BKGR cut target for Taqa Morocco stock to MAD 2,816.00

Published on 10/14/2026 at 05:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

BKGR kept Buy at MAD 2,816.00 on September 21, 2026. Taqa Morocco stock delivered MAD 462 million net income during the first half of 2026.

Taqa Morocco earnings and projects

BKGR maintained its Buy recommendation while cutting the target from MAD 2,977.00 to MAD 2,816.00 on September 21, 2026.
Taqa Morocco reported MAD 462 million in net income during the first half of 2026, up 5.80 percent year over year.
The company targets installed capacity of 8.6 GW by 2030, including 4.8 GW from renewable energy.

Taqa Morocco, utilities, half-year results, analyst target, Casablanca Stock Exchange, Illustration mit AI erstellt.

BKGR cut its target for Taqa Morocco stock to MAD 2,816.00 from MAD 2,977.00 in a research note dated September 21, 2026, while maintaining its Buy recommendation, according to MCG24. The target revision followed updated assumptions for project timing, plant availability, raw-material prices and currency effects.

Why the target was cut

The revised target reflects a more cautious schedule for new projects and stricter assumptions for production availability. BKGR also cited dollar-dirham movements because parts of Taqa Morocco's indexed revenue depend on that exchange rate, according to MCG24.

The first-half figures explain the mixed operating picture. Consolidated revenue fell 5.40 percent year over year to MAD 5.1 billion, while EBITDA increased 0.70 percent to MAD 1.66 billion, according to Le Matin.

Margins withstand lower sales

Net income attributable to the group rose 5.80 percent to MAD 462 million in the first half of 2026 from MAD 437 million a year earlier. Net debt stood at MAD 4.62 billion at June 30, 2026, down 13.00 percent from the end of 2025, according to Le Matin. The contrast between lower revenue and higher profit puts cost control and financing costs at the center of the investment case.

Projects reach 8.6 GW

BKGR's longer-term scenario includes a project portfolio valued at MAD 153.3 billion through 2030. Taqa Morocco targets installed capacity of 8.6 GW by 2030, including 4.8 GW from renewable energy, while its existing thermal assets remain the main cash-flow base, according to Le Matin.

The company is also planning 900 million cubic meters of additional desalination capacity and a 3,000 MW electricity transmission project. These figures show why the valuation depends on execution as much as on the resilience of the Jorf Lasfar business.

Execution remains central

For investors, the central tension is visible in the numbers: first-half revenue declined 5.40 percent, but group net income increased 5.80 percent and EBITDA rose 0.70 percent. The lower analyst target reflects project timing risks, while the 8.6 GW capacity objective offers a measurable test for the diversification strategy.