The Casablanca Stock Exchange has entered a sustained growth phase fueled by consecutive initial public offerings and renewed trading activity. Financial markets expert Farid Mezouar attributes this acceleration largely to private equity fund exit strategies and investor appetite for expanding companies with elevated valuations.
Seven companies have joined the exchange since 2020, with 2025 continuing the trend through Vicenne’s listing and anticipated IPOs from Cash Plus and SGTM. Mezouar identifies private equity exits as the primary catalyst, noting that “the stock market offers these investors an ideal exit door thanks to favorable valuation ratios obtained during these sales.”
The year 2025 could represent an inflection point, though not matching 2007-2008 fervor. Share price increases since 2023 reinforce this dynamic, alongside media visibility benefits already enjoyed by companies like Vicenne and CMGP. Despite current investor nervousness, Casablanca’s valuation ratios remain elevated, with earnings multiples approaching 21, attracting issuers and shareholders.
Cash Plus’s dividend distribution policy stands out, with announced average payout ratios of 85 percent between 2025 and 2030. Mezouar considers this generosity structural rather than cyclical, explaining that the company’s business model based primarily on franchisee networks limits recurring investment requirements, enabling sustained high yield policies.
Market performance confirms this momentum. The MASI index rose approximately four percent in the third quarter, with capitalization exceeding 1,000 billion dirhams. Individual investors play an increasingly significant role, with Moroccan retail participants accounting for 27.9 percent of second-quarter trading, a level unseen since 2017. TGCC’s capital increase attracted over 82,000 subscribers, illustrating this enthusiasm.
Institutional confidence returns through collective investment funds, which concentrate 43 percent of free-float capitalization and 37 percent of trading volumes. Mezouar expresses caution for year-end volatility but demonstrates strong optimism for 2026, estimating double-digit MASI growth potential driven by 2030 World Cup infrastructure projects worth 1.7 percent GDP growth contribution.
