AKDITAL: BMCE Capital Raises Its Forecasts and Targets a Potential Increase of 33%

According to research from BMCE Capital, AKDITAL's revenues are expected to surge by 51% in 2025, reaching 4.46 billion MAD. This growth will be supported by operational clinics established before 2024, which continue to improve in performance, the full-year impact of openings in 2024, and the integration of 12 new clinics announced for 2025. Analysts note that this trajectory is already evident, with cumulative revenue reaching 3.12 billion MAD by the end of September 2025, a 55% increase year-on-year, despite a slight sequential decline of 10% in the third quarter compared to the second quarter. For 2026, BMCE Capital anticipates a further revenue increase of 36%, significantly revising its previous forecast of 28.5%. This year will also mark a turning point with the launch of the first clinic in Saudi Arabia, which was initially expected in 2027. The net profit attributable to shareholders (RNPG) is projected to rise sharply, with a growth of 52.8% to 481 million MAD in 2025, and a further increase of 38.8% to 667 million MAD in 2026. The rise in depreciation and the increased financial costs will be partially offset by a planned reduction in corporate tax applied to subsidiary clinics, a measure introduced by the 2023 Finance Law. Additionally, the group is advancing its international expansion, which was initially scheduled for 2027, with first revenues expected as early as 2026. AKDITAL has officially announced several strategic partnerships to develop a hospital network of over 1,000 beds with major Saudi stakeholders. The first hospital, with 140 beds, is set to be operational in 2026 through a lease and management model. The total investment amounts to 1.4 billion USD by 2030, distributed as follows: 25% contributed by partners for real estate, 60% for working capital, and 15% for equipment and facilities, financed by AKDITAL. The group has raised 1.2 billion MAD in the Moroccan bond market to support this phase. Furthermore, two facilities with 250 beds each are under development in the United Arab Emirates, with the first expected to start in the third quarter of 2027. The goal is to introduce the AKDITAL model in a premium market characterized by significantly higher rates than those in Morocco. Ultimately, BMCE Capital estimates that international operations will represent 40% of the group's revenues, thanks to pricing that is 2 to 4 times higher than Moroccan levels and structurally greater profitability in these Gulf markets. AKDITAL continues to demonstrate a rare growth profile on the Casablanca stock exchange. Analysts from BMCE Capital commend the visibility of the pipeline and the ramp-up of projects outside Morocco, which support their buy recommendation and a target price of 1,768 MAD.