BKGR Recommends Subscription for Cash Plus IPO at 200 Dirhams
The research center “BMCE Capital Global Research” (BKGR) recommended today, Monday, to subscribe to the initial public offering (IPO) for “Cash Plus” at a price of 200 dirhams.
In a memorandum titled “Initiation Coverage” prepared for “BMCE Capital Bourse,” the center indicated that based on its assessment using a dividend discount model, the target price for the share has been set at 254 dirhams, representing a 27% increase compared to the IPO price.
The price-to-earnings ratio is estimated at 22.3 times for 2025, which is nearly on par with the market average of 22.6 times, and 17.5 times for 2026, compared to 21.3 times for the market.
Founded in 2004 and having received performance institution approval from Bank Al-Maghrib in 2019, “Cash Plus” is an integrated player in the financial services sector. It has established itself as a key partner in promoting financial inclusion in Morocco.
The company meets the needs of individuals and businesses through a comprehensive offering that includes national and international money transfer services, currency exchange, bill payments, and the opening of electronic wallets.
The center noted that the IPO for “Cash Plus,” scheduled between November 19 and 25 until 3:30 PM, occurs in a favorable economic and sectoral context characterized by growing remittances from Moroccans abroad, a strong tourism sector, increasing financial inclusion, digitization of services, and the rising role of payment institutions.
Additionally, the group benefits from a wide geographical presence, rapid growth in electronic wallet accounts, and a strategic position in transactions between the state and citizens (financial and administrative dealings between public institutions and individuals).
