Real Corporation

CFBANQUE Investment confirms the AAA rating assigned to Real Corporation (PHM1907.TU), an operator in the Real Estate sector based in Tunisia. This credit opinion reflects a superior credit quality, reflecting a very strong capacity to honour its financial obligations even under an adverse macroeconomic environment.

From a fundamental standpoint, the issuer posts an EBITDA margin of 31.6% which sits at the upper end of the sector range and evidences robust pricing power and exhibits a net leverage of 2.17x EBITDA, deemed consistent with the issuer's recurring cash flow generation. With revenues of $8.61B and a market capitalisation of $9.57B, Real Corporation commands a significant economic footprint within its domestic market.

Our proprietary models assign a Debt Capacity score of 686/1000, an Investment score of 548/1000 and an ESG & Governance score of 930/1000, reflecting an acceptable debt coverage, a measured investment potential and governance standards aligned with best market practice.

The Stable outlook indicates that our committee does not anticipate, in its central scenario, a revision of the rating over a 12 to 18 month horizon. This analysis stems from the combined review of our quantitative models and the qualitative judgement of the CFBANQUE Investment rating committee, and may be updated in line with the evolution of fundamentals or the regional macroeconomic environment.