Reported Earnings • May 29
First quarter 2026 earnings released First quarter 2026 results: EPS: د.م12.72. Revenue: د.م2.96b (flat on 1Q 2025). Net income: د.م300.0m (up 4.9% from 1Q 2025). Profit margin: 10% (in line with 1Q 2025). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Global Renewable Energy industry. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Aankondiging • Apr 27
TAQA Morocco S.A., Annual General Meeting, May 26, 2026 TAQA Morocco S.A., Annual General Meeting, May 26, 2026. Location: casablanca Morocco Price Target Changed • Apr 13
Price target decreased by 18% to د.م2,000 Down from د.م2,436, the current price target is provided by 1 analyst. New target price is 7.0% above last closing price of د.م1,870. Stock is down 4.3% over the past year. The company is forecast to post earnings per share of د.م49.40 for next year compared to د.م41.58 last year. Reported Earnings • Mar 31
Full year 2025 earnings released: EPS: د.م41.58 (vs د.م44.63 in FY 2024) Full year 2025 results: EPS: د.م41.58 (down from د.م44.63 in FY 2024). Revenue: د.م10.7b (down 1.6% from FY 2024). Net income: د.م980.7m (down 6.8% from FY 2024). Profit margin: 9.2% (in line with FY 2024). Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Global Renewable Energy industry. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to د.م1,631, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 13x in the Renewable Energy industry globally. Total returns to shareholders of 85% over the past three years. Aankondiging • Feb 18
TAQA Morocco S.A. to Report Q3, 2026 Results on Nov 12, 2026 TAQA Morocco S.A. announced that they will report Q3, 2026 results on Nov 12, 2026 Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to د.م2,250, the stock trades at a forward P/E ratio of 50x. Average forward P/E is 13x in the Renewable Energy industry globally. Total returns to shareholders of 116% over the past three years. Reported Earnings • Sep 19
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: د.م2.44b (down 9.4% from 2Q 2024). Net income: د.م150.9m (down 38% from 2Q 2024). Profit margin: 6.2% (down from 9.0% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Global Renewable Energy industry. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 09
Upcoming dividend of د.م37.00 per share Eligible shareholders must have bought the stock before 16 September 2025. Payment date: 25 September 2025. Payout ratio and cash payout ratio are on the higher end at 83% and 79% respectively. Trailing yield: 1.3%. Lower than top quartile of Moroccan dividend payers (4.0%). Lower than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to د.م3,164, the stock trades at a forward P/E ratio of 68x. Average forward P/E is 13x in the Renewable Energy industry globally. Total returns to shareholders of 221% over the past three years. Aankondiging • May 06
TAQA Morocco S.A. announces Annual dividend, payable on September 26, 2025 TAQA Morocco S.A. announced Annual dividend of MAD 37.0000 per share payable on September 26, 2025, ex-date on September 17, 2025 and record date on September 16, 2025. New Risk • May 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Moroccan stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.2% average weekly change). Aankondiging • Apr 23
TAQA Morocco S.A., Annual General Meeting, May 23, 2025 TAQA Morocco S.A., Annual General Meeting, May 23, 2025. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to د.م2,248, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 13x in the Renewable Energy industry globally. Total returns to shareholders of 114% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to د.م1,960, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 13x in the Renewable Energy industry globally. Total returns to shareholders of 101% over the past three years. New Risk • Mar 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Moroccan stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Major Estimate Revision • Mar 25
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from د.م11.8b to د.م10.6b. EPS estimate fell from د.م49.00 to د.م46.50 per share. Net income forecast to grow 4.3% next year vs 16% growth forecast for Renewable Energy industry in Morocco. Consensus price target up from د.م1,195 to د.م1,778. Share price rose 22% to د.م2,100 over the past week. Price Target Changed • Mar 24
Price target increased by 45% to د.م1,778 Up from د.م1,222, the current price target is provided by 1 analyst. New target price is 15% below last closing price of د.م2,100. Stock is up 75% over the past year. The company is forecast to post earnings per share of د.م46.50 for next year compared to د.م44.63 last year. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to د.م1,898, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 13x in the Renewable Energy industry globally. Total returns to shareholders of 95% over the past three years. Reported Earnings • Mar 12
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: د.م44.63 (up from د.م43.98 in FY 2023). Revenue: د.م10.9b (down 17% from FY 2023). Net income: د.م1.05b (up 1.5% from FY 2023). Profit margin: 9.7% (up from 7.9% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 3.9%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Global Renewable Energy industry. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Aankondiging • Mar 08
TAQA Morocco S.A. to Report Q3, 2025 Results on Nov 14, 2025 TAQA Morocco S.A. announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • Sep 15
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: د.م2.70b (down 20% from 2Q 2023). Net income: د.م242.0m (up 13% from 2Q 2023). Profit margin: 9.0% (up from 6.4% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Global Renewable Energy industry. Reported Earnings • May 20
First quarter 2024 earnings released First quarter 2024 results: EPS: د.م12.04. Revenue: د.م2.96b (down 28% from 1Q 2023). Net income: د.م284.0m (up 17% from 1Q 2023). Profit margin: 9.6% (up from 5.9% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Global Renewable Energy industry. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Aankondiging • May 01
TAQA Morocco S.A. to Report Q3, 2024 Results on Nov 12, 2024 TAQA Morocco S.A. announced that they will report Q3, 2024 results on Nov 12, 2024 Price Target Changed • Mar 12
Price target increased by 7.1% to د.م1,145 Up from د.م1,069, the current price target is provided by 1 analyst. New target price is 6.1% below last closing price of د.م1,220. Stock is up 28% over the past year. The company is forecast to post earnings per share of د.م45.80 for next year compared to د.م43.98 last year. New Risk • Mar 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risks High level of debt (95% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: د.م43.98 (vs د.م55.23 in FY 2022) Full year 2023 results: EPS: د.م43.98 (down from د.م55.23 in FY 2022). Revenue: د.م13.2b (down 3.0% from FY 2022). Net income: د.م1.04b (down 20% from FY 2022). Profit margin: 7.9% (down from 9.6% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Global Renewable Energy industry. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Sep 19
First quarter 2023 earnings released First quarter 2023 results: EPS: د.م10.30. Revenue: د.م4.09b (up 54% from 1Q 2022). Net income: د.م243.0m (down 13% from 1Q 2022). Profit margin: 5.9% (down from 11% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 9.3% growth forecast for the Global Renewable Energy industry. Aankondiging • Sep 15
TAQA Morocco S.A. to Report Q3, 2023 Results on Nov 10, 2023 TAQA Morocco S.A. announced that they will report Q3, 2023 results on Nov 10, 2023 Aankondiging • Sep 08
TAQA Morocco S.A. to Report Q2, 2023 Results on Sep 15, 2023 TAQA Morocco S.A. announced that they will report Q2, 2023 results on Sep 15, 2023 New Risk • Sep 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. Minor Risks High level of debt (88% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.5% average weekly change). Upcoming Dividend • Sep 06
Upcoming dividend of د.م35.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 22 September 2023. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Moroccan dividend payers (4.5%). In line with average of industry peers (3.3%). New Risk • Jul 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Moroccan stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (88% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.2% average weekly change). Price Target Changed • May 15
Price target decreased by 14% to د.م1,060 Down from د.م1,227, the current price target is provided by 1 analyst. New target price is 6.1% above last closing price of د.م999. Stock is down 9.2% over the past year. The company is forecast to post earnings per share of د.م59.10 for next year compared to د.م55.23 last year. Aankondiging • May 09
TAQA Morocco S.A. to Report Q1, 2023 Results on May 15, 2023 TAQA Morocco S.A. announced that they will report Q1, 2023 results on May 15, 2023 Reported Earnings • Mar 03
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: د.م55.23 (up from د.م42.60 in FY 2021). Revenue: د.م13.6b (up 75% from FY 2021). Net income: د.م1.30b (up 30% from FY 2021). Profit margin: 9.6% (down from 13% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Global Renewable Energy industry. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 4% per year. Price Target Changed • Mar 01
Price target decreased by 7.3% to د.م1,160 Down from د.م1,251, the current price target is provided by 1 analyst. New target price is 16% above last closing price of د.م999. Stock is down 9.8% over the past year. The company is forecast to post earnings per share of د.م57.00 for next year compared to د.م42.60 last year. Buying Opportunity • Feb 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be د.م1,179, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 20% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to د.م1,000, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Renewable Energy industry globally. Total returns to shareholders of 23% over the past three years. Buying Opportunity • Dec 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.7%. The fair value is estimated to be د.م1,376, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 20% in the next 2 years. Major Estimate Revision • Dec 06
Consensus revenue estimates increase by 61% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from د.م8.00b to د.م12.8b. EPS estimate increased from د.م46.60 to د.م57.00 per share. Net income forecast to grow 17% next year vs 31% growth forecast for Renewable Energy industry in Morocco. Consensus price target up from د.م1,159 to د.م1,251. Share price was steady at د.م1,099 over the past week. Price Target Changed • Dec 05
Price target increased to د.م1,251 Up from د.م1,150, the current price target is provided by 1 analyst. New target price is 16% above last closing price of د.م1,080. Stock is down 1.8% over the past year. The company is forecast to post earnings per share of د.م46.60 for next year compared to د.م42.60 last year. Buying Opportunity • Nov 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be د.م1,311, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to decline by 20% in 2 years. Earnings is forecast to grow by 3.3% in the next 2 years. Buying Opportunity • Oct 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.2%. The fair value is estimated to be د.م1,279, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to decline by 20% in 2 years. Earnings is forecast to grow by 3.3% in the next 2 years. Buying Opportunity • Oct 04
Now 21% undervalued Over the last 90 days, the stock is up 6.1%. The fair value is estimated to be د.م1,410, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to decline by 20% in 2 years. Earnings is forecast to grow by 3.3% in the next 2 years. Reported Earnings • Sep 19
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: د.م3.27b (up 110% from 2Q 2021). Net income: د.م325.1m (up 52% from 2Q 2021). Profit margin: 9.9% (down from 14% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 6.5% p.a. on average during the next 3 years, while revenues in the Global Renewable Energy industry are expected to grow by 7.6%. Upcoming Dividend • Sep 07
Upcoming dividend of د.م35.00 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 23 September 2022. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Moroccan dividend payers (4.5%). In line with average of industry peers (3.2%). Buying Opportunity • Jul 25
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be د.م1,410, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to decline by 4.2% in 2 years. Earnings is forecast to grow by 12% in the next 2 years. Buying Opportunity • Jun 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be د.م1,304, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to decline by 4.2% in 2 years. Earnings is forecast to grow by 12% in the next 2 years. Reported Earnings • Jun 01
First quarter 2022 earnings released: EPS: د.م11.87 (vs د.م9.40 in 1Q 2021) First quarter 2022 results: EPS: د.م11.87 (up from د.م9.40 in 1Q 2021). Revenue: د.م2.66b (up 53% from 1Q 2021). Net income: د.م280.0m (up 26% from 1Q 2021). Profit margin: 11% (down from 13% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 6.1% compared to a 308% growth forecast for the industry in Morocco. Price Target Changed • Apr 27
Price target increased to د.م1,150 Up from د.م979, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of د.م1,120. Stock is up 12% over the past year. The company is forecast to post earnings per share of د.م46.60 for next year compared to د.م42.60 last year. Price Target Changed • Nov 02
Price target decreased to د.م979 Down from د.م1,082, the current price target is provided by 1 analyst. New target price is 11% below last closing price of د.م1,100. Stock is up 20% over the past year. The company posted earnings per share of د.م37.31 last year. Price Target Changed • Nov 02
Price target decreased to د.م979 Down from د.م1,082, the current price target is provided by 1 analyst. New target price is 11% below last closing price of د.م1,100. Stock is up 20% over the past year. The company posted earnings per share of د.م37.31 last year. Reported Earnings • Sep 22
First half 2021 earnings released: EPS د.م18.80 (vs د.م18.17 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: د.م3.46b (down 14% from 1H 2020). Net income: د.م443.6m (up 3.5% from 1H 2020). Profit margin: 13% (up from 11% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 02
Upcoming dividend of د.م35.00 per share Eligible shareholders must have bought the stock before 07 July 2021. Payment date: 16 July 2021. Trailing yield: 3.4%. Lower than top quartile of Moroccan dividend payers (4.8%). In line with average of industry peers (3.5%). Major Estimate Revision • Jun 11
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from د.م8.35b to د.م8.03b. EPS estimate rose from د.م38.20 to د.م44.40. Net income forecast to grow 19% next year vs 18% growth forecast for Renewable Energy industry in Morocco. Consensus price target up from د.م1,040 to د.م1,082. Share price was steady at د.م1,040 over the past week. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS د.م37.31 (vs د.م44.69 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: د.م7.79b (down 15% from FY 2019). Net income: د.م880.2m (down 17% from FY 2019). Profit margin: 11% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. Is New 90 Day High Low • Nov 06
New 90-day high: د.م939 The company is up 6.0% from its price of د.م885 on 07 August 2020. The Moroccan market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Renewable Energy industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م755 per share. Is New 90 Day High Low • Oct 09
New 90-day high: د.م891 The company is up 1.0% from its price of د.م885 on 10 July 2020. The Moroccan market is also up 1.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Renewable Energy industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.م677 per share. Reported Earnings • Sep 22
First half earnings released Over the last 12 months the company has reported total profits of د.م975.5m, down 3.8% from the prior year. Total revenue was د.م8.62b over the last 12 months, down 2.7% from the prior year.