Taqa Morocco stock: BKGR cuts target for Taqa Morocco stock from MAD 2,977.00 to MAD 2,816.00

Published on 10/22/2026 at 03:18 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue fell 5.4 percent to MAD 5.1 billion. Taqa Morocco stock saw net income rise 5.8 percent to MAD 462 million in 2026.

Target reset and earnings resilience

On September 21, 2026, BKGR cut its target from MAD 2,977.00 to MAD 2,816.00.
First-half 2026 revenue fell 5.4 percent to MAD 5.1 billion while net income rose 5.8 percent.
On October 20, 2026, Taqa Morocco had a MAD 38.6 billion market capitalization and a MAD 1,560.00 to MAD 2,600.00 52-week range.

Taqa Morocco stock, utilities, target cut, first-half results, Casablanca Stock Exchange, Illustration mit AI erstellt.

Taqa Morocco's first-half 2026 revenue fell 5.4 percent to MAD 5.1 billion, while net income attributable to the group rose 5.8 percent to MAD 462 million, according to MCG24. The figures show weaker activity during scheduled maintenance but improved earnings resilience.

In a research note dated September 21, 2026, BMCE Capital Global Research cut its target for Taqa Morocco from MAD 2,977.00 to MAD 2,816.00 while maintaining its recommendation, MCG24 reported. The revision reflected delayed project contributions and more cautious assumptions for plant availability and raw-material prices.

Three dates show the shift

The chronology is clear. On March 27, 2026, Taqa Morocco reported fiscal-year 2025 earnings per share of MAD 23.06 and revenue of MAD 5.26 billion, according to Investing.com. On September 14, 2026, the latest listed release showed earnings per share of MAD 6.88 and revenue of MAD 2.13 billion for the period ending June 2026, the same source reported. On September 21, 2026, BKGR issued the lower MAD 2,816.00 target.

What does the target cut mean?

The revised target leaves the investment case dependent on execution rather than near-term sales growth. First-half electricity production reached 6,684 GWh, while unit availability declined to 86.6 percent from 91.7 percent a year earlier. EBITDA still increased 0.7 percent to MAD 1.66 billion, and the operating margin rose to 24.5 percent from 23.3 percent, according to Le Matin.

That mix matters for investors: maintenance reduced available capacity, but cost control and financial improvement supported profit. The net result attributable to the group rose from the first-half 2025 level by 5.8 percent to MAD 462 million, while net debt stood at MAD 4.62 billion at the end of June 2026.

Market value and business base

Taqa Morocco produces and supplies electricity in Morocco and operates the Jorf Lasfar thermal complex alongside renewable assets. On October 20, 2026, its market capitalization stood at MAD 38.6 billion, with a MAD 1,560.00 to MAD 2,600.00 52-week range. The Casablanca-listed utility's next valuation step therefore rests on the timing and profitability of its planned energy, water and infrastructure projects.