Report

Flash CIH BANK : Nouvelle Banque des jeunes, une diversification onéreuse ?

Summary : La valorisation de CIH BANK à un cours cible de MAD 290 induit un P/E cible élevé de 25,9x les bénéfices

en 2017E et de 19,2x les résultats prévisionnels 2018 (vs. 18,7x en 2017E et 17,8x en 2018E pour le

secteur). De ce fait, nous revoyons notre recommandation d’accumuler à alléger le titre dans les

portefeuilles dans l’attente des retombées positives de son programme de développement.

Underlying
Credit Immobilier et Hotelier

Provider
BMCE Capital Global Research
BMCE Capital Global Research

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.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch