Substantial earnings growth in 2017E
- For 2017E, we expect a pursuit of the upward trend in annual results in light of H1 publications of our scope 40 (i.e. 96% of the market capitalization) with an expected increase of 13% to MAD 31.4bn. Excluding the capital gain of MANAGEM, the overall bottom line would reach MAD 31.1bn, up by 11.7% (vs. + 10.1% in Q1 2017). In 2018E, profitability should limit its growth to 5.8% ( +7% excluding MANAGEM's capital gain) to reach MAD 33.3bn;
- By sector, the contribution of industrial companies in the financial results predominates in 2017E and 2018E with, on average :
- 66% of total revenues (vs. 27% for Financials and 7% for Insurers);
- 49% of total operating results (against 47% for Financials and 3% for Insurance);
- And, 57% of the global bottom line (vs. 38% for Financials and 5% for Insurers).
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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