Itissalat Al-Maghrib (IAM) S.A., together with its subsidiaries, provides various telecommunication services in Morocco and internationally.
Itissalat Al-Maghrib (IAM) Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||د.م143.20|
|52 Week High||د.م134.20|
|52 Week Low||د.م148.90|
|1 Month Change||1.38%|
|3 Month Change||5.88%|
|1 Year Change||3.06%|
|3 Year Change||-0.52%|
|5 Year Change||8.90%|
|Change since IPO||98.01%|
Recent News & Updates
|IAM||MA Telecom||MA Market|
Return vs Industry: IAM underperformed the MA Telecom industry which returned 9.2% over the past year.
Return vs Market: IAM underperformed the MA Market which returned 25.4% over the past year.
Stable Share Price: IAM is less volatile than 75% of MA stocks over the past 3 months, typically moving +/- 2% a week.
Volatility Over Time: IAM's weekly volatility (2%) has been stable over the past year.
About the Company
Itissalat Al-Maghrib (IAM) S.A., together with its subsidiaries, provides various telecommunication services in Morocco and internationally. It offers mobile, fixed-line, Internet, and fixed-line broadband telecommunication services, as well as sells mobile terminals, broadband equipment, and connected objects and accessories. The company was founded in 1998 and is based in Rabat, Morocco.
Itissalat Al-Maghrib (IAM) Fundamentals Summary
|IAM fundamental statistics|
Is IAM overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|IAM income statement (TTM)|
|Cost of Revenue||د.م9.05b|
Last Reported Earnings
Jun 30, 2021
Next Earnings Date
|Earnings per share (EPS)||7.15|
|Net Profit Margin||17.34%|
How did IAM perform over the long term?See historical performance and comparison
2.8%Current Dividend Yield
Is Itissalat Al-Maghrib (IAM) undervalued compared to its fair value and its price relative to the market?
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: IAM (MAD143.2) is trading above our estimate of fair value (MAD136.51)
Significantly Below Fair Value: IAM is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: IAM is poor value based on its PE Ratio (20x) compared to the African Telecom industry average (8x).
PE vs Market: IAM is good value based on its PE Ratio (20x) compared to the MA market (27.2x).
Price to Earnings Growth Ratio
PEG Ratio: IAM is poor value based on its PEG Ratio (28.1x)
Price to Book Ratio
PB vs Industry: IAM is overvalued based on its PB Ratio (10.7x) compared to the XF Telecom industry average (0.7x).
How is Itissalat Al-Maghrib (IAM) forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: IAM's forecast earnings growth (0.7% per year) is below the savings rate (9.1%).
Earnings vs Market: IAM's earnings (0.7% per year) are forecast to grow slower than the MA market (13.1% per year).
High Growth Earnings: IAM's earnings are forecast to grow, but not significantly.
Revenue vs Market: IAM's revenue (2% per year) is forecast to grow slower than the MA market (6.7% per year).
High Growth Revenue: IAM's revenue (2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: IAM's Return on Equity is forecast to be high in 3 years time (34.3%)
How has Itissalat Al-Maghrib (IAM) performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: IAM has high quality earnings.
Growing Profit Margin: IAM's current net profit margins (17.3%) are higher than last year (4.5%).
Past Earnings Growth Analysis
Earnings Trend: IAM's earnings have declined by 6.4% per year over the past 5 years.
Accelerating Growth: IAM's earnings growth over the past year (275.4%) exceeds its 5-year average (-6.4% per year).
Earnings vs Industry: IAM earnings growth over the past year (275.4%) exceeded the Telecom industry 29.6%.
Return on Equity
High ROE: Whilst IAM's Return on Equity (46.29%) is outstanding, this metric is skewed due to their high level of debt.
How is Itissalat Al-Maghrib (IAM)'s financial position?
Financial Position Analysis
Short Term Liabilities: IAM's short term assets (MAD16.1B) do not cover its short term liabilities (MAD42.5B).
Long Term Liabilities: IAM's short term assets (MAD16.1B) exceed its long term liabilities (MAD4.7B).
Debt to Equity History and Analysis
Debt Level: IAM's debt to equity ratio (103.1%) is considered high.
Reducing Debt: IAM's debt to equity ratio has reduced from 111.6% to 103.1% over the past 5 years.
Debt Coverage: IAM's debt is well covered by operating cash flow (94.8%).
Interest Coverage: IAM's interest payments on its debt are well covered by EBIT (13.9x coverage).
What is Itissalat Al-Maghrib (IAM) current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: IAM's dividend (2.8%) is higher than the bottom 25% of dividend payers in the MA market (2.22%).
High Dividend: IAM's dividend (2.8%) is low compared to the top 25% of dividend payers in the MA market (4.86%).
Stability and Growth of Payments
Stable Dividend: IAM's dividend payments have been volatile in the past 10 years.
Growing Dividend: IAM's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (56.1%), IAM's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: IAM's dividends in 3 years are forecast to be covered by earnings (89.6% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Abdeslam Ahizoune (66 yo)
Mr. Abdeslam Ahizoune has been the Chairman of Management Board and Member of Management Board at Itissalat Al-Maghrib (IAM) S.A. (formerly, Maroc Telecom S.A.) at Emirates Telecommunications Group Company...
Experienced Management: IAM's management team is seasoned and experienced (6 years average tenure).
Experienced Board: IAM's board of directors are considered experienced (4.3 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Itissalat Al-Maghrib (IAM) S.A.'s employee growth, exchange listings and data sources
- Name: Itissalat Al-Maghrib (IAM) S.A.
- Ticker: IAM
- Exchange: CBSE
- Founded: 1998
- Industry: Integrated Telecommunication Services
- Sector: Telecom
- Market Cap: د.م125.526b
- Shares outstanding: 879.03m
- Website: https://www.iam.ma
Number of Employees
- Itissalat Al-Maghrib (IAM) S.A.
- Avenue Annakhil, Hay Riad
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/10/15 22:39|
|End of Day Share Price||2021/10/15 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.