BMCE Capital Research Forecast 2021-2022
- Business activity in our Scope 402 up +5.1% to MAD 216.1bn in 2021F, benefiting from the ongoing economic recovery ;
- Earnings capacity increased by 37.8% to MAD 23.4bn due to :
- The non-recurrence of COVID donations made by listed companies and of provisions recognized in 2020 by real estate companies ;
- And, the beginning of a decline in the cost of risk for financials.
- … Adjusted for the impact of COVID donations and real estate companies, overall NIGS for 2021F shows a limited increase of +5.7%.
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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