Cash Plus Gains 61% in Its First Week on the Stock Market

After attracting nearly 80,000 subscribers during its initial public offering (IPO), Cash Plus continues to draw a steady flow of investors in the secondary market, pushing its market capitalization to nearly 8 billion dirhams. This impressive start confirms the market's appetite for this global fintech, which is well-positioned to benefit from the digital transformation of financial services, a structurally promising theme in Morocco. Cash Plus holds a leading position in payment and transfer services, directly connected to the evolving financial practices of both individuals and businesses. This stock market success story is underpinned by solid financial fundamentals. Beyond the speculative dynamics often seen in the early trading sessions, Cash Plus's trajectory is based on strong financial fundamentals. The company's business model, focused on commissions, provides significant visibility on its revenues. For the fiscal year 2025, Cash Plus anticipates commission revenue of approximately 1.8 billion dirhams, representing an 18 to 19% increase compared to 2024. The net profit is expected to be around 240 million dirhams, reflecting a growth rate of 20 to 25%. These growth rates indicate an increase in transaction volumes, an expansion of services offered, and effective management of operational costs. Another key aspect of Cash Plus is its low capital consumption. The company operates with a light balance sheet and very limited debt, enhancing its ability to finance organic growth while maintaining a generous shareholder return policy. Historically, Cash Plus has chosen to distribute all of its profits to shareholders. This dividend policy is made possible by strong cash generation and the absence of heavy investment needs. This approach is currently one of the main attractions of the stock, particularly for investors seeking both yield and growth. In a context of declining real bond yields and increased selectivity in the equity market, the promise of a recurring and sustainable dividend enhances interest in the stock.