Financials Attijariwafa bank SA

Equities

End-of-day quote Casablanca S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
505 ^MAD	+0.40%		0.00%	+9.78%

2023	Attijariwafa bank SA Reports Earnings Results for the Nine Months Ended September 30, 2023	CI
2023	Franchise Brands trading in line; Tribe secures loan	AN

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	89,075	98,120	83,225	98,332	79,150	101,967	101,967	-
Enterprise Value (EV) ¹	89,075	98,120	83,225	98,332	79,150	92,881	101,967	101,967
P/E ratio	16.7 x	18 x	29.4 x	20.4 x	13.9 x	13.2 x	13.3 x	12.1 x
Yield	2.87%	2.71%	3.19%	3.08%	3.95%	3.27%	3.43%	4.89%
Capitalization / Revenue	3.98 x	4.18 x	3.49 x	4.03 x	3.01 x	3.1 x	3.23 x	3.04 x
EV / Revenue	3.98 x	4.18 x	3.49 x	4.03 x	3.01 x	3.1 x	3.23 x	3.04 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2 x	2.06 x	1.74 x	1.87 x	1.45 x	1.99 x	1.85 x	-
Nbr of stocks (in thousands)	196,633	196,633	196,633	201,914	201,914	201,914	201,914	-
Reference price ²	453.0	499.0	423.2	487.0	392.0	505.0	505.0	505.0
Announcement Date	3/19/19	2/25/20	2/25/21	2/24/22	2/27/23	3/20/24	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	22,371	23,473	23,858	24,380	26,313	29,943	31,610	33,536
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	11,658	12,250	11,623	13,090	14,594	17,753	17,659	19,193
Operating Margin	52.11%	52.19%	48.72%	53.69%	55.46%	59.29%	55.87%	57.23%
Earnings before Tax (EBT) ¹	9,999	10,705	6,082	9,430	11,329	13,782	14,701	16,246
Net income ¹	5,706	5,816	3,018	5,144	6,065	7,508	8,144	8,917
Net margin	25.51%	24.78%	12.65%	21.1%	23.05%	25.07%	25.76%	26.59%
EPS ²	27.19	27.71	14.38	23.91	28.19	34.90	38.03	41.57
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	13.00	13.50	13.50	15.00	15.50	16.50	17.33	24.68
Announcement Date	3/19/19	2/25/20	2/25/21	2/24/22	2/27/23	3/20/24	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	13.6%	12.6%	6.33%	10.3%	11.3%	12.9%	14%	14.2%
ROA (Net income/ Total Assets)	1.16%	1.12%	0.55%	0.88%	0.99%	1.1%	1.1%	1.2%
Assets ¹	490,681	521,241	550,329	581,953	613,398	614,212	740,391	743,078
Book Value Per Share ²	226.0	242.0	243.0	260.0	270.0	254.0	273.0	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	3/19/19	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

505 MAD

Average target price

534.5 MAD

Spread / Average Target

+5.84%

	1st Jan change	Capi.
ATTIJARIWAFA BANK SA	+9.78%	10.05B
JPMORGAN CHASE & CO.	+13.75%	556B
BANK OF AMERICA CORPORATION	+12.36%	298B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+8.64%	247B
WELLS FARGO & COMPANY	+21.72%	210B
BANK OF CHINA LIMITED	+16.11%	170B
CHINA CONSTRUCTION BANK CORPORATION	+6.88%	162B
HSBC HOLDINGS PLC	+4.42%	153B
HDFC BANK LIMITED	-11.67%	138B
ROYAL BANK OF CANADA	+0.10%	139B