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CDM

Crédit du MarocCBSE:CDM Stock Report

Market Cap

د.م6.2b

7D

-4.2%

1Y

36.7%

Updated

25 Oct, 2021

Data

Company Financials +
CDM fundamental analysis
Snowflake Score
Valuation3/6
Future Growth1/6
Past Performance5/6
Financial Health4/6
Dividends0/6

CDM Overview

Crédit du Maroc S.A. provides various banking and financial products and services to individuals, professionals, and companies in Morocco.

Rewards

PE ratio (14x) is below the MA market (26.6x)

Revenue is forecast to grow 8.73% per year

Earnings grew by 91.6% over the past year

Risk Analysis

No risks detected for CDM from our risk checks.

Price History & Performance

Summary of all time highs, changes and price drops for Crédit du Maroc
Historical stock prices
Current Share Priceد.م571.20
52 Week Highد.م416.00
52 Week Lowد.م596.00
Beta0.42
1 Month Change6.77%
3 Month Change29.82%
1 Year Change36.65%
3 Year Change7.92%
5 Year Change24.17%
Change since IPO63.20%

Recent News & Updates

Shareholder Returns

CDMMA BanksMA Market
7D-4.2%0.4%0.03%
1Y36.7%25.0%24.8%

Return vs Industry: CDM exceeded the MA Banks industry which returned 25% over the past year.

Return vs Market: CDM exceeded the MA Market which returned 24.8% over the past year.

Price Volatility

Is CDM's price volatile compared to industry and market?
CDM volatility
CDM Beta0.42
Industry Beta0.41
Market Beta1

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

Volatility Over Time: Insufficient data to determine CDM's volatility change over the past year.

About the Company

FoundedEmployeesCEOWebsite
19292,504Bernard Muselethttps://www.creditdumaroc.ma

Crédit du Maroc S.A. provides various banking and financial products and services to individuals, professionals, and companies in Morocco. It offers bank accounts, bank cards, and online banking services; mortgages, and auto and consumer credits; savings insurance, and pension and education savings; and accident protection, as well as death and disability, multi-risk home, and payment means insurance. The company also offers accounts and cards; funding for cash requirement, equipment credit, and furniture leasing, as well as mortgages; financial investments; and risks of life, provident, and account insurance to professionals.

Crédit du Maroc Fundamentals Summary

How do Crédit du Maroc's earnings and revenue compare to its market cap?
CDM fundamental statistics
Market Capد.م6.22b
Earnings (TTM)د.م444.38m
Revenue (TTM)د.م2.04b

14.0x

P/E Ratio

1.1x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CDM income statement (TTM)
Revenueد.م2.04b
Cost of Revenueد.م0
Gross Profitد.م2.04b
Expensesد.م1.59b
Earningsد.م444.38m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)40.84
Gross Margin100.00%
Net Profit Margin21.80%
Debt/Equity Ratio87.6%

How did CDM perform over the long term?

See historical performance and comparison

Dividends

0.8%

Current Dividend Yield

11%

Payout Ratio

Valuation

Is Crédit du Maroc undervalued compared to its fair value and its price relative to the market?

13.99x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate CDM's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate CDM's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: CDM is good value based on its PE Ratio (14x) compared to the MA Banks industry average (24.2x).

PE vs Market: CDM is good value based on its PE Ratio (14x) compared to the MA market (26.6x).


Price to Earnings Growth Ratio

PEG Ratio: CDM is poor value based on its PEG Ratio (5.8x)


Price to Book Ratio

PB vs Industry: CDM is good value based on its PB Ratio (1.1x) compared to the MA Banks industry average (1.7x).


Future Growth

How is Crédit du Maroc forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

2.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CDM's forecast earnings growth (2.4% per year) is below the savings rate (9.1%).

Earnings vs Market: CDM's earnings (2.4% per year) are forecast to grow slower than the MA market (13.1% per year).

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

Revenue vs Market: CDM's revenue (8.7% per year) is forecast to grow faster than the MA market (6.8% per year).

High Growth Revenue: CDM's revenue (8.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CDM's Return on Equity is forecast to be low in 3 years time (6.9%).


Past Performance

How has Crédit du Maroc performed over the past 5 years?

1.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CDM has high quality earnings.

Growing Profit Margin: CDM's current net profit margins (21.8%) are higher than last year (12.9%).


Past Earnings Growth Analysis

Earnings Trend: CDM's earnings have grown by 1.8% per year over the past 5 years.

Accelerating Growth: CDM's earnings growth over the past year (91.6%) exceeds its 5-year average (1.8% per year).

Earnings vs Industry: CDM earnings growth over the past year (91.6%) exceeded the Banks industry 8.4%.


Return on Equity

High ROE: CDM's Return on Equity (7.6%) is considered low.


Financial Health

How is Crédit du Maroc'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: CDM's Assets to Equity ratio (9.9x) is low.

Allowance for Bad Loans: CDM has a low allowance for bad loans (96%).

Low Risk Liabilities: 87% of CDM's liabilities are made up of primarily low risk sources of funding.

Loan Level: CDM has an appropriate level of Loans to Assets ratio (72%).

Low Risk Deposits: CDM's Loans to Deposits ratio (93%) is appropriate.

Level of Bad Loans: CDM has a high level of bad loans (8.7%).


Dividend

What is Crédit du Maroc current dividend yield, its reliability and sustainability?

0.80%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CDM's dividend (0.8%) isn’t notable compared to the bottom 25% of dividend payers in the MA market (2.22%).

High Dividend: CDM's dividend (0.8%) is low compared to the top 25% of dividend payers in the MA market (4.84%).


Stability and Growth of Payments

Stable Dividend: CDM is not paying a notable dividend for the MA market, therefore no need to check if payments are stable.

Growing Dividend: CDM is not paying a notable dividend for the MA market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of CDM'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?

2.0yrs

Average management tenure


CEO

Bernard Muselet

2yrs

Tenure

Mr. Bernard Muselet is President of Executive Board at Crédit du Maroc SA since October 2019. He served as Deputy General Manager In Charge of Development at Crédit Agricole Leasing & Factoring. Mr. Musele...


Leadership Team

Experienced Management: CDM's management team is considered experienced (2 years average tenure).


Board Members

Experienced Board: CDM's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.


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 not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Crédit du Maroc S.A.'s employee growth, exchange listings and data sources


Key Information

  • Name: Crédit du Maroc S.A.
  • Ticker: CDM
  • Exchange: CBSE
  • Founded: 1929
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: د.م6.215b
  • Shares outstanding: 10.88m
  • Website: https://www.creditdumaroc.ma

Number of Employees


Location

  • Crédit du Maroc S.A.
  • 48 - 58 boulevard Mohammed V
  • 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 Analysis2021/10/25 21:34
End of Day Share Price2021/10/25 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.