Itissalat Al-Maghrib (IAM) S.A.

CBSE:IAM Stock Report

Market Cap: د.م101.1b

Itissalat Al-Maghrib (IAM) Valuation

Is IAM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IAM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
د.م78.90
Fair Value
45.7% overvalued intrinsic discount
3
Number of Analysts

Below Fair Value: IAM (MAD115) is trading above our estimate of fair value (MAD78.9)

Significantly Below Fair Value: IAM is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IAM?

Key metric: As IAM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for IAM. This is calculated by dividing IAM's market cap by their current earnings.
What is IAM's PE Ratio?
PE Ratio56.1x
Earningsد.م1.80b
Market Capد.م101.10b

Price to Earnings Ratio vs Peers

How does IAM's PE Ratio compare to its peers?

The above table shows the PE ratio for IAM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.3x
6823 HKT Trust and HKT
16.4x3.9%HK$82.9b
INDUSTOWER Indus Towers
10.5x-6.9%₹1.0t
DU Emirates Integrated Telecommunications Company PJSC
15.6x3.1%د.إ38.8b
INW Infrastrutture Wireless Italiane
26.9x6.6%€9.5b
IAM Itissalat Al-Maghrib (IAM)
56.1x29.7%د.م101.1b

Price-To-Earnings vs Peers: IAM is expensive based on its Price-To-Earnings Ratio (56.1x) compared to the peer average (17.3x).

Price to Earnings Ratio vs Industry

How does IAM's PE Ratio compare vs other companies in the Global Telecom Industry?

7 CompaniesPrice / EarningsEstimated GrowthMarket Cap
IAM 56.1xIndustry Avg. 16.8xNo. of Companies26PE01224364860+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: IAM is expensive based on its Price-To-Earnings Ratio (56.1x) compared to the Global Telecom industry average (16.8x).

Price to Earnings Ratio vs Fair Ratio

What is IAM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IAM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio56.1x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate IAM's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IAM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentد.م115.00
د.م106.57
-7.3%
8.9%د.م118.00د.م94.70n/a3
Apr ’26د.م122.50
د.م106.67
-12.9%
8.8%د.م118.00د.م95.00n/a3
Mar ’26د.م114.00
د.م105.00
-7.9%
9.2%د.م118.00د.م95.00n/a3
Feb ’26د.م106.30
د.م102.33
-3.7%
6.0%د.م110.00د.م95.00n/a3
Jan ’26د.م82.01
د.م102.33
+24.8%
6.0%د.م110.00د.م95.00n/a3
Dec ’25د.م85.90
د.م106.00
+23.4%
2.8%د.م110.00د.م103.00n/a3
Nov ’25د.م88.24
د.م106.00
+20.1%
2.8%د.م110.00د.م103.00n/a3
Oct ’25د.م93.04
د.م106.67
+14.6%
2.2%د.م110.00د.م105.00n/a3
Sep ’25د.م93.16
د.م104.33
+12.0%
1.1%د.م105.00د.م102.30n/a4
Aug ’25د.م90.83
د.م104.33
+14.9%
1.1%د.م105.00د.م102.30n/a4
Jul ’25د.م90.45
د.م103.90
+14.9%
1.2%د.م105.40د.م102.30n/a3
Jun ’25د.م92.00
د.م103.90
+12.9%
1.2%د.م105.40د.م102.30n/a3
May ’25د.م96.45
د.م103.90
+7.7%
1.2%د.م105.40د.م102.30n/a3
Apr ’25د.م100.05
د.م104.68
+4.6%
1.7%د.م107.00د.م102.30د.م122.504
Mar ’25د.م103.50
د.م104.68
+1.1%
1.7%د.م107.00د.م102.30د.م114.004
Feb ’25د.م94.00
د.م107.33
+14.2%
3.8%د.م113.00د.م104.00د.م106.303
Jan ’25د.م100.00
د.م107.33
+7.3%
3.8%د.م113.00د.م104.00د.م82.013
Dec ’24د.م92.30
د.م103.40
+12.0%
12.1%د.م120.00د.م85.00د.م85.905
Nov ’24د.م96.00
د.م106.40
+10.8%
14.8%د.م128.00د.م85.00د.م88.245
Oct ’24د.م101.00
د.م106.40
+5.3%
14.8%د.م128.00د.م85.00د.م93.045
Sep ’24د.م106.00
د.م106.40
+0.4%
14.8%د.م128.00د.م85.00د.م93.165
Aug ’24د.م110.50
د.م106.40
-3.7%
14.8%د.م128.00د.م85.00د.م90.835
Jul ’24د.م95.00
د.م105.92
+11.5%
14.3%د.م126.00د.م85.00د.م90.455
Jun ’24د.م87.40
د.م105.92
+21.2%
14.3%د.م126.00د.م85.00د.م92.005
May ’24د.م81.05
د.م122.87
+51.6%
2.1%د.م126.00د.م119.60د.م96.453
Apr ’24د.م85.00
د.م122.20
+43.8%
1.5%د.م124.00د.م119.60د.م100.053
AnalystConsensusTarget
Consensus Narrative from 3 Analysts
د.م106.57
Fair Value
7.9% overvalued intrinsic discount
3
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/04/27 02:03
End of Day Share Price 2025/04/25 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Itissalat Al-Maghrib (IAM) S.A. is covered by 20 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Myriam ChaabouniAlphaMena
Ziad ItaniArqaam Capital Research Offshore S.A.L.
Stéphane SchlatterBanco Santander