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 83,347 - -
Change - -31.88% 5.24% -17.96% 32.91% -13.02% - -
Enterprise Value (EV) 1 136,875 99,778 104,158 94,469 113,260 98,252 98,704 100,081
Change - -27.1% 4.39% -9.3% 19.89% -13.25% 0.46% 1.4%
P/E 20.4x 30.4x 16.6x 40x 13.7x 15.1x 14.8x 14.4x
PBR 8.22x 4.64x 5.13x 4.84x 4.68x 3.34x 3.14x 2.94x
PEG - -0.6x 0.2x -0.6x 0x -0.7x 7.75x 4.61x
Capitalization / Revenue 3.43x 2.34x 2.39x 1.96x 2.61x 2.2x 2.2x 2.17x
EV / Revenue 3.82x 2.79x 2.83x 2.57x 3.09x 2.6x 2.61x 2.61x
EV / EBITDA 7.36x 5.4x 5.38x 4.92x 6.12x 4.91x 5.11x 5.23x
EV / EBIT 11.8x 11.1x 9.59x 15.6x 8.36x 8.04x 8.41x 8.59x
EV / FCF 16.6x 20.2x 20.5x 19.2x 12.5x 14.3x 22.3x 28.4x
FCF Yield 6.04% 4.94% 4.87% 5.22% 8.03% 7% 4.48% 3.52%
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% 4.48% 4.56% 4.88%
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 94.81 94.81 94.81
Nbr of stocks (in thousands) 879,031 879,031 878,798 879,095 879,095 879,095 - -
Announcement Date 2/17/22 A 2/21/23 A 2/16/24 A 2/14/25 A 2/13/26 A - - -
1MAD in Million2MAD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.7x1.38x4.28x6.75% 235B
10.43x2.51x6.63x5.96% 197B
13.7x2.17x5x4.02% 155B
12.18x0.89x3.33x6.53% 82.69B
12.18x1.76x7.53x3.54% 79.23B
12.44x1.96x4.96x2.55% 74.89B
15.52x2.75x8.65x5.03% 58.34B
23.68x5.32x19.43x4.56% 55.98B
14.51x1.79x5.53x4.75% 50.78B
Average 14.04x 2.28x 7.26x 4.85% 109.83B
Weighted average by Cap. 12.94x 2.09x 6.27x 5.24%

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