ATW | Moroccan banking royalty
Attijariwafa (ATW) stands out as the market leader in the Moroccan banking sector. With a consistent track record of generating shareholder value and delivering a consistently strong ROE, the bank trades at a premium to peers on a P/B multiple basis. The Group's balance sheet is predominantly funded by high quality, sticky retail deposits. Whilst lending is typically to high quality corporates.We regard the management team of ATW as exceptional, given the strong profitability and the closely managed capital adequacy position. With a capital buffer of only 59bps at H1 '18, we conduct various stress tests to assess potential risks to the tight capital adequacy levels and the need to raise further share capital. Despite our favourable view on the Group's model, we believe there is insufficient upside based on a one-year view.
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