Maroc Telecom continues to attract positive attention from analysts, with Attijari Global Research (AGR) advising investors to hold onto the stock amid expectations of moderate growth and strong long-term returns. The telecom giant, which holds the position of the second-largest market capitalization on the Casablanca Stock Exchange, is once again being positioned as a reliable option for income-focused investors.
In its latest report released Monday, AGR adjusted its target price for Maroc Telecom to 122 dirhams, forecasting an 8 percent upside over the next nine months. This outlook comes at a time when bond yields are retreating, giving dividend-paying stocks like Maroc Telecom an added edge. AGR described the company as a “top-tier yield play,” emphasizing that its valuation is closely linked to the movement of long-term Treasury bond yields, particularly those with 5- and 10-year maturities. The firm also projects an average dividend yield of 4.4 percent between 2025 and 2028—a compelling figure for investors looking for steady returns in uncertain times.
The stock’s recent performance only adds to its appeal. Since AGR’s previous report in September 2024, titled “Maroc Telecom: Resilience Always Pays Off,” the share price has surged from 94 dirhams to 117 dirhams in just five months, nearly hitting the earlier target set by analysts. This 25 percent gain has been widely applauded by the market and credited to the company’s consistent financial performance, underpinned by its ability to sustain attractive dividend payouts, even as interest rates begin to ease.
Maroc Telecom’s enduring strength lies in more than just its numbers. The company has demonstrated solid fundamentals and operational resilience, not only within Morocco but also across its African subsidiaries. That geographic diversity has helped it navigate both local and regional challenges with stability.
Adding momentum to the company’s trajectory is a recent leadership shakeup. Mohamed Benchâaboun, the former Minister of Economy and ex-CEO of CDG, has taken the helm of the company, replacing Abdeslam Ahizoune, who led Maroc Telecom for an impressive 27 years. AGR views this shift at the top as a pivotal moment. According to its analysis, Benchâaboun’s arrival could mark the beginning of a new chapter for the telecom operator, potentially offering greater clarity around its strategic vision—especially in light of increasingly complex regulatory environments both at home and in other African markets.
Investors seemed to welcome the leadership change with enthusiasm. The stock jumped nearly 6 percent the day after the announcement, with a trading volume of 360 million dirhams—a clear signal of renewed market confidence in the company’s future direction.
