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Moroccan (MASI) Market Analysis & Valuation

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies74
  • 7D1.2%
  • 3M-5.3%
  • 1Y30.5%
  • YTD27.8%

Over the last 7 days, the market has remained flat, although notably the Utilities sector declined by 4.0%. As for the longer term, the market has risen 31% in the past 12 months. Looking forward, earnings are forecast to grow by 14% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Dec 2025د.م1.0tد.م325.7bد.م45.0b22.8x22.7x3.1x
Thu, 20 Nov 2025د.م947.4bد.م325.1bد.م44.9b21.9x21.1x2.9x
Sat, 18 Oct 2025د.م961.6bد.م321.7bد.م44.5b22.1x21.6x3x
Mon, 15 Sep 2025د.م1.0tد.م311.8bد.م43.4b24.8x23.7x3.3x
Wed, 13 Aug 2025د.م1.0tد.م311.2bد.م43.3b25.2x23.8x3.3x
Fri, 11 Jul 2025د.م973.6bد.م309.7bد.م37.3b24.9x26.1x3.1x
Sun, 08 Jun 2025د.م959.4bد.م313.4bد.م37.4b24.7x25.7x3.1x
Tue, 06 May 2025د.م895.3bد.م296.0bد.م33.7b24.3x26.5x3x
Thu, 03 Apr 2025د.م904.3bد.م299.5bد.م34.8b23.3x26x3x
Sat, 01 Mar 2025د.م856.8bد.م298.1bد.م33.6b22.9x25.5x2.9x
Mon, 27 Jan 2025د.م795.8bد.م297.1bد.م32.8b23.2x24.3x2.7x
Wed, 25 Dec 2024د.م738.2bد.م299.1bد.م32.8b22.1x22.5x2.5x
Fri, 22 Nov 2024د.م746.2bد.م294.1bد.م32.1b21.9x23.2x2.5x
Sun, 20 Oct 2024د.م715.0bد.م294.1bد.م32.1b21.8x22.3x2.4x
Tue, 17 Sep 2024د.م712.0bد.م290.4bد.م30.2b24x23.6x2.5x
Thu, 15 Aug 2024د.م705.4bد.م291.1bد.م30.0b22.3x23.5x2.4x
Sat, 13 Jul 2024د.م691.4bد.م290.7bد.م34.0b22.1x20.4x2.4x
Mon, 10 Jun 2024د.م674.7bد.م290.4bد.م33.9b21.9x19.9x2.3x
Wed, 08 May 2024د.م685.3bد.م289.9bد.م32.9b21.8x20.8x2.4x
Fri, 05 Apr 2024د.م664.9bد.م282.3bد.م32.5b23.3x20.5x2.4x
Sun, 03 Mar 2024د.م661.4bد.م281.6bد.م32.3b23.1x20.5x2.3x
Tue, 30 Jan 2024د.م634.8bد.م283.6bد.م32.7b22.5x19.4x2.2x
Thu, 28 Dec 2023د.م617.4bد.م284.5bد.م32.8b20.4x18.8x2.2x
Sat, 25 Nov 2023د.م603.5bد.م278.0bد.م31.4b20.2x19.2x2.2x
Mon, 23 Oct 2023د.م617.5bد.م275.4bد.م30.1b20.6x20.5x2.2x
Wed, 20 Sep 2023د.م598.4bد.م273.2bد.م30.7b19.9x19.5x2.2x
Fri, 18 Aug 2023د.م611.1bد.م264.8bد.م29.5b20.7x20.7x2.3x
Sun, 16 Jul 2023د.م589.0bد.م258.7bد.م26.8b20.6x22x2.3x
Tue, 13 Jun 2023د.م561.8bد.م255.6bد.م26.6b21.1x21.1x2.2x
Thu, 11 May 2023د.م536.3bد.م252.8bد.م27.3b19.5x19.7x2.1x
Sat, 08 Apr 2023د.م538.1bد.م239.6bد.م26.8b18.7x20.1x2.2x
Mon, 06 Mar 2023د.م552.2bد.م238.1bد.م26.7b19.1x20.6x2.3x
Wed, 01 Feb 2023د.م532.5bد.م234.6bد.م27.5b18.3x19.4x2.3x
Fri, 30 Dec 2022د.م557.8bد.م233.0bد.م27.4b19.9x20.3x2.4x
Price to Earnings Ratio

20.3x


Total Market Cap: د.م557.8bTotal Earnings: د.م27.4bTotal Revenue: د.م233.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Moroccan Market Price to Earnings3Y Average 21.9x202320242025
Current Market PE
  • Investors are relatively neutral on the Moroccan market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 21.9x.
Past Earnings Growth
  • The earnings for Moroccan listed companies have grown 17% per year over the last three years.
  • Revenues for these companies have grown 8.0% 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 Market1.16%
Utilities2.27%
Financials2.10%
Industrials1.16%
Materials0.96%
Real Estate0.30%
Telecom0.045%
Consumer Staples-0.025%
Consumer Discretionary-0.14%
Healthcare-0.51%
Tech-0.57%
Energy-1.90%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading above its 3-year average PE ratio of 34.2x.
    • Analysts are expecting annual earnings growth of 19.6%, which is lower than the prior year's growth of 35.2% per year.
  • The Telecom sector is the least preferred by investors for future growth, which is trading below its 3-year average of 32.6x.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 53% over the next 5 years.
  • This is better than its past earnings growth rate of 20% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.6% per year 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.م760.004.8%
+د.م7.0b		32.4%PB2.3xFinancials
TQM TAQA Moroccoد.م2.25k2.3%
+د.م1.2b		67.8%PE55.1xUtilities
MNG Managemد.م6.15k1.6%
+د.م1.2b		115.9%PE98.4xMaterials
BCP Banque Centrale Populaireد.م290.001.8%
+د.م1.0b		1.8%PB1.5xFinancials
TGC Travaux Généraux de Construction de Casablancaد.م944.002.5%
+د.م797.5m		101.1%PE48.2xIndustrials
See more

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LBV
د.م4,640.00
Label Vie
7D
-1.3%
1Y
11.8%
WAA
د.م4,882.00
Wafa Assurance
7D
-2.7%
1Y
8.5%
JET
د.م2,700.00
Jet Contractors
7D
5.5%
1Y
45.2%
SAH
د.م2,049.00
Sanlam Maroc
7D
7.2%
1Y
9.9%
GAZ
د.م4,120.00
Afriquia Gaz
7D
-1.9%
1Y
8.0%
CMA
د.م1,860.00
Ciments du Maroc Société Anonyme
7D
-0.8%
1Y
-3.4%
LHM
د.م1,842.00
LafargeHolcim Maroc
7D
-0.4%
1Y
-3.4%
ATW
د.م760.00
Attijariwafa bank
7D
4.8%
1Y
32.4%
TQM
د.م2,250.00
TAQA Morocco
7D
2.3%
1Y
67.8%
BOA
د.م230.00
Bank of Africa
7D
-0.9%
1Y
18.3%
TGC
د.م944.00
Travaux Généraux de Construction de Casablanca
7D
2.5%
1Y
101.1%
AKT
د.م1,169.00
Akdital
7D
-2.6%
1Y
13.1%
BCP
د.م290.00
Banque Centrale Populaire
7D
1.8%
1Y
1.8%
MNG
د.م6,154.00
Managem
7D
1.6%
1Y
115.9%
SMI
د.م3,658.00
Societe Metallurgique d'Imiter société anonyme
7D
13.0%
1Y
77.7%