Listed banks: Towards new all-time highs in 2025
In a resilient macroeconomic context, listed banks in Morocco confirm their solid growth profile, going from an AAGR of their Net Banking Income of 3.7% during the pre-Covid period(1) to 7.5% over 2023-2026E.
Côte d'Ivoire : Facing the test of falling commodity prices
The resilience of the Ivorian economy would likely be put to the test with the scenario of expected sharp correction in commodity prices. In fact, according to the 2025 Finance Act forecasts, the average price of Cocoa expressed in FCFA should fall by -25.8%, Cotton by -8.5%, Coffee by -2.4% and finally Oil by -10.5%.
Morocco_2025 FA_ Increase in tax revenues_a key element to the good health of public financess publiques
By approaching 20% of GDP in 2025E, tax revenues have reached historically high levels and should stabilize at least until 2027E, according to projections by the Ministry of Finance(1).
Morocco Key Rate Expectations - December 2024
During our recent survey, we identified investors' expectations regarding the evolution of the Moroccan Central Bank Key rate during its 4th and last monetary policy meeting scheduled for December 17th, 2024.
Listed companies Results Q3-24
The commercial achievements of listed companies in the 3rd quarter of 2024 took place within a context marked by two main factors.
Analyse Research - Marsa Maroc 2024
Our valuation of Marsa Maroc is conducted within a favorable environment, where the Kingdom aspires to become a global logistics hub for Africa. A credible vision which is supported by Tanger Med II's new position as the 1st port in Europe and Africa in terms of operational efficiency in 2023.
Research Paper-CIMAR 2024
Our interest in CIMAR Group comes in an opportune sectoral context, marked by the favorable expected recovery of cement consumption in Morocco and the recent announcement related to the acquisition of the cement manufacturer Asment de Témara by the listed operator.
Research Paper-ATW bank-Forecasts 24E-26E
For H1-24, the Attijariwafa bank Group reported achievements above our expectations for the 3rd consecutive year. In fact, the annual achievement rates of the NBI and the NIGS exceed the level of 50%, i.e. respectively 53% and 56% in average.
AGR-OPV CDM 2024
Following the acquisition of Crédit Du Maroc by Holmarcom Group in 2022, from Crédit Agricole France, the new main Shareholder is launching a Secondary Public Offering of 11.3% of the capital.
