Financials Bank of Africa

Equities

BOA

MA0000012437

Banks

End-of-day quote Casablanca S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
197.3 MAD -0.08% Intraday chart for Bank of Africa +1.18% +9.92%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Capitalization 1 38,366 31,162 38,654 35,908 41,939 - -
Enterprise Value (EV) 1 38,366 31,162 38,654 35,908 41,939 41,939 41,939
P/E ratio 20 x 43.4 x 19.3 x 15.6 x 14.6 x 13.5 x -
Yield 2.6% 3.21% 2.13% - 2.36% 2.38% 2.23%
Capitalization / Revenue 2.77 x 2.23 x 2.65 x 2.3 x 2.36 x 2.24 x 2.15 x
EV / Revenue 2.77 x 2.23 x 2.65 x 2.3 x 2.36 x 2.24 x 2.15 x
EV / EBITDA - - - - - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book 1.71 x - - - 1.51 x 1.4 x -
Nbr of stocks (in thousands) 206,584 206,584 212,566 212,566 212,566 - -
Reference price 2 185.7 150.8 181.8 168.9 197.3 197.3 197.3
Announcement Date 3/30/20 5/4/21 3/25/22 4/14/23 - - -
1MAD in Million2MAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Net sales 1 13,861 14,002 14,607 15,624 17,768 18,700 19,544
EBITDA - - - - - - -
EBIT 1 5,796 5,202 6,651 7,343 7,442 8,019 -
Operating Margin 41.82% 37.15% 45.53% 47% 41.89% 42.88% -
Earnings before Tax (EBT) 1 - - - - 6,051 6,657 -
Net income 1 1,922 737.8 2,007 2,305 2,884 3,104 -
Net margin 13.86% 5.27% 13.74% 14.75% 16.23% 16.6% -
EPS 2 9.305 3.472 9.440 10.84 13.55 14.60 -
Free Cash Flow - - - - - - -
FCF margin - - - - - - -
FCF Conversion (EBITDA) - - - - - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 4.836 4.836 3.870 - 4.650 4.700 4.400
Announcement Date 3/30/20 5/4/21 3/25/22 4/14/23 - - -
1MAD in Million2MAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 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% 10.5% 10.5% 9.48%
ROA (Net income/ Total Assets) 0.63% - - - 0.7% 0.7% -
Assets 1 305,647 - - - 411,929 443,429 -
Book Value Per Share 2 109.0 - - - 131.0 141.0 -
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 3/30/20 5/4/21 3/25/22 4/14/23 - - -
1MAD in Million2MAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
2
Last Close Price
197.3 MAD
Average target price
181.5 MAD
Spread / Average Target
-8.01%
Consensus

Annual profits - Rate of surprise

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