Financial Performance Overview
BKGR has reported that Maroc Telecom concluded the 2025 fiscal year with performance indicators aligning with its previously set objectives. The consolidated revenue reached 36.7 billion DH, reflecting a 1.4% increase at constant exchange rates.
The EBITDA for the year stood at 18.5 billion DH, while the net profit attributable to shareholders surged to nearly 7 billion DH. This increase was notably influenced by exceptional income stemming from the resolution of a dispute with Wana Corporate regarding unbundling.
Revenue Trends and Regional Performance
A closer examination of the revenue reveals a near stagnation in 2025, with contrasting performances between Morocco, which experienced a decline, and the Moov Africa subsidiaries, which showed growth at constant exchange rates.
Technological Advancements and Investments
On the technological front, the company highlighted the commercial launch of 5G services in November 2025 across eight cities, alongside the acquisition of 120 MHz of spectrum.
Additionally, the establishment of joint ventures Unifiber and Unitower with Inwi was emphasized, aimed at infrastructure sharing. The initial investment phase is projected at 4.4 billion DH over three years, with Unifiber targeting 1 million FTTH connections by 2027 and 3 million by 2030, while Unitower plans to install 2,000 new towers by 2028.
5G License Acquisition and Dividend Proposal
Regarding the 5G license, analysts noted that Maroc Telecom secured 120 MHz for 900 million DH during the license allocation to three operators on October 30, 2025.
Following a cautious distribution in 2024, the Board of Directors has proposed a dividend of 4 DH per share for 2025, amounting to 3.5 billion DH. Based on BKGR's reference share price, this represents a yield of 3.8%.
Outlook for 2026
For 2026, BKGR has reiterated its growth forecasts at constant perimeter and exchange rates, anticipating increases in both revenue and EBITDA, with capital expenditures (excluding frequencies and licenses) expected to be around 25% of revenues.
The research team projects a revenue of 37.07 billion DH for 2026, an EBITDA of 18.795 billion DH, and a net profit of 5.258 billion DH, following the expected normalization of non-recurring items.
Valuation Methodology
To support its target price, BKGR is utilizing a discounted cash flow (DCF) valuation approach for the period from 2025 to 2034, incorporating a risk-free rate of 2.77%, a risk premium of 6.5%, and a compound annual growth rate (CAGR) of 1.4% for revenue.
