Valuation: Itissalat Al-Maghrib (IAM) S.A.

Market Cap 80.79B 8.09B 7.22B 6.72B 6.12B 11.52B 779B 11.61B 81.24B 31.61B 398B 30.37B 29.71B 1,278B P/E 2026 *
14.6x
P/E 2027 * 14.4x
Enterprise Value 97.49B 9.76B 8.71B 8.11B 7.38B 13.9B 940B 14.01B 98.03B 38.14B 480B 36.65B 35.86B 1,542B EV / Sales 2026 *
2.6x
EV / Sales 2027 * 2.54x
Free-Float
24.96%
Yield 2026 *
3.99%
Yield 2027 * 4.31%
1 day-0.65%
1 week-2.55%
Current month-3.77%
1 month-6.61%
3 months-1.16%
6 months-0.22%
Current year-15.69%
1 week 91.9
Extreme 91.9
95.5
1 month 91.9
Extreme 91.9
98.2
Current year 89.99
Extreme 89.99
114.4
1 year 89.99
Extreme 89.99
121.45
3 years 82.01
Extreme 82.01
130
5 years 75.55
Extreme 75.55
144.75
10 years 75.55
Extreme 75.55
162.5
Manager TitleAgeSince
Chief Executive Officer 65 01/03/2025
Director of Finance/CFO - -
Chief Tech/Sci/R&D Officer 64 05/12/2014
Director TitleAgeSince
Director/Board Member - 21/07/2017
Director/Board Member - -
Chairman - 25/10/2021
Change 5-day change 1-year change 3-year change Capi.($)
-0.65%-2.55%-21.05%-9.19% 8.09B
-0.06%-0.63%-5.96%+21.78% 222B
-0.15%-1.78%+4.99%+44.09% 190B
+1.02%+0.60%-7.71%+35.35% 144B
+0.06%-0.76%+8.83%-1.79% 87.61B
+0.67%-0.11%-15.44%+15.42% 80.6B
+3.77%+2.97%+4.31%+31.31% 66.56B
+0.70%0.00%-3.19%+16.49% 57.33B
-1.41%-1.64%+0.24%+76.89% 54.48B
+0.47%-2.29%+13.40%+7.57% 50.24B
Average +0.42%-1.01%-2.16%+23.79% 96.15B
Weighted average by Cap. +0.42%-0.80%-1.39%+28.02%

Financials

2026 *2027 *
Net sales 37.56B 3.76B 3.36B 3.13B 2.84B 5.36B 362B 5.4B 37.77B 14.7B 185B 14.12B 13.82B 594B 37.87B 3.79B 3.38B 3.15B 2.87B 5.4B 365B 5.44B 38.08B 14.81B 186B 14.23B 13.93B 599B
Net income 5.52B 553M 493M 459M 418M 787M 53.23B 793M 5.55B 2.16B 27.17B 2.07B 2.03B 87.33B 5.63B 564M 503M 469M 426M 803M 54.29B 809M 5.66B 2.2B 27.71B 2.12B 2.07B 89.07B
Net Debt 16.7B 1.67B 1.49B 1.39B 1.27B 2.38B 161B 2.4B 16.8B 6.54B 82.21B 6.28B 6.14B 264B 15.34B 1.54B 1.37B 1.28B 1.16B 2.19B 148B 2.2B 15.42B 6B 75.49B 5.77B 5.64B 243B
Logo Itissalat Al-Maghrib (IAM) S.A.
Maroc Telecom is Morocco's No. 1 telecommunications operator. Net sales (including intra-group) break down by activity as follows: - mobile telephony (72.4%): 19.2 million customers in Morocco at the end of 2025, distributed between customers with prepaid cards (16.5 million) and with post-paid subscriptions (2.8 million). At the end of 2025, the group owned 11,071 base stations; - fixed telephony and Internet (27.6%): fixed telephony services (1.6 million lines installed in Morocco as of the end of 2025), interconnection services, data transmission, and Internet access (1,419,000 subscribers). Products and services are marketed through a network of 377 owned branches, more than 70,000 group-approved points of sale (tobacconists, local shops, etc.) and independent distribution channels. 50.6% of net sales (including intra-group) are abroad.
Employees
7,933
Date Price Change Volume
05/10/26 MAD 91.90 -0.65% 26,175
02/10/26 MAD 92.50 -1.02% 93,938
01/10/26 MAD 93.45 -2.15% 29,066
30/09/26 MAD 95.50 +1.56% 123,723
29/09/26 MAD 94.03 -0.29% 31,915
Trader
Investor
Global
Quality
ESG MSCI
B
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
91.90MAD
Average target price
109.40MAD
Spread / Average Target
+19.04%

Quarterly revenue - Rate of surprise