Unsurprisingly, Maroc Telecom's half-year achievements are down compared to 2020. On the basis of annual achievement rates, we have slightly revised our forecasts for the FY 2021.
However, we maintain a positive outlook over the MT justified by the Group's investment effort, which remains significantly higher than that of local competitors. In fact, we believe that the incumbent telecommunication operator is best positioned in three strategic levers, namely: (1) Network coverage, (2) Technology and (3) Quality of the services.