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Moroccan (MASI) Market Analysis & Valuation
UpdatedDec 28, 2025
DataAggregated Company Financials
Companies74
- 7D-1.7%
- 3M-4.0%
- 1Y27.2%
- YTD25.3%
Over the last 7 days, the market has dropped 1.7%, driven by a decline of 4.6% in the Financials sector. Meanwhile, the Industrials sector has outperformed, gaining 5.5% in that time. In contrast to the last week, the market is actually up 27% over the past year. 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?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 28 Dec 2025 | د.م1.0t | د.م339.8b | د.م46.2b | 22.9x | 21.7x | 3x |
| Tue, 25 Nov 2025 | د.م954.2b | د.م325.0b | د.م44.9b | 22x | 21.3x | 2.9x |
| Thu, 23 Oct 2025 | د.م1.0t | د.م321.7b | د.م44.5b | 22.3x | 22.7x | 3.1x |
| Sat, 20 Sep 2025 | د.م1.0t | د.م311.5b | د.م43.3b | 24.9x | 23.9x | 3.3x |
| Mon, 18 Aug 2025 | د.م1.0t | د.م311.2b | د.م43.3b | 25.5x | 23.7x | 3.3x |
| Wed, 16 Jul 2025 | د.م970.8b | د.م309.7b | د.م37.3b | 24.3x | 26x | 3.1x |
| Fri, 13 Jun 2025 | د.م957.1b | د.م313.4b | د.م37.4b | 24.6x | 25.6x | 3.1x |
| Sun, 11 May 2025 | د.م913.7b | د.م311.6b | د.م36.0b | 23.8x | 25.4x | 2.9x |
| Tue, 08 Apr 2025 | د.م832.3b | د.م299.6b | د.م34.4b | 22.4x | 24.2x | 2.8x |
| Thu, 06 Mar 2025 | د.م842.3b | د.م300.5b | د.م34.2b | 23x | 24.6x | 2.8x |
| Sat, 01 Feb 2025 | د.م817.2b | د.م297.1b | د.م32.8b | 23.6x | 24.9x | 2.8x |
| Mon, 30 Dec 2024 | د.م736.9b | د.م299.1b | د.م32.8b | 22.3x | 22.5x | 2.5x |
| Wed, 27 Nov 2024 | د.م743.2b | د.م294.1b | د.م32.1b | 22.4x | 23.1x | 2.5x |
| Fri, 25 Oct 2024 | د.م716.7b | د.م294.1b | د.م32.1b | 21.4x | 22.3x | 2.4x |
| Sun, 22 Sep 2024 | د.م724.0b | د.م290.4b | د.م30.2b | 24.3x | 24x | 2.5x |
| Tue, 20 Aug 2024 | د.م711.3b | د.م291.1b | د.م30.0b | 23.1x | 23.7x | 2.4x |
| Thu, 18 Jul 2024 | د.م693.6b | د.م290.7b | د.م34.0b | 21.9x | 20.4x | 2.4x |
| Sat, 15 Jun 2024 | د.م673.5b | د.م291.3b | د.م34.0b | 22.2x | 19.8x | 2.3x |
| Mon, 13 May 2024 | د.م691.8b | د.م289.3b | د.م32.9b | 21.8x | 21.1x | 2.4x |
| Wed, 10 Apr 2024 | د.م675.0b | د.م286.3b | د.م32.6b | 22.4x | 20.7x | 2.4x |
| Fri, 08 Mar 2024 | د.م654.8b | د.م281.3b | د.م32.3b | 23x | 20.3x | 2.3x |
| Sun, 04 Feb 2024 | د.م635.5b | د.م283.7b | د.م32.7b | 21.8x | 19.5x | 2.2x |
| Tue, 02 Jan 2024 | د.م617.6b | د.م282.8b | د.م32.7b | 20.6x | 18.9x | 2.2x |
| Thu, 30 Nov 2023 | د.م594.9b | د.م278.0b | د.م31.4b | 20.2x | 19x | 2.1x |
| Sat, 28 Oct 2023 | د.م605.0b | د.م275.4b | د.م30.1b | 20.8x | 20.1x | 2.2x |
| Mon, 25 Sep 2023 | د.م596.0b | د.م273.4b | د.م30.6b | 20.3x | 19.5x | 2.2x |
| Wed, 23 Aug 2023 | د.م606.0b | د.م264.7b | د.م29.4b | 20.9x | 20.6x | 2.3x |
| Fri, 21 Jul 2023 | د.م598.3b | د.م258.7b | د.م26.8b | 20.8x | 22.3x | 2.3x |
| Sun, 18 Jun 2023 | د.م583.5b | د.م256.3b | د.م26.9b | 20.9x | 21.7x | 2.3x |
| Tue, 16 May 2023 | د.م548.7b | د.م252.5b | د.م26.9b | 19.8x | 20.4x | 2.2x |
| Thu, 13 Apr 2023 | د.م540.3b | د.م241.1b | د.م27.1b | 17.8x | 20x | 2.2x |
| Sat, 11 Mar 2023 | د.م544.1b | د.م238.9b | د.م26.9b | 18.4x | 20.2x | 2.3x |
| Mon, 06 Feb 2023 | د.م534.4b | د.م234.6b | د.م27.5b | 18.6x | 19.5x | 2.3x |
| Wed, 04 Jan 2023 | د.م547.6b | د.م233.0b | د.م27.4b | 19.3x | 20x | 2.4x |
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 19% per year over the last three years.
- Revenues for these companies have grown 13% 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 | -1.66% | |
| Industrials | 5.55% | |
| Consumer Staples | 1.25% | |
| Consumer Discretionary | -0.89% | |
| Tech | -1.09% | |
| Materials | -1.33% | |
| Real Estate | -1.35% | |
| Utilities | -2.22% | |
| Energy | -3.61% | |
| Telecom | -3.74% | |
| Financials | -4.57% | |
| Healthcare | -5.12% | |
Sector PE
- Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 34.4x.
- 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 32.5x.
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?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| GTM Societe Generale Des Travaux Du Maroc | د.م809.80 | 31.7% +د.م11.7b | n/a | PE41x | Industrials | |
| LES Lesieur Cristal | د.م360.00 | 25.9% +د.م2.0b | 26.3% | PS1.8x | Consumer Staples | |
| MNG Managem | د.م6.25k | 1.7% +د.م1.2b | 121.7% | PE100x | Materials | |
| SAH Sanlam Maroc | د.م2.28k | 14.0% +د.م1.2b | 35.8% | PE13.8x | Financials | |
| SMI Societe Metallurgique d'Imiter société anonyme | د.م3.90k | 16.4% +د.م904.8m | 97.0% | PE35.9x | Materials |
