Market summary. Weekly performance. Company News. Key indicators. Highlights IB MAROC: Decline in H Sales

Transcription

1 2 Market summary Weekly performance Company News IB MAROC: Decline in H Sales..4 Key indicators..5 Highlights The Casablanca Stock Exchange closed the last weekly session in extremis in the red with a MASI and a MADEX decreasing by 0.27% each to 9, points and to 8, points respectively; The transactional volume amounted to MAD 154.7m made up to an extent of 62.5% by the transactions on 181,307 CIH BANK shares (i.e. 0.7% stake), 115,862 BCP stocks (i.e. 0.1% stake) and 270,394 SODEP-MARSA MAROC securities (i.e. 0.4% stake); CENTRALE DANONE tops the list with a 6% rise to MAD for 90 shares traded while HOLCIM improved by 5.89% to MAD 2,445 for 38 stocks exchanged; At the opposite, TIMAR declined by 6% to MAD for 675 securities traded (i.e. 0.2% stake) when DLM dropped by 5.94% to MAD for 245 stocks exchanged. Please refer to the important legal information at the end of the document and our website:

2 5:00 pm -Weekly Edition- Market summary Floating MASI Daily perf Annual perf Floating MADEX Daily perf Annual perf FTSE CSE Morocco 15 Daily perf Annual perf FTSE CSE Morocco All Liquid Daily perf Annual perf Volume 9, pts -0.27% % 8, pts -0.27% % 8, pts -0.10% % 8, pts +0.01% % MAD m Central Market MAD m 100.0% OTC Market MAD 0.0 m 0.0% Market Capitalization MAD bn Ranking central volume Volume % Total In MAD m Volume CIH BANK % BCP % MARSA MAROC % WAFA ASSURANCE % BRASSERIES DU MAROC % MASI, MADEX and BCEI 20 since 07/29/2015 Base 100 MASI (Rebased) MADEX (Rebased) Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Top 5 sector indexes Indexes Points % Var YTD Tourism % -4.48% Pulp & Paper % % Food 15, % % Insurance 3, % % Retail 18, % % Ranking OTC volume Price per share Volume Number of shares In MAD In MAD m Nil Biggest rises and falls Rising shares Price on Quantity P/E D/Y % Change Traded 2016E 2016E CENTRALE DANONE % 33.8x 1.5% HOLCIM MAROC 2, % 23.0x 4.3% RISMA % n/s 0.0% AFMA % 12.6x 7.7% CIH BANK , % 14.5x 6.0% Falling shares Price on Quantity P/E D/Y % Change Traded 2016E 2016E TIMAR % 38.3x 3.9% DELATTRE LEVIVIER % 15.6x 3.4% TASLIF % 32.8x 2.5% BMCI % 15.3x 4.8% MICRODATA % 7.9x 10.6% NB: Changes are calculated in reference to the last transaction price. Page 2

3 5:00 pm -Weekly Edition- Weekly Performance Market Indicators Floating Floating MASI MADEX CLOSING 9, pts 8, pts PREVIOUS DAY % % 1 WEEK % % 3 MONTHS % % YEAR-TO-DATE % % Main increases of MADEX shares Closing Weekly Y-T-D Perf Perf MANAGEM % % MED PAPER % % CENTRALE DANONE % % M2M Group % % MINIERE TOUISSIT 1, % % RDS % % WAFA ASSURANCE 3, % % CTM % % SM IMITER 2, % % RISMA % % Retail Market vs. Institutionals Global Volume MAD m Central Market MAD m 100.0% OTC Market MAD 0.0 m 0.0% Main decreases of MADEX shares Closing Weekly Y-T-D Perf Perf IB MAROC % % DELATTRE LEVIVIER % % CDM % % STOKVIS % % COLORADO % % BMCI % % JET CONTRACTORS % % DELTA HOLDING % % HPS % % AFRIQUIA GAZ 2, % % Principal volumes for the week In MAD k Central OTC Total Market Market MARSA MAROC 153, ,293 BMCE BANK 136, ,073 BCP 81, ,282 CIH BANK 51, ,627 LAFARGEHOLCIM MAROC 48, ,836 MAROC TELECOM 46, ,925 TOTAL MAROC 44, ,552 ATTIJARIWAFA BANK 30, ,926 BRASSERIES DU MAROC 26, ,994 ADDOHA 17, ,399 Volumes for the week 07/25/16 to 07/29/16 (MAD m) Screening Top 5 least volatile stocks Volatility Volatility 3 months 1 year ATTIJARIWAFA BANK 14.7% 14.8% MAROC TELECOM 15.8% 13.7% UNIMER 16.2% 18.3% BCP 18.9% 15.7% AUTO HALL 20.7% 29.4% Weekly schedule of coming coupon removals Dividend (In MAD) Date of removal Nil - - Schedule of coming meetings Type of meeting Date of meeting Central Market OTC Market Nil /25/ /26/ /27/ /28/ /29/2016 Page 3

4 vvdsvdvsdy Source: FactSet 40 juin 13 sept. 13 déc. 13 mars 14 juin 14 sept. 14 déc. 14 mars 15 juin 15 sept. 15 déc. 15 mars 16 juin 16 sept. 16 Price Short Avg (Rebased) 5:00 pm -Weekly Edition- Company news IB MAROC Sell Recommendation unchanged Price: Closing price as of : 29/07/2016 Target price: MAD 127 MAD 79 Target price unchanged Reuters/Bloomberg IBMC.CS/IBMC MC In (MAD m) e 2017e Sales Var % -11.6% 0.0% 4.0% Operating Income Var % -chg +chg 632.6% Operating margin -0.4% 0.3% 2.1% Net Profit Var % -chg +chg +chg Net margin -10.0% -1.3% 0.5% ROE ns ns 1.9% ROCE -0.4% 0.3% 2.0% P/E ns ns 49.8x P/B 0.6x 1.0x 1.0x D/Y 0.0% 1.6% 2.4% Price Source: Company, BMCE Capital Research estimates Decline in H Sales Fact: Press release related to H results. SOFTWARE & COMPUTER SERVICES Analysis: IB MAROC has recorded an 18.1% decrease in Sales to MAD 77m in H1 2016, comparing to the same period of last year. According to the Top Management, the decline is due to (i) a drop in public sector projects and (ii) the company's willingness to maintain its margins by adopting a selective business strategy. In parallel and despite the Sales decrease, the income before depreciation and provision would be balanced against a loss of MAD -2.2m in H Ib Maroc : Decline in H Sales Analyst(s) : Ahmed EZZERHOUNI a.ezzerhouni@bmcek.co.ma Hicham SAÂDANI h.saadani@bmcek.co.ma Page 4

5 Key performance indicators (1/2) 5:00 pm -Weekly Edition- Value on EPS P/E D/Y P/B Capitalization Share Quantity of shares Perf /07/ E 2017E E 2017E E 2017E E 2017E in % MAD m MARKET EXCLUDING REAL ESTATE x 19.6x 17.5x 4.4% 4.7% 4.9% 2.4x 2.3x 2.4x 96.6% 495,679 MARKET EXCLUDING MAROC TELECOM x 18.8x 16.4x 4.2% 4.7% 4.9% 1.9x 1.9x 1.9x 78.2% 401,098 TOTAL MARKET 10.72% x 19.1x 17.1x 4.5% 4.7% 4.9% 2.2x 2.2x 2.3x 100.0% 512,962 AGRI-BUSINESS -14.1% x 16.1x 14.4x 3.5% 3.9% 4.1% 3.1x 2.5x 2.3x 5.4% 27,600 BRASSERIES DU MAROC 1, ,829, % x 14.5x 13.0x 4.6% 4.3% 4.8% 3.8x 2.9x 2.7x 16.4% 4,527 CARTIER SAADA ,265, % x 13.0x 11.0x 4.3% 4.4% 4.4% 1.0x 1.0x 0.9x 0.3% 95 CENTRALE DANONE ,420, % n/s 33.8x 28.5x 0.9% 1.5% 1.7% 10.4x 5.6x 5.0x 23.8% 6,562 COSUMAR ,910, % x 11.3x 10.2x 6.3% 5.9% 6.1% 1.8x 1.9x 1.7x 28.4% 7,837 DARI COUSPATE 1, , % x 11.2x 9.9x 5.1% 3.9% 4.2% 2.2x 2.5x 2.1x 1.8% 496 LESIEUR CRISTAL ,631, % x 16.0x 14.6x 4.4% 4.0% 4.0% 2.0x 2.1x 2.0x 12.5% 3,454 OULMES 1, ,980, % x 15.7x 13.9x 4.7% 5.0% 5.0% 3.6x 3.5x 3.2x 9.3% 2,574 UNIMER ,413, % x 23.5x 21.0x 1.8% 1.7% 1.7% 1.5x 1.6x 1.5x 7.4% 2,054 INSURANCES 6.9% x 14.8x 14.3x 4.4% 4.2% 4.2% 1.9x 1.9x 1.8x 3.8% 19,719 ATLANTA ,190, % x 18.5x 17.8x 3.0% 3.5% 3.6% 2.2x 1.9x 1.8x 14.2% 2,805 SAHAM ASSURANCE 1, ,116, % x 12.1x 11.6x 4.1% 3.9% 3.9% 1.1x 1.2x 1.1x 21.9% 4,314 WAFA ASSURANCE 3, ,500, % x 15.3x 14.9x 4.9% 4.4% 4.4% 2.3x 2.4x 2.3x 63.9% 12,600 BANKS 1.0% x 15.6x 14.5x 3.0% 3.2% 3.3% 1.7x 1.6x 1.5x 32.9% 169,016 ATTIJARIWAFA BANK ,527, % x 14.7x 13.7x 3.3% 3.3% 3.3% 1.9x 1.8x 1.7x 41.7% 70,420 BCP ,254, % x 14.9x 14.0x 2.7% 2.9% 3.1% 1.4x 1.4x 1.3x 24.5% 41,381 BMCE BANK ,463, % x 17.3x 15.2x 2.3% 2.5% 2.8% 2.3x 2.0x 1.9x 21.9% 36,969 BMCI ,279, % x 15.3x 15.1x 4.7% 4.8% 5.0% 1.0x 0.9x 0.9x 4.9% 8,233 CDM ,881, % x 38.4x 37.9x 1.6% 2.5% 2.8% 1.3x 1.1x 1.1x 2.8% 4,695 CIH BANK ,608, % x 14.5x 14.2x 5.4% 6.0% 6.0% 1.4x 1.5x 1.4x 4.3% 7,317 CHEMISTRY 4.6% n/s n/s n/s 0.0% 0.0% 0.0% 0.4x 0.3x 0.3x 0.0% 201 SNEP ,400, % n/s n/s n/s 0.0% 0.0% 0.0% 0.4x 0.3x 0.3x 100.0% 201 CIMENTS AND METALLURGICAL 25.0% x 20.1x 19.2x 5.5% 7.8% 8.1% 2.7x 3.1x 3.4x 15.8% 80,867 AFRIC INDUSTRIES , % x 16.6x 15.4x 6.0% 5.4% 5.8% 2.4x 2.4x 2.4x 0.1% 99 ALUM DU MAROC , % x 10.3x 9.1x 6.7% 8.8% 9.9% 1.5x 1.2x 1.2x 0.6% 465 CIMENTS DU MAROC 1, ,436, % x 15.5x 15.9x 5.4% 4.2% 4.3% 2.4x 2.5x 2.4x 20.4% 16,457 COLORADO ,088, % x 10.5x 10.0x 5.3% 9.0% 9.8% 2.1x 1.7x 1.6x 0.7% 604 HOLCIM MAROC 2, ,946, % x 23.0x 22.7x 6.0% 4.3% 4.6% 4.5x 6.4x 6.3x 15.0% 12,094 JET CONTRACTORS ,400, % x 7.9x 6.3x 2.5% 5.1% 6.3% 1.2x 0.9x 0.8x 0.5% 379 LAFARGE CIMENTS 2, ,404, % x 22.2x 20.4x 5.3% 9.9% 10.3% 3.0x 3.4x 4.0x 60.8% 49,150 SONASID ,900, % n/s 23.4x 28.8x 9.8% 6.8% 7.3% 0.8x 0.9x 0.9x 2.0% 1,619 BROKERAGE -0.6% x 12.4x 11.9x 7.7% 7.9% 8.1% 7.9x 7.6x 7.3x 0.2% 1,199 AFMA ,000, % x 12.6x 12.0x 7.0% 7.7% 7.9% 11.4x 10.3x 9.7x 60.8% 729 AGMA LAHLOU 2, , % x 12.0x 11.8x 8.7% 8.3% 8.3% 5.3x 5.4x 5.4x 39.2% 470 FOOD DISTRIBUTION -13.1% x 12.9x 11.0x 2.7% 2.9% 2.9% 2.2x 1.8x 1.6x 0.5% 2,609 LABEL' VIE 1, ,545, % x 12.9x 11.0x 2.7% 2.9% 2.9% 2.2x 1.8x 1.6x 100.0% 2,609 SPECIALIZED DISTRIBUTION 15.5% x 16.9x 15.7x 4.3% 3.9% 3.7% 2.2x 2.3x 2.2x 1.7% 8,839 AUTO HALL ,245, % x 21.9x 19.2x 3.6% 3.1% 3.2% 2.7x 2.9x 2.7x 60.2% 5,319 AUTO NEJMA 1, ,023, % x 13.4x 12.5x 4.3% 3.3% 3.3% 2.1x 2.1x 1.9x 17.4% 1,536 ENNAKL ,000, % x 9.3x 10.8x 8.1% 7.2% 6.3% 1.9x 2.3x 2.2x 17.6% 1,554 FENIE BROSSETTE ,438, % n/s n/s n/s 0.0% 0.0% 0.0% 0.5x 0.6x 0.6x 1.5% 137 SRM , % x 3.0x 2.6x 11.9% 6.3% 6.3% 0.4x 0.5x 0.4x 0.9% 76 STOKVIS ,195, % x 87.5x 26.3x 0.0% 2.1% 2.1% 3.2x 2.8x 2.7x 2.5% 217 ELECTRICITY 14.7% x 17.5x 18.8x 5.3% 5.3% 4.3% 2.7x 3.0x 3.0x 3.0% 15,450 TAQA MOROCCO ,588, % x 17.5x 18.8x 5.3% 5.3% 4.3% 2.7x 3.0x 3.0x 100.0% 15,450 GAS 20.6% x 21.1x 18.4x 5.7% 4.1% 4.9% 4.1x 4.8x 4.6x 3.1% 15,764 AFRIQUIA GAZ 2, ,437, % x 18.4x 16.8x 4.5% 4.7% 5.1% 3.8x 3.5x 3.3x 48.1% 7,583 MAGHREB OXYGENE , % x 12.2x 11.7x 4.8% 4.1% 4.3% 0.3x 0.4x 0.4x 0.5% 80 TOTAL MAROC ,960, % x 24.8x 20.3x 7.6% 3.5% 4.8% 5.7x 8.7x 8.6x 51.4% 8,102 Page 5

6 Key performance indicators (2/2) 5:00 pm -Weekly Edition- Value on EPS P/E D/Y P/B Capitalization Share Quantity of shares Perf /07/ E 2017E E 2017E E 2017E E 2017E in % MAD m HOLDING 6.3% x 9.4x 8.5x 6.1% 8.1% 8.4% 1.1x 1.0x 1.0x 0.4% 1,843 DELTA HOLDING ,600, % x 9.4x 8.5x 6.1% 8.1% 8.4% 1.1x 1.0x 1.0x 95.2% 1,754 ZELLIDJA , % n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 4.8% 89 HOTELS AND LEISURE 71.9% n/s n/s n/s 0.0% 0.0% 1.4% 1.3x 1.2x 1.2x 0.3% 1,574 RISMA ,326, % n/s n/s n/s 0.0% 0.0% 1.4% 1.3x 1.2x 1.2x 100.0% 1,574 REAL ESTATE 47.7% n/s 11.3x 9.6x 7.8% 5.9% 6.4% 0.7x 1.0x 0.9x 3.4% 17,284 ADDOHA ,557, % x 12.1x 11.8x 9.5% 6.8% 7.1% 0.7x 1.0x 1.0x 68.7% 11,870 ALLIANCES ,648, % n/s 47.9x 7.0x 0.0% 0.0% 0.0% 0.4x 0.5x 0.4x 4.5% 784 BALIMA ,744, % 6.8 n/a n/a 15.4x n/a n/a 4.2% n/a n/a 1.7x n/a n/a 1.0% 174 RDS ,208, % x 8.6x 6.7x 5.4% 4.7% 5.9% 0.9x 1.1x 1.0x 25.8% 4,456 INDUSTRIAL SERVICES -9.6% n/s n/s 32.4x 2.0% 2.2% 2.4% 1.6x 1.5x 1.5x 0.1% 308 DELATTRE LEVIVIER ,250, % x 15.6x 11.9x 2.6% 3.4% 3.8% 1.1x 0.8x 0.8x 64.9% 200 MED PAPER ,582, % n/s n/s n/s 0.0% 0.0% 0.0% 47.7x -2.9x -1.8x 15.1% 46 STROC INDUSTRIE ,248, % n/s 77.2x 27.0x 0.0% 0.0% 0.0% -1.7x -2.5x -2.7x 20.0% 62 INDUSTRIAL TRANSPORTATION 16.8% n/s 23.5x 19.1x n/s 4.5% 4.5% n/s 2.6x 2.5x 1.3% 6,492 CTM ,225, % x 12.5x 11.4x 10.3% 5.5% 5.5% 1.8x 2.4x 2.2x 10.9% 709 MARSA MAROC ,395,600 19,1% n/a 26.2x 20.9x n/a 4.4% 4.4% n/a 2.7x 2.6x 87.7% 5,692 TIMAR , % n/s 38.3x 16.9x 2.4% 3.9% 4.6% 1.2x 1.0x 1.0x 1.4% 92 INFORMATION TECHNOLOGY 12.3% x 8.5x 7.8x 7.6% 8.0% 8.2% 1.1x 1.1x 1.1x 0.3% 1,504 DISWAY ,885, % x 9.2x 8.9x 9.1% 9.1% 9.1% 0.7x 0.7x 0.7x 30.2% 454 HPS , % x 6.7x 6.1x 5.1% 5.7% 5.7% 1.7x 1.5x 1.3x 24.7% 372 IB MAROC , % n/s n/s 49.8x 0.0% 1.6% 2.4% 0.6x 1.0x 1.0x 3.5% 53 INVOLYS , % x 4.8x 4.7x 6.3% 10.4% 12.2% 0.6x 0.5x 0.5x 2.9% 44 M2M Group , % x 8.7x 9.2x 4.9% 6.2% 6.2% 1.2x 1.3x 1.2x 12.5% 188 MICRODATA ,680, % x 7.9x 6.8x 10.8% 10.6% 11.3% 2.2x 2.3x 2.1x 14.8% 222 S2M , % x 10.4x 10.8x 10.3% 10.0% 10.5% 2.0x 2.3x 2.3x 11.3% 171 ELECTRICS AND ELECTRONICS 7.1% x 9.4x 7.8x 5.0% 4.7% 4.7% 0.5x 0.5x 0.5x 0.1% 336 NEXANS MAROC ,243, % x 9.4x 7.8x 5.0% 4.7% 4.7% 0.5x 0.5x 0.5x 100.0% 336 MINING 22.6% x 24.4x 21.8x 6.4% 4.7% 5.0% 2.2x 2.8x 2.8x 2.9% 14,897 MANAGEM ,158, % x 40.6x 31.8x 2.9% 2.7% 3.2% 1.8x 2.6x 2.5x 57.5% 8,563 MINIERE TOUISSIT 1, ,681, % x 11.4x 11.2x 13.8% 11.6% 11.8% 2.5x 3.2x 3.5x 13.1% 1,950 REBAB COMPANY , % n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.1% 22 SM IMITER 2, ,645, % x 19.3x 18.3x 8.6% 5.7% 5.5% 2.8x 3.2x 3.2x 29.3% 4,361 TELECOMS 14.0% x 20.4x 19.8x 5.7% 4.9% 5.0% 6.4x 7.3x 7.3x 21.8% 111,865 MAROC TELECOM ,095, % x 20.4x 19.8x 5.7% 4.9% 5.0% 6.4x 7.3x 7.3x 100.0% 111,865 OIL 0.0% n/s n/s n/s 0.0% 0.0% 15.6% 2.9x 0.2x -0.5x 0.3% 1,521 SAMIR ,899, % n/s n/s n/s 0.0% 0.0% 15.6% 2.9x 0.2x -0.5x 100.0% 1,521 PHARMACEUTICAL 12.8% x 15.7x 15.0x 8.4% 4.8% 4.7% 2.9x 3.4x 3.2x 0.7% 3,435 PROMOPHARM 1, ,000, % x 11.2x 10.8x 19.9% 6.8% 5.9% 2.1x 3.5x 3.2x 34.4% 1,181 SOTHEMA 1, ,800, % x 19.8x 18.8x 3.9% 3.8% 4.0% 3.5x 3.4x 3.2x 65.6% 2,254 UTILITIES 14.1% x 12.8x 11.2x 5.8% 5.2% 5.2% 1.8x 2.0x 1.8x 0.8% 3,880 LYDEC ,000, % x 12.8x 11.2x 5.8% 5.2% 5.2% 1.8x 2.0x 1.8x 100.0% 3,880 FINANCIAL SERVICES 9.1% x 13.8x 12.8x 6.5% 6.6% 6.9% 1.4x 1.5x 1.4x 1.3% 6,759 AXA CREDIT , % n/s 24.4x 11.8x 0.0% 0.0% 0.3% 1.3x 1.0x 0.9x 2.6% 175 DIAC SALAF ,053, % n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.4% 28 EQDOM 1, ,670, % x 11.3x 11.1x 9.6% 8.6% 8.8% 1.0x 1.2x 1.2x 26.5% 1,794 MAGHREBAIL ,384, % x 10.7x 10.5x 7.4% 8.2% 9.0% 0.8x 0.9x 0.8x 14.1% 951 MAROC LEASING ,776, % x 15.9x 13.5x 4.1% 4.6% 5.3% 1.3x 1.3x 1.2x 16.2% 1,097 SALAFIN ,394, % x 13.5x 12.4x 8.3% 7.5% 7.6% 2.6x 2.9x 2.8x 27.5% 1,856 TASLIF ,472, % x 32.8x 30.7x 2.0% 2.5% 2.5% 3.1x 2.5x 2.5x 12.7% 859 S: Suspended PS: The calculation of the ratios of previous years is based on the closing of the tax year. n/s = Not significant n/a = Not available Source: Companies, BMCE Capital Research Page 6

7 5:00 pm -Weekly Edition- System of recommendations BMCE Capital Research uses an absolute system of recommendation. The recommendation for each stock is made according to the total return, that is the potential for increase (dividend payout and share buybacks included) within 12 months. BMCE Capital Research uses 5 recommendations: Buy, Accumulate, Hold, Reduce and Sell. In specific cases, for a short period, analysts can choose to suspend their opinion, in which case they use Suspended or Not monitored, terms which are defined below. Definition of the various recommendations Buy: the stock should generate a total gain of more than 20% within 12 months; Accumulate: the stock should generate a total gain ranging from 10% to 20% within 12 months; Hold: the stock should generate a total gain ranging from 0% to 10% within 12 months; Reduce: the stock should record a total drop ranging from 0% to -10% within 12 months; Sell: the stock should record a total drop of more than -10% within 12 months; Suspended: the recommendation is suspended due to a capital transaction (takeover bid, exchange offer or other) or change of analyst; Not monitored: this is used for companies at the time of their IPO or initiating coverage report. Sell Lighten Hold Accumlate Buy -10% 0% +10% +20% This recommendation system is given as an indication. Analysts may diverge in case of an erratic or punctual price evolution on the stock market of a certain value. Thus, the change in recommendation is not systematic and can intervene, in some cases, only after an observation period allowing to confirm the trend of the share on the stock exchange. Methods of valuation This document may refer to the following methods of valuation: DCF: The discounted cashflow method determines the present value of the cashflows that the company will generate in the future. This method is based on estimates established using a certain number of assumptions. We take as the discount rate the weighted average cost of capital, which represents the cost of the company s debt and the cost of stockholders equity estimated by the analysis, weighted for the proportion of each in the company s financing. Sum of parts: This method values the company s different activities separately, on the basis of methods appropriate to each of them and then adds them up. Stock market comparisons: This method compares the company s ratios with those of a sample of companies in the same business or with a similar profile (the comparables ). The average of the sample gives a valuation reference. The analyst then applies a downside or an upside depending on their view of the company (growth prospects, level of returns, etc.). Anglo-Saxon: The Anglo-Saxon method determines the present value of post-acquisition net economic benefits which should be generated by the company in the future taking account of the minimum solvability ratio. Page 7

8 5:00 pm -Weekly Edition- Headquarters: Tour BMCE, Rond-Point Hassan II, Casablanca - Morocco Phone: Fax: Casablanca trade register No License No. 3/26 by the approval of the Ministry of Finance Headquarters: Tour BMCE, Rond-Point Hassan II, Casablanca - Morocco Offices: 63, Boulevard Moulay Youssef, Casablanca Morocco Phone: Fax: Casablanca trade register No Disclaimer This document was prepared by BMCE Capital Research and published in accordance with current procedures. The content of this document comes from various reliable written sources but, in the event of damage resulting from the use of this information, is not binding on BMCE Capital Research, nor on BMCE Capital and nor on BMCE Capital Bourse, including in the case of lack of due care or negligence. BMCE Capital Research has established an organizational structure and procedures (or Chinese wall) designed to guarantee the independence of the financial analysts and the priority of customers interests. A black-out period is stipulated, running from the date of the beginning of drafting of the research memorandum until 3 months after its publication, during which time the financial analysts refrain from trading on their own account in shares in relation with the issuers and sectors they are monitoring. The information contained in this document and any opinion expressed in it do not under any circumstances encourage investment in the financial markets in general and in the Stock Exchange in particular. It is only given for information purposes and cannot be considered in any way as advice. In particular, any revenue from securities referred to in this analysis may fluctuate and the prices of securities may rise or fall. Investors may thus get back less than their initial investment and past performance is no guide to future performance. Currency exchange rates can have a negative effect on the value, price or revenues of the securities mentioned in this document. In addition, foreign investors who hold securities assume a foreign currency risk. This document was drawn up for clients and prospects of BMCE Capital and BMCE Capital Bourse. This document is intended for investors aware of the risks related to financial markets. If any individual should come into possession of this document, they should not make any investment decision solely on the basis of this document and should consult their own advisors. Investors should seek financial advice to ensure that the investment strategies examined or recommended in this document are appropriate and should understand that the opinions on the future prospects may not materialize. BMCE Capital Research, BMCE Capital and BMCE Capital Bourse individually and jointly decline any responsibility in terms of this document and give no guarantee as to the achievement of the targets and recommendations given herein, nor the accuracy or dependability of the information it contains. The information and explanations reproduced herein and the content are the exclusive property of BMCE Capital Research. It is strictly forbidden to copy, modify, reproduce, re-publish, distribute, display or pass on the content to an entity established under private law or public law, for profit or nonprofit purposes, irrespective of the medium or means of communication and the good or bad faith of the entity performing any of the above-mentioned actions. The content is for individual, strictly personal use. It may not be used for any commercial purpose or end. There are no exceptions to these rules unless the entity duly considered to be the owner of the intellectual property rights of this content (BMCE Capital Research) so agrees. Any breach of these rules exposes the entity responsible for the breach to the relevant penal sanctions and the legal action necessary for the restoration of the rights of the authors and their compensation. Any disputes concerning these rules shall come under the jurisdiction of the courts of Casablanca. Page 8