Price Target Changed • May 29
Price target decreased by 12% to د.م260 Down from د.م294, the current price target is provided by 1 analyst. New target price is 8.3% above last closing price of د.م240. Stock is down 10% over the past year. The company is forecast to post earnings per share of د.م21.50 for next year compared to د.م22.15 last year. Announcement • May 26
Banque Centrale Populaire, Annual General Meeting, Jun 24, 2026 Banque Centrale Populaire, Annual General Meeting, Jun 24, 2026. Location: casablanca Morocco Reported Earnings • Apr 05
Full year 2025 earnings released: EPS: د.م22.15 (vs د.م20.39 in FY 2024) Full year 2025 results: EPS: د.م22.15 (up from د.م20.39 in FY 2024). Revenue: د.م21.6b (up 11% from FY 2024). Net income: د.م4.50b (up 8.6% from FY 2024). Profit margin: 21% (in line with FY 2024). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Banks industry in Morocco. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Feb 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Director Jean Beyrard was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 25
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Director Jean Beyrard was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Jul 10
Dividend increased to د.م10.50 Dividend of د.م10.50 is 5.0% higher than last year. Ex-date: 15th July 2025 Payment date: 24th July 2025 Dividend yield will be 3.2%, which is higher than the industry average of 3.0%. Sustainability & Growth The dividend has increased by an average of 6.6% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 8.2% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • Jun 13
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Price Target Changed • Jun 05
Price target increased by 9.3% to د.م317 Up from د.م290, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.م306. Stock is up 4.4% over the past year. The company is forecast to post earnings per share of د.م23.30 for next year compared to د.م20.39 last year. Announcement • Jun 02
Banque Centrale Populaire, Annual General Meeting, Jun 30, 2025 Banque Centrale Populaire, Annual General Meeting, Jun 30, 2025. Reported Earnings • May 23
First quarter 2025 earnings released: EPS: د.م6.36 (vs د.م5.34 in 1Q 2024) First quarter 2025 results: EPS: د.م6.36 (up from د.م5.34 in 1Q 2024). Revenue: د.م5.40b (up 14% from 1Q 2024). Net income: د.م1.29b (up 19% from 1Q 2024). Profit margin: 24% (up from 23% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Banks industry in Morocco. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Feb 24
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 5 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Director Nathalie Gabala was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 5 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Director Nathalie Gabala was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Jul 12
Upcoming dividend of د.م10.00 per share Eligible shareholders must have bought the stock before 19 July 2024. Payment date: 31 July 2024. Trailing yield: 3.0%. Lower than top quartile of Moroccan dividend payers (4.3%). In line with average of industry peers (3.0%). Announcement • Jun 01
Banque Centrale Populaire, Annual General Meeting, Jun 28, 2024 Banque Centrale Populaire, Annual General Meeting, Jun 28, 2024. Location: casablanca Morocco Major Estimate Revision • May 31
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from د.م23.9b to د.م24.4b. EPS estimate increased from د.م18.90 to د.م21.20 per share. Net income forecast to grow 24% next year vs 16% growth forecast for Banks industry in Morocco. Consensus price target broadly unchanged at د.م299. Share price was steady at د.م294 over the past week. Reported Earnings • Dec 21
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: د.م5.48b (up 17% from 2Q 2022). Net income: د.م1.74b (up 78% from 2Q 2022). Profit margin: 32% (up from 21% in 2Q 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Morocco. New Risk • Oct 06
New major risk - Revenue and earnings growth Earnings have declined by 9.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to د.م195, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Banks industry in Morocco. Total loss to shareholders of 22% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Nathalie Gabala was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 06
Upcoming dividend of د.م8.50 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 22 July 2022. Trailing yield: 3.5%. Lower than top quartile of Moroccan dividend payers (4.5%). Lower than average of industry peers (3.9%). Price Target Changed • Jun 16
Price target decreased to د.م286 Down from د.م329, the current price target is an average from 2 analysts. New target price is 13% above last closing price of د.م253. Stock is down 4.9% over the past year. The company is forecast to post earnings per share of د.م11.80 for next year compared to د.م8.68 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Chairman & CEO Mohamed Mounir was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Oct 07
Price target increased to د.م281 Up from د.م240, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of د.م271. Stock is up 15% over the past year. Reported Earnings • Mar 09
Full year 2020 earnings released: EPS د.م6.08 (vs د.م14.83 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: د.م13.2b (down 14% from FY 2019). Net income: د.م1.23b (down 59% from FY 2019). Profit margin: 9.3% (down from 20% in FY 2019). The decrease in margin was driven by lower revenue. Non-performing loans: 10.48% (up from 9.18% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 09
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.9%. Earnings per share (EPS) missed analyst estimates by 47%. Over the next year, revenue is forecast to grow 51%, compared to a 37% growth forecast for the Banks industry in Morocco. Is New 90 Day High Low • Jan 26
New 90-day high: د.م260 The company is up 8.0% from its price of د.م240 on 28 October 2020. The Moroccan market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: د.م247 The company is up 5.0% from its price of د.م236 on 09 September 2020. The Moroccan market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Nov 11
New 90-day high: د.م244 The company is up 5.0% from its price of د.م233 on 13 August 2020. The Moroccan market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Oct 14
New 90-day high: د.م236 The company is up 7.0% from its price of د.م222 on 16 July 2020. The Moroccan market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Reported Earnings • Sep 28
First half earnings released Over the last 12 months the company has reported total profits of د.م2.37b, down 22% from the prior year. Total revenue was د.م14.9b over the last 12 months, up 4.0% from the prior year.