CFG Bank sees MAD 121 value for Maroc Telecom stock

Published on 10/14/2026 at 00:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue rose 5.40 percent at Maroc Telecom. For Maroc Telecom stock, revenue reached MAD 19.0 billion in the first half of 2026, led by Moov Africa.

Target and operating signals

CFG Research valued Maroc Telecom at MAD 121.00 per share in an October 13, 2026 report.
First-half 2026 revenue rose 5.40 percent to MAD 19.0 billion.
Maroc Telecom stock costs EUR 8.59 at Lang & Schwarz on October 13, 2026 at 11:00 p.m. CEST.
The company reported 879,095,340 shares outstanding as of September 30, 2026.

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CFG Research valued Maroc Telecom at MAD 121.00 per share in a report covered by Le Matin on October 13, 2026. The research view points to a recovery in domestic operations, continued expansion by African subsidiaries and resilient operating margins.

Revenue reaches MAD 19.0 billion

Maroc Telecom generated MAD 19.0 billion of revenue in the first half of 2026, up 5.40 percent from the same period of 2025, according to The Rio Times. The article said growth came mainly from Moov Africa subsidiaries, giving the international business a larger role in the revenue increase.

The operating picture is more balanced than the headline revenue number. Le Nouvelliste reported on October 6, 2026 that Maroc Telecom's net income declined in the first half of 2026 because the first half of 2025 included exceptional income linked to the Wana Corporate agreement. That comparison makes revenue growth less representative of the full earnings trend.

Three dated operating signals

On July 22, 2026, Maroc Telecom's issuer page at AMMC listed the first-half 2026 results, establishing the reporting period behind the revenue figure. On September 30, 2026, the company had 879,095,340 shares outstanding, according to Les Echos. The latest signal came on October 13, 2026, when Le Matin reported the MAD 121.00 CFG Research valuation.

Last euro quote is dated

Maroc Telecom's last euro quote was EUR 8.59 at Lang & Schwarz on October 13, 2026 at 11:00 p.m. CEST. The quote is separate from the Casablanca share price and from the MAD 121.00 research valuation. The further course of trading is shown by the continuously updated real-time quote of Maroc Telecom stock.