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 80,349 - -
Change - -31.88% 5.24% -17.96% 32.91% -16.15% - -
Enterprise Value (EV) 1 136,875 99,778 104,158 94,469 113,260 97,318 95,929 97,083
Change - -27.1% 4.39% -9.3% 19.89% -14.08% -1.43% 1.2%
P/E 20.4x 30.4x 16.6x 40x 13.7x 14.8x 14.6x 14.3x
PBR 8.22x 4.64x 5.13x 4.84x 4.68x 3.22x 3.02x 2.83x
PEG - -0.6x 0.2x -0.6x 0x -0.7x 11.31x 7.8x
Capitalization / Revenue 3.43x 2.34x 2.39x 1.96x 2.61x 2.17x 2.14x 2.11x
EV / Revenue 3.82x 2.79x 2.83x 2.57x 3.09x 2.63x 2.55x 2.55x
EV / EBITDA 7.36x 5.4x 5.38x 4.92x 6.12x 5.14x 5.01x 5.07x
EV / EBIT 11.8x 11.1x 9.59x 15.6x 8.36x 8.49x 8.27x 8.33x
EV / FCF 16.6x 20.2x 20.5x 19.2x 12.5x 24.1x 22x 27.5x
FCF Yield 6.04% 4.94% 4.87% 5.22% 8.03% 4.15% 4.55% 3.63%
Dividend per Share 2 4.78 2.19 4.2 1.43 4 4.223 4.293 4.6
Rate of return 3.43% 2.31% 4.2% 1.74% 3.67% 4.62% 4.7% 5.03%
EPS 2 6.83 3.13 6.01 2.05 7.93 6.195 6.275 6.39
Distribution rate 70% 70% 69.9% 69.8% 50.4% 68.2% 68.4% 72%
Net sales 1 35,790 35,731 36,786 36,699 36,681 37,051 37,556 38,085
EBITDA 1 18,589 18,492 19,369 19,197 18,493 18,925 19,156 19,149
EBIT 1 11,573 8,987 10,859 6,062 13,547 11,468 11,597 11,658
Net income 1 6,008 2,750 5,283 1,801 6,968 5,444 5,518 5,619
Net Debt 1 14,294 16,270 16,278 22,374 17,439 16,969 15,580 16,734
Reference price 2 139.45 95.00 100.00 82.01 109.00 91.40 91.40 91.40
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.($)
11.33x1.31x4.07x7.07% 223B
9.17x2.38x6.39x6.43% 183B
13.48x2.12x5.57x4.23% 147B
13.31x2.03x5.14x2.41% 78.7B
12.18x0.81x3.01x6.62% 75.71B
12.02x1.75x7.5x3.58% 75.66B
15.41x2.68x8.39x5.1% 57.37B
23.63x5.33x19.45x4.53% 55.55B
15.69x1.77x5.55x4.89% 48.98B
Average 14.02x 2.24x 7.23x 4.98% 105.02B
Weighted average by Cap. 12.73x 2.04x 6.27x 5.42%

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