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Attijariwafa bank spreads in Africa


As the crisis raging in the international financial sector with many bankruptcies of financial institutions in the United States and massive recapitalization with the support of states at the global level, the first private bank in Morocco take the situation to expand its presence in Africa by acquiring five banks on the continent with Credit Agricole.

In detail the operation carried out by an exchange of cross-shareholdings, Attijariwafa resume participation of Crédit Agricole in its network of retail banks in Africa: Credit du Congo (81% stake), Ivorian Company Bank (51% stake), Bank of Cameroon Company (65% stake), Union Bank of Gabon (59% stake) and Credit du Senegal (95% of capital), for a total of 250 million euros.


Credit Agricole redeem his side an additional 24% of Morocco's capital credit held by Wafa Assurance that the end of June held a stake of approximately 31.22% in the bank.
The purchases will be made for an amount of 144 million euros and Credit Agricole and would increase its stake to 77% stake in the smallest of the Moroccan banks listed with a market capitalization of 3.679 billion dirhams.
The French bank will now focus on developing its Moroccan subsidiary accelerating the pace of branch openings to bring more of the 200 present to catch up on these two competing French Societe Generale and BNP (via BMCI)


Sofinco Moreover, 100% subsidiary of Credit Agricole, will take 15% stake Wafasalaf, allowing it to increase the participation of Sofinco to 49% stake, amounting to 71 million euros.

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Trarem backtracked


While the operation of introducing the company was beginning Trarem Africa This Monday, October 20 and ended on 22, the group decided to postpone his plan to raise 100 million dirhams in the Moroccan market to wait until the current turmoil on the Casablanca stock have passed.

If the reason for this postponement may appear consistent, it raises some questions. The Casablanca Stock Exchange
unlike other global exchanges, including those in emerging countries did not experience losses abyssalles with falls of more than 30% or 50% since the beginning of the year, at the closing to 17 / 10 she was virtually in equilibrium with an annual performance of -0.96% MASI just not enough to cry foul given the world situation.


Also the call to public savings was relatively small with only 100 million dhs for a place that builds a little more than 600 billion dirhams, the application did not seem so excessive.


So why such a delay?
The company feared it not succeed in placing all the securities, especially with the original syndicate which could appear as a fair bit with only one bank, BCP, and two brokerage firms and SAFABOURSE Upline?
One thing is for sure the confidence of individuals who have flocked en masse in recent times on the site quickly became disillusioned Moroccan with recent introductions that have not held great promise touted by many analysts and investment advisors. Worse
they themselves known negative performance with courses that have fallen below their IPO price when the standards so far was winning 20% to 30% on the first week of trading.
In fact, it seems simply that the Moroccan stock market would reach a certain stage of more mature or proven business plan too much optimism would no longer dream and turn heads, now the investors want more concrete and less than forecast, and they would operate more selective in their investment choices to the detriment of SMEs that unfortunately does not enjoy the same notoriety as major groups in Morocco.

Ultimately, this could be a blessing in disguise, valuations of future recruits will be required to document more wisdom and less complacent optimism based on overly optimistic visions of the future, thus driving from investors speculators trading days of the first preference for those with a vision to longer term.
2009 should confirm this trend, why not with a dominant role of the Moroccan state news provider listed companies with the use of privatization, it is believed already to the Royal Air Morocco and its subsidiaries Atlas Blue and Atlas Hospitality or even highways in Morocco.

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Trarem became publicly owned in full turmoil


Trarem Africa Ltd. The company specializes in the manufacture and distribution of office furniture has decided to take the plunge and enter the Casablanca stock exchange while the latter is undergoing a crisis leads in negative territory with an annual loss of nearly 3.5%.

The time may indeed appear quite inadvisable to raise capital on the Moroccan market, although the extent of the operation still quite modest at only 100.5 million dirhams, it does the attitude of investors is rather to be cautious and wait, individuals and institutional preferring to let the storm pass while waiting for better days.


The timing of such an operation may not always be easy to implement since it does not depend solely on the company, the visa CDVM and the various brokerage firms participating in the distribution also affect on the date of the transaction, besides the corporate campaign launched by Trarem in the press had already started a few months since announcing approach of the introduction.

The syndicate seems quite small with only 3 companies Upline Securities, BCP and SAFABOURSE, show some confidence in the quality of the company and the conduct of the operation or deliberate intention to limit application to improve satisfaction?
Bet that can pay for investors interested, they could be comfortably served in contrast to other transactions that have occurred recently but is still a risk in view of the chaotic course of the last recruits who have not attracted the crowds

In all cases the operation is now well underway and will be carried out both by transfer of 143,035 shares and the issuance of 106,965 shares or a total amount of 250,000 shares offered to investors at a price of 402 dhs.
The 100 million dhs collected by the company will enable it to continue its development in part within the kingdom and allow it to support the development of the office furniture market with the arrival of many service companies under the politics of offshoring.

Stay tuned.

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Label Life goes to the radius of the purse Second


The Casablanca stock market continues its march forward in the development of market Moroccan financial with the introduction of Life Label Society which is closer to its goal of 100 listed companies for 2010.
Indeed when society CMT (CMT registered) has just the leap here is that the Moroccan stock market will host its first company of grocery retailing, expanding at the same time the sectors represented.

Label Life specialist supermarkets in Morocco with 13 supermarkets decided to appeal to the market to raise between 456 and 524 million dirhams by a capital increase of 20%.

This piliotée BMCI as a leader with a syndicate composed of BMCE, BCP, Safa and ART stock exchange, has the primary purpose of financing an ambitious program to develop 27 new outlets by 2011 in order to reach 40 outlets with 6 hypermarkets.
Naturally there are also more traditional goals of each introduction including institutionalizing corporate image, developing the reputation of the business, diversify funding sources and especially benefit from tax incentives that are not negligible, the recall They include reducing by 50% for the SI firms that enter the stock market via a augmentaion capital of at least 20%.

The operation will take place through the creation of 458,150 new shares at a price ranging between 895 dirhams and 1,044 dirhams, which will subscribe to between 16 and 20 June with the possibility of an early closing on June 17 evening and a first quotation on July 2.

The distribution of the offer will be as follows:

Type 1: reserved for employees, 18 326 shares representing 4% of supply

Type 2: for natural persons (PP) and legal persons (PM) expressing orders below 500 000 dhs, 142,027 titles 31% of the offer

Type 3: Reserved PP and PM express orders of between 500,000 and 3 million dhs dhs, 68 722 shares representing 15% of supply

Type 4: Subject to banking law Moroccan, brokerage firm, mutual funds and institutional expressing orders up to 45,815 songs, 160,353 shares or 35% of supply

Type 5: Reserved for SA principally engaged in investment securities expressing orders up of 26.205 million dirhams, 68 722 shares or 15% of the offer.

methodologies used for valuing funds CCleaner are:

DCF: cost IFs of 12.78%, perpetual growth rate of 3.5% which gives a price of 2.432 billion and 2.898 billion dhs dhs which it is appropriate to impute a minority discount of 15%, which amounts to billions FP 2067 2463 millairds. Multiple stock

: The sample consists of companies Dairy Farm (Asia), Seventh Continent (Russian), BIM (Turkey) and Walmex (Mexico) and the ratios used are EV / sales and EV / EBIT, the average these two ratios gives a price of 1.239 billion dirhams

In the end, taking a weighting of 70% and 30% DCF gives a comparable price to 1,819 Billion 2.096 billion.

The group that conducted a turnover of 870 million, up 23.6% and net income (RN) from 8.394 million in 2007 (against only one million in 2006) is through an investment program committed 934 million dirhams over the next 3 years for the opening of four hypermarkets and 10 supermarkets a turnover of 5.689 billion and an RN 311 million dirhams in 2011.

Ultimately the price of this may seem quite high with a value of about 2 billion dirhams for a society that has made a profit limited to 8.394 million dirhams in 2007 and 41,184,000 in 2008, but places in the area supermarkets in Morocco are now limited with a concentrated market players between 4 Marjane (17 supermarkets and 25 hyperchés Acima) Aswak Assalam (6 hypermarkets) Metro (6 cash and carry) and newcomer Hanouty with its concept of supermarkets seeking to redeploy to the supermarket format.

The price is worth the candle, only time will tell especially since other players have their eye to the Moroccan market.

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introduction of the year with DELTA HOLDING


While society DLM has just completed its subscription period here that a second Moroccan society uses to market the Casablanca stock exchange to finance its expansion and development of its various subsidiaries.
The company in question is none other than the holding company Delta Holding, a company with 20 subsidiaries operating in the infrastructure sector, metallurgy, Environmental improvements, and finally para-services and real estate.

The operation will be carried out via open-price offer (OPO) for a price ranging between 870 dirhams and 920 dirhams, which will be set following the confrontation between supply and demand on the title.


In terms of the offer, it will consist of both a sale of 640,000 shares representing 16% of the final capital of the company and by an emission of 380 000 shares representing 9.5% of the final capital, totaling 1.02 million shares for a total of between 887.4 million and 938.4 million dhs dhs to purchase between April 24 and May 2

This operation considerably larger than that of DLM that opened the show introductions 2008 will be accompanied by a syndicate of investment significantly expanded since together the major private banks in the kingdom with Attijariwafa bank, BMCE, Societe Generale Marocaine Banking and Credit in Morocco which will add broker Dar Tawfir, Eurobourse Art Exchange and Safabourse.

The initial listing of securities is scheduled for 15 May

At the valuation of the company we find the two traditional methods of valuation most commonly used namely the DCF and comparable stock.

The first is based on a representative sample of 3 holding company already listed on the site to learn Moroccan ONA and SNI Zellidja which was declared admissible on PER (price earning ratio) Estimated Result 2008, is a multiple of 25.1 which applied for the benefit of DELTA HOLDING 2008 gives a valuation of capital is 4.6 billion dhs 1152 dhs per share.

The second method of DCF (discounted cash flow) is based on a discount rate of 10% and a perpetual growth of 3% which gives a value of 4.253 billion dirhams.
To this sum must be reduced to minority interests (355 million dirhams) and reflect a gain from the sale of 20 million dirhams from the sale of a terain doù in 2009 a recovery in 3914 Billion Dirhams.

So in the end, taking into account the 2 methods of FP recovery spring between 3.48 billion dirhams and 3.68 billion dirhams is between 870 and 920 dirhams per share respectively, representing a discount of 11% or 6%.

The detailed distribution of supply is divided as follows:

Type 1: reserved for employees, 51,000 shares offered or 1.2% of the capital after the increase.

Type 2: for natural persons (PP) and legal (PM) expressing orders below 250 000 dhs, 153,000 shares offered is 3.5% after the capital increase.

Type 3: for natural persons (PP) and legal (PM) expressing orders exceeding 250 000 dhs and less than 10 million dirhams, 153,000 shares offered is 3.5% after the capital increase.

Type 4: reserved for mutual funds, banks, institutional and CDG expressing orders less than 10% of the total (102,000 shares) or 5% for diversified mutual funds, 510 000 shares offered or 3.5% of the capital after the increase.

Type 5: Reserved for SA of Moroccan law and limited liability companies under foreign law whose principal activity is investment in securities with at least one year of expressing orders less than 50 million dirhams, 153 000 offered shares or 3.5% of the capital after the increase.

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resume introductions with DLM


That nearly three months that no company was floated on the Casablanca stock exchange, three month-long dearth of fresh paper that intérompre just entering the financial market Moroccan Delattre Levivier MOROCCO (DLM). This large SME

certainly will not change the composition of the Casablanca stock exchange given the modest size of the operation limited to 91.125 million dirhams compared with a market capitalization that flirts with the bar of 675 billion dirhams but nevertheless allow the machinery to revive and restore the place to Moroccan headlines.



Many Moroccans had become accustomed gradually to the stock exchange mechanisms with many introductions in 2007 that reached number Reccord of 10 acquired companies and therefore looked forward to the 2008 vintage. But then
that the company may be only an appetizer and a large number of investors may be disappointed for a number of points. All of
abbord as has been said the size of the business remains relatively small with a market capitalization of 364.5 million dirhams and an offer of only 125 000 new shares at a price of 729 dirhams, or a total of 91.125 million dhs representing a float of 20%.

addition the union is chosen too small with only 2 players, BMCI as leader and the brokerage firm ICF Al Wasit, intermediaries far the leaders in the field of intermediation market in Morocco.
So unless you open an account with such brokerage firms, investors will have to wait until the first day of trading on 29/04 to purchase securities.

For those still wishing to take the steps necessary to acquire securities in this introduction here are the details of the transaction taking place from April 14 to 16 with a possibility of early closing on 15th evening:

Type 1: reserved for employees of DLM, 6000 offered shares or 6% of capital

Type 2: for natural persons (PP) and legal (PM) expressing lower levels to 1,000 shares, 35,250 shares offered is 28.2% of the capital

Type 3: Reserved for PP and MP expressing orders between 1000 and 5000 shares, 25000 shares offered 20% of capital.

Type 4: Institutional expressing orders below 12,500 shares, 58,750 shares offered at 47% of the capital

Please note that orders will be served by successive iteration for type 2 and type 3 pro-rated, so given supply is more important for Class 2 is better for investors of just over 1000 shares to reduce their requests to stay under the threshold of the fateful thousand titles.
Moreover, it should be noted that there will be no effect leverage as possible, it will have 100% of the amount requested in the subscription. A union

limited, the lack of leverage, it seems that different actors have understood the need to return more reason to encourage investors and vraix avoid windfall for wealthy speculators who asked the maximum allowed without having the funds.
Sanctions CDVM on the latest introductions were thinking more of a corporation, a reminder he had sanctioned several companies for breach of rules including UPLINE who fined a record 10 million dirhams.
The company
DLM will use these funds to develop its export business and also for starting a business of building wind turbine towers in Morocco. DLM
achieved a 2006 turnover of 317 million dirhams and a net profit of 7,618 billion, respectively, is expected in 2007 and 460.27 billion for 2008 and 13.737mds 559.59 billion and 18,567 billion.

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Attijariwafa Bank saw its net income group share increased 8.2%


The first private bank in the kingdom has released its results for the year 2007 and the first thing we can say is that they are quite good even if in the all these figures are in line with expectations.
The bank posted a net banking income (GNP) increased by 18.6% to 8.8 billion driven primarily by the sharp rise in interest margin, which grew by 20.9% and the margin on that committee was satisfied with a increase of 18.9%

The Result gross operating income (EBITDA) rose to an increase of 18.8% to 4.6 billion dirhams or a performance equivalent to the increase in GDP despite operating expenses which have reached almost 3.9 billion dirhams more than 21.8% over 2006 The increase is due mainly to the development of the bank in Morocco and abroad with the expansion of the network.

Finally, Performance will be satisfactory Attijariwafa Bank at a profit, group share of 2.5 billion dirhams but 2.7 billion dirhams in consolidated an increase of 15%

The Moroccan bank through these result on year 2007 saw its equity increase to 18.2 billion dirhams enabling it to support the financing of major projects in Morocco traveaux while respecting the rule of division of risks per client.

All banking business saw their performance improve, both in terms of retail banking in Morocco with customer deposits up by 12.8% to 136.4 billion giving it a market share (PDM) from 26.5% in the collection and 30.6% in the distribution of credit with dhs 106.5 Billion in corporate banking and investment (BFI), which has benefited fully from the growth of Moroccan stock market or internationally with the expansion in Africa and Europe activity. At

subsidiaries include cases WAFA Insurance that reached 603.7 million dirhams RN up 92% and sits atop a MDP of 20% or even Wafasalaf with RN 243 million dirhams in up 21% benefiting fully from the economic development in Morocco.

The rise of Moroccan financial market and the growing Appétit Moroccans have contributed to the scholarship also subsidiaries of the bank, notammentAttijari Finance Corp., which took full advantage of the record number of introduction to number 10 last year, confirming its leadership in the field of consulting and mergers and acquisitions in the introduction, the CR increased to 40.9 million dhs against 16.9 million in 2006. The company
Attijari intermediation, first speaker of the place, has also benefited from the explosion of orders and volumes on the Casablanca stock exchange with a turnover up by 14.3% to 118.3 millionds dhs for a RN to 72.8 million dhs up 33.9%, same for Wafa Management in asset management with 46 billion dirhams in assets, up 7% MDP with 32% for RN 71.5 million dhs.

bank in 2007 has continued its development and restructuring in the international relief Attijari Tunisia has reached a GDP of 669.4 million dirhams, up 29.3%, melting in Senegal between the subsidiary creates and TSB create a bank of 19 agencies before eventually incorporate CBAO in which the group Aquis 79% of capital and finally the SUIT development in Europe with the establishment of branch in the Netherlands and Germany.

The Board of Directors proposed a dividend of 50 dirhams (45 dirhams in 2006) which should allow the bank to see its path on the stock market continue progression (33.9% increase in 2007).

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The weight of foreign companies on the stock exchange: or disability benefit?


The growth of the Moroccan economy, its openness and its position as a crossroads between Europe and Africa has very early attracted large foreign companies, especially French and English, c ' is therefore natural that we find the Moroccan capital of major companies listed.
This weight is there a capital advantage or a disadvantage for the Casablanca stock exchange?

The question worth asking in light of the recent development of the Moroccan place and appeal that exercises on overseas given the exceptional performance achieved mainly in the last 2.
A major event this week may provide an early answer to this thorny issue, the announcement of the results of the largest AMI Moroccan society.
Indeed, Morocco Telecom company posted a feat by achieving a net profit up 19.2% to nearly 8 billion dirhams, its majority shareholder Vivendi with its 51% stake in the flagship Morocco has decided to distribute their entirety.
This decision may seem surprising, AMI has no longer any ambition to develop in Morocco in Europe or in Africa?
With such a sum would not it have been wise to use some to seek growth opportunities in West Africa at the time or the competition in the domestic market with the arrival of WANA a third operator which has the means of its ambitious main shareholder ANO? In reality this
generosity of AMI with respect to its shareholders due mainly to the huge requirement of Vivendi, which is engaged in acquisitions in Europe with the acquisition of Nine and internationally with the acquisition Activision by Vivendi Games subsidiary requiring large sums of cash.

Morocco Telecom is not an isolated case, there are many Moroccan companies listed on the Casablanca Stock Exchange with a majority foreign shareholder whose main objective is to put the cash to the parent that she will handle the development International group.
can include cement with MOROCCO Lafarge, Holcim and other CEMENT MOROCCO but also with the bank and Credit BMCI of Morocco that any development abroad through capital increases in the square in Morocco is excluded.

Conversely we can take a large Moroccan companies that have attempted the challenge to engage in international finance itself on the market of Casablanca, for example BMCE or Attijariwafa Bank who funded part of their expansion into Africa and Europe via lines or more recently Addoha bond which has raised more of 2.7 billion dirhams over the place via a capital increase to finance its acquisition of 50% of Fadesa MOROCCO.

So although we must not reduce the holdings of foreign companies with simple juicy investment, because they also bring their management method, a certain rigor and experience, they should not hamper the expansion of the Casablanca stock full of liquidity and just waiting to be leveraged financing of Moroccan firms as long as the solicitation for projects well put together.

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Year in 2007 and what prospects for 2008 Coup


The day of reckoning has arrived for this year 2007 which proved eventful for the Casablanca stock exchange with the arrival of no fewer than 10 new companies to listing on the well number of listed companies to 73.
The 2006 performance has been restated in terms of encouraging the listing of firms on the Moroccan financial market, thus bringing the target of 100 listed companies for 2010 Deplus more credible.
Beyond Chifre introductions there is also the performance of two benchmark indices is to remember with an increase of no less than 33.92% for MASI and 31.13% for MADEX, a performance quite exceptional when you consider that 2006 had already seen the stock rise by 71.1% Moroccan and 22.5% in 2005.

horizon for 2008 promises to be an auspicious with a massive return for investors of all classes and especially the emergence of a class of investors that developed throughout the year Introductions over, it has now reached almost 100 000 individuals investing in stock. But despite the optimism
present a number of issues remain a concern for market development.
The portion of the tax on capital gain more than 10% to 15% for individuals and 20% for mutual funds could slow the growth of transactions and divert some of the new investors to other sectors, including the real estate. Similarly
year was marked by the enthusiasm caused by the multiplication of introductions and their promise of easy money and fast so far, but we realize that during the last operation the excess liquidity in the market caused a fall in the rate of satisfaction that often reached the award of 2 or 3 shares per person.
ridiculous figures coupled with a sharp moderation in the course of evolution of new entrants, for example SNEP introduced at 1250 dhs 1300 dhs only rating that currently only 4% increase, and introduced Atlanta to 1200 dhs only 1661 dhs is that an increase of 38%, it remains significant but far from Addoha or CGI in their time were the best ambassadors of the purse to the people, real media spotlight who have played the role of accelerator to the Casablanca Stock Exchange.

Finally, although that growth has been strong in recent years, the risk of creating speculative bubble remains limited given the good performance achieved by firms with an explosion of profits made possible thanks to a competitive local market and abroad including Africa and Morocco's economic growth driven by structural projects such as highways, railroads, new towns or the port of Tangier.
new introductions and the emergence of new products with the creation of a futures market should support within the grounds of the future expansion of the Moroccan market.