Insights

During this first quarter of 2023, 67 listed companies released their operational achievements. These account for more than 99% of the market's capitalization.

Following Maroc Telecom FY 2022 annual achievement and based on our discussions with the Management on April 11th 2023, we have updated our analysis as well as our stock's valuation.

During our survey conducted in March, we identified investors' expectations regarding the evolution of the Moroccan central bank key rate during its 1st monetary policy meeting scheduled for March 21st, 2023.

At the end of 2022, Label Vie's revenue stands at 13,947 Bn, slightly higher than our forecasts which anticipated an activity level of 13,556 Bn. Therefore, yhe Group recorded a sustained growth of +18.6% in 2022, the highest in the last decade.

Senegal has accustomed us to posting very high growth rates which find origin in a diversified economy. In a crisis period, Senegal has shown strong resilience, and is one of the few economies to maintain a positive growth rate.

Following the inflationary surge in Morocco which reached a 30-year high, i.e. above 8.0% in October, the institution is continuing its restrictive policy by prioritizing the support of price stability.

During our survey conducted in December, we identified investors' expectations regarding the evolution of the Moroccan central bank key rate during its 4th and last monetary policy meeting in 2022.

In a tense international context, marked by continued inflationary pressures and the downward revision of economic growth forecasts, we are witnessing a significant deterioration in investor confidence toward the Equity market.

The release of H1-22 results of listed companies comes amid an unprecedented context marked by an acceleration of inflation at local and international level.