HPS Faces Pivotal Half‑Year: Analysts Back Record Order Book and SaaS Pivot

Despite first‑half 2025 results that fell short of market expectations, HPS’s management reaffirmed its full‑year targets and disclosed a record‑breaking order backlog of 1.695 billion Moroccan dirhams – a 91.5 % increase year‑to‑date. The company’s AccelR8 plan, which shifts the business toward a recurring‑revenue SaaS model, is expected to start delivering tangible upside from the second half of 2025 and accelerate in 2026. Analysts at CFG Bank view the massive backlog as a strong medium‑term visibility driver and keep a positive outlook on the stock, valuing it at 763 DH (about a 44 % upside). They caution that short‑term currency headwinds and a temporary dip in revenue margins are not reflective of underlying fundamentals.

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