Projected Income Statement: Maroc Telecom

Forecast Balance Sheet: Maroc Telecom

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 14,294 16,270 16,278 22,374 17,439 14,905 15,357 16,734
Change - 13.82% 0.05% 37.45% -22.06% -14.53% 3.03% 8.97%
Announcement Date 2/17/22 2/21/23 2/16/24 2/14/25 2/13/26 - - -
1MAD in Million
Estimates

Cash Flow Forecast: Maroc Telecom

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 5,289 7,073 7,969 7,073 9,404 7,814 9,205 9,559
Change - 33.73% 12.67% -11.24% 32.96% -16.91% 17.8% 3.85%
Free Cash Flow (FCF) 1 8,265 4,929 5,076 4,929 9,095 6,879 4,418 3,525
Change - -40.36% 2.98% -2.9% 84.52% -24.37% -35.77% -20.22%
Announcement Date 2/17/22 2/21/23 2/16/24 2/14/25 2/13/26 - - -
1MAD in Million
Estimates

Forecast Financial Ratios: Maroc Telecom

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 51.94% 51.75% 52.65% 52.31% 50.42% 52.92% 51.08% 49.9%
EBIT Margin (%) 32.34% 25.15% 29.52% 16.52% 36.93% 32.33% 31.01% 30.38%
EBT Margin (%) 29.64% 23.07% 27.18% 13.49% 34.17% 26.67% 27.18% 27.62%
Net margin (%) 16.79% 7.7% 14.36% 4.91% 19% 14.6% 14.88% 15.13%
FCF margin (%) 23.09% 13.79% 13.8% 13.43% 24.79% 18.2% 11.68% 9.19%
FCF / Net Income (%) 137.57% 179.24% 96.08% 273.68% 130.53% 124.62% 78.48% 60.73%

Profitability

        
ROA 9.59% 4.32% 8.06% 2.65% 9.53% 7% 7% 7.1%
ROE 43.48% 19.09% 34.06% 11.24% 39.38% 25.4% 22.73% 21.53%

Financial Health

        
Leverage (Debt/EBITDA) 0.77x 0.88x 0.84x 1.17x 0.94x 0.75x 0.79x 0.87x
Debt / Free cash flow 1.73x 3.3x 3.21x 4.54x 1.92x 2.17x 3.48x 4.75x

Capital Intensity

        
CAPEX / Current Assets (%) 14.78% 19.8% 21.66% 19.27% 25.64% 20.67% 24.33% 24.91%
CAPEX / EBITDA (%) 28.45% 38.25% 41.14% 36.84% 50.85% 39.06% 47.63% 49.92%
CAPEX / FCF (%) 63.99% 143.5% 156.99% 143.5% 103.4% 113.59% 208.33% 271.18%

Items per share

        
Cash flow per share 1 - - - - - - - -
Change - - - - - - - -
Dividend per Share 1 4.78 2.19 4.2 1.43 4 4.243 4.327 4.627
Change - -54.18% 91.78% -65.95% 179.72% 6.08% 1.96% 6.93%
Book Value Per Share 1 16.96 20.48 19.48 16.96 23.29 28.36 30.24 32.25
Change - 20.74% -4.87% -12.95% 37.36% 21.75% 6.63% 6.65%
EPS 1 6.83 3.13 6.01 2.05 7.93 6.28 6.4 6.6
Change - -54.17% 92.01% -65.89% 286.83% -20.81% 1.91% 3.12%
Nbr of stocks (in thousands) 879,031 879,031 878,798 879,095 879,095 879,095 879,095 879,095
Announcement Date 2/17/22 2/21/23 2/16/24 2/14/25 2/13/26 - - -
1MAD
Estimates
2026 *2027 *
P/E 15.9x 15.6x
PBR 3.53x 3.31x
EV / Sales 2.72x 2.73x
Yield 4.24% 4.33%

EPS & Dividend



Y-o-Y evolution of P/E

 

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
B
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
99.89MAD
Average target price
108.07MAD
Spread / Average Target
+8.19%

Quarterly revenue - Rate of surprise