HPS Gains Buy Recommendation from CFG Bank on Record Backlog and SaaS Growth

CFG Bank has upgraded its stance on Moroccan payments specialist HPS, issuing a buy rating based on a record‑size backlog, a fast‑moving shift to SaaS and the upcoming integration of digital‑banking player CR2. The firm posted 2025 revenue of ≈ 1.6 billion MAD, EBITDA of 286 million MAD and a strong cash‑flow, while its backlog of 1.67 billion MAD gives visibility on future earnings. The analyst team projects revenue of roughly 2.6 billion MAD by 2030 and forecasts EBITDA margins above 25 %.

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