Have your own idea? Try our Stock Screener
Moroccan (MASI) Market Analysis & Valuation
UpdatedDec 15, 2025
DataAggregated Company Financials
Companies73
- 7D0.5%
- 3M-5.4%
- 1Y29.1%
- YTD26.9%
In the last week, the market has stayed flat, however the Utilities sector stood out, gaining 4.2%. More promisingly, the market is up 29% over the past year. As for the next few years, earnings are expected to grow by 13% per annum.
Market Valuation and Performance
Has the Moroccan Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 15 Dec 2025 | د.م972.0b | د.م325.7b | د.م45.0b | 22.5x | 21.6x | 3x |
| Wed, 12 Nov 2025 | د.م967.7b | د.م324.9b | د.م44.8b | 22.9x | 21.6x | 3x |
| Fri, 10 Oct 2025 | د.م968.7b | د.م317.4b | د.م44.4b | 22.8x | 21.8x | 3.1x |
| Sun, 07 Sep 2025 | د.م1.0t | د.م311.2b | د.م43.4b | 25.9x | 24x | 3.3x |
| Tue, 05 Aug 2025 | د.م1.0t | د.م311.2b | د.م43.3b | 24x | 23.4x | 3.3x |
| Thu, 03 Jul 2025 | د.م956.5b | د.م309.7b | د.م37.3b | 24.5x | 25.6x | 3.1x |
| Sat, 31 May 2025 | د.م929.9b | د.م309.7b | د.م36.9b | 24.6x | 25.2x | 3x |
| Mon, 28 Apr 2025 | د.م886.6b | د.م293.0b | د.م33.2b | 23.1x | 26.7x | 3x |
| Wed, 26 Mar 2025 | د.م902.7b | د.م298.3b | د.م34.4b | 23.9x | 26.2x | 3x |
| Fri, 21 Feb 2025 | د.م855.3b | د.م297.8b | د.م33.6b | 23.9x | 25.5x | 2.9x |
| Sun, 19 Jan 2025 | د.م803.9b | د.م297.1b | د.م32.8b | 24.2x | 24.5x | 2.7x |
| Tue, 17 Dec 2024 | د.م738.4b | د.م299.1b | د.م32.8b | 22x | 22.5x | 2.5x |
| Thu, 14 Nov 2024 | د.م739.6b | د.م294.1b | د.م32.1b | 21.9x | 23x | 2.5x |
| Sat, 12 Oct 2024 | د.م716.0b | د.م294.1b | د.م32.1b | 22.1x | 22.3x | 2.4x |
| Mon, 09 Sep 2024 | د.م709.0b | د.م291.1b | د.م30.1b | 22.4x | 23.5x | 2.4x |
| Wed, 07 Aug 2024 | د.م705.7b | د.م291.1b | د.م30.0b | 22.5x | 23.5x | 2.4x |
| Fri, 05 Jul 2024 | د.م681.2b | د.م290.7b | د.م34.0b | 21.8x | 20.1x | 2.3x |
| Sun, 02 Jun 2024 | د.م680.5b | د.م288.7b | د.م33.0b | 22.3x | 20.6x | 2.4x |
| Tue, 30 Apr 2024 | د.م684.7b | د.م290.3b | د.م33.0b | 23.4x | 20.8x | 2.4x |
| Thu, 28 Mar 2024 | د.م657.7b | د.م282.0b | د.م32.6b | 21.8x | 20.2x | 2.3x |
| Sat, 24 Feb 2024 | د.م665.1b | د.م282.7b | د.م32.6b | 22.9x | 20.4x | 2.4x |
| Mon, 22 Jan 2024 | د.م647.7b | د.م283.1b | د.م32.7b | 21.7x | 19.8x | 2.3x |
| Wed, 20 Dec 2023 | د.م622.5b | د.م282.0b | د.م31.2b | 21.3x | 19.9x | 2.2x |
| Fri, 17 Nov 2023 | د.م600.8b | د.م275.7b | د.م30.2b | 20.3x | 19.9x | 2.2x |
| Sun, 15 Oct 2023 | د.م619.5b | د.م275.0b | د.م29.7b | 20.6x | 20.8x | 2.3x |
| Tue, 12 Sep 2023 | د.م595.2b | د.م270.3b | د.م29.9b | 19.8x | 19.9x | 2.2x |
| Thu, 10 Aug 2023 | د.م614.1b | د.م259.6b | د.م29.2b | 21.2x | 21x | 2.4x |
| Sat, 08 Jul 2023 | د.م590.7b | د.م258.7b | د.م26.8b | 20.7x | 22.1x | 2.3x |
| Mon, 05 Jun 2023 | د.م567.1b | د.م255.5b | د.م26.6b | 21.7x | 21.3x | 2.2x |
| Wed, 03 May 2023 | د.م533.8b | د.م251.4b | د.م27.1b | 18.8x | 19.7x | 2.1x |
| Fri, 31 Mar 2023 | د.م538.1b | د.م239.6b | د.م26.8b | 18.4x | 20x | 2.2x |
| Sun, 26 Feb 2023 | د.م559.7b | د.م234.8b | د.م26.6b | 19.8x | 21x | 2.4x |
| Tue, 24 Jan 2023 | د.م533.4b | د.م233.3b | د.م27.4b | 18.4x | 19.5x | 2.3x |
| Thu, 22 Dec 2022 | د.م561.6b | د.م257.3b | د.م28.0b | 21.1x | 20x | 2.2x |
Price to Earnings Ratio
20x
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 8.2% 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 Market | 0.51% | |
| Utilities | 4.18% | |
| Tech | 3.21% | |
| Industrials | 2.36% | |
| Energy | 1.21% | |
| Consumer Discretionary | 0.60% | |
| Financials | 0.26% | |
| Real Estate | 0.03% | |
| Telecom | -0.18% | |
| Materials | -0.33% | |
| Healthcare | -0.78% | |
| Consumer Staples | -0.98% | |
Sector PE
- Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 34.0x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 11.6% which is higher than its past year's earnings decline of 12.8% per year.
- The Telecom sector is the least preferred by investors for future growth, which is trading below its 3-year average of 32.7x.
Forecasted Growth
- Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 54% 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 8.3% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| MSA Société d'Exploitation des Ports | د.م968.50 | 3.6% +د.م2.5b | 82.7% | PE50.3x | Industrials | |
| CAP Cash Plus | د.م319.00 | 45.0% +د.م2.0b | n/a | n/a | Financials | |
| CDM Crédit du Maroc | د.م1.09k | 11.2% +د.م1.2b | 13.5% | PB1.5x | Financials | |
| ATW Attijariwafa bank | د.م725.50 | 0.8% +د.م1.1b | 26.7% | PB2.2x | Financials | |
| BCI Banque Marocaine pour le Commerce et l'Industrie | د.م641.00 | 13.5% +د.م1.0b | 7.7% | PB1.1x | Financials |
