BMCE Capital Research Flash Postview IAM 05 06 19 - English
- Publication of flat operating results in Q1 2019, in line with our forecasts...
- ...Despite the continuous decline in ARPU;
- Decrease in the contribution of International activity to the Group’s financial achievements;
- Unchanged forecasts for 2019 and 2020, confirming the consolidation of activity pending the activation of new growth drivers;
- Terms of the operation for the sale of an additional stake by the State still undetermined to date;
- Valuation maintained at MAD 143 for a recommendation to hold reiterated.
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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