New Risk • Jul 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 30% 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: Major Risk Share price has been highly volatile over the past 3 months (7.7% average weekly change). Minor Risk Shareholders have been diluted in the past year (30% increase in shares outstanding). Declared Dividend • Jun 22
Dividend increased to د.م98.00 Dividend of د.م98.00 is 21% higher than last year. Ex-date: 18th August 2026 Payment date: 3rd September 2026 Dividend yield will be 3.2%, which is lower than the industry average of 3.5%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (3% cash payout ratio). The dividend has increased by an average of 9.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.0% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Apr 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Moroccan stocks, typically moving 8.8% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to د.م3,140, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Insurance industry in Africa. Total returns to shareholders of 289% over the past three years. Reported Earnings • Mar 30
Full year 2025 earnings released: EPS: د.م224 (vs د.م168 in FY 2024) Full year 2025 results: EPS: د.م224 (up from د.م168 in FY 2024). Revenue: د.م7.14b (up 7.2% from FY 2024). Net income: د.م921.0m (up 33% from FY 2024). Profit margin: 13% (up from 10% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 32% decline forecast for the Insurance industry in Africa. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to د.م2,500, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Insurance industry in Africa. Total returns to shareholders of 178% over the past three years. Duyuru • Mar 25
Sanlam Maroc, Annual General Meeting, Apr 24, 2026 Sanlam Maroc, Annual General Meeting, Apr 24, 2026. Location: casablanca Morocco New Risk • Mar 21
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2024. 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 2024 fiscal period end). Earnings are forecast to decline by an average of 4.9% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). Price Target Changed • Feb 16
Price target increased by 31% to د.م2,666 Up from د.م2,031, the current price target is provided by 1 analyst. New target price is 21% above last closing price of د.م2,200. Stock is up 10.0% over the past year. The company is forecast to post earnings per share of د.م347 for next year compared to د.م165 last year. Board Change • Feb 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. 8 experienced directors. No highly experienced directors. 1 independent director (7 non-independent directors). Representative Director Robert Dommisse was the last director to join the board, commencing their role in 2020. 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 • Dec 25
Price target decreased by 7.0% to د.م2,031 Down from د.م2,185, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.م2,075. Stock is up 11% over the past year. The company is forecast to post earnings per share of د.م347 for next year compared to د.م165 last year. Major Estimate Revision • Oct 16
Consensus revenue estimates increase by 21% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from د.م7.16b to د.م8.66b. EPS estimate increased from د.م173 to د.م347 per share. Net income forecast to grow 110% next year vs 13% growth forecast for Insurance industry in Morocco. Consensus price target down from د.م2,185 to د.م2,031. Share price rose 2.3% to د.م1,910 over the past week. Price Target Changed • Oct 15
Price target decreased by 7.0% to د.م2,031 Down from د.م2,185, the current price target is provided by 1 analyst. New target price is 6.9% above last closing price of د.م1,900. Stock is up 2.6% over the past year. The company is forecast to post earnings per share of د.م347 for next year compared to د.م165 last year. New Risk • Oct 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Aug 18
Upcoming dividend of د.م81.00 per share Eligible shareholders must have bought the stock before 25 August 2025. Payment date: 03 September 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Moroccan dividend payers (4.0%). Higher than average of industry peers (3.2%). Declared Dividend • Jul 13
Dividend increased to د.م81.00 Dividend of د.م81.00 is 5.2% higher than last year. Ex-date: 25th August 2025 Payment date: 3rd September 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.5%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to د.م2,142, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Insurance industry in Africa. Total returns to shareholders of 74% over the past three years. Duyuru • Mar 24
Sanlam Maroc, Annual General Meeting, May 28, 2025 Sanlam Maroc, Annual General Meeting, May 28, 2025. Reported Earnings • Mar 21
Full year 2024 earnings released Full year 2024 results: Revenue: د.م7.46b (up 7.0% from FY 2023). Net income: د.م680.5m (up 22% from FY 2023). Profit margin: 9.1% (up from 8.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 34% decline forecast for the Insurance industry in Africa. Price Target Changed • Feb 24
Price target increased by 28% to د.م2,147 Up from د.م1,671, the current price target is provided by 1 analyst. New target price is 17% above last closing price of د.م1,840. Stock is up 33% over the past year. The company is forecast to post earnings per share of د.م178 for next year compared to د.م136 last year. 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. 4 experienced directors. 1 highly experienced director. 1 independent director (4 non-independent directors). Representative Director Robert Dommisse was the last director to join the board, commencing their role in 2020. 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 • Oct 20
Consensus EPS estimates increase by 20%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from د.م7.09b to د.م6.96b. EPS estimate rose from د.م148 to د.م178. Net income forecast to grow 31% next year vs 8.8% growth forecast for Insurance industry in Morocco. Consensus price target up from د.م1,671 to د.م2,147. Share price was steady at د.م1,919 over the past week. New Risk • Oct 18
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 Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Upcoming Dividend • Aug 15
Upcoming dividend of د.م77.00 per share Eligible shareholders must have bought the stock before 22 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Moroccan dividend payers (4.3%). In line with average of industry peers (3.8%). Price Target Changed • Apr 13
Price target increased by 35% to د.م1,671 Up from د.م1,237, the current price target is provided by 1 analyst. New target price is 7.8% above last closing price of د.م1,550. Stock is up 72% over the past year. The company is forecast to post earnings per share of د.م148 for next year compared to د.م136 last year. Major Estimate Revision • Apr 13
Consensus EPS estimates increase by 25%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from د.م7.22b to د.م7.09b. EPS estimate rose from د.م118 to د.م148. Net income forecast to grow 9.2% next year vs 13% growth forecast for Insurance industry in Morocco. Consensus price target up from د.م1,237 to د.م1,671. Share price rose 3.2% to د.م1,550 over the past week. Duyuru • Apr 11
Sanlam Maroc, Annual General Meeting, Jun 06, 2024 Sanlam Maroc, Annual General Meeting, Jun 06, 2024. Reported Earnings • Apr 01
Full year 2023 earnings released Full year 2023 results: Revenue: د.م6.97b (up 28% from FY 2022). Net income: د.م559.4m (up د.م629.6m from FY 2022). Profit margin: 8.0% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 27% decline forecast for the Insurance industry in Africa. New Risk • Mar 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Moroccan stocks, typically moving 6.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.4% average weekly change). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). New Risk • Feb 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Share price has been highly volatile over the past 3 months (7.0% average weekly change). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Board Change • Nov 28
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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Representative Director Robert Dommisse was the last director to join the board, commencing their role in 2020. 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 • Aug 15
Upcoming dividend of د.م36.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 22 August 2023. Payment date: 31 August 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Moroccan dividend payers (4.4%). Lower than average of industry peers (3.6%). Price Target Changed • Jul 10
Price target decreased by 13% to د.م1,212 Down from د.م1,394, the current price target is an average from 2 analysts. New target price is 19% above last closing price of د.م1,021. Stock is down 22% over the past year. The company is forecast to post earnings per share of د.م141 next year compared to a net loss per share of د.م17.05 last year. Board Change • Mar 31
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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Representative Director Robert Dommisse was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to د.م841, the stock trades at a trailing P/E ratio of 34.6x. Average trailing P/E is 20x in the Insurance industry in Morocco. Total loss to shareholders of 34% over the past three years. Board Change • Nov 16
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. 7 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Representative Director Robert Dommisse was the last director to join the board, commencing their role in 2020. 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 • Aug 05
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. 7 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Representative Director Robert Dommisse was the last director to join the board, commencing their role in 2020. 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 27
Upcoming dividend of د.م35.00 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Moroccan dividend payers (4.4%). Lower than average of industry peers (3.3%). Board Change • Apr 29
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. 8 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). Representative Director Robert Dommisse was the last director to join the board, commencing their role in 2020. 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 • Apr 03
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. 8 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). Representative Director Robert Dommisse was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Jan 05
San Jv (Rf) (Pty) Ltd. cancelled the acquisition of 22.8% stake in SAHAM Assurance S.A. (CBSE:SAH) from Said Alj, Sanam Holdings S.A. and First Commercial Estate Company S.A.R.L. San Jv (Rf) (Pty) Ltd. agreed to acquire 22.8% stake in SAHAM Assurance S.A. (CBSE:SAH) from Said Alj, Sanam Holdings S.A. and First Commercial Estate Company S.A.R.L. for MAD 1.2 billion on May 3, 2021. As part of the Transaction, the Sellers have irrevocably undertaken to reinvest fifty percent of the consideration to acquire shares in Sanlam on the open market at the prevailing share price. Said Alj will continue to provide the Sanlam Group with strategic. The transaction will be funded by Sanlam using debt facilities. The Transaction is subject to certain conditions including (but not limited to) approvals from the relevant regulatory authorities to the extent required both in South Africa and Morocco. It is expected to close by the end of the third quarter. N M Rothschild & Sons Limited and Emerge Invest acted as financial advisor to Sanlam Limited, parent of San Jv (Rf) (Pty) Ltd. Allen & Overy LLP and Webber Wentzel acted as legal advisor to Sanlam Limited (JSE : SLM), parent of San Jv (Rf) (Pty) Ltd.
San Jv (Rf) (Pty) Ltd. cancelled the acquisition of 22.8% stake in SAHAM Assurance S.A. (CBSE:SAH) from Said Alj, Sanam Holdings S.A. and First Commercial Estate Company S.A.R.L. on January 3, 2022. The conditions precedent to the transaction were not fulfilled and the transaction has, accordingly, lapsed. SAN JV’s shareholding in SAHAM Assurance Maroc remains at 61.7%. Reported Earnings • Oct 09
First half 2021 earnings released The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: د.م3.54b (up 50% from 1H 2020). Net income: د.م384.1m (up د.م488.0m from 1H 2020). Profit margin: 11% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. 
