Itissalat Al-Maghrib (IAM) S.A.

€8.16As of Sun 8 Nov 2026, 12:00 UTC

EPA:IAMCommunication

Country France

PE (Fwd) 10.35

TSR 10Y CAGR 60.64%

Div yield 1.65%

ROE 39.38%

Telecom Services

Beta (5Y) 0.39

PE TTM 10.92

TSR TTM 29.75%

Mkt cap €7.171B

ROIC 39.98%

SE Grade™

Value

Quality

Moat

1Y Price

Reference

€8.69

6.54%

25.74%

Price below Reference Value

TTM

FYE 31 Dec MAD

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

37.84

RevenueMAD B

—

36.79

37.92

37.85

37.84

37.96

0.95%

—

(0.02)

Revenue growth%

—

3.09

(0.20)

(0.02)

0.32

(0.02)

—

80.52

Gross margin%

—

79.89

79.91

80.51

80.52

80.21

—

39.88

Operating margin%

—

28.15

34.31

19.93

39.88

40.26

31.23

—

18.41

Net margin%

—

7.48

13.93

4.76

18.41

18.82

10.70

—

10.92

P/E ratio (avg)x

—

40.50

15.80

43.86

12.49

10.65

28.15

—

6.209

EV/EBITx

—

12.34

7.674

13.45

6.938

5.595

10.00

—

11.95

FCF yield (avg)%

—

4.43

6.08

(0.08)

10.45

11.99

5.25

—

24.03

FCF margin%

—

13.40

13.38

(0.17)

24.03

13.39

—

1.305

FCF / Net incomex

—

1.792

0.961

(0.036)

1.305

1.277

1.133

—

39.98

ROIC%

—

34.22

40.80

21.28

39.98

41.17

37.10

—

39.38

Return on equity%

—

19.79

34.06

11.24

39.38

30.28

26.93

—

9.19

Return on assets%

—

4.20

8.06

2.56

9.19

8.71

6.13

—

7.93

EPSMAD

—

3.13

6.01

2.05

7.93

8.13

36.33%

—

286.90

EPS growth%

—

92.11

(65.91)

286.90

2.51

92.11

—

23.29

Bookvalue per shMAD

—

15.81

19.48

16.96

23.29

30.38

13.80%

—

10.35

FCF per shareMAD

—

5.61

5.77

(0.07)

10.35

10.38

22.65%

—

1.43

Dividend per shMAD

—

4.78

2.19

4.20

1.43

1.04

(33.12%)

—

1.65

Div yield (avg)%

—

3.77

2.31

4.67

1.44

1.20

3.04

—

18.03

Payout ratio%

—

152.71

36.42

204.81

18.03

12.77

94.56

—

878.9

Shares (diluted)M

—

879.1

◌879.1

—

Buyback yield%

—

◌—

—

0.957

D/E ratiox

—

1.313

1.016

1.639

0.957

0.734

1.165

—

93.70

Enterprise valueMAD B

—

127.8

99.86

101.4

104.7

85.51

(6.42%)

—

9.228

LT debtMAD B

—

3.268

2.990

4.435

9.228

41.34%

—

Peers (US$8.013B)

Cap (US$)

Bharti Hexacom Limited

8.829B

45.45x

TIM S.A.

8.666B

11.05x

Hellenic Telecommunica…

8.256B

17.44x

PT Indoritel Makmur…

7.522B

127.3x

Capital

TTM

10Y

Leveragex

0.788

0.878

EBIT/Intx

14.33

14.46

Own earn%

—

Sh yield%

1.65

2.31

Owners

Insiders/Inst%

—

0.21

Short interest%

—

SBC / revenue%

—

Record

10Y

Profitable years

4/4

Revenue growth years

1/3

EPS growth years

2/3

Dividend streakyrs

Op margin range%

20–40

$1 testx

—

Incr. ROIC%

—

Itissalat Al-Maghrib (IAM) S.A. provides various telecommunication solutions in Morocco and internationally. It operates through Mobile Telephony, Fixed Line Telephony, and Internet segments. The company provides telephony services, including voice and data, as well as broadband Internet access to private customers, businesses and the public sector; and prepaid and postpaid services.

Growth vs revenue

Latest

Trend

3Y CAGR

Rel growth

Revenue

MAD 37.84B

0.95%

1.00×

Cost of revenue

MAD 7.372B

(0.11%)

0.97×

Operating expenses

MAD 15.38B

(6.86%)

0.79×

Asset mix

Trend

Other

70.04%

Goodwill & intangibles

27.37%

Cash and investments

2.59%

Reinvestment returns

5Y median

Trend

Reinvestment rate

10.23%

Return on capital

37.10%

Spread over hurdle

29.72%