AGR Forecast Shows Double‑Digit Earnings Growth and Higher Valuations for Casablanca Market in 2026

Attijari Global Research (AGR) upgraded its 2025‑2026 earnings outlook on 23 January, pointing to a stronger-than‑expected profit growth trajectory and a modest contraction in market multiples. Earnings for the AGR‑30 index are now projected to rise 12.4 % in 2025 and 10.2 % in 2026, driven by improving margins and a broader contribution from non‑bank sectors such as mining, cement, construction, ports and health. The mining sector is expected to post ‘super‑profits’ with a 55 % compound annual growth rate, while the average price‑to‑earnings (P/E) ratio for the index is set to improve from 22.4× to 20.3× by 2026. However, valuation gaps remain wide across industries – banks trade around 13×, telecoms around 15.6×, and other listed sectors near 33×.

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