BANQUE MAROCAINE POUR LE COMMERCE ET L'INDUSTRIE

Financials Banque Marocaine pour le Commerce et l'Industrie

Equities

BCI

MA0000010811

Banks

End-of-day quote Casablanca S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
599 ^MAD	-0.99%		-1.80%	+10.93%

Mar. 29	Banque Marocaine pour le Commerce et l'Industrie Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Banque Marocaine pour le Commerce et l'Industrie Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,495	8,472	8,592	4,706	7,171	7,954	-	-
Enterprise Value (EV) ¹	9,495	8,472	8,592	4,706	7,171	7,954	7,954	7,954
P/E ratio	15.5 x	53.2 x	43.1 x	20.8 x	41.5 x	14.5 x	12.4 x	-
Yield	-	6.74%	4.64%	5.08%	-	1.67%	1.67%	1.67%
Capitalization / Revenue	-	2.78 x	2.82 x	1.54 x	2.09 x	2.1 x	1.98 x	1.86 x
EV / Revenue	-	2.78 x	2.82 x	1.54 x	2.09 x	2.1 x	1.98 x	1.86 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	13,279	13,279	13,279	13,279	13,279	13,279	-	-
Reference price ²	715.0	638.0	647.0	354.4	540.0	599.0	599.0	599.0
Announcement Date	2/27/20	2/27/21	3/31/22	3/31/23	3/29/24	-	-	-

¹MAD in Million²MAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	3,052	3,044	3,054	3,438	3,785	4,025	4,282
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	-	-	913.8	981.9	1,247	1,730	1,855	-
Operating Margin	-	-	30.02%	32.15%	36.28%	45.71%	46.09%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income ¹	-	155.5	-	228.6	171.2	548	641	-
Net margin	-	5.1%	-	7.49%	4.98%	14.48%	15.93%	-
EPS ²	46.00	12.00	15.00	17.00	13.00	41.20	48.30	-
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	43.00	30.00	18.00	-	10.00	10.00	10.00
Announcement Date	2/27/20	2/27/21	3/31/22	3/31/23	3/29/24	-	-	-

¹MAD in Million²MAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	2.06%	2.61%	3.15%	-	7.4%	8.16%	8.78%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	2/27/21	3/31/22	3/31/23	3/29/24	-	-	-

¹MAD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Banque Marocaine pour le Commerce et l'Industrie

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

599 MAD

Average target price

602 MAD

Spread / Average Target

+0.50%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Banks

	1st Jan change	Capi.
BANQUE MAROCAINE POUR LE COMMERCE ET L'INDUSTRIE	+10.93%	784M
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
ROYAL BANK OF CANADA	+0.10%	139B
HDFC BANK LIMITED	-11.67%	138B

Other Banks