Research & Analysis

For the FY 2020, SNEP shows a limited decline in its revenue, i.e. -2.9% to MAD 917 Mn in line with our estimate of MAD 914 Mn (Cf. Start the year 2021 under the cash-conversion perspective).

CMT's operational achievements in 2020 do not come as a real surprise. In fact, the decreases in the EBIT by -31% to MAD 158 Mn and in the recurring NIGS by -35% to MAD 120 Mn are largely integrated into our initial forecasts (Cf. Start 2021 under the cash-conversion perspective).

In a context marked by the fall in domestic cement consumption of -10.0% in 2020, CIMAR outperforms its sector by limiting the drop in its revenues to -7.2% against an AGR estimate of -6.4 % (Cf. Start 2021 under the cash-conversion perspective).

Dollar strengthens despite Fed decisions. At the end of the week, the EUR/USD parity fell by -0.41% to 1.190 against 1.195 a week earlier.

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.