Upcoming Dividend • Jun 11
Upcoming dividend of د.م150 per share Eligible shareholders must have bought the stock before 18 June 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Moroccan dividend payers (4.7%). Lower than average of industry peers (3.2%). Price Target Changed • May 16
Price target increased by 8.4% to د.م5,537 Up from د.م5,109, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.م5,600. Stock is up 14% over the past year. The company posted earnings per share of د.م293 last year. Declared Dividend • Apr 23
Dividend increased to د.م150 Dividend of د.م150 is 7.1% higher than last year. Ex-date: 18th June 2026 Payment date: 29th June 2026 Dividend yield will be 2.7%, which is lower than the industry average of 3.5%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 2.8% 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 remain steady over the next year, which should provide adequate earnings cover for the dividend. Duyuru • Apr 22
Wafa Assurance SA, Annual General Meeting, May 19, 2026 Wafa Assurance SA, Annual General Meeting, May 19, 2026. Location: casablanca Morocco Major Estimate Revision • Oct 17
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from د.م15.8b to د.م16.5b. EPS estimate increased from د.م260 to د.م286 per share. Net income forecast to grow 16% next year vs 13% growth forecast for Insurance industry in Morocco. Consensus price target broadly unchanged at د.م5,120. Share price was steady at د.م5,090 over the past week. Upcoming Dividend • Jun 10
Upcoming dividend of د.م140 per share Eligible shareholders must have bought the stock before 17 June 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Moroccan dividend payers (4.2%). Lower than average of industry peers (3.4%). New Risk • May 19
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.9% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.5% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • May 18
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 8.4% 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. This is currently the only risk that has been identified for the company. Declared Dividend • Apr 28
Dividend of د.م140 announced Dividend of د.م140 is the same as last year. Ex-date: 17th June 2025 Payment date: 26th June 2025 Dividend yield will be 2.9%, which is lower than the industry average of 3.5%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 4.5% 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 16% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Apr 23
Wafa Assurance SA, Annual General Meeting, May 20, 2025 Wafa Assurance SA, Annual General Meeting, May 20, 2025. Price Target Changed • Apr 21
Price target increased by 13% to د.م5,109 Up from د.م4,509, the current price target is provided by 1 analyst. New target price is 7.5% above last closing price of د.م4,752. Stock is up 13% over the past year. The company is forecast to post earnings per share of د.م260 for next year compared to د.م244 last year. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to د.م4,750, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Insurance industry in Africa. Total returns to shareholders of 9.0% over the past three years. Reported Earnings • Apr 01
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: د.م244 (up from د.م192 in FY 2023). Revenue: د.م15.1b (up 5.6% from FY 2023). Net income: د.م853.8m (up 27% from FY 2023). Profit margin: 5.7% (up from 4.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) also missed analyst estimates by 7.6%. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 34% decline forecast for the Insurance industry in Africa. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Mar 28
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 Moroccan stocks, typically moving 6.2% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to د.م5,200, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Insurance industry in Africa. Total returns to shareholders of 19% over the past three years. Board Change • Feb 25
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. President of the Board Boubker Jai was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Dec 11
Wafa Assurance SA (CBSE:WAA) proposed to acquire Delta Insurance Company (CASE:DEIN) from Egypt Kuwait Holding Company (S.A.E.) (CASE:EKHO) for EGP 5 billion. Wafa Assurance SA (CBSE:WAA) proposed to acquire Delta Insurance Company (CASE:DEIN) from Egypt Kuwait Holding Company (S.A.E.) (CASE:EKHO) for EGP 5 billion on December 8, 2024. Wafa Assurance SA will acquire 100% stake or 100 million shares in Delta Insurance Company at a price of EGP 50 per share through a mandatory purchase offer in accordance with the laws and regulations applicable. The purchase price is subject to adjustments. As part of the mandatory purchase offer, Wafa Assurance SA aims to hold a minimum of 51% in Delta Insurance Company. In a separate agreement, AXA Egypt S.A.E proposed to acquire Delta Insurance Company from Egypt Kuwait Holding Company for EGP 5 billion.
The transaction is subject to consummation of due diligence investigation, approval by financial regulatory authority and other relevant regulatory authorities. Major Estimate Revision • Oct 20
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2024 has been updated. 2024 consensus EPS increased from د.م221 to د.م264. Revenues were reaffirmed at د.م15.6b. Net income forecast to grow 22% next year vs 8.8% growth forecast for Insurance industry in Morocco. Consensus price target up from د.م4,509 to د.م4,792. Share price was steady at د.م4,498 over the past week. Upcoming Dividend • Jun 10
Upcoming dividend of د.م140 per share Eligible shareholders must have bought the stock before 17 June 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Moroccan dividend payers (4.2%). In line with average of industry peers (3.8%). Price Target Changed • Apr 14
Price target increased by 18% to د.م4,509 Up from د.م3,807, the current price target is provided by 1 analyst. New target price is 7.4% above last closing price of د.م4,200. Stock is up 12% over the past year. The company is forecast to post earnings per share of د.م221 for next year compared to د.م192 last year. Duyuru • Apr 11
Wafa Assurance SA, Annual General Meeting, May 15, 2024 Wafa Assurance SA, Annual General Meeting, May 15, 2024. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: د.م192 (vs د.م222 in FY 2022) Full year 2023 results: EPS: د.م192 (down from د.م222 in FY 2022). Revenue: د.م14.3b (up 8.3% from FY 2022). Net income: د.م670.5m (down 14% from FY 2022). Profit margin: 4.7% (down from 5.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 27% decline forecast for the Insurance industry in Africa. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. New Risk • Feb 01
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 Moroccan stocks, typically moving 4.9% 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. This is currently the only risk that has been identified for the company. New Risk • Oct 17
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. This is currently the only risk that has been identified for the company. New Risk • Jul 01
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 Moroccan stocks, typically moving 5.4% 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 01
Upcoming dividend of د.م130 per share at 3.3% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 19 June 2023. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Moroccan dividend payers (4.4%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to د.م3,338, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 21x in the Insurance industry in Morocco. Total loss to shareholders of 11% over the past three years. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. Director Magali Noe was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improved over the past week After last week's 15% share price gain to د.م4,450, the stock trades at a trailing P/E ratio of 36.7x. Average trailing P/E is 22x in the Insurance industry in Morocco. Total returns to shareholders of 31% over the past three years. Upcoming Dividend • Jun 02
Upcoming dividend of د.م120 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 20 June 2022. Trailing yield: 2.8%. Lower than top quartile of Moroccan dividend payers (4.3%). Lower than average of industry peers (3.2%). Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. Director Magali Noe was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 04
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.م5.37b (up 33% from 1H 2020). Net income: د.م362.4m (up د.م553.8m from 1H 2020). Profit margin: 6.7% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Price Target Changed • Jul 26
Price target decreased to د.م3,441 Down from د.م3,735, the current price target is provided by 1 analyst. New target price is 18% below last closing price of د.م4,200. Stock is up 14% over the past year. Upcoming Dividend • May 27
Upcoming dividend of د.م100.00 per share Eligible shareholders must have bought the stock before 03 June 2021. Payment date: 14 June 2021. Trailing yield: 2.5%. Lower than top quartile of Moroccan dividend payers (4.9%). In line with average of industry peers (2.7%). Is New 90 Day High Low • Feb 05
New 90-day high: د.م4,129 The company is up 23% from its price of د.م3,360 on 03 November 2020. The Moroccan market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: د.م3,760 The company is up 3.0% from its price of د.م3,650 on 10 September 2020. The Moroccan market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Insurance industry, which is up 1.0% over the same period.