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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 1.5x - 1.6x | 1.5x |
| Historical Pb Multiple | 1.6x - 1.9x | 1.7x |
| Fair Value | .د.م 355.14 - .د.م 392.53 | .د.م 373.83 |
| Upside | -13.2% - -4.0% | -8.6% |
| Benchmarks | - | Full Ticker |
| Banque Centrale Populaire | - | CBSE:BCP |
| Attijariwafa bank SA | - | CBSE:ATW |
| Crédit du Maroc S.A. | - | CBSE:CDM |
| CFG Bank SA | - | CBSE:CFG |
| Banque Marocaine pour le Commerce et l'Industrie | - | CBSE:BCI |
| Crédit Immobilier et Hôtelier, Société Anonyme | - | CBSE:CIH |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| BCP | ATW | CDM | CFG | BCI | CIH | |||
| CBSE:BCP | CBSE:ATW | CBSE:CDM | CBSE:CFG | CBSE:BCI | CBSE:CIH | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 3.4% | 10.3% | 7.8% | NM- | -11.7% | 9.3% | ||
| 3Y CAGR | 41.4% | 22.7% | 5.7% | 109.3% | 18.8% | 106.5% | ||
| Latest Twelve Months | -7.4% | 26.6% | 47.3% | 57.7% | 89.9% | 23.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 20.4% | 30.8% | 20.1% | 7.5% | 8.7% | 20.3% | ||
| Prior Fiscal Year | 16.9% | 28.9% | 20.3% | 26.4% | 6.1% | 24.9% | ||
| Latest Fiscal Year | 19.9% | 31.2% | 25.6% | 29.3% | 11.0% | 22.6% | ||
| Latest Twelve Months | 20.5% | 31.2% | 25.6% | 29.3% | 11.0% | 24.7% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 7.9% | 11.3% | 7.6% | 4.3% | 3.3% | 9.5% | ||
| Prior Fiscal Year | 8.4% | 13.3% | 7.5% | 13.2% | 2.4% | 10.6% | ||
| Latest Twelve Months | 10.6% | 15.8% | 9.9% | 15.1% | 4.5% | 12.1% | ||
| Next Fiscal Year | 10.9% | 15.2% | 10.0% | #NUM! | 6.1% | 10.8% | ||
| Two Fiscal Years Forward | 10.8% | 14.0% | 9.9% | 17.8% | 7.6% | 11.1% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 3.0x | 4.4x | 4.1x | 10.4x | 2.5x | 3.5x | ||
| Price / LTM EPS | 14.5x | 14.1x | 15.9x | 35.4x | 23.1x | 14.7x | ||
| Price / Book | 1.5x | 2.1x | 1.5x | 5.1x | 1.0x | 1.7x | ||
| Price / Fwd Book | 1.4x | 1.8x | 1.3x | 5.1x | 1.0x | 1.5x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 1.0x | 1.5x | 5.1x | |||||
| Historical P/B Ratio | 1.6x | 1.7x | 1.9x | |||||
| Selected P/B Multiple | 1.5x | 1.5x | 1.6x | |||||
| (x) Book Value | 7,645 | 7,645 | 7,645 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BCP | ATW | CDM | CFG | BCI | CIH | |
| Value of Common Equity | 54,061 | 133,869 | 11,752 | 9,264 | 7,516 | 12,882 | |
| (/) Shares Outstanding | 203.2 | 201.9 | 10.9 | 40.5 | 13.3 | 31.5 | |
| Implied Stock Price | 266.10 | 663.00 | 1,080.00 | 228.90 | 566.00 | 409.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 266.10 | 663.00 | 1,080.00 | 228.90 | 566.00 | 409.00 | |
| 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 | |