Akdital, Morocco’s largest private healthcare provider, is gaining new attention from investors following a bullish report by Egyptian investment bank Beltone Holding. The firm has initiated coverage of Akdital’s stock with a buy rating and set a target price of 1,722 dirhams—representing a potential 22% upside from its June 23 closing price of 1,413 dirhams.
Beltone’s endorsement comes with praise for Akdital’s rapid growth and dominant market position. The group currently operates 3,706 hospital beds across 19 Moroccan cities, accounting for roughly 20% of the nation’s private healthcare capacity. That footprint makes Akdital the most aggressive player in Morocco’s health sector in terms of expansion.
Since going public in 2022, Akdital has delivered remarkable growth. In just two years, its operational capacity has quadrupled. Financially, it has posted an average annual increase of more than 55% in both revenue and EBITDA over the past three fiscal years. This performance has been driven by a rise in earnings per bed and a bold investment strategy, much of which has been financed through debt.
Looking ahead, the company plans to scale up even further. By 2027, it aims to increase its capacity to 6,400 beds, adding 2,700 new beds in Morocco alone. It also has its sights set on international expansion, with four new medical facilities planned in the Gulf—specifically in Saudi Arabia and the UAE—backed by an estimated investment of 1 billion dirhams.
Beltone believes this next phase of development will support strong EBITDA growth, forecasting an average annual increase of 28% between 2024 and 2030. At the same time, Akdital is expected to significantly ease its capital expenditure burden. The group’s investment intensity, which currently represents 75% of its revenue, is projected to drop to just 12% by the end of the decade.
To justify its valuation, Beltone uses a discounted cash flow model with an 8.3% discount rate, a post-tax cost of debt of 3.3%, and a long-term growth assumption of 2%. This yields an enterprise value of 29.7 billion dirhams. The forecasted EV/EBITDA multiples are 16.5× for 2025 and 12.4× for 2026—levels the analysts consider attractive given the company’s growth trajectory.
Ultimately, analysts argue that Akdital offers investors rare access to Africa’s healthcare sector, combining a strong domestic growth story with a strategic move into high-potential Gulf markets. This dual positioning, they suggest, could merit a long-term valuation premium.
