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 88,349 - -
Change - -31.88% 5.24% -17.96% 32.91% -7.8% - -
Enterprise Value (EV) 1 136,875 99,778 104,158 94,469 113,260 103,254 103,706 105,083
Change - -27.1% 4.39% -9.3% 19.89% -8.83% 0.44% 1.33%
P/E 20.4x 30.4x 16.6x 40x 13.7x 16x 15.7x 15.2x
PBR 8.22x 4.64x 5.13x 4.84x 4.68x 3.54x 3.32x 3.12x
PEG - -0.6x 0.2x -0.6x 0x -0.8x 8.22x 4.86x
Capitalization / Revenue 3.43x 2.34x 2.39x 1.96x 2.61x 2.34x 2.34x 2.3x
EV / Revenue 3.82x 2.79x 2.83x 2.57x 3.09x 2.73x 2.74x 2.74x
EV / EBITDA 7.36x 5.4x 5.38x 4.92x 6.12x 5.16x 5.37x 5.49x
EV / EBIT 11.8x 11.1x 9.59x 15.6x 8.36x 8.45x 8.84x 9.01x
EV / FCF 16.6x 20.2x 20.5x 19.2x 12.5x 15x 23.5x 29.8x
FCF Yield 6.04% 4.94% 4.87% 5.22% 8.03% 6.66% 4.26% 3.35%
Dividend per Share 2 4.78 2.19 4.2 1.43 4 4.243 4.327 4.627
Rate of return 3.43% 2.31% 4.2% 1.74% 3.67% 4.22% 4.31% 4.6%
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% 67.6% 67.6% 70.1%
Net sales 1 35,790 35,731 36,786 36,699 36,681 37,804 37,836 38,372
EBITDA 1 18,589 18,492 19,369 19,197 18,493 20,004 19,327 19,149
EBIT 1 11,573 8,987 10,859 6,062 13,547 12,223 11,733 11,658
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 14,905 15,357 16,734
Reference price 2 139.45 95.00 100.00 82.01 109.00 100.50 100.50 100.50
Nbr of stocks (in thousands) 879,031 879,031 878,798 879,095 879,095 879,095 - -
Announcement Date 17/02/22 21/02/23 16/02/24 14/02/25 13/02/26 - - -
1MAD in Million2MAD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.44x1.35x4.34x6.76% 230B
10.36x2.5x6.61x6% 196B
14.01x2.18x5.65x3.88% 161B
12.66x1.83x7.95x3.4% 81.84B
11.6x0.87x3.24x6.77% 79.05B
11.76x1.89x4.78x2.7% 71.51B
15.4x2.73x8.58x5.06% 57.95B
23.14x5.21x18.5x4.65% 54.9B
12.64x1.78x5.46x4.79% 50.56B
Average 13.67x 2.26x 7.23x 4.89% 109.11B
Weighted average by Cap. 12.73x 2.08x 6.35x 5.24%

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