ACHIEVEMENTS IN LINE WITH OUR FORECASTS…, DIVIDEND BELOW EXPECTATIONS
Maroc Telecom’s 2020 achievements confirm our annual growth forecasts, whether in terms of activity, profitability or even cash-generation (Cf. Start 2021 under the cash-conversion perspective). Despite its solid resilience in 2020, the Group lowered its DPS to MAD 4.01, causing a visible disappointment within the market.
Such a decision could not call into question our stock valuation. Maroc Telecom could rapidly return to its historic distribution levels, supported by the resilience of its profitability levels.
