BKGR Raises HPS Target Price to 705 DH, Keeps Buy Call Amid Strong Q3 Recovery

BMCE Capital Global Research (BKGR) has maintained its buy recommendation on HPS while increasing its price target to 705 DIRH, up from 686 DIRH. The revision reflects a potential upside of about 21.6 % from the 580 DIRH closing price on 6 January 2026 and is driven by a strong Q3 operational catch‑up, a record backlog and clearer visibility on the company's SaaS transition. BKGR's discounted‑cash‑flow valuation still implies a high multiple (P/E 59.7× for 2024) but expects a gradual compression as recurring SaaS revenue scales and margins improve, targeting a more modest 26.3× P/E from 2027 onward. The firm’s strategic focus on high‑margin SaaS contracts, the acquisition of CR2 and a planned fintech AI acquisition reinforce the bullish outlook.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo.