Insights

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.

In 2020, Mutandis achievements are in line with our initial forecasts. In a challenging context, the Group is demonstrating the resilienceof its business model, benefiting from the diversification of its business portfolio.

In FY 2020, Label Vie is maintaining its positive growth dynamic in an unprecedented context marked by the Covid-19 health crisis.

Casablanca, january 8, 2021 - In order to offer a complete range of securites brokerage services to its clients, the Attijariwafa bank group has regrouped its brokerage activities under the same brand : Attijari Intermédiation. [...]

Analysis by Attijari Global Research of financial achievements in H1-20 with a focus on the listed banking sector. Highlight of major sector trends and update of the 2020-2021 forecasts.

During H1-20. CMT’s revenue reported a decline of -24.4% at MAD 189.5 Mn. This largely ex-pected evolution is explained by two factors.

In 2020, COSUMAR is positioned among the resilient stocks in the Equity market. The stock’s high quality is based on the robustness of the Supply/Demand component, the low disruptions in the logistics chain and finally, the room for development of the export activity.

Despite an unfavorable sectoral context, CIMAR outperformed its market at the end of H1-20. The operator posted cement sales volumes down -7.1% against -17.8% for the sector.

As one of the world's TOP 10 Silver mines, SMI is among the few single-product miners with a competitive cash cost between 8.0 and 9.0 $/Oz. The sustainability of current Silver price levels, combined with the stability of SMI’s production, would allow the mining operator to benefit from a considerable margin effect.