Insights

The orientation of the stock market in recent years confirms, in our opinion, its high sensitivity to bonds. In  2022, the bullish reversal of the yield curve in Morocco was accompanied by an annual underperformance of the MASI index of -20%.

A "leadership" preserved in all countries of presence The incumbent telecommunications provider of Senegal (SONATEL), a subsidiary of the Orange Group, is a key player in West Africa.

In June 2023, we note a significant improvement in investors’ confidence towards the Equity market. Indeed, the AGR Confidence Index stands at 57.0 pts, up +24.5 pts compared to the previous edition.

An assessment of TotalEnergies Maroc stock takes place in a particular context marked by a volatility of the distribution margins, a decline in the consumption growth as well as an upward readjustment of the discount rates applied by financial investors.

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.