ITISSALAT AL-MAGHRIB (IAM) S.A. Financials Itissalat Al-Maghrib (IAM) S.A.
Equities
IAM
MA0000011488
Integrated Telecommunications Services
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 96.16 MAD | -0.34% |
|
-0.66% | -3.84% |
| Feb. 16 | Itissalat Al-Maghrib S.A. Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
| Jan. 29 | Court tells Maroc Telecom to pay $636 million to Inwi in antitrust case | RE |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 134,492 | 127,459 | 122,581 | 83,508 | 87,880 | 84,505 | - | - |
| Enterprise Value (EV) 1 | 151,807 | 144,999 | 136,875 | 99,778 | 104,158 | 98,920 | 96,934 | 84,505 |
| P/E ratio | 49.4 x | 23.5 x | 20.4 x | 30.4 x | 16.6 x | 14.2 x | 14 x | 15 x |
| Yield | 3.62% | 2.77% | 3.43% | 2.31% | 4.2% | 3.89% | 5.74% | 5.8% |
| Capitalization / Revenue | 3.68 x | 3.47 x | 3.43 x | 2.34 x | 2.39 x | 2.27 x | 2.25 x | 2.25 x |
| EV / Revenue | 4.16 x | 3.94 x | 3.82 x | 2.79 x | 2.83 x | 2.66 x | 2.59 x | 2.25 x |
| EV / EBITDA | 8.02 x | 7.59 x | 7.36 x | 5.4 x | 5.38 x | 5.06 x | 4.98 x | 4.4 x |
| EV / FCF | 20.7 x | 20.9 x | 16.6 x | 20.2 x | 20.5 x | 16.1 x | 17.3 x | 12 x |
| FCF Yield | 4.83% | 4.79% | 6.04% | 4.94% | 4.87% | 6.19% | 5.79% | 8.32% |
| Price to Book | 11.1 x | 10 x | 8.22 x | 4.64 x | 5.13 x | 3.67 x | 3.42 x | 3.27 x |
| Nbr of stocks (in thousands) | 879,031 | 879,031 | 879,031 | 879,031 | 878,798 | 878,798 | - | - |
| Reference price 2 | 153.0 | 145.0 | 139.4 | 95.00 | 100.0 | 96.16 | 96.16 | 96.16 |
| Announcement Date | 2/17/20 | 2/19/21 | 2/17/22 | 2/21/23 | 2/16/24 | - | - | - |
1MAD in Million2MAD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 36,517 | 36,769 | 35,790 | 35,731 | 36,786 | 37,248 | 37,492 | 37,596 |
| EBITDA 1 | 18,922 | 19,100 | 18,589 | 18,492 | 19,369 | 19,540 | 19,456 | 19,218 |
| EBIT 1 | 8,231 | 12,018 | 11,573 | 8,987 | 10,859 | 9,922 | 11,995 | 11,814 |
| Operating Margin | 22.54% | 32.69% | 32.34% | 25.15% | 29.52% | 26.64% | 31.99% | 31.42% |
| Earnings before Tax (EBT) 1 | 7,428 | 9,661 | 10,608 | 8,243 | 9,999 | 11,199 | 11,518 | 11,849 |
| Net income 1 | 2,726 | 5,423 | 6,008 | 2,750 | 5,283 | 4,120 | 5,792 | 5,846 |
| Net margin | 7.47% | 14.75% | 16.79% | 7.7% | 14.36% | 11.06% | 15.45% | 15.55% |
| EPS 2 | 3.100 | 6.170 | 6.830 | 3.130 | 6.010 | 6.790 | 6.877 | 6.425 |
| Free Cash Flow 1 | 7,332 | 6,947 | 8,265 | 4,929 | 5,076 | 6,126 | 5,608 | 7,035 |
| FCF margin | 20.08% | 18.89% | 23.09% | 13.79% | 13.8% | 16.45% | 14.96% | 18.71% |
| FCF Conversion (EBITDA) | 38.75% | 36.37% | 44.46% | 26.65% | 26.21% | 31.35% | 28.82% | 36.61% |
| FCF Conversion (Net income) | 268.97% | 128.1% | 137.57% | 179.24% | 96.08% | 148.7% | 96.83% | 120.33% |
| Dividend per Share 2 | 5.540 | 4.010 | 4.780 | 2.190 | 4.200 | 3.740 | 5.517 | 5.580 |
| Announcement Date | 2/17/20 | 2/19/21 | 2/17/22 | 2/21/23 | 2/16/24 | - | - | - |
1MAD in Million2MAD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 9,006 | 9,004 | 8,770 | 8,798 | 9,240 | 8,923 | 9,306 | 9,279 | 9,107 | 9,286 |
| EBITDA 1 | - | 4,760 | 4,519 | 4,655 | - | 4,420 | 4,943 | 4,948 | 4,841 | 4,866 |
| EBIT 1 | - | 3,083 | 2,813 | 2,928 | - | 2,568 | 3,161 | 3,178 | - | 3,055 |
| Operating Margin | - | 34.24% | 32.08% | 33.28% | - | 28.78% | 33.97% | 34.25% | - | 32.9% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - |
| Net income | - | 1,590 | - | - | - | - | - | - | 1,202 | - |
| Net margin | - | 17.66% | - | - | - | - | - | - | 13.2% | - |
| EPS | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 10/26/21 | 2/17/22 | 4/23/22 | 7/26/22 | 10/25/22 | 2/21/23 | 7/26/23 | 10/20/23 | 2/16/24 | - |
1MAD in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 17,315 | 17,540 | 14,294 | 16,270 | 16,278 | 14,415 | 12,429 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.9151 x | 0.9183 x | 0.7689 x | 0.8798 x | 0.8404 x | 0.7377 x | 0.6388 x | - |
| Free Cash Flow 1 | 7,332 | 6,947 | 8,265 | 4,929 | 5,076 | 6,127 | 5,608 | 7,035 |
| ROE (net income / shareholders' equity) | 43.5% | 43.8% | 43.5% | 19.1% | 34.1% | 20.6% | 29.3% | 27.3% |
| ROA (Net income/ Total Assets) | 9.5% | 8.44% | 9.59% | 4.32% | 8.06% | 8% | 8.2% | 8.4% |
| Assets 1 | 28,707 | 64,254 | 62,661 | 63,656 | 65,536 | 51,500 | 70,631 | 69,599 |
| Book Value Per Share 2 | 13.70 | 14.50 | 17.00 | 20.50 | 19.50 | 26.20 | 28.10 | 29.40 |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex 1 | 7,949 | 4,141 | 5,289 | 7,073 | 7,969 | 7,255 | 7,098 | 6,516 |
| Capex / Sales | 21.77% | 11.26% | 14.78% | 19.8% | 21.66% | 19.48% | 18.93% | 17.33% |
| Announcement Date | 2/17/20 | 2/19/21 | 2/17/22 | 2/21/23 | 2/16/24 | - | - | - |
1MAD in Million2MAD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
HOLD
Number of Analysts
4
Last Close Price
96.16
MAD
Average target price
103.9
MAD
Spread / Average Target
+8.05%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -3.84% | 8.33B | |
| +9.65% | 199B | |
| +5.25% | 167B | |
| +0.46% | 116B | |
| -2.38% | 89.84B | |
| +17.65% | 72.93B | |
| +2.80% | 58.42B | |
| -5.07% | 50.97B | |
| -13.54% | 40.2B | |
| -34.49% | 36.67B |
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- Financials Itissalat Al-Maghrib (IAM) S.A.
