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IAM

Itissalat Al-Maghrib (IAM)CBSE:IAM Stock Report

Market Cap

د.م125.5b

7D

1.3%

1Y

3.1%

Updated

15 Oct, 2021

Data

Company Financials +
IAM fundamental analysis
Snowflake Score
Valuation1/6
Future Growth1/6
Past Performance4/6
Financial Health4/6
Dividends3/6

IAM Overview

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

Summary of all time highs, changes and price drops for Itissalat Al-Maghrib (IAM)
Historical stock prices
Current Share Priceد.م143.20
52 Week Highد.م134.20
52 Week Lowد.م148.90
Beta0.43
1 Month Change1.38%
3 Month Change5.88%
1 Year Change3.06%
3 Year Change-0.52%
5 Year Change8.90%
Change since IPO98.01%

Recent News & Updates

Shareholder Returns

IAMMA TelecomMA Market
7D1.3%1.6%1.0%
1Y3.1%10.1%26.4%

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.

Price Volatility

Is IAM's price volatile compared to industry and market?
IAM volatility
IAM Beta0.43
Industry Beta0.45
Market Beta1

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

FoundedEmployeesCEOWebsite
199810,242Abdeslam Ahizounehttps://www.iam.ma

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

How do Itissalat Al-Maghrib (IAM)'s earnings and revenue compare to its market cap?
IAM fundamental statistics
Market Capد.م125.53b
Earnings (TTM)د.م6.28b
Revenue (TTM)د.م36.23b

20.0x

P/E Ratio

3.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
IAM income statement (TTM)
Revenueد.م36.23b
Cost of Revenueد.م9.05b
Gross Profitد.م27.18b
Expensesد.م20.90b
Earningsد.م6.28b

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)7.15
Gross Margin75.03%
Net Profit Margin17.34%
Debt/Equity Ratio103.1%

How did IAM perform over the long term?

See historical performance and comparison

Dividends

2.8%

Current Dividend Yield

56%

Payout Ratio

Valuation

Is Itissalat Al-Maghrib (IAM) undervalued compared to its fair value and its price relative to the market?

20.04x

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).


Future Growth

How is Itissalat Al-Maghrib (IAM) forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

0.7%

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%)


Past Performance

How has Itissalat Al-Maghrib (IAM) performed over the past 5 years?

-6.4%

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.


Financial Health

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).


Balance Sheet


Dividend

What is Itissalat Al-Maghrib (IAM) current dividend yield, its reliability and sustainability?

2.80%

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).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.0yrs

Average management tenure


CEO

Abdeslam Ahizoune (66 yo)

20.67yrs

Tenure

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...


Leadership Team

Experienced Management: IAM's management team is seasoned and experienced (6 years average tenure).


Board Members

Experienced Board: IAM's board of directors are considered experienced (4.3 years average tenure).


Ownership

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.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Itissalat Al-Maghrib (IAM) S.A.'s employee growth, exchange listings and data sources


Key Information

  • 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


Location

  • Itissalat Al-Maghrib (IAM) S.A.
  • Avenue Annakhil, Hay Riad
  • Rabat
  • Morocco

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/15 22:39
End of Day Share Price2021/10/15 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.