The valuation of CIH BANK at a target price of MAD 290 induces a high target P/E of 25.9x the profits in
2017 and of 19.2x the forecasted results in 2018 (vs. 18.7x in 2017E and 17.8x in 2018 E for the sector).
Hence, we are changing our recommendation from accumulate to reduce the stock in portfolios
awaiting the positive impacts of its development program.
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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