BKGR Upgrades CMGP Group to Buy with 28% Upside Target of 469 DH

BMCE Capital Global Research (BKGR) has raised its stance on CMGP Group to “Buy”, setting a price target of 469 DH – a 28% upside from the 10 December closing price of 366 DH. The upgrade reflects the group’s expanding industrial capacity, strategic acquisitions and an expected sharp rise in profitability from 2026 onward. BKGR forecasts revenue growth of 7.3% in 2025 and a 36% jump in 2026, driven by the CPCM acquisition and continued organic expansion. EBITDA margins are projected to rebound to 17.3% by 2026, while net debt is expected to fall dramatically, positioning CMGP as a strong candidate for investors seeking growth in Morocco’s agro‑industrial sector.

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