Research & Analysis

As expected, Cosumar showed during 2020 a solid resilience of its results, despite the negative repercussions of the health crisis on the local demand.

Following our survey conducted in March, we have identified investors' expectations toward the evolution of the Moroccan central bank key rate on the sidelines of its 1st meeting of Q1-21.

ECB meeting seems to benefit the euro. During this week, the EUR/USD parity recorded an increase of 0.32% to 1.195 at the end of the week against 1,192 a week earlier.  

In 2020, TAQA Morocco recorded a consolidated revenue of MAD 7,789 Mn down -14.6%. This is mainly explained by the -24.1% drop in energy costs following the decline in international coal prices (i.e. -17.0% in 2020).

The dollar uptrend continues. The EUR/USD parity is experiencing very high volatility this week. The dollar traded higher against the major currencies. 

2020 achievements without surprises. The growth of SMI's activity in 2020 is in line with our initial forecasts (C.f. Start 2021 under the cash-conversion perspective). This is a slight increase in revenue of 0.5% to MAD 856 Mn against an estimate of MAD 865 Mn.

The dollar ended the week higher supported by hopes of the adoption of Joe Biden's $ 1,900 Bn stimulus plan and the approval of the Johnson & Johnson vaccine. 

Listed companies' release of their operating results for the 4th quarter of 2020 takes place in a context marked by the gradual recovery of economic activity in Morocco.  

Maroc Telecom’s 2020 achievements confirm our annual growth forecasts, whether in terms of activity, profitability or even cash-generation. Despite its solid resilience in 2020, the Group lowered its DPS to MAD 4.01, causing a visible disappointment within the market.