Company Valuation: Maroc Telecom

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 122,581 83,508 87,880 72,095 95,821 85,580 - -
Change - -31.88% 5.24% -17.96% 32.91% -10.69% - -
Enterprise Value (EV) 1 136,875 99,778 104,158 94,469 113,260 102,284 100,918 102,379
Change - -27.1% 4.39% -9.3% 19.89% -9.69% -1.34% 1.45%
P/E 20.4x 30.4x 16.6x 40x 13.7x 15.5x 15.2x 14.8x
PBR 8.22x 4.64x 5.13x 4.84x 4.68x 3.43x 3.22x 3.02x
PEG - -0.6x 0.2x -0.6x 0x -0.7x 7.95x 4.74x
Capitalization / Revenue 3.43x 2.34x 2.39x 1.96x 2.61x 2.28x 2.26x 2.23x
EV / Revenue 3.82x 2.79x 2.83x 2.57x 3.09x 2.72x 2.66x 2.67x
EV / EBITDA 7.36x 5.4x 5.38x 4.92x 6.12x 5.25x 5.21x 5.34x
EV / EBIT 11.8x 11.1x 9.59x 15.6x 8.36x 8.6x 8.58x 8.76x
EV / FCF 16.6x 20.2x 20.5x 19.2x 12.5x 14.9x 22.8x 29x
FCF Yield 6.04% 4.94% 4.87% 5.22% 8.03% 6.73% 4.38% 3.44%
Dividend per Share 2 4.78 2.19 4.2 1.43 4 3.665 3.96 4.56
Rate of return 3.43% 2.31% 4.2% 1.74% 3.67% 3.76% 4.07% 4.68%
EPS 2 6.83 3.13 6.01 2.05 7.93 6.28 6.4 6.6
Distribution rate 70% 70% 69.9% 69.8% 50.4% 58.4% 61.9% 69.1%
Net sales 1 35,790 35,731 36,786 36,699 36,681 37,565 37,868 38,377
EBITDA 1 18,589 18,492 19,369 19,197 18,493 19,470 19,363 19,178
EBIT 1 11,573 8,987 10,859 6,062 13,547 11,899 11,763 11,685
Net income 1 6,008 2,750 5,283 1,801 6,968 5,520 5,630 5,804
Net Debt 1 14,294 16,270 16,278 22,374 17,439 16,704 15,338 16,799
Reference price 2 139.45 95.00 100.00 82.01 109.00 97.35 97.35 97.35
Nbr of stocks (in thousands) 879,031 879,031 878,798 879,095 879,095 879,095 - -
Announcement Date 2/17/22 2/21/23 2/16/24 2/14/25 2/13/26 - - -
1MAD in Million2MAD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.24x1.32x4.18x7.02% 223B
11.04x2.59x6.85x5.63% 208B
13.73x2.21x5.67x3.99% 158B
13.3x1.82x7.8x3.17% 89.09B
11.97x0.91x3.43x6.46% 81.43B
15.4x2.69x8.41x5.04% 58.26B
24.56x5.52x20.2x4.44% 58.81B
15.53x2.74x6.14x4.47% 50.24B
11.42x1.74x5.26x5.14% 47.28B
Average 14.24x 2.39x 7.55x 5.04% 108.22B
Weighted average by Cap. 13.13x 2.18x 6.63x 5.34%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

40% Discount: Identify Tomorrow's Best Investments With The Best Subscriber-Only Tools!
d
:
:
SEIZE THE OFFER!