Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to د.ت13.75, the stock trades at a trailing P/E ratio of 15.3x. Average forward P/E is 10x in the Diversified Financial industry in Tunisia. Total returns to shareholders of 11% over the past three years. Board Change • May 21
Less than half of directors are independent There are 7 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: 7 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (6 non-independent directors). Director Hafedh Khlifi is the most experienced director on the board, commencing their role in 2022. Independent Director Sami Guerfali 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. Lack of experienced directors. Price Target Changed • May 21
Price target increased by 7.6% to د.ت9.64 Up from د.ت8.96, the current price target is provided by 1 analyst. New target price is 20% below last closing price of د.ت12.05. Stock is up 18% over the past year. The company posted earnings per share of د.ت0.90 last year. Board Change • Oct 10
Less than half of directors are independent There are 8 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: 8 new directors. No experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Director Hafedh Khlifi is the most experienced director on the board, commencing their role in 2022. Independent Director Sami Guerfali 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. Lack of experienced directors. Board Change • Sep 19
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. 12 experienced directors. No highly experienced directors. 2 independent directors (10 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 05
First half 2025 earnings released First half 2025 results: Net income: د.ت54.4m (up د.ت54.4m from 1H 2024). Revenue is forecast to grow 22% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Tunisia are expected to remain flat. New Risk • Aug 19
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2023 fiscal period end). Earnings are forecast to decline by an average of 29% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Aug 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Tunisian stocks, typically moving 4.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 24% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.5% average weekly change). Price Target Changed • Jul 01
Price target decreased by 39% to د.ت8.99 Down from د.ت14.80, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.ت9.40. Stock is down 32% over the past year. The company posted earnings per share of د.ت2.28 last year. Board Change • Jul 01
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. 12 experienced directors. No highly experienced directors. 2 independent directors (10 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 25
BH Bank Société anonyme, Annual General Meeting, Apr 26, 2025 BH Bank Société anonyme, Annual General Meeting, Apr 26, 2025, at 10:00 W. Central Africa Standard Time. Location: 18 avenue mohamed v, tunis Tunisia Board Change • Jan 03
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. 12 experienced directors. No highly experienced directors. 2 independent directors (10 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Oct 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. 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: Major Risk Earnings are forecast to decline by an average of 8.3% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Oct 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.3% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Oct 02
Price target decreased by 8.7% to د.ت16.80 Down from د.ت18.40, the current price target is provided by 1 analyst. New target price is 21% above last closing price of د.ت13.85. Stock is up 30% over the past year. The company posted earnings per share of د.ت3.00 last year. New Risk • Sep 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.3% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • May 02
Price target increased by 29% to د.ت17.90 Up from د.ت13.90, the current price target is provided by 1 analyst. New target price is 27% above last closing price of د.ت14.10. Stock is up 0.7% over the past year. The company posted earnings per share of د.ت3.00 last year. Reported Earnings • Apr 14
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: د.ت543.0m (up 9.8% from FY 2022). Net income: د.ت143.0m (up 14% from FY 2022). Profit margin: 26% (up from 25% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.3%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 3.0% growth forecast for the Diversified Financial industry in Tunisia. New Risk • Jan 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.3% average weekly change). New Risk • Nov 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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: Major Risks Share price has been highly volatile over the past 3 months (4.5% average weekly change). Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 20
Full year 2022 earnings released Full year 2022 results: Revenue: د.ت494.4m (up 3.1% from FY 2021). Net income: د.ت125.1m (down 9.2% from FY 2021). Profit margin: 25% (down from 29% in FY 2021). The decrease in margin was driven by higher expenses. Price Target Changed • Nov 16
Price target increased to د.ت14.50 Up from د.ت9.11, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.ت14.99. Stock is up 63% over the past year. The company is forecast to post earnings per share of د.ت2.75 for next year compared to د.ت2.90 last year. 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. 12 experienced directors. No highly experienced directors. 2 independent directors (10 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Sep 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from د.ت673.0m to د.ت659.0m. EPS estimate rose from د.ت1.22 to د.ت2.75. Net income forecast to shrink 4.9% next year vs 4.0% growth forecast for Mortgage industry in Tunisia . Consensus price target up from د.ت9.11 to د.ت14.40. Share price rose 13% to د.ت15.20 over the past week. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 15% share price gain to د.ت15.20, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Mortgage industry globally. Total returns to shareholders of 53% over the past three years. Board Change • Apr 27
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. 11 experienced directors. No highly experienced directors. 2 independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 17
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: د.ت479.7m (up 31% from FY 2020). Net income: د.ت137.8m (up 89% from FY 2020). Profit margin: 29% (up from 20% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.9%. Over the next year, revenue is forecast to grow 40%, compared to a 18% growth forecast for the banks industry in Tunisia. Price Target Changed • Feb 24
Price target decreased to د.ت9.11 Down from د.ت9.82, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.ت9.49. Stock is up 14% over the past year. The company posted earnings per share of د.ت1.53 last year. Is New 90 Day High Low • Jan 22
New 90-day low: د.ت8.01 The company is down 8.0% from its price of د.ت8.68 on 23 October 2020. The Tunisian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Mortgage industry, which is down 4.0% over the same period. Is New 90 Day High Low • Jan 07
New 90-day low: د.ت8.44 The company is down 2.0% from its price of د.ت8.63 on 09 October 2020. The Tunisian market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Mortgage industry, which is flat over the same period. 
