ADDOHA : Still Cash First
En dépit de la révision à la baisse de nos prévisions et de notre cours cible, nous réitérons, aujourd’hui plus qu’avant, notre recommandation d’acheter le titre ADDOHA et ce, notamment pour les raison suivantes :
- La forte maturation du Business Model et de la Gouvernance du Groupe après plus de 11 années de cotation en Bourse ;
- « La Rigueur, la Prudence et la Raison » qui semblent devenir les nouveaux leitmotivs du Groupe comme les retranscrivent les objectifs du nouveau PAC 2020 ;
- Et, la nouvelle image véhiculée par le Management en tant que valeur de rendement.
BMCE Capital Global Research is a subsidiary of BMCE Capital Group dedicated to Research and Financial Analysis. It is addressed to professional investors (financial institutions, management companies, etc.) to which it provides information and independent analysis aligned with international standards. BMCE Capital Research covers equities, interest rate, Forex and commodities markets in Morocco, Tunisia and WAEMU region (Bourse Régionale des Valeurs Mobilières, BRVM). Thanks to its latest generation technology platform, to its teams and to those of its partners, the Research Office of BMCE Capital is now able to cover simultaneously several places in Africa and to produce several publications co-branded under its umbrella brand African Securities Network, ASN.
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