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Moroccan (MASI) Market Analysis & Valuation

UpdatedMar 18, 2024
DataAggregated Company Financials
Companies71
  • 7D1.5%
  • 3M6.7%
  • 1Y22.9%
  • YTD7.1%

The market has climbed 1.5% in the last 7 days, lead by the Financials sector with a gain of 2.8%. As for the past 12 months, the market is up 23%. Earnings are forecast to grow by 11% annually.

Market Valuation and Performance

Has the Moroccan Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 19 Mar 2024د.م662.9bد.م281.9bد.م32.6b22x20.4x2.4x
Thu, 15 Feb 2024د.م647.4bد.م283.6bد.م32.6b22.6x19.9x2.3x
Sat, 13 Jan 2024د.م639.3bد.م283.1bد.م32.7b21.4x19.6x2.3x
Mon, 11 Dec 2023د.م601.3bد.م278.1bد.م31.2b20.5x19.3x2.2x
Wed, 08 Nov 2023د.م605.0bد.م275.7bد.م30.2b20.2x20x2.2x
Fri, 06 Oct 2023د.م590.3bد.م273.0bد.م29.7b20.3x19.9x2.2x
Sun, 03 Sep 2023د.م604.8bد.م270.2bد.م29.9b20.1x20.3x2.2x
Tue, 01 Aug 2023د.م617.0bد.م259.6bد.م29.2b20.8x21.1x2.4x
Thu, 29 Jun 2023د.م588.3bد.م263.3bد.م27.1b20x21.7x2.2x
Sat, 27 May 2023د.م558.1bد.م255.9bد.م26.6b21x21x2.2x
Mon, 24 Apr 2023د.م537.6bد.م251.3bد.م27.6b17.9x19.5x2.1x
Wed, 22 Mar 2023د.م526.2bد.م237.9bد.م26.7b18.9x19.7x2.2x
Fri, 17 Feb 2023د.م547.8bد.م234.6bد.م27.5b18.9x20x2.3x
Sun, 15 Jan 2023د.م532.1bد.م233.3bد.م27.4b18.3x19.4x2.3x
Tue, 13 Dec 2022د.م572.3bد.م257.6bد.م28.1b20.7x20.3x2.2x
Thu, 10 Nov 2022د.م528.9bد.م257.0bد.م27.9b19x19x2.1x
Sat, 08 Oct 2022د.م596.3bد.م251.4bد.م28.3b21.3x21.1x2.4x
Mon, 05 Sep 2022د.م616.1bد.م244.6bد.م26.8b24.4x23x2.5x
Wed, 03 Aug 2022د.م601.1bد.م244.6bد.م26.8b23.1x22.4x2.5x
Fri, 01 Jul 2022د.م610.4bد.م246.4bد.م28.7b23.3x21.3x2.5x
Sun, 29 May 2022د.م625.0bد.م243.6bد.م28.3b23x22.1x2.6x
Tue, 26 Apr 2022د.م665.3bد.م236.5bد.م27.1b24.3x24.5x2.8x
Thu, 24 Mar 2022د.م641.4bد.م236.8bد.م26.9b22.9x23.9x2.7x
Sat, 19 Feb 2022د.م695.4bد.م235.7bد.م26.4b25.5x26.3x3x
Mon, 17 Jan 2022د.م697.6bد.م235.7bد.م26.4b25.7x26.4x3x
Wed, 15 Dec 2021د.م673.4bد.م236.5bد.م26.4b24.5x25.6x2.8x
Fri, 12 Nov 2021د.م676.1bد.م234.4bد.م25.8b25.2x26.2x2.9x
Sun, 10 Oct 2021د.م667.0bد.م232.1bد.م25.2b26.2x26.5x2.9x
Tue, 07 Sep 2021د.م642.7bد.م224.9bد.م20.7b30.5x31x2.9x
Thu, 05 Aug 2021د.م629.8bد.م224.8bد.م20.8b30.9x30.2x2.8x
Sun, 09 May 2021د.م599.6bد.م224.4bد.م20.0b29.5x29.9x2.7x
Price to Earnings Ratio

29.2x


Total Market Cap: د.م584.7bTotal Earnings: د.م20.0bTotal Revenue: د.م224.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Moroccan Market Price to Earnings3Y Average 23.3x202220232024
Current Market PE
  • Investors are pessimistic on the Moroccan market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 20.4x which is lower than its 3-year average PE of 23.3x.
Past Earnings Growth
  • The earnings for Moroccan listed companies have grown 18% per year over the last three years.
  • Revenues for these companies have grown 7.9% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Moroccan Market?

MA Market1.54%
Real Estate3.31%
Financials2.76%
Materials1.27%
Consumer Staples0.62%
Telecom0.44%
Consumer Discretionary0.43%
Energy0%
Healthcare0%
Utilities-0.25%
Industrials-0.38%
Tech-0.65%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading above its 3-year average PE ratio of 11.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 25.9% which is higher than its past year's earnings decline of 16.6% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 20.4x.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Discretionary sector, expecting annual earnings growth of 37% over the next 5 years.
  • This is better than its past earnings decline of 71% per year.
  • In contrast, the Utilities industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
ATW Attijariwafa bankد.م510.003.7%
+د.م3.6b
28.8%PB1.8xFinancials
BCP Banque Centrale Populaireد.م299.002.4%
+د.م1.4b
28.1%PB1.7xFinancials
IAM Itissalat Al-Maghrib (IAM)د.م103.001.0%
+د.م878.8m
24.9%PE17.1xTelecom
ADH Douja Promotion Groupe Addohaد.م20.8010.1%
+د.م759.7m
264.9%PE102.5xReal Estate
LHM LafargeHolcim Marocد.م2.00k1.6%
+د.م722.9m
42.2%PE32xMaterials
See more
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Market Insights

When we checked in on commodity markets in November there was a lot of red on the YTD returns table. Since then, the gold price has hit a new record and crude is back above $80...

Latest News

CDM

د.م880.00

Crédit du Maroc

7D

7.3%

1Y

38.6%

ATW

د.م510.00

Attijariwafa bank

7D

3.7%

1Y

28.8%

IAM

د.م103.00

Itissalat Al-Maghrib (IAM)

7D

1.0%

1Y

24.9%

SOT

د.م1,040.00

Societe de Therapeutique Marocaine

7D

-0.9%

1Y

-24.6%

TMA

د.م1,379.00

TotalEnergies Marketing Maroc

7D

-0.9%

1Y

14.9%

SBM

د.م2,550.00

Societe des Boissons du Maroc

7D

9.2%

1Y

14.9%

BCP

د.م299.00

Banque Centrale Populaire

7D

2.4%

1Y

28.1%

DHO

د.م39.50

delta holding

7D

-3.1%

1Y

69.4%

ATL

د.م122.00

AtlantaSanad Société Anonyme

7D

-1.4%

1Y

1.7%

BOA

د.م198.00

Bank of Africa

7D

1.5%

1Y

22.6%

HPS

د.م590.00

Hightech Payment Systems

7D

-1.4%

1Y

-9.1%

SID

د.م705.00

SONASID

7D

-3.1%

1Y

26.0%

ADH

د.م20.80

Douja Promotion Groupe Addoha

7D

10.1%

1Y

264.9%

LHM

د.م2,000.00

LafargeHolcim Maroc

7D

1.6%

1Y

42.2%