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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 3.0x - 3.4x | 3.2x |
| Selected Fwd Ps Multiple | 2.4x - 2.6x | 2.5x |
| Fair Value | .د.م 837.66 - .د.م 925.84 | .د.م 881.75 |
| Upside | -22.8% - -14.7% | -18.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Banque Centrale Populaire | - | CBSE:BCP |
| Banque Marocaine pour le Commerce et l'Industrie | - | CBSE:BCI |
| CFG Bank SA | - | CBSE:CFG |
| Crédit Immobilier et Hôtelier, Société Anonyme | - | CBSE:CIH |
| Attijariwafa bank SA | - | CBSE:ATW |
| Crédit du Maroc S.A. | - | CBSE:CDM |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| BCP | BCI | CFG | CIH | ATW | CDM | |||
| CBSE:BCP | CBSE:BCI | CBSE:CFG | CBSE:CIH | CBSE:ATW | CBSE:CDM | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 4.4% | 2.5% | 32.4% | 8.8% | 6.8% | 6.5% | ||
| 3Y CAGR | 9.8% | 6.1% | 33.1% | 20.1% | 13.6% | 6.6% | ||
| Latest Twelve Months | -3.0% | 5.6% | 36.2% | 8.6% | 17.2% | 17.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 20.4% | 8.7% | 0.3% | 19.9% | 30.8% | 20.1% | ||
| Prior Fiscal Year | 16.9% | 6.1% | 9.4% | 24.9% | 28.9% | 20.3% | ||
| Latest Fiscal Year | 19.9% | 11.0% | 26.4% | 22.6% | 31.2% | 25.6% | ||
| Latest Twelve Months | 20.5% | 11.0% | 28.6% | 24.7% | 31.2% | 25.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.0x | 2.3x | 12.1x | 4.0x | 4.3x | 4.0x | ||
| LTM P/E Ratio | 14.8x | 21.1x | 42.4x | 16.1x | 13.8x | 15.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.3x | 4.0x | 12.1x | |||||
| Historical LTM P/S Ratio | 2.6x | 3.1x | 4.0x | |||||
| Selected Price / Sales Multiple | 3.0x | 3.2x | 3.4x | |||||
| (x) LTM Sales | 2,899 | 2,899 | 2,899 | |||||
| (=) Equity Value | 8,817 | 9,281 | 9,746 | |||||
| (/) Shares Outstanding | 10.9 | 10.9 | 10.9 | |||||
| Implied Value Range | 810.33 | 852.98 | 895.63 | |||||
| FX Rate: MAD/MAD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 810.33 | 852.98 | 895.63 | 1,085.00 | ||||
| Upside / (Downside) | -25.3% | -21.4% | -17.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BCP | BCI | CFG | CIH | ATW | CDM | |
| Value of Common Equity | 54,854 | 7,529 | 8,914 | 12,938 | 134,071 | 11,806 | |
| (/) Shares Outstanding | 203.2 | 13.3 | 40.5 | 31.5 | 201.9 | 10.9 | |
| Implied Stock Price | 270.00 | 567.00 | 220.25 | 410.75 | 664.00 | 1,085.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 270.00 | 567.00 | 220.25 | 410.75 | 664.00 | 1,085.00 | |
| Trading Currency | MAD | MAD | MAD | MAD | MAD | MAD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |