Financials Attijariwafa bank SA

Equities

End-of-day quote Casablanca S.E. Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
507.7 ^MAD	-0.16%		-1.19%	+10.37%

Feb. 27	Attijariwafa bank SA Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Attijariwafa bank SA Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	98,120	83,225	98,332	79,150	92,881	102,512	-	-
Enterprise Value (EV) ¹	98,120	83,225	98,332	79,150	92,881	102,512	102,512	102,512
P/E ratio	18 x	29.4 x	20.4 x	13.9 x	13.2 x	13.3 x	12.2 x	11.8 x
Yield	2.71%	3.19%	3.08%	3.95%	-	3.41%	4.86%	5.77%
Capitalization / Revenue	4.18 x	3.49 x	4.03 x	3.01 x	3.1 x	3.24 x	3.06 x	2.84 x
EV / Revenue	4.18 x	3.49 x	4.03 x	3.01 x	3.1 x	3.24 x	3.06 x	2.84 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.06 x	1.74 x	1.87 x	1.45 x	-	1.86 x	-	-
Nbr of stocks (in thousands)	196,633	196,633	201,914	201,914	201,914	201,914	-	-
Reference price ²	499.0	423.2	487.0	392.0	460.0	507.7	507.7	507.7
Announcement Date	2/25/20	2/25/21	2/24/22	2/27/23	3/20/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,473	23,858	24,380	26,313	29,943	31,610	33,536	36,146
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	12,250	11,623	13,090	14,594	17,753	17,659	19,193	21,426
Operating Margin	52.19%	48.72%	53.69%	55.46%	59.29%	55.87%	57.23%	59.28%
Earnings before Tax (EBT) ¹	10,705	6,082	9,430	11,329	13,782	14,701	16,246	-
Net income ¹	5,816	3,018	5,144	6,065	7,508	8,144	8,917	9,783
Net margin	24.78%	12.65%	21.1%	23.05%	25.07%	25.76%	26.59%	27.07%
EPS ²	27.71	14.38	23.91	28.19	34.90	38.03	41.57	43.00
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	13.50	13.50	15.00	15.50	-	17.33	24.68	29.31
Announcement Date	2/25/20	2/25/21	2/24/22	2/27/23	3/20/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	12.6%	6.33%	10.3%	11.3%	-	14%	14.2%	14.3%
ROA (Net income/ Total Assets)	1.12%	0.55%	0.88%	0.99%	-	1.1%	1.2%	-
Assets ¹	521,241	550,329	581,953	613,398	-	740,391	743,078	-
Book Value Per Share ²	242.0	243.0	260.0	270.0	-	273.0	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	2/25/20	2/25/21	2/24/22	2/27/23	3/20/24	-	-	-

¹MAD in Million²MAD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

507.7 MAD

Average target price

534.5 MAD

Spread / Average Target

+5.28%

	1st Jan change	Capi.
ATTIJARIWAFA BANK SA	+10.37%	10.32B
JPMORGAN CHASE & CO.	+14.98%	562B
BANK OF AMERICA CORPORATION	+15.30%	304B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+24.61%	256B
WELLS FARGO & COMPANY	+23.32%	212B
CHINA CONSTRUCTION BANK CORPORATION	+26.24%	191B
BANK OF CHINA LIMITED	+32.89%	172B
HSBC HOLDINGS PLC	+9.00%	164B
ROYAL BANK OF CANADA	+8.46%	151B
COMMONWEALTH BANK OF AUSTRALIA	+8.94%	136B