company background image
BOA

Bank of AfricaCBSE:BOA Stock Report

Market Cap

د.م36.0b

7D

0.3%

1Y

33.6%

Updated

19 Oct, 2021

Data

Company Financials +
BOA fundamental analysis
Snowflake Score
Valuation3/6
Future Growth4/6
Past Performance3/6
Financial Health4/6
Dividends0/6

BOA Overview

Bank of Africa provides banking products and services to individuals, professionals, and business and corporate customers in Morocco and internationally.

Price History & Performance

Summary of all time highs, changes and price drops for Bank of Africa
Historical stock prices
Current Share Priceد.م175.00
52 Week Highد.م130.50
52 Week Lowد.م178.90
Beta0.26
1 Month Change0.55%
3 Month Change5.74%
1 Year Change33.59%
3 Year Change-5.15%
5 Year Change-15.87%
Change since IPO650.01%

Recent News & Updates

Shareholder Returns

BOAMA BanksMA Market
7D0.3%1.1%1.3%
1Y33.6%27.5%26.6%

Return vs Industry: BOA exceeded the MA Banks industry which returned 27.5% over the past year.

Return vs Market: BOA exceeded the MA Market which returned 26.6% over the past year.

Price Volatility

Is BOA's price volatile compared to industry and market?
BOA volatility
BOA Beta0.26
Industry Beta0.41
Market Beta1

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

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

About the Company

FoundedEmployeesCEOWebsite
19595,011Othman Benjellounhttps://www.bankofafrica.ma

Bank of Africa provides banking products and services to individuals, professionals, and business and corporate customers in Morocco and internationally. The company offers current, checking, savings, foreign currency, and convertible dirham accounts; term deposits; overdrafts; financing products; credit cards; insurance services; and investment funding services. It also provides cash management, payment, international transaction, remote banking, and electronic banking services, as well as banking services for SMEs and employees.

Bank of Africa Fundamentals Summary

How do Bank of Africa's earnings and revenue compare to its market cap?
BOA fundamental statistics
Market Capد.م35.98b
Earnings (TTM)د.م1.56b
Revenue (TTM)د.م11.00b

23.1x

P/E Ratio

1.6x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BOA income statement (TTM)
Revenueد.م11.00b
Cost of Revenueد.م0
Gross Profitد.م11.00b
Expensesد.م9.44b
Earningsد.م1.56b

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)7.58
Gross Margin100.00%
Net Profit Margin14.18%
Debt/Equity Ratio294.5%

How did BOA perform over the long term?

See historical performance and comparison

Valuation

Is Bank of Africa undervalued compared to its fair value and its price relative to the market?

23.07x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BOA (MAD175) is trading above our estimate of fair value (MAD4.21)

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


Price To Earnings Ratio

PE vs Industry: BOA is good value based on its PE Ratio (23.1x) compared to the MA Banks industry average (24.3x).

PE vs Market: BOA is good value based on its PE Ratio (23.1x) compared to the MA market (26.8x).


Price to Earnings Growth Ratio

PEG Ratio: BOA is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: BOA is good value based on its PB Ratio (1.6x) compared to the MA Banks industry average (1.7x).


Future Growth

How is Bank of Africa forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

21.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BOA's forecast earnings growth (21.2% per year) is above the savings rate (9.1%).

Earnings vs Market: BOA's earnings (21.2% per year) are forecast to grow faster than the MA market (13.1% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BOA's revenue (13.4% per year) is forecast to grow faster than the MA market (6.7% per year).

High Growth Revenue: BOA's revenue (13.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BOA's Return on Equity is forecast to be low in 3 years time (11.2%).


Past Performance

How has Bank of Africa performed over the past 5 years?

-12.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BOA has a high level of non-cash earnings.

Growing Profit Margin: BOA's current net profit margins (14.2%) are higher than last year (10.1%).


Past Earnings Growth Analysis

Earnings Trend: BOA's earnings have declined by 12% per year over the past 5 years.

Accelerating Growth: BOA's earnings growth over the past year (38.7%) exceeds its 5-year average (-12% per year).

Earnings vs Industry: BOA earnings growth over the past year (38.7%) exceeded the Banks industry 8.4%.


Return on Equity

High ROE: BOA's Return on Equity (7.8%) is considered low.


Financial Health

How is Bank of Africa'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: BOA's Assets to Equity ratio (12.2x) is moderate.

Allowance for Bad Loans: BOA has a low allowance for bad loans (88%).

Low Risk Liabilities: 69% of BOA's liabilities are made up of primarily low risk sources of funding.

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

Low Risk Deposits: BOA's Loans to Deposits ratio (90%) is appropriate.

Level of Bad Loans: BOA has a high level of bad loans (9.1%).


Dividend

What is Bank of Africa current dividend yield, its reliability and sustainability?

2.86%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate BOA's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate BOA's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if BOA's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if BOA's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: BOA is not paying a notable dividend for the MA market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of BOA's dividend in 3 years as they are not forecast to pay a notable one for the MA market.


Next Steps

Management

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

11.1yrs

Average board tenure


CEO

Othman Benjelloun (89 yo)

26.75yrs

Tenure

Mr. Othman Benjelloun is Chairman of Bank of Africa and serves as its Chief Executive Officer and Director since 1995. He serves as the Founder of FinanceCom International S.A. and serves as its Chairman a...


Board Members

Experienced Board: BOA's board of directors are seasoned and experienced ( 11.1 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 2.9%.


Top Shareholders

Company Information

Bank of Africa's employee growth, exchange listings and data sources


Key Information

  • Name: Bank of Africa
  • Ticker: BOA
  • Exchange: CBSE
  • Founded: 1959
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: د.م35.981b
  • Shares outstanding: 205.61m
  • Website: https://www.bankofafrica.ma

Number of Employees


Location

  • Bank of Africa
  • 140 Avenue Hassan II
  • Casablanca
  • 20250
  • Morocco

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/19 16:30
End of Day Share Price2021/10/18 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.