Financials Bank of Africa

Equities

End-of-day quote Casablanca S.E. Other stock markets 03:30:00 27/06/2024 am IST			5-day change	1st Jan Change
193 ^MAD	-0.52%		+1.58%	+7.52%

12/06	Compagnie de Transports au Maroc Société Anonyme completed the acquisition of 51% stake in Africa Morocco Links from Bank of Africa for approximately MAD 310 million.	CI
30/05	Bank of Africa Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	38,366	31,162	38,654	35,908	38,156	41,025	-	-
Enterprise Value (EV) ¹	38,366	31,162	38,654	35,908	38,156	41,025	41,025	41,025
P/E ratio	20 x	43.4 x	19.3 x	15.6 x	14.3 x	14.4 x	13.2 x	-
Yield	2.6%	3.21%	2.13%	-	-	2.59%	2.59%	2.59%
Capitalization / Revenue	2.77 x	2.23 x	2.65 x	2.3 x	2.25 x	2.17 x	2.17 x	2.12 x
EV / Revenue	2.77 x	2.23 x	2.65 x	2.3 x	2.25 x	2.17 x	2.17 x	2.12 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.71 x	-	-	-	1.43 x	1.47 x	1.37 x	-
Nbr of stocks (in thousands)	2,06,584	2,06,584	2,12,566	2,12,566	2,12,566	2,12,566	-	-
Reference price ²	185.7	150.8	181.8	168.9	179.5	193.0	193.0	193.0
Announcement Date	30/03/20	04/05/21	25/03/22	14/04/23	22/03/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,861	14,002	14,607	15,624	16,953	18,880	18,934	19,341
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	5,796	5,202	6,651	7,343	8,153	8,899	9,515	-
Operating Margin	41.82%	37.15%	45.53%	47%	48.09%	47.13%	50.25%	-
Earnings before Tax (EBT) ¹	-	-	-	-	5,515	6,116	6,791	-
Net income ¹	1,922	737.8	2,007	2,305	2,662	2,854	3,182	-
Net margin	13.86%	5.27%	13.74%	14.75%	15.7%	15.12%	16.81%	-
EPS ²	9.305	3.472	9.440	10.84	12.52	13.40	14.60	-
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	4.836	4.836	3.870	-	-	5.000	5.000	5.000
Announcement Date	30/03/20	04/05/21	25/03/22	14/04/23	22/03/24	-	-	-

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)	9.4%	3.28%	8.66%	9.4%	10.2%	12.9%	11.2%	9.72%
ROA (Net income/ Total Assets)	0.63%	-	-	-	0.69%	0.7%	0.7%	-
Assets ¹	3,05,647	-	-	-	3,85,653	4,07,714	4,54,571	-
Book Value Per Share ²	109.0	-	-	-	126.0	131.0	141.0	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	30/03/20	04/05/21	25/03/22	14/04/23	22/03/24	-	-	-

¹MAD in Million²MAD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

193 MAD

Average target price

193.5 MAD

Spread / Average Target

+0.26%

	1st Jan change	Capi.
BANK OF AFRICA	+7.52%	414.54Cr
AGRICULTURAL BANK OF CHINA LIMITED	+10.96%	20TCr
PT BANK CENTRAL ASIA TBK	+3.72%	7.13TCr
ANZ GROUP HOLDINGS LIMITED	+9.07%	5.68TCr
INDUSTRIAL BANK CO., LTD.	+7.65%	4.95TCr
CHINA CITIC BANK CO., LTD.	+36.14%	4.45TCr
CRÉDIT AGRICOLE S.A.	+0.61%	4.19TCr
QATAR NATIONAL BANK (Q.P.S.C.)	-11.62%	3.69TCr
JAPAN POST BANK CO., LTD.	+5.92%	3.39TCr
INVEST BANK	-96.60%	3.22TCr