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ATW

Attijariwafa bank CBSE:ATW Stock Report

Last Price

د.م425.00

Market Cap

د.م85.8b

7D

-3.5%

1Y

-13.6%

Updated

01 Oct, 2022

Data

Company Financials +
ATW fundamental analysis
Snowflake Score
Valuation1/6
Future Growth0/6
Past Performance3/6
Financial Health4/6
Dividends3/6

ATW Stock 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.م425.00
52 Week Highد.م510.00
52 Week Lowد.م410.00
Beta0.55
1 Month Change-1.62%
3 Month Change0%
1 Year Change-13.60%
3 Year Change-8.60%
5 Year Change-10.76%
Change since IPO1,132.28%

Recent News & Updates

Shareholder Returns

ATWMA BanksMA Market
7D-3.5%-4.8%-5.1%
1Y-13.6%-11.4%-10.6%

Return vs Industry: ATW underperformed the MA Banks industry which returned -11.4% over the past year.

Return vs Market: ATW underperformed the MA Market which returned -10.6% over the past year.

Price Volatility

Is ATW's price volatile compared to industry and market?
ATW volatility
ATW Average Weekly Movement2.5%
Banks Industry Average Movement2.5%
Market Average Movement4.1%
10% most volatile stocks in MA Market6.1%
10% least volatile stocks in MA Market2.3%

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
190420,590Mohamed 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; and banking and payment card, as well as retirement and mortgage 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; and factoring, discounting, credit lines, and seasonal credit.

Attijariwafa bank Fundamentals Summary

How do Attijariwafa bank's earnings and revenue compare to its market cap?
ATW fundamental statistics
Market Capد.م85.81b
Earnings (TTM)د.م5.57b
Revenue (TTM)د.م21.58b

15.4x

P/E Ratio

1.7x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ATW income statement (TTM)
Revenueد.م21.58b
Cost of Revenueد.م0
Gross Profitد.م21.58b
Other Expensesد.م16.01b
Earningsد.م5.57b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)27.57
Gross Margin100.00%
Net Profit Margin25.80%
Debt/Equity Ratio103.8%

How did ATW perform over the long term?

See historical performance and comparison

Dividends

3.5%

Current Dividend Yield

54%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is ATW 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 ATW?

Other financial metrics that can be useful for relative valuation.

ATW 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/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ration/a

Price to Earnings Ratio vs Peers

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

ATW PE Ratio vs Peers
The above table shows the PE ratio for ATW vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average15.9x
BCP Banque Centrale Populaire
23.6x19.2%د.م49.4b
BOA Bank of Africa
16.2x14.0%د.م33.6b
CIH Crédit Immobilier et Hôtelier Société Anonyme
13.3x14.4%د.م8.8b
CDM Crédit du Maroc
10.5x0.5%د.م7.0b
ATW Attijariwafa bank
15.4xn/aد.م85.8b

Price-To-Earnings vs Peers: ATW is good value based on its Price-To-Earnings Ratio (15.4x) compared to the peer average (15.9x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: ATW is expensive based on its Price-To-Earnings Ratio (15.4x) compared to the African Banks industry average (5.5x)


Price to Earnings Ratio vs Fair Ratio

What is ATW'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.

ATW PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.4x
Fair PE Ration/a

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


Share Price vs Fair Value

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

Below Fair Value: ATW (MAD425) is trading above our estimate of fair value (MAD91.67)

Significantly Below Fair Value: ATW 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: Target price is less than 20% higher than the current share price.


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Future Growth

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

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 Attijariwafa bank 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

  • Examine Attijariwafa bank's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.

Past Performance

How has Attijariwafa bank performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-4.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ATW has high quality earnings.

Growing Profit Margin: ATW's current net profit margins (25.8%) are higher than last year (22.5%).


Past Earnings Growth Analysis

Earnings Trend: ATW's earnings have declined by 4% per year over the past 5 years.

Accelerating Growth: ATW's earnings growth over the past year (27%) exceeds its 5-year average (-4% per year).

Earnings vs Industry: ATW earnings growth over the past year (27%) underperformed the Banks industry 37.4%.


Return on Equity

High ROE: ATW's Return on Equity (11.5%) is considered low.


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Financial Health

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

Financial Health Score

4/6

Financial Health Score 4/6

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

Allowance for Bad Loans: ATW has a low allowance for bad loans (95%).

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 (56%).

Low Risk Deposits: ATW's Loans to Deposits ratio (83%) is appropriate.

Level of Bad Loans: ATW has a high level of bad loans (8%).


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Dividend

What is Attijariwafa bank 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


3.53%

Current Dividend Yield

Dividend Yield vs Market

Attijariwafa bank Dividend Yield vs Market
How does Attijariwafa bank dividend yield compare to the market?
SegmentDividend Yield
Company (Attijariwafa bank)3.5%
Market Bottom 25% (MA)3.0%
Market Top 25% (MA)4.5%
Industry Average (Banks)3.6%
Analyst forecast in 3 Years (Attijariwafa bank)3.1%

Notable Dividend: ATW's dividend (3.53%) is higher than the bottom 25% of dividend payers in the MA market (3.05%).

High Dividend: ATW's dividend (3.53%) is low compared to the top 25% of dividend payers in the MA market (4.51%).


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

Earnings Coverage: With its reasonable payout ratio (54.4%), ATW'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?

8.7yrs

Average management tenure


CEO

Mohamed El Kettani (63 yo)

15yrs

Tenure

Mr. Mohamed El Kettani serves as Chief Executive Officer of Groupe AWB. He is Director at Société Commerciale de Banque Cameroun, SA. Mr. El Kettani is the Chairman and Chief Executive Officer at Attijariw...


Leadership Team

Experienced Management: ATW's management team is seasoned and experienced (8.7 years average tenure).


Board Members

Experienced Board: ATW's board of directors are seasoned and experienced ( 11.2 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 ATW?
Owner TypeNumber of SharesOwnership Percentage
Public Companies11,423,0465.7%
Private Companies28,325,96214.0%
Institutions31,997,21315.8%
General Public32,734,89816.2%
VC/PE Firms97,433,13748.3%

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


Top Shareholders

Top 25 shareholders own 83.75% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
48.25%
Al Mada
97,433,137MAD41.4b0%100%
7.28%
Mutuelle Agricole Marocaine d'Assurances
14,695,732MAD6.2b0%no data
6.75%
Regime Collectif d'Allocation de Retraite
13,630,230MAD5.8b0%no data
6.55%
Wafa Assurance, Asset Management Arm
13,234,912MAD5.6b0%100%
5.31%
Banco Santander, S.A.
10,715,614MAD4.6b0%no data
4.27%
Caisse Interprofessionnelle Marocaine de Retraites
8,612,109MAD3.7b0%69.23%
2.69%
Caisse Marocaine De Retraite
5,440,523MAD2.3b0%79.75%
1.01%
RMA Capital
2,034,075MAD864.5m0%61.6%
0.79%
Caisse de Dépôt et de Gestion Group, Asset Management Arm
1,602,048MAD680.9m0%18.38%
0.35%
AXA SA
707,432MAD300.7m0%no data
0.069%
Schroder Investment Management Limited
138,962MAD59.1m0%no data
0.063%
BlackRock, Inc.
127,208MAD54.1m-3.94%no data
0.061%
Franklin Resources, Inc.
123,262MAD52.4m0%no data
0.061%
Amundi Asset Management
122,904MAD52.2m0%no data
0.061%
J.P. Morgan Asset Management, Inc.
122,458MAD52.0m0%no data
0.025%
Van Eck Associates Corporation
51,059MAD21.7m-1.69%no data
0.025%
T. Rowe Price Group, Inc.
50,039MAD21.3m0%no data
0.024%
Bellevue Asset Management AG
49,182MAD20.9m0%0.02%
0.02%
Ashmore Equities Investment Management (US) LLC
41,352MAD17.6m-5.28%1.52%
0.019%
Eurizon Capital S.A.
39,347MAD16.7m0%0.01%
0.019%
Coeli Frontier Markets Ab
37,560MAD16.0m-49.62%0.84%
0.017%
Ashmore Investment Management Limited
33,620MAD14.3m9.3%0.08%
0.01%
Eaton Vance Management
20,963MAD8.9m0%no data
0.0096%
TRUSTUS Capital Management B.V.
19,460MAD8.3m13.4%0.68%
0.0078%
STANLIB Collective Investments Limited
15,800MAD6.7m0%0.09%

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
  • Implied Market Cap: د.م85.814b
  • Shares outstanding: 201.91m
  • Website: https://www.attijariwafabank.com

Number of Employees


Location

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


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ATWCBSE (Casablanca Stock Exchange)YesCommon SharesMAMADJan 1992

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/01 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.