Insights

In-depth analysis of CDM's recent performance and strategic outlook, highlighting key growth drivers for the future.

Bank Al-Maghrib continues cutting its key rate to support growth despite inflation risks.

March 2025 survey on financial investors' expectations regarding the evolution of Bank Al-Maghrib's Key Rate.

Listed companies show strong growth in Q4-24, with rising revenues and momentum driven by several key sectors.

At the end of FY 2024, CFG Bank recorded operational achievements higher than our initial forecasts, particularly in terms of NBI and Cost to Income. 

Marsa Maroc has just announced on February 18th 2025, a strategic partnership which marks a new stage in its development. This involves the signing of an agreement with Terminal Investment Limited (TIL), a subsidiary of the Mediterranean Shipping Company (MSC) Group, considered to be the leading shipowner worldwide.

Following our analysis of CDM's achievements at the end of September 2024, we have revisedupwards our forecasts for 2024E-2026E, compared to those communicated by Management inthe SPO last November.

In a resilient macroeconomic context, listed banks in Morocco confirm their solid growth profile, going from an AAGR of their Net Banking Income of 3.7% during the pre-Covid period(1) to 7.5% over 2023-2026E.

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.