Research & Analysis

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.

The commercial achievements of listed companies in the 3rd quarter of 2024 took place within a context marked by two main factors.

The USD/MAD pair depreciated this week by -0.57% from 10.06 to 10.00 after remaining above 10 MAD throughout the week.

USD/MAD pair appreciated this week by +0.79%, going from 9.98 to 10.06, a high of more than 6 months.This evolution is due to a positive basket effect. This comes out at +0.79% related to the appreciation of the Dollar against the Euro this week.

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. 

The USD/MAD pair appreciated this week by +1.06%, up from 9.88 to 9.98, a 5-month high.This evolution is explained by a positive basket effect. It comes out at +1.22% after the appreciation of the Dollar against the Euro this week. The market effect comes out to be less significant at -0.16% in favor of the Dirham.

This evolution is mainly explained by a positive basket effect. This comes out at +0.53% after the appreciation of the Dollar against the Euro this week. The market effect, for its part, comes out to less significant at -0.05%, i.e. a marginal impact in favor of the Dirham.

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.

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.