thanks to their growing popularity.
On the plan internationalthe brand Season benefits from strong growth potential in UNITED STATESsupported by a large market and high purchasing power. Industrial expansion also constitutes an important pillar, with the commissioning in 2025 of a sardine hydrolysate factory in Dakhla, as well as the Berrechid industrial complex, comprising three units specialized in detergents, cosmetics and beverages. .
With 50% of its turnover generated internationally, Mutandis continues to diversify its portfolio and invest in promising sectors. The company is also banking on synergies between its different activities to consolidate its position on the market.
Despite a net debt of 1,224 million dirhams at the end of 2023, i.e. gearing of 83%, Mutandis should reduce this ratio in 2024, according to MSIN, thanks to the sale of its subsidiary CMB Plastic for 330 million dirhams. This operation should also enable the group to generate significant added value, contributing to a 125% increase in net profit group share in 2024.
Taking these elements into account, the stockbroking company value the title Mutandis at 353 DH, representing a potential increase of 17.1% compared to the price of December 16, 2024.
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