Banque Marocaine Du Comm Exterieur CAPEX surged on 540% in 2015 and Revenue increased slightly on 1.9%
29 Mar 2016 • About Banque Marocaine Du Comm Exterieur (
$69IR) • By InTwits
Banque Marocaine Du Comm Exterieur reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Banque Marocaine Du Comm Exterieur has high CAPEX intensity: 5 year average CAPEX/Revenue was 11.0%. At the same time it's a lot of higher than industry average of 3.7%.
- CAPEX is quite volatile: 4,686 in 2015, 733 in 2014, 1,502 in 2013, 528 in 2012, 1,298 in 2011
- The company has potentially unprofitable business model: ROIC is at 3.7%
- It operates with high leverage: Net Debt/EBITDA is 1.6x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Banque Marocaine Du Comm Exterieur ($69IR) key annual financial indicators
| mln. MAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 12,509 | 14,252 | 15,511 | 17,166 | 17,491 | 1.9% |
| Net Income | 850 | 923 | 1,231 | 1,944 | 1,956 | 0.6% |
Balance Sheet
|
|---|
| Cash | 6,392 | 9,922 | 11,939 | 9,967 | 10,403 | 4.4% |
| Short Term Debt | 24,849 | 20,330 | 35,137 | 33,143 | 51,176 | 54.4% |
| Long Term Debt | 16,915 | 18,777 | 20,705 | 22,711 | 19,654 | -13.5% |
Cash flow
|
|---|
| Capex | 1,298 | 528 | 1,502 | 733 | 4,686 | 539.6% |
Ratios
|
|---|
| Revenue growth | -8.9% | 13.9% | 8.8% | 10.7% | 1.9% | |
| Net Income Margin | 6.8% | 6.5% | 7.9% | 11.3% | 11.2% | -0.1% |
| CAPEX, % of revenue | 10.4% | 3.7% | 9.7% | 4.3% | 26.8% | 22.5% |
| ROIC | 3.7% | 3.5% | 3.3% | 3.8% | 3.7% | -0.1% |
| ROE | 6.9% | 6.9% | 8.4% | 12.6% | 11.8% | -0.7% |
Revenue and profitability
Banque Marocaine Du Comm Exterieur's Revenue increased slightly on 1.9% in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Banque Marocaine Du Comm Exterieur had CAPEX/Revenue of 26.8%. Banque Marocaine Du Comm Exterieur's CAPEX/Revenue surged on 23.1 pp from 3.7% in 2012 to 26.8% in 2015. Average CAPEX/Revenue for the last three years was 13.6%.
Return on investment
The company operates at low ROIC (3.70%) and ROE (11.82%). ROIC showed almost no change in 2015. ROE decreased slightly on 0.74 pp from 12.6% to 11.8% in 2015.
Leverage (Debt)
Debt jumped on 26.8% in 2015 while cash increased on 4.4% in 2015.
Appendix 1: Peers in Banks
Below you can find Banque Marocaine Du Comm Exterieur benchmarking vs. other companies in Banks industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kazkommertsbank JSC ($KKB) | | | 6.0% | 16.3% | 41.4% |
| Sberbank Of Russia ($SBER) | | 37.2% | 25.1% | 23.4% | 27.4% |
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | | 37.6% | 23.7% | 18.9% | 26.8% |
| Yapi Ve Kredi Bankasi As ($YKBD) | | 14.9% | 4.8% | 19.7% | 25.3% |
| Mcb Bank Ltd ($MCBS) | | 3.0% | -1.7% | 19.4% | 22.4% |
| |
|---|
| Median (41 companies) | -16.1% | 9.3% | 4.2% | 12.1% | 6.9% |
|---|
| Banque Marocaine Du Comm Exterieur ($69IR) | | 13.9% | 8.8% | 10.7% | 1.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lloyds Banking Group ($LLPC) | | 8.0% | 8.9% | 13.1% | 13.6% |
| Banco Santander Sa ($BNC) | 2.2% | 2.7% | 2.6% | 8.9% | 10.2% |
| Guaranty Trust Bank ($GRTB) | 10.0% | 6.7% | 6.1% | 6.8% | 7.7% |
| Diamond Bank ($DBPA) | | 8.2% | 7.9% | 6.0% | 6.7% |
| Banco Bilbao Vizcaya Argentaria Sa ($BVA) | 4.1% | 5.1% | 3.8% | 4.5% | 6.0% |
| |
|---|
| Median (39 companies) | 2.3% | 2.2% | 2.7% | 2.1% | 2.5% |
|---|
| Banque Marocaine Du Comm Exterieur ($69IR) | 10.4% | 3.7% | 9.7% | 4.3% | 26.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 16.3% | 21.7% | 26.9% | 30.1% | 30.3% |
| Guaranty Trust Bank ($GRTB) | 14.2% | 19.8% | 18.9% | 17.8% | 16.0% |
| Mcb Bank Ltd ($MCBS) | 18.7% | 15.0% | 14.4% | 15.8% | 14.9% |
| United Bank Ltd ($UBLS) | 12.6% | 11.7% | 11.8% | 13.8% | 12.6% |
| Zenith Bank ($ZENB) | 13.8% | 19.0% | 17.6% | 15.0% | 11.2% |
| |
|---|
| Median (41 companies) | 7.1% | 6.4% | 5.7% | 4.5% | 3.4% |
|---|
| Banque Marocaine Du Comm Exterieur ($69IR) | 3.7% | 3.5% | 3.3% | 3.8% | 3.7% |
