2023-08-03 10:30:55
The Group’s EBITDA should also consolidate by 1.8% to stand at around 18.8 billion dirhams.
BMCE Capital Research expects consolidated revenue to improve by 2.1% for Maroc Telecom at the end of 2023. It should thus reach 36.5 billion dirhams.
BMCE Capital Research is revising upwards its forecasts for Maroc Telecom for the 2023 financial year. These forecasts take into account the results achieved by the operator for the first six months of the year. In the latest update of its “Flash compagny Maroc Telecom”, BMCE Capital Research expects consolidated revenue to improve by 2.1% for Maroc Telecom at the end of 2023. It should thus reach 36.5 billion euros. dirhams. This performance should be driven, according to BMCE Capital Research, by the international market, under the effect of the expected consolidation of the activity of the African subsidiaries. “This increase should, however, be limited by the continued decline in market share in the Mobile segment in Morocco given the exacerbation of competitive pressures, the price asymmetry, the decline in purchasing power in a context inflationary and the increased use of over-the-top”, we learn in this sense. The Group’s EBITDA should also consolidate by 1.8% to stand at around 18.8 billion dirhams.
This increase should be in line with the increase in revenues with a stabilization of the Ebitda margin at 51.5% (-0.2%). BMCE Capital Research also expects a jump in Maroc Telecom’s earnings capacity. This would be around 5.9 billion dirhams. This forecast takes into account the non-recurrence of the penalty imposed by the ANRT in 2022 of 2.45 billion dirhams and the tax audit of 618 million dirhams. “Restated for these non-current items, net income group share should still show an improvement of +1.1%,” reads the publication of BMCE Capital Research.
The forecasts issued also relate to an increase in the mass of dividends.
The forecast dividend per share should be closer to the normative level, at 4.39 dirhams once morest 2.19 dirhams in 2021. For the 2024 financial year, BMCE Capital Research anticipates a consolidation of revenues for Maroc Telecom with a figure consolidated turnover up by 1.3%, i.e. a forecast of 37 billion dirhams. In the same context, the operator should continue to grow the revenues of the Moov Africa subsidiaries.
The latter would compensate for the deceleration of the Mobile Morocco segment, according to BMCE Capital Reaserch.
It should be noted that Maroc Telecom posted commercial achievements in the first half of the year up +4.7%, generating 18.39 billion dirhams at the end of June. This figure represents half of the forecasts issued by BMCE Capital Research for this course. This good momentum is mainly supported by the good performance of the Moov Africa subsidiaries and the +1.2% improvement in revenue from the activity in Morocco.
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