Price Target Changed • 45m
Price target decreased by 9.6% to د.م424 Down from د.م469, the current price target is provided by 1 analyst. New target price is 17% above last closing price of د.م363. Stock is down 13% over the past year. The company is forecast to post earnings per share of د.م33.70 for next year compared to د.م30.60 last year. Declared Dividend • Apr 23
Dividend of د.م14.00 announced Dividend of د.م14.00 is the same as last year. Ex-date: 22nd June 2026 Payment date: 1st July 2026 Dividend yield will be 3.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by earnings (46% payout ratio) and is expected to be well covered in 3 years' time (46% forecast payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 23
Crédit Immobilier et Hôtelier, Société Anonyme, Annual General Meeting, May 20, 2026 Crédit Immobilier et Hôtelier, Société Anonyme, Annual General Meeting, May 20, 2026. Location: casablanca Morocco New Risk • Mar 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Mar 19
Full year 2025 earnings released: EPS: د.م30.60 (vs د.م27.81 in FY 2024) Full year 2025 results: EPS: د.م30.60 (up from د.م27.81 in FY 2024). Revenue: د.م4.21b (up 18% from FY 2024). Net income: د.م1.09b (up 24% from FY 2024). Profit margin: 26% (up from 25% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Banks industry in Morocco. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to د.م340, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Banks industry in Morocco. Total returns to shareholders of 23% over the past three years. New Risk • Feb 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Oct 24
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: د.م1.14b (up 18% from 2Q 2024). Net income: د.م317.2m (up 31% from 2Q 2024). Profit margin: 28% (up from 25% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Morocco. Price Target Changed • Oct 10
Price target increased by 14% to د.م462 Up from د.م406, the current price target is an average from 2 analysts. New target price is 15% above last closing price of د.م402. Stock is up 3.1% over the past year. The company is forecast to post earnings per share of د.م30.20 for next year compared to د.م27.81 last year. New Risk • Aug 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (17% increase in shares outstanding). Declared Dividend • Jun 15
Dividend of د.م14.00 announced Dividend of د.م14.00 is the same as last year. Ex-date: 30th June 2025 Payment date: 9th July 2025 Dividend yield will be 3.4%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (50% payout ratio) and is expected to be covered in 3 years' time (46% forecast payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Jun 13
Upcoming dividend of د.م14.00 per share Eligible shareholders must have bought the stock before 20 June 2025. Payment date: 01 July 2025. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Moroccan dividend payers (4.1%). Higher than average of industry peers (2.7%). Price Target Changed • Jun 06
Price target increased by 8.2% to د.م434 Up from د.م401, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.م414. Stock is up 8.4% over the past year. The company is forecast to post earnings per share of د.م34.90 for next year compared to د.م27.81 last year. Reported Earnings • Jun 03
First quarter 2025 earnings released: EPS: د.م0.009 (vs د.م7.00 in 1Q 2024) First quarter 2025 results: EPS: د.م0.009 (down from د.م7.00 in 1Q 2024). Revenue: د.م1.02m (down 100% from 1Q 2024). Net income: د.م298.2k (down 100% from 1Q 2024). Profit margin: 29% (up from 24% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 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 5% per year whereas the company’s share price has increased by 7% per year. Announcement • May 13
Crédit Immobilier et Hôtelier, Société Anonyme, Annual General Meeting, Jun 11, 2025 Crédit Immobilier et Hôtelier, Société Anonyme, Annual General Meeting, Jun 11, 2025. Board Change • Feb 24
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Lhassane Benhalima was the last independent director to join the board, commencing their role in 2023. 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 Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Lhassane Benhalima was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 01
Price target increased by 19% to د.م410 Up from د.م344, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of د.م401. Stock is up 8.5% over the past year. The company is forecast to post earnings per share of د.م24.20 for next year compared to د.م23.28 last year. New Risk • Sep 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Upcoming Dividend • Jul 02
Upcoming dividend of د.م14.00 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 18 July 2024. Trailing yield: 3.7%. Lower than top quartile of Moroccan dividend payers (4.3%). Higher than average of industry peers (3.0%). Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: د.م7.00 (vs د.م5.00 in 1Q 2023) First quarter 2024 results: EPS: د.م7.00 (up from د.م5.00 in 1Q 2023). Revenue: د.م847.8m (up 13% from 1Q 2023). Net income: د.م199.4m (up 21% from 1Q 2023). Profit margin: 24% (up from 22% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Morocco. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • May 05
Crédit Immobilier et Hôtelier, Société Anonyme, Annual General Meeting, Jun 13, 2024 Crédit Immobilier et Hôtelier, Société Anonyme, Annual General Meeting, Jun 13, 2024. Agenda: To consider Approval of accounts; to consider Allocation of results; and to consider resignation and Appointment of Directors. Price Target Changed • Feb 29
Price target decreased by 12% to د.م372 Down from د.م424, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.م366. Stock is up 15% over the past year. The company posted earnings per share of د.م23.62 last year. Price Target Changed • Dec 27
Price target increased by 7.0% to د.م402 Up from د.م376, the current price target is an average from 2 analysts. New target price is 15% above last closing price of د.م350. Stock is up 17% over the past year. The company posted earnings per share of د.م23.62 last year. Price Target Changed • Dec 05
Price target increased by 7.7% to د.م383 Up from د.م356, the current price target is an average from 3 analysts. New target price is 11% above last closing price of د.م345. Stock is up 13% over the past year. The company is forecast to post earnings per share of د.م27.70 for next year compared to د.م23.62 last year. Reported Earnings • Sep 18
Second quarter 2023 earnings released: EPS: د.م8.83 (vs د.م5.57 in 2Q 2022) Second quarter 2023 results: EPS: د.م8.83 (up from د.م5.57 in 2Q 2022). Revenue: د.م968.4m (up 33% from 2Q 2022). Net income: د.م247.9m (up 62% from 2Q 2022). Profit margin: 26% (up from 21% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Morocco. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 27
Upcoming dividend of د.م14.00 per share at 3.9% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 13 July 2023. Trailing yield: 3.9%. Lower than top quartile of Moroccan dividend payers (4.5%). Higher than average of industry peers (3.3%). Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: د.م24.00 (vs د.م21.29 in FY 2021) Full year 2022 results: EPS: د.م24.00 (up from د.م21.29 in FY 2021). Revenue: د.م2.93b (up 6.0% from FY 2021). Net income: د.م669.1m (up 11% from FY 2021). Profit margin: 23% (up from 22% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Banks industry in Morocco. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: د.م8.26 (vs د.م3.72 in 3Q 2021) Third quarter 2022 results: EPS: د.م8.26 (up from د.م3.72 in 3Q 2021). Revenue: د.م814.3m (up 33% from 3Q 2021). Net income: د.م250.3m (up 117% from 3Q 2021). Profit margin: 31% (up from 19% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Morocco. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Nov 16
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. 9 experienced directors. 3 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Director Ahmed Reda Chami was the last independent 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. Upcoming Dividend • Jun 24
Upcoming dividend of د.م14.00 per share Eligible shareholders must have bought the stock before 01 July 2022. Payment date: 14 July 2022. Trailing yield: 4.4%. Within top quartile of Moroccan dividend payers (4.4%). Higher than average of industry peers (3.8%). Upcoming Dividend • Jun 15
Upcoming dividend of د.م14.00 per share Eligible shareholders must have bought the stock before 22 June 2022. Payment date: 01 July 2022. Trailing yield: 4.4%. Within top quartile of Moroccan dividend payers (4.3%). Higher than average of industry peers (3.7%). Price Target Changed • Apr 27
Price target increased to د.م371 Up from د.م283, the current price target is an average from 2 analysts. New target price is 10% above last closing price of د.م337. Stock is up 27% over the past year. The company is forecast to post earnings per share of د.م23.95 for next year compared to د.م21.29 last year. Board Change • Apr 27
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 Ahmed Reda Chami was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 03
Third quarter 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2021 results: EPS: د.م3.72 (up from د.م0.62 in 3Q 2020). Revenue: د.م612.5m (up 51% from 3Q 2020). Net income: د.م115.2m (up د.م97.7m from 3Q 2020). Profit margin: 19% (up from 4.3% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 23%. Earnings per share (EPS) missed analyst estimates by 23%. Over the next year, revenue is forecast to grow 32%, compared to a 35% growth forecast for the industry in Morocco. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Price Target Changed • Sep 24
Price target decreased to د.م261 Down from د.م283, the current price target is an average from 2 analysts. New target price is 17% below last closing price of د.م313. Stock is up 25% over the past year. Reported Earnings • Sep 22
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: د.م682.1m (up 36% from 2Q 2020). Net income: د.م177.1m (up 80% from 2Q 2020). Profit margin: 26% (up from 20% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 30
Upcoming dividend of د.م8.00 per share Eligible shareholders must have bought the stock before 07 July 2021. Payment date: 16 July 2021. Trailing yield: 2.9%. Lower than top quartile of Moroccan dividend payers (4.8%). In line with average of industry peers (2.8%). Upcoming Dividend • Jun 15
Upcoming dividend of د.م8.00 per share Eligible shareholders must have bought the stock before 22 June 2021. Payment date: 01 July 2021. Trailing yield: 2.9%. Lower than top quartile of Moroccan dividend payers (4.6%). In line with average of industry peers (2.8%). Reported Earnings • May 30
First quarter 2021 earnings released: EPS د.م3.09 (vs د.م1.80 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: د.م597.6m (up 23% from 1Q 2020). Net income: د.م87.4m (up د.م140.3m from 1Q 2020). Profit margin: 15% (up from net loss in 1Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 28
Price target increased to د.م295 Up from د.م262, the current price target is an average from 2 analysts. New target price is 12% above last closing price of د.م265. Stock is up 15% over the past year. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 23%. Over the next year, revenue is forecast to grow 60%, compared to a 45% growth forecast for the Banks industry in Morocco. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS د.م2.80 (vs د.م15.05 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: د.م1.76b (down 23% from FY 2019). Net income: د.م80.7m (down 81% from FY 2019). Profit margin: 4.6% (down from 19% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 32% 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. Is New 90 Day High Low • Dec 17
New 90-day high: د.م261 The company is up 2.0% from its price of د.م255 on 18 September 2020. The Moroccan market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 17% 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 06
New 90-day low: د.م242 The company is down 7.0% from its price of د.م260 on 07 August 2020. The Moroccan market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is flat 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 09
New 90-day low: د.م245 The company is down 2.0% from its price of د.م250 on 02 July 2020. The Moroccan market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 2.0% 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 20
First half earnings released Over the last 12 months the company has reported total profits of د.م320.9m, up 1.1% from the prior year. Total revenue was د.م2.26b over the last 12 months, up 8.4% from the prior year. 
