company background image
ATW

Attijariwafa bankCBSE:ATW Stock Report

Market Cap

د.م99.8b

7D

-0.5%

1Y

31.7%

Updated

15 Oct, 2021

Data

Company Financials +
ATW fundamental analysis
Snowflake Score
Valuation2/6
Future Growth3/6
Past Performance3/6
Financial Health5/6
Dividends4/6

ATW Overview

Attijariwafa bank SA, together with its subsidiaries, provides banking products and services.

Attijariwafa bank Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Attijariwafa bank
Historical stock prices
Current Share Priceد.م492.50
52 Week Highد.م370.05
52 Week Lowد.م499.00
Beta0.55
1 Month Change3.25%
3 Month Change11.40%
1 Year Change31.68%
3 Year Change13.22%
5 Year Change30.29%
Change since IPO1,328.00%

Recent News & Updates

Shareholder Returns

ATWMA BanksMA Market
7D-0.5%1.4%1.5%
1Y31.7%25.6%25.4%

Return vs Industry: ATW exceeded the MA Banks industry which returned 25.6% over the past year.

Return vs Market: ATW exceeded the MA Market which returned 25.4% over the past year.

Price Volatility

Is ATW's price volatile compared to industry and market?
ATW volatility
ATW Beta0.55
Industry Beta0.41
Market Beta1

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

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

About the Company

FoundedEmployeesCEOWebsite
190420,583Mohamed El Kettanihttps://www.attijariwafabank.com

Attijariwafa bank SA, together with its subsidiaries, provides banking products and services. The company offers savings and investment products; health insurance; remote banking; personal, property, and professional loans; furniture and property leasing; banking and payment card; and mortgage services, as well as retirement solutions. It also offers cash and bank account management, such as personal and professional accounts with payment solutions; insurance and support services; lending solutions; money transfer; online and mobile banking; private banking; wealth management; factoring; and tuition financing services.

Attijariwafa bank Fundamentals Summary

How do Attijariwafa bank's earnings and revenue compare to its market cap?
ATW fundamental statistics
Market Capد.م99.85b
Earnings (TTM)د.م4.38b
Revenue (TTM)د.م19.50b

22.7x

P/E Ratio

2.0x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ATW income statement (TTM)
Revenueد.م19.50b
Cost of Revenueد.م0
Gross Profitد.م19.50b
Expensesد.م15.12b
Earningsد.م4.38b

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)21.70
Gross Margin100.00%
Net Profit Margin22.47%
Debt/Equity Ratio108.0%

How did ATW perform over the long term?

See historical performance and comparison

Dividends

2.2%

Current Dividend Yield

50%

Payout Ratio

Valuation

Is Attijariwafa bank undervalued compared to its fair value and its price relative to the market?

22.69x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ATW (MAD494.5) is trading above our estimate of fair value (MAD117.3)

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


Price To Earnings Ratio

PE vs Industry: ATW is good value based on its PE Ratio (22.8x) compared to the MA Banks industry average (24.7x).

PE vs Market: ATW is good value based on its PE Ratio (22.8x) compared to the MA market (27.2x).


Price to Earnings Growth Ratio

PEG Ratio: ATW is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: ATW is overvalued based on its PB Ratio (2x) compared to the MA Banks industry average (1.7x).


Future Growth

How is Attijariwafa bank forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

18.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ATW's forecast earnings growth (18.4% per year) is above the savings rate (9.1%).

Earnings vs Market: ATW's earnings (18.4% per year) are forecast to grow faster than the MA market (13.1% per year).

High Growth Earnings: ATW's earnings are forecast to grow, but not significantly.

Revenue vs Market: ATW's revenue (9.1% per year) is forecast to grow faster than the MA market (6.7% per year).

High Growth Revenue: ATW's revenue (9.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ATW's Return on Equity is forecast to be low in 3 years time (11.6%).


Past Performance

How has Attijariwafa bank performed over the past 5 years?

-4.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ATW has high quality earnings.

Growing Profit Margin: ATW's current net profit margins (22.5%) are higher than last year (20.2%).


Past Earnings Growth Analysis

Earnings Trend: ATW's earnings have declined by 4.2% per year over the past 5 years.

Accelerating Growth: ATW's earnings growth over the past year (6.1%) exceeds its 5-year average (-4.2% per year).

Earnings vs Industry: ATW earnings growth over the past year (6.1%) underperformed the Banks industry 8.4%.


Return on Equity

High ROE: ATW's Return on Equity (9.5%) is considered low.


Financial Health

How is Attijariwafa bank's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: ATW's Assets to Equity ratio (10.4x) is moderate.

Allowance for Bad Loans: ATW has a sufficient allowance for bad loans (101%).

Low Risk Liabilities: 75% of ATW's liabilities are made up of primarily low risk sources of funding.

Loan Level: ATW has an appropriate level of Loans to Assets ratio (57%).

Low Risk Deposits: ATW's Loans to Deposits ratio (84%) is appropriate.

Level of Bad Loans: ATW has a high level of bad loans (7.7%).


Dividend

What is Attijariwafa bank current dividend yield, its reliability and sustainability?

2.23%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ATW's dividend (2.22%) is higher than the bottom 25% of dividend payers in the MA market (2.22%).

High Dividend: ATW's dividend (2.22%) is low compared to the top 25% of dividend payers in the MA market (4.86%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (50.2%), ATW's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ATW's dividends in 3 years are forecast to be well covered by earnings (48.7% payout ratio).


Next Steps

Management

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

10.8yrs

Average management tenure


CEO

Mohamed El Kettani (63 yo)

14.08yrs

Tenure

Mr. Mohamed El Kettani serves as Chief Executive Officer of Groupe AWB. Mr. El Kettani is the Chairman and Chief Executive Officer at Attijariwafa Bank S.A. since September 2007 and served as Managing Dire...


Leadership Team

Experienced Management: ATW's management team is seasoned and experienced (10.8 years average tenure).


Board Members

Experienced Board: ATW's board of directors are considered experienced (9.8 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

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.7%.


Top Shareholders

Company Information

Attijariwafa bank SA's employee growth, exchange listings and data sources


Key Information

  • Name: Attijariwafa bank SA
  • Ticker: ATW
  • Exchange: CBSE
  • Founded: 1904
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: د.م99.847b
  • Shares outstanding: 201.91m
  • Website: https://www.attijariwafabank.com

Number of Employees


Location

  • Attijariwafa bank SA
  • 2, Boulevard Moulay Youssef
  • Casablanca
  • 20000
  • Morocco

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/15 22:38
End of Day Share Price2021/10/15 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.