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 83,954 - -
Change - -31.88% 5.24% -17.96% 32.91% -12.39% - -
Enterprise Value (EV) 1 136,875 99,778 104,158 94,469 113,260 100,658 99,292 100,753
Change - -27.1% 4.39% -9.3% 19.89% -11.13% -1.36% 1.47%
P/E 20.4x 30.4x 16.6x 40x 13.7x 15.2x 14.9x 14.5x
PBR 8.22x 4.64x 5.13x 4.84x 4.68x 3.37x 3.16x 2.96x
PEG - -0.6x 0.2x -0.6x 0x -0.7x 7.8x 4.64x
Capitalization / Revenue 3.43x 2.34x 2.39x 1.96x 2.61x 2.23x 2.22x 2.19x
EV / Revenue 3.82x 2.79x 2.83x 2.57x 3.09x 2.68x 2.62x 2.63x
EV / EBITDA 7.36x 5.4x 5.38x 4.92x 6.12x 5.17x 5.13x 5.25x
EV / EBIT 11.8x 11.1x 9.59x 15.6x 8.36x 8.46x 8.44x 8.62x
EV / FCF 16.6x 20.2x 20.5x 19.2x 12.5x 14.6x 22.5x 28.6x
FCF Yield 6.04% 4.94% 4.87% 5.22% 8.03% 6.83% 4.45% 3.5%
Dividend per Share 2 4.78 2.19 4.2 1.43 4 3.665 3.96 4.56
Rate of return 3.43% 2.31% 4.2% 1.74% 3.67% 3.84% 4.15% 4.77%
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% 58.4% 61.9% 69.1%
Net sales 1 35,790 35,731 36,786 36,699 36,681 37,565 37,868 38,377
EBITDA 1 18,589 18,492 19,369 19,197 18,493 19,470 19,363 19,178
EBIT 1 11,573 8,987 10,859 6,062 13,547 11,899 11,763 11,685
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 16,704 15,338 16,799
Reference price 2 139.45 95.00 100.00 82.01 109.00 95.50 95.50 95.50
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.05x1.31x4.15x7.02% 223B
11.33x2.63x6.95x5.49% 214B
14.06x2.19x5.65x3.9% 160B
13.99x1.87x8.16x3% 93.49B
11.77x0.89x3.33x6.56% 80.55B
11.82x1.81x4.56x2.77% 69.71B
15.28x2.68x8.37x5.06% 57.95B
23.97x5.41x19.76x4.55% 57.07B
15.2x2.81x6.29x4.33% 51.85B
Average 14.27x 2.40x 7.47x 4.74% 111.89B
Weighted average by Cap. 13.16x 2.17x 6.56x 5.1%

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

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