Financials Banque Centrale Populaire

Equities

End-of-day quote Casablanca S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
292 ^MAD	-0.68%		+0.69%	+6.18%

22/03	Banque Centrale Populaire Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Banque Centrale Populaire Reports Earnings Results for the Half Year Ended June 30, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	61,641	55,465	62,407	46,936	55,870	58,714	-	-
Enterprise Value (EV) ¹	61,641	55,465	62,407	46,936	55,870	58,714	58,714	58,714
P/E ratio	18.7 x	41.1 x	32.4 x	17.1 x	16.1 x	15.3 x	13.2 x	-
Yield	2.7%	3.2%	3.03%	3.9%	-	3.98%	4.04%	-
Capitalization / Revenue	3.46 x	2.88 x	3.11 x	-	2.45 x	2.46 x	2.32 x	2.25 x
EV / Revenue	3.46 x	2.88 x	3.11 x	-	2.45 x	2.46 x	2.32 x	2.25 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.62 x	1.55 x	-	-	-	1.43 x	1.36 x	-
Nbr of stocks (in thousands)	2,22,128	2,22,128	2,22,128	2,03,186	2,03,162	2,03,162	-	-
Reference price ²	277.5	249.7	281.0	231.0	275.0	289.0	289.0	289.0
Announcement Date	10/03/20	05/03/21	16/03/22	27/04/23	22/03/24	-	-	-

¹MAD in Million²MAD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,816	19,287	20,087	-	22,795	23,859	25,262	26,110
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	8,561	8,257	10,063	-	11,578	6,807	11,305	-
Operating Margin	48.05%	42.81%	50.1%	-	50.79%	28.53%	44.75%	-
Earnings before Tax (EBT) ¹	5,959	2,121	4,452	-	6,263	8,618	9,689	-
Net income ¹	2,999	1,229	1,765	-	3,475	3,838	4,465	4,576
Net margin	16.83%	6.37%	8.78%	-	15.25%	16.09%	17.67%	17.53%
EPS ²	14.83	6.080	8.680	13.52	17.09	18.90	21.97	-
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	7.500	8.000	8.500	9.000	-	11.50	11.67	-
Announcement Date	10/03/20	05/03/21	16/03/22	27/04/23	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)	9.51%	3.66%	5.41%	8.38%	-	10.7%	11.3%	11.6%
ROA (Net income/ Total Assets)	0.72%	0.28%	0.39%	-	-	0.8%	0.9%	-
Assets ¹	4,14,033	4,38,988	4,54,798	-	-	4,79,750	4,96,115	-
Book Value Per Share ²	171.0	161.0	-	-	-	202.0	213.0	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	10/03/20	05/03/21	16/03/22	27/04/23	22/03/24	-	-	-

¹MAD in Million²MAD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

289 MAD

Average target price

298.3 MAD

Spread / Average Target

+3.23%

	1st Jan change	Capi.
BANQUE CENTRALE POPULAIRE	+6.18%	5.86B
AGRICULTURAL BANK OF CHINA LIMITED	+12.96%	208B
PT BANK CENTRAL ASIA TBK	+4.26%	74.48B
ANZ GROUP HOLDINGS LIMITED	+8.91%	54.78B
INDUSTRIAL BANK CO., LTD.	+3.95%	48.35B
CRÉDIT AGRICOLE S.A.	+13.68%	47B
CHINA CITIC BANK CO., LTD.	+21.47%	45.25B
JAPAN POST BANK CO., LTD.	+10.41%	36.35B
QATAR NATIONAL BANK (Q.P.S.C.)	-16.09%	35.27B
INVEST BANK	-96.60%	32.25B