The mass of Scope 40 dividends from BMCE Capital Global Research (BKGR) should increase, for the year 2022, by 2.5% to 19.7 billion dirhams (MMDH).
“In 2022e and assuming the projected growth of our earnings capacity, the mass of dividends should increase by 2.5% to 19.7 billion dirhams, driven by the increase in distribution expected from Totalenergies Marketing Maroc accompanying the evolution of its RNPG and BMCI which should return to a quasi-normative level of dividend and payout, following a drop in the DPA in 2021”, indicates BKGR in its latest “Forecast 2022-2023”.
The dividend yield D/Y (Editor’s note: dividend yield, defined as the ratio between the stock market price and the dividend) should therefore remain almost stable at 3.3% in 2022.
In 2023, BKGR expects a slight increase in the overall dividend envelope of 1.7% to 20 billion dirhams, raising the D/Y of the market to 3.3%.
In addition, BKGR points out that given the evolution of earnings capacity as well as that of stock market prices, its Scope is trading at improving valuation levels, standing at 21.1x in 2022 before falling to 19 .4x in 2023, i.e. a level close to 2018.
It should be noted that BKGR anticipates an 8.6% improvement in the earning capacity of its Scope to 28.9 billion dirhams in 2022 (against initial forecasts of +8.3% in the October Forecast) before strengthening from 9% to 31.5 billion dirhams in 2023.