Cosumar- Price technical review
Following the capital increase of Cosumar by incorporating the “optional reserves”, please find our financial and strategic reading of this operation. Cosumar- Price technical review (1)
Managem- Towards a new size
Following the Managem capital increase, we have analyzed the new growth plan of the mining operator. At the end of this exercise, we recommend subscribing to the current operation with a stock target price of MAD 1,600. Furthermore, we believe that Managem has considerable “upsides” over the period of 2017e-2020e, both in terms of internal mining projects and acquisition…
Total Maroc: The crossing of a new earnings level
The FY 2016 achievements of Total Maroc reinforce our positive opinion on the stock. The attached publication summarizes our analysis. Total Maroc- The crossing of a new earnings level
Marsa Maroc- FY 2016 Achievements
The FY 2016 achievements of Marsa Maroc reinforce our positive opinion on the stock. The attached publication summarizes our analysis. Marsa Maroc- Achievements in line with our foecasts
2017, the suitable year for equity investment
The main learning which can be drawn from year 2016 is the importance of not being dominated by “neutrality” towards the Equity market. Indeed, the Moroccan stock market was particularly persistent during its recovery launched in January 2016, with a solid year to date performance of 24.0%. During this year end, we are witnessing…
Cosumar- Upward revision of earning forecast
Dear readers ; The recent refined sugar exports figures published by the foreign exchange office (Office des Changes) led us to revise our Cosumar Group’s growth forecasts for FY 2016. Under these conditions, Cosumar Group’s profitability for FY 2016 would be around MAD 1,000 Mn, a record level for the sugar operator. On the basis…
Addoha Group: The positive impact of deleveraging
The achievements of Addoha Group for Q3-2016 confirm our positive opinion on the real estate sector in general and on Addoha stock in particular. To this end, we reiterate our BUY investment opinion with a target price of MAD 52.0, i.e. an upside potential of 37.0% for the coming months. addoha-buy-recommendation
Equity strategy: Towards an improvement of risk appetite
Dear readers, In our recent Equity report, we outlined a scenario in which the next recovery of the Moroccan stock market would be drived by animprovement of investors risk appetite. This concept is discussed in details in this report. At the end, we conclude that the MASI Index offers an interesting upside potential of 16,0% to 11.600 points over the next…