Itissalat Al-Maghrib (IAM) Valuation

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

IAM (MAD88.1) is trading below our estimate of [[fair value]] (MAD88.42)

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

Valuation Score

2/6

Valuation Score 2/6

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.

Below Fair Value: IAM (MAD88.1) is trading below our estimate of fair value (MAD88.42)

Significantly Below Fair Value: IAM is trading below fair value, but not by a significant amount.

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 Ratio	61.9x
Earnings	د.م1.25b
Market Cap	د.م77.42b

IAM key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.6x
Enterprise Value/EBITDA	5.6x
PEG Ratio	1.5x

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.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	17.3x
A030200 KT	9.4x	12.3%	₩10.9t
O2D Telefónica Deutschland Holding	26.5x	-41.1%	€7.2b
ELISA Elisa Oyj	19x	5.4%	€7.0b
6823 HKT Trust and HKT	14.2x	5.1%	HK$71.6b
IAM Itissalat Al-Maghrib (IAM)	61.9x	40.7%	د.م77.4b

Price-To-Earnings vs Peers: IAM is expensive based on its Price-To-Earnings Ratio (61.9x) 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?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: IAM is expensive based on its Price-To-Earnings Ratio (61.9x) compared to the Global Telecom industry average (15.9x).

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 Ratio	61.9x
Fair PE Ratio	n/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.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	د.م88.10	د.م106.00 +20.3%	2.8%	د.م110.00	د.م103.00	n/a	3
Nov ’25	د.م88.24	د.م106.00 +20.1%	2.8%	د.م110.00	د.م103.00	n/a	3
Oct ’25	د.م93.04	د.م106.80 +14.8%	2.1%	د.م110.00	د.م105.00	n/a	3
Sep ’25	د.م93.16	د.م104.43 +12.1%	1.2%	د.م105.40	د.م102.30	n/a	4
Aug ’25	د.م90.83	د.م104.43 +15.0%	1.2%	د.م105.40	د.م102.30	n/a	4
Jul ’25	د.م90.45	د.م103.90 +14.9%	1.2%	د.م105.40	د.م102.30	n/a	3
Jun ’25	د.م92.00	د.م103.90 +12.9%	1.2%	د.م105.40	د.م102.30	n/a	3
May ’25	د.م96.45	د.م103.90 +7.7%	1.2%	د.م105.40	د.م102.30	n/a	3
Apr ’25	د.م100.05	د.م104.68 +4.6%	1.7%	د.م107.00	د.م102.30	n/a	4
Mar ’25	د.م103.50	د.م104.68 +1.1%	1.7%	د.م107.00	د.م102.30	n/a	4
Feb ’25	د.م94.00	د.م107.33 +14.2%	3.8%	د.م113.00	د.م104.00	n/a	3
Jan ’25	د.م100.00	د.م107.33 +7.3%	3.8%	د.م113.00	د.م104.00	n/a	3
Dec ’24	د.م92.30	د.م103.40 +12.0%	12.1%	د.م120.00	د.م85.00	n/a	5
Nov ’24	د.م96.00	د.م106.40 +10.8%	14.8%	د.م128.00	د.م85.00	د.م88.24	5
Oct ’24	د.م101.00	د.م106.40 +5.3%	14.8%	د.م128.00	د.م85.00	د.م93.04	5
Sep ’24	د.م106.00	د.م106.40 +0.4%	14.8%	د.م128.00	د.م85.00	د.م93.16	5
Aug ’24	د.م110.50	د.م106.40 -3.7%	14.8%	د.م128.00	د.م85.00	د.م90.83	5
Jul ’24	د.م95.00	د.م105.92 +11.5%	14.3%	د.م126.00	د.م85.00	د.م90.45	5
Jun ’24	د.م87.40	د.م105.92 +21.2%	14.3%	د.م126.00	د.م85.00	د.م92.00	5
May ’24	د.م81.05	د.م122.87 +51.6%	2.1%	د.م126.00	د.م119.60	د.م96.45	3
Apr ’24	د.م85.00	د.م122.20 +43.8%	1.5%	د.م124.00	د.م119.60	د.م100.05	3
Mar ’24	د.م92.00	د.م129.40 +40.7%	6.6%	د.م141.00	د.م119.60	د.م103.50	4
Feb ’24	د.م95.00	د.م130.15 +37.0%	7.4%	د.م144.00	د.م119.60	د.م94.00	4
Jan ’24	د.م95.00	د.م130.15 +37.0%	7.4%	د.م144.00	د.م119.60	د.م100.00	4
Dec ’23	د.م104.00	د.م137.80 +32.5%	7.5%	د.م150.20	د.م123.00	د.م92.30	4
Nov ’23	د.م102.40	د.م137.80 +34.6%	7.5%	د.م150.20	د.م123.00	د.م96.00	4

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.