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 87,813 - -
Change - -31.88% 5.24% -17.96% 32.91% -8.36% - -
Enterprise Value (EV) 1 136,875 99,778 104,158 94,469 113,260 102,718 103,170 104,547
Change - -27.1% 4.39% -9.3% 19.89% -9.31% 0.44% 1.33%
P/E 20.4x 30.4x 16.6x 40x 13.7x 15.9x 15.6x 15.1x
PBR 8.22x 4.64x 5.13x 4.84x 4.68x 3.52x 3.3x 3.1x
PEG - -0.6x 0.2x -0.6x 0x -0.8x 8.16x 4.83x
Capitalization / Revenue 3.43x 2.34x 2.39x 1.96x 2.61x 2.32x 2.32x 2.29x
EV / Revenue 3.82x 2.79x 2.83x 2.57x 3.09x 2.72x 2.73x 2.72x
EV / EBITDA 7.36x 5.4x 5.38x 4.92x 6.12x 5.13x 5.34x 5.46x
EV / EBIT 11.8x 11.1x 9.59x 15.6x 8.36x 8.4x 8.79x 8.97x
EV / FCF 16.6x 20.2x 20.5x 19.2x 12.5x 14.9x 23.3x 29.7x
FCF Yield 6.04% 4.94% 4.87% 5.22% 8.03% 6.7% 4.28% 3.37%
Dividend per Share 2 4.78 2.19 4.2 1.43 4 4.243 4.327 4.627
Rate of return 3.43% 2.31% 4.2% 1.74% 3.67% 4.25% 4.33% 4.63%
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% 67.6% 67.6% 70.1%
Net sales 1 35,790 35,731 36,786 36,699 36,681 37,804 37,836 38,372
EBITDA 1 18,589 18,492 19,369 19,197 18,493 20,004 19,327 19,149
EBIT 1 11,573 8,987 10,859 6,062 13,547 12,223 11,733 11,658
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 14,905 15,357 16,734
Reference price 2 139.45 95.00 100.00 82.01 109.00 99.89 99.89 99.89
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.28x1.32x4.18x7% 223B
11.01x2.58x6.84x5.64% 208B
13.8x2.21x5.68x3.97% 158B
13.64x1.85x7.92x3.1% 87.92B
12.83x0.93x3.47x6.03% 82.22B
11.64x1.78x4.51x2.81% 69.14B
15.72x2.75x8.58x4.94% 59.47B
24.46x5.5x20.12x4.4% 58.26B
15.66x2.76x6.18x4.43% 50.67B
Average 14.45x 2.41x 7.50x 4.7% 110.78B
Weighted average by Cap. 13.24x 2.17x 6.56x 5.12%

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