Vicenne: Sustained Growth and Clear Ambitions

Since its IPO on July 15, 2025, Vicenne has been posting successive increases in both its stock price and financial performance. With an initial offering price of 236 dirhams, the share price reached 441 dirhams as of February 25, representing an 86% increase in less than a year. It should be recalled that the operation, amounting to 500 million dirhams, was subscribed more than 60 times by at least 37,000 investors.

At the end of the 2025 financial year, the company—specialized in medical equipment, solutions, and services for healthcare professionals—recorded consolidated revenue exceeding one billion dirhams, representing growth of 30% compared with 2024.

The company not only met its initial pre‑IPO forecasts but exceeded them by 3.6%. This momentum was driven by three segments. The first is the Equipment activity, whose revenue increased by 29% to 651 million dirhams, while revenues from the second segment related to implantables and reagents rose by 35% to 319 million dirhams.

The final activity, related to services, increased by 19% to 114 million dirhams. It should be noted that in the last quarter of the previous year alone, the group’s revenue improved by 39% to reach 389 million dirhams.

On the investment side, the company is maintaining a high pace. The overall envelope reached 33 million dirhams at the end of last year, compared with only 3 million dirhams one year earlier. CAPEX mainly concerned financial assets, including a minority stake in the start‑up DeepEcho, which specializes in ultrasound diagnostics using AI and machine learning.

From a balance‑sheet perspective, benefiting from the various capital increases carried out, the group’s financial position has improved significantly, moving from net debt of nearly 315 million dirhams to a positive cash balance of 300 million dirhams, an improvement compared with the third quarter.

Given these achievements, top management remains confident about meeting its objectives by 2030. Investors are as well.

“They believe that healthcare remains a sector that holds up well and can only continue to grow and improve, first because of the professionalization of the sector and the improvement in the quality of services, but also because of the colossal efforts deployed by the State to upgrade the sector,” explains an analyst at a brokerage firm.

The combination of these factors is fueling investor appetite for this type of stock, without overheating and without a massive influx.

Transformation of the population structure

In fact, the Moroccan population is evolving with a more pronounced aging trend. The share of people aged 60 and over has risen from 8% in 2004 to 14% in 2024, mainly due to the increase in life expectancy, which reached 77 years in 2023 (compared with 68 years in 2004 and 64 years in 1994).

This trend should continue thanks to medical advances, the generalization of access to healthcare within the framework of the reform of mandatory health insurance (AMO), as well as initiatives aimed at reducing infant mortality, such as national vaccination campaigns.

On the other hand, the increase in the urban population also represents a boon for the healthcare sector and, consequently, for the medical equipment industry. According to the latest estimates from the High Commission for Planning (HCP), Morocco’s population should continue to grow at an average annual rate of about 272,000 people to reach 43.6 million inhabitants by 2050, accompanied by greater expansion of urban areas, which are expected to concentrate 74% of the Moroccan population.

At the same time, the rate of medical coverage has expanded significantly in recent years, rising from 49% in 2018 to 69.8% in 2024, then to 88% in 2025. This is without mentioning the budgetary effort devoted to the healthcare sector this year, which has risen to 42.4 billion dirhams, marking an increase of more than 30% compared with 2025. This increase of 9.8 billion dirhams aims to support structural reform, including strengthening human resources and infrastructure.

All these transformations represent growth potential for Vicenne, which should also capitalize on the various technological improvements in surgical procedures, diagnostics, and precision medicine.

Doubling of profit in five years

By 2030, the group’s consolidated revenue is expected to reach 1.8 billion dirhams, representing a compound annual growth rate (CAGR) of 11.7% over the period 2025–2030, compared with a CAGR of 19.9% between 2022 and 2024. The Equipment activity should account for 46% of revenue with turnover of 843 million dirhams, compared with 651 million dirhams in 2025, an increase of 29% and a CAGR of 7%.

The consumables segment, the second contributor to the group’s revenue with a share of 37% in the long term, should reach revenue of 677 million dirhams, with an average annual growth rate of 16.7%. Finally, revenues from the Services activity should experience average annual growth of nearly 17% to reach 204 million dirhams.

The international segment is not left behind. Driven by the subsidiary MTS, which operates exclusively in Senegal, its revenue is expected to record average annual growth of 20% over the group’s forecast horizon, reaching 50 million dirhams by 2030.

This progress is supported by projects to equip and develop healthcare facilities, notably the extension of a major public hospital in Senegal, maintenance services for equipment sold, and the sale of other solutions with a strong technological component (implantable medical devices, diagnostic equipment and reagents, etc.).

To finance this growth, the company has budgeted an investment program of 92.5 million dirhams financed exclusively through leasing. This represents on average 1.1% of revenue.

It will focus on the acquisition of laboratory equipment, the modernization of incineration tools at the Saiss Environnement site located in Meknes, as well as increasing its waste‑treatment capacity for an amount of 5.5 million dirhams. Thus, with consolidated net income estimated at 117 million dirhams in 2025, the group plans to reach profit capacity of 232 million dirhams by 2030—double in five years and a CAGR of 14.7%. The net margin would stand at 12.8%, up by 1.6 percentage points.

A high‑potential sector

The healthcare sector in Morocco is undergoing a major transformation phase. Over the period 2017–2027, the medical equipment market is expected to record a CAGR of 8.1%, rising from 2.7 billion dirhams in 2017 to nearly 6 billion dirhams in 2027—effectively doubling in size in ten years.

This outlook is among the factors encouraging investors to continue showing interest in Vicenne. The company’s multiples remain higher than the market average, with a P/E ratio of 29.9×. This multiple is expected to decline as it incorporates the anticipated growth in the group’s financial results.