Société Générale Côte d'Ivoire - Société Anonyme (BRVM:SGBC) - Share price, News & Analysis

Q: What is the Fair Price of SGBC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SGBC (F CFA13550) is trading above our estimate of [[fair value]] (F CFA10545.82)

SGBC fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	0/6
Past Performance	5/6
Financial Health	1/6
Dividends	3/6

SGBC Stock Overview

Société Générale Côte d'Ivoire - Société Anonyme provides banking products and services to businesses, individuals, professionals, companies, and financial institutions in Ivory Coast.

Rewards

Price-To-Earnings ratio (6.5x) is below the CI market (8.3x)

Earnings have grown 11.8% per year over the past 5 years

Trading at good value vs. industry average Price-To-Earnings ratio

Risk Analysis

Unstable dividend track record

Société Générale Côte d'Ivoire - Société Anonyme Competitors

Oragroup

BRVM:ORGT

XOF274.1b

Coris Bank International

BRVM:CBIBF

XOF294.1b

Ecobank Côte d'Ivoire

BRVM:ECOC

XOF254.9b

Société Ivoirienne de Banque

BRVM:SIBC

XOF230.0b

Price History & Performance

Summary of all time highs, changes and price drops for Société Générale Côte d'Ivoire - Société Anonyme
Historical stock prices
Current Share Price	XOF13,550.00
52 Week High	XOF0
52 Week Low	XOF0
Beta	-0.0094
1 Month Change	-5.90%
3 Month Change	-8.45%
1 Year Change	32.20%
3 Year Change	69.38%
5 Year Change	15.86%
Change since IPO	337.10%

Shareholder Returns

	SGBC	CI Banks	CI Market
7D	-2.4%	-2.6%	-1.7%
1Y	32.2%	5.0%	8.3%

Return vs Industry: SGBC exceeded the CI Banks industry which returned 5.6% over the past year.

Return vs Market: SGBC exceeded the CI Market which returned 8.5% over the past year.

Price Volatility

Is SGBC's price volatile compared to industry and market?
SGBC volatility
SGBC Average Weekly Movement	1.9%
Banks Industry Average Movement	4.1%
Market Average Movement	5.2%
10% most volatile stocks in CI Market	7.3%
10% least volatile stocks in CI Market	2.9%

Stable Share Price: SGBC is less volatile than 75% of CI stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: SGBC's weekly volatility (2%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1962	n/a	Villebrun Aymeric	https://societegenerale.ci

Société Générale Côte d'Ivoire - Société Anonyme provides banking products and services to businesses, individuals, professionals, companies, and financial institutions in Ivory Coast. It offers checking, business, Eco, Euro, current, home life, and savings accounts, as well as accepts term deposits. The company also provides consumer and home loans; account overdraft facilities; and operating fundings, such as overdraft facilities, leasing, bank guarantees, advance on pledged products, spot credit, and factoring services; documentary and commercial paper discount services; investment and specialized financing products; and trade and structure finance, as well as international operation services.

Société Générale Côte d'Ivoire - Société Anonyme Fundamentals Summary

How do Société Générale Côte d'Ivoire - Société Anonyme's earnings and revenue compare to its market cap?
SGBC fundamental statistics
Market Cap	XOF421.56b
Earnings (TTM)	XOF64.60b
Revenue (TTM)	XOF250.99b

6.5x

P/E Ratio

1.4x

P/B Ratio

Is SGBC overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
SGBC income statement (TTM)
Revenue	XOF250.99b
Cost of Revenue	XOF39.00b
Gross Profit	XOF211.99b
Other Expenses	XOF147.39b
Earnings	XOF64.60b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	2.08k
Gross Margin	84.46%
Net Profit Margin	25.74%
Debt/Equity Ratio	19.3%

How did SGBC perform over the long term?

See historical performance and comparison

Dividends

8.2%

Current Dividend Yield

54%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is SGBC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SGBC?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for SGBC. This is calculated by dividing SGBC's market cap by their current preferred multiple.
What is SGBC's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	XOF421.56b

SGBC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.2x
Enterprise Value/EBITDA	0.5x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does SGBC's PE Ratio compare to its peers?

SGBC PE Ratio vs Peers

The above table shows the PE ratio for SGBC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	9.5x
ORGT Oragroup	19.3x	n/a	XOF274.1b
CBIBF Coris Bank International	6.1x	n/a	XOF294.1b
ECOC Ecobank Côte d'Ivoire	6.5x	n/a	XOF254.9b
SIBC Société Ivoirienne de Banque	6.1x	n/a	XOF230.0b
SGBC Société Générale Côte d'Ivoire - Société Anonyme	6.5x	n/a	XOF421.6b

Price-To-Earnings vs Peers: SGBC is good value based on its Price-To-Earnings Ratio (6.5x) compared to the peer average (9.5x).

Price to Earnings Ratio vs Industry

How does SGBC's PE Ratio compare vs other companies in the African Banks Industry?

Price-To-Earnings vs Industry: SGBC is expensive based on its Price-To-Earnings Ratio (6.5x) compared to the African Banks industry average (5.4x)

Price to Earnings Ratio vs Fair Ratio

What is SGBC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SGBC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	6.5x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate SGBC's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of SGBC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SGBC (F CFA13550) is trading above our estimate of fair value (F CFA10545.82)

Significantly Below Fair Value: SGBC is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

Discover undervalued companies

Future Growth

How is Société Générale Côte d'Ivoire - Société Anonyme forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

14.5%

Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Société Générale Côte d'Ivoire - Société Anonyme has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Discover growth companies

Check out Société Générale Côte d'Ivoire - Société Anonyme's track record over time to understand how much the company has returned to shareholders and its earnings growth rate in the past.

Past Performance

How has Société Générale Côte d'Ivoire - Société Anonyme performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

11.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SGBC has high quality earnings.

Growing Profit Margin: SGBC's current net profit margins (25.7%) are higher than last year (25.3%).

Past Earnings Growth Analysis

Earnings Trend: SGBC's earnings have grown by 11.8% per year over the past 5 years.

Accelerating Growth: SGBC's earnings growth over the past year (16.9%) exceeds its 5-year average (11.8% per year).

Earnings vs Industry: SGBC earnings growth over the past year (16.9%) underperformed the Banks industry 22.4%.

Return on Equity

High ROE: SGBC's Return on Equity (21.6%) is considered high.

Discover strong past performing companies

Financial Health

How is Société Générale Côte d'Ivoire - Société Anonyme's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

1/6

Financial Health Score 1/6

Asset Level
Allowance for Bad Loans
Low Risk Liabilities
Loan Level
Low Risk Deposits
Level of Bad Loans

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: SGBC's Assets to Equity ratio (10.3x) is moderate.

Allowance for Bad Loans: Insufficient data to determine if SGBC has a sufficient allowance for bad loans.

Low Risk Liabilities: SGBC reports no customer deposits, 100% of its liabilities are made up of higher risk sources of funding.

Loan Level: Insufficient data to determine if SGBC has an appropriate level of Loans to Assets ratio.

Low Risk Deposits: SGBC reports no customer deposits, loans are made up entirely of externally borrowed funds.

Level of Bad Loans: Insufficient data to determine if SGBC has an appropriate level of bad loans.

Discover healthy companies

Dividend

What is Société Générale Côte d'Ivoire - Société Anonyme current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

8.24%

Current Dividend Yield

Dividend Yield vs Market

Société Générale Côte d'Ivoire - Société Anonyme Dividend Yield vs Market

How does Société Générale Côte d'Ivoire - Société Anonyme dividend yield compare to the market?
Segment	Dividend Yield
Company (Société Générale Côte d'Ivoire - Société Anonyme)	8.2%
Market Bottom 25% (CI)	5.5%
Market Top 25% (CI)	10.0%
Industry Average (Banks)	8.7%
Analyst forecast in 3 Years (Société Générale Côte d'Ivoire - Société Anonyme)	n/a

Notable Dividend: SGBC's dividend (8.24%) is higher than the bottom 25% of dividend payers in the CI market (5.72%).

High Dividend: SGBC's dividend (8.24%) is low compared to the top 25% of dividend payers in the CI market (10.01%).

Stability and Growth of Payments

Stable Dividend: SGBC's dividend payments have been volatile in the past 10 years.

Growing Dividend: SGBC's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (53.8%), SGBC's dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

4.3yrs

Average board tenure

CEO

Villebrun Aymeric

no data

Tenure

Mr. Villebrun Aymeric serves as Managing Director of Société Générale Côte d'Ivoire, SA. He served as Director of General at Société Générale Côte d'Ivoire, SA.

Board Members

Experienced Board: SGBC's board of directors are considered experienced (4.3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of SGBC?
Owner Type	Number of Shares	Ownership Percentage
Institutions	240,000	0.8%
General Public	8,097,777	26.0%
Public Companies	22,773,333	73.2%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 2 shareholders own 73.97% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
73.2%	Société Générale Société anonyme	22,773,333	F CFA308.6b	0%	no data
0.77%	Russell Investment Management, LLC	240,000	F CFA3.3b	0%	0.01%

Data	Last Updated (UTC time)
Company Analysis	2022/09/28 00:00
End of Day Share Price	2022/09/28 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31