A Unique Partner for Investors In Morocco as a standalone market And as a hub for Africa 2014 www.africasfutureisnow.com
Maera Capital
A Unique Approach
Maera Capital
The proposi/on
Based in Casablanca and London, Maera Capital works as an end-‐to-‐end Partner for interna/onal investors keen to invest in Morocco as an a=rac/ve market in itself (and as a gateway for Africa)
Sector exper/se
Agribusiness Consumer Goods and Retail Pharmaceu8cals General Industries Logis8cs
Differen/a/on
Local execu8on capability via partnership with established blue-‐chip I-‐Bank Access to na8onal, regional and interna8onal capital (mostly based in EU) Local network in Sub Saharan and North Africa Opera8onal exper8se on the ground (via closed network of Senior Operators) © Copyright Maera Capital 2013
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Maera Capital
A Unique Approach
Complementary team of local experts with interna/onal experience and outlook Core team Ad Hoc Partners Rajaa Mekouar London/Casablanca
•Founded Maera Capital, Advisory to FOs •Former Change Capital+Lazard PE Principal •12-‐year career in Private Equity •Agribusiness and Retail/FMCG specialist •HEC graduate / MBA INSEAD •English, French, German, Spanish, Arabic
Renaud Savary London/Casablanca
•Partner at Maera Capital •Former CEO Astra Zeneca North Africa •10-‐year career in Big Pharma •Pharmaceu8cal specialist •Sciences Po / MBA INSEAD •English, French
Younes Bennani Casablanca
Mehdi Ziady Casablanca/Rabat
•Business Development at Maera Capital •On-‐the-‐ground opera8ons •Fedex, Credit du Maroc, Generale Mari8me •Logis8cs, Transport •Bell School of Cambridge / AUP •English, French, Arabic
•Partner at Maera Capital •Consultant + Investment Banker •7-‐year career at H2Dev, Valyans, KPMG •Industry, Real Estate, Consumer •Sup de Co Reims / Maastricht University •English, French, Arabic
Senior Operator Team
•Former CEOs •Board representa8ves •Interim Management •Ad hoc HR iden8fica8on •Deep local network •Regional credibility
Senior Consultant Team
•Former Top Firms •Established track record •Due diligence •Post-‐investment strategy •Mul8 sector exper8se •Interna8onal perspec8ve 3
© Copyright Maera Capital 2013
Maera Capital
A Unique Approach
End-‐to-‐end Collabora/on on investment management process: EXECUTION INVESTMENT MANAGEMENT PROCESS PHASES
Deal sourcing Due Diligence
Structuring
Post investment monitoring
Capabili/es
Proprietary deals Working upstream
Opera/onal experts Dealmaking capabili/es
Selected advisors Partners with banks
Local presence Opera/onal exper/se
Value Added
Family 8es Proven rela8onships TRUSTED
“Inside outsiders” Preferred access PROFESSIONAL
Preferen8al terms Co-‐investment CREDIBLE
Access to ad hoc HR Hands on oversight REACTIVE
Team responsibili/es
RM, MZ, YB
MZ, RS + Ad Hoc Partners
RM, MZ
RS, MZ, YB (Ad hoc Partners)
Expected dura8on of process
3-‐6 months from first approach to closing 4 © Copyright Maera Capital 2013
Maera Capital
A Unique Approach
Recap Highly skilled and complementary team of senior PE prac//oners and operators Unparalleled “inside” track in Morocco (professional and personal) End to end partnership with investors with top execu/on from sourcing to monitoring/exit Including top-‐Ger advisor support Sector focus led by exper/se on the ground and macro growth trends Focus on proprietary deals in sectors where team has a “real angle” Alignment with investors via co investment on the long term
Access to capital in Europe and Africa Access to new markets in Africa
We are diligent, paGent and entrepreneurial... We are here for the long term 5 © Copyright Maera Capital 2013
Morocco at a glance
6 © Copyright Maera Capital 2013
Morocco at a glance
Macro snapshot
Capital
Rabat
GDP
MAD 800 bn
Ins/tu/onal System
Democra8c and social Cons8tu8onal Monarchy
GDP per capita
MAD 24,320 (2011)
Area
710 850 km²
Average GDP growth
5% (over the last 5 years)
Climate
Mediterranean
GDP breakdown (2010)
Primary Sector
13.7%
Time Zone
GMT (GMT+1 in summer)
Secondary Sector
26.7%
Ter8ary Sector
59.6%
Languages
Arabic (official), French, Spanish, English
Infla/on Rate
0.9% (2011)
Source: Haut Commissariat au Plan et Office des Changes 7 © Copyright Maera Capital 2013
Morocco at a glance
In a nutshell
•Stable poli/cal environment, which makes Morocco an excep8on in the MENA Region •Strong macroeconomic drivers: Sustained GDP growth, controlled infla8on, declining unemployment, rising FDI
•Unique hub between Europe and Africa
On its way to becoming a true EMERGING MARKET
•Compe//ve edge due to an akrac8ve fiscal legisla8on, lower produc8on costs, numerous free trade agreements and a qualified workforce •Upside poten/al with akrac8ve PE valua8ons (and rela8vely cheap stock market prices) 8 © Copyright Maera Capital 2013
Morocco at a glance
Stable poli/cal environment
Interna8onal analysts highlight the Moroccan excep8on… “Despite regional troubles, Morocco con?nues its progress…Various factors point to encouraging prospects for the Moroccan economy in 2011, namely an excellent harvest and a con?nuous diversifica?on of the Moroccan economy” InternaGonal think-‐tank Oxford Business Group (OBG)-‐29/07/2011
…and praise its democra8c push. “Morocco's stability and the construc?ve spirit of the Moroccan society as well as its commitment to tolerance and openness praised Morocco's ins?tu?onal reforms and the adop?on by the Moroccan people of the new democra?c cons?tu?on”. Bernardino Leon, EU special representaGve for the Southern Mediterranean region – 07/26/2011 “The new cons?tu?on represents a "major and posi?ve step" on the path of democracy consolida?on in Morocco” Carlos Carnero Gonzalez, Special Ambassador for European IntegraGon Projects-‐ 07/22/2011
‘‘The Moroccan economy con?nues to be one of the best performers in the MENA (Middle East and North Africa) Region’’. Nema Shafik, Deputy Managing Director of the InternaGonal Monetary Fund(IMF) – 05/14/2012
“Morocco is a model to follow in the region. Together with Tunisia, we will find the needed cohesion and dynamism to strengthen the role of the region in the Mediterranean “. Moncef Marzouki, President of Tunisia – 02/08/2012 “Morocco tends to align more with Europe than with its Southern and Western neighbors“ CNN -‐ 21/02/2011
“His Majesty the King and the people of Morocco showed great poli?cal maturity. Compared to what it is happening elsewhere in the region and around the world, Morocco is quite admired in the United State. We look to Morocco quite oJen as an example of how you create a climate in which businesses are welcomed, investors are aMracted, people have jobs because of that” Hillary Clinton, US Secretary of State-‐ 26/02/2012 “Morocco is one of the countries to have made the most significant progress in terms of investment, especially thanks to the quality of the informa?on MIDA provides investors and the high level of their presenta?ons.” World Bank – 05/22/2012 "The European Council congratulates its coopera?on with Morocco, the most advanced country in the Arab region in terms of democracy and respect for human rights. Thorbjorn Jagland, Secretary General at the European Council -‐ – 08/10/2012 9
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Morocco at a glance
Unique posi/on of proximity with Europe and Africa
9 miles away from Europe 500+ mio wealthy consumers at its door step 2nd largest GDP per capita gap in the world (x10-‐15) 10 © Copyright Maera Capital 2013
Morocco at a glance
A diversified and leading economy in Africa
#1 growing economy in North Africa (~5% GDP growth p.a since ‘00)
#3 non-‐oil economy in Africa ($100bn GDP, ~32mn people)
#1 FDI desGnaGon in North Africa 11 © Copyright Maera Capital 2013
Morocco at a glance
The gateway to Africa (North and West... but expanding) Alger
Tunis
Casablanca Tripoli Cairo
25 countries, 28 ci8es directly accessible from Casablanca
Nouakchok Dakar Banjul Bissau Conakry
Niamey Bamako
Cotonou Lagos
Freetown Monrovia
Ouagadougou
Abidjan
Accra
Lomé
Banjul
Malabo Douala
Yaoundé
#1 French Speaking African investor
Brazzaville Libreville Pointe Noire Kinshasa Luanda
Moroccan banks are effec8vely established in 22 countries
12 © Copyright Maera Capital 2013
Morocco at a glance
State of the art Banking System with key banks present in 22 African countries
Asjariwafa Bank BMCE Bank Banque Populaire 13
Morocco at a glance
Leading posi/ons in key sectors
#2
#1
Phosphates
Fer8lizers exporter worldwide
#1
Offshoring
des8na8on (French-‐speaking)
Car Producer in Africa
#3
New sectors emerged as “clusters of excellence”
Aeronau/cs Automo/ve
Nearshore tex/le
exporter to Europe 14 © Copyright Maera Capital 2013
Morocco at a glance
State-‐ini/ated holis/c reforms and development plans involving private sector (“PPP”)
Boos?ng the local economy Plan Maroc Vert Plan Rawaj Plan CFC Maroc Numérique
Boos?ng FDI and export-‐led sectors Plan Emergence Plan Halieu/s Plan tourisme (Azur/ Madain/ Biladi) Phosphates/ JPH Halieu8s
Infrastructure and urbanisa?on projects Transport (ports and airports) Logis/cs U/li/es (incl Renewable Energy) Water New Ci/es Integrated urban development
Social advancement projects
Social housing Educa/on Healthcare Jus/ce
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Morocco at a glance
The investment case
Value Proposi/ons on the Stock Market (v historic norms)
Source: BlackRock, MSCI, Thomson Reuters, April 2013 Note: Current percentile rankings v the average of Price to Forward Earning, price to cashflow, price to book value and dividend yield in the past 15 years © Copyright Maera Capital 2013
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Morocco at a glance
Free trade agreements
Agreement under negotiations with Canada Association Agreement with European Union (1996)
Located just 14 km from Europe
Agreement with Turkey (2003) Agreement with United States of America (2005) Agadir Agreement (2004) United Arab Emirates Agreement (2003) Arab League Agreement (1998) Agreement under negotiations with the Economic Community of West African States (ECOWAS & CEMAC)
Source: AMDI 17 © Copyright Maera Capital 2013
131 Bd d’Anfa -‐ Bureau 11B Tel: +212 600 6000 74 Email: contact@maera-‐capital.com www.africasfutureisnow.com
© Copyright Maera Capital 2013
