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 79,664 - -
Change - -31.88% 5.24% -17.96% 32.91% -16.86% - -
Enterprise Value (EV) 1 136,875 99,778 104,158 94,469 113,260 94,970 95,244 96,398
Change - -27.1% 4.39% -9.3% 19.89% -16.15% 0.29% 1.21%
P/E 20.4x 30.4x 16.6x 40x 13.7x 14.8x 14.4x 14.2x
PBR 8.22x 4.64x 5.13x 4.84x 4.68x 3.2x 3x 2.81x
PEG - -0.6x 0.2x -0.6x 0x -0.6x 5.33x 7.75x
Capitalization / Revenue 3.43x 2.34x 2.39x 1.96x 2.61x 2.15x 2.12x 2.09x
EV / Revenue 3.82x 2.79x 2.83x 2.57x 3.09x 2.56x 2.54x 2.53x
EV / EBITDA 7.36x 5.4x 5.38x 4.92x 6.12x 4.86x 4.97x 5.03x
EV / EBIT 11.8x 11.1x 9.59x 15.6x 8.36x 8.02x 8.21x 8.27x
EV / FCF 16.6x 20.2x 20.5x 19.2x 12.5x 23.5x 21.8x 27.3x
FCF Yield 6.04% 4.94% 4.87% 5.22% 8.03% 4.25% 4.58% 3.66%
Dividend per Share 2 4.78 2.19 4.2 1.43 4 4.223 4.3 4.6
Rate of return 3.43% 2.31% 4.2% 1.74% 3.67% 4.66% 4.75% 5.08%
EPS 2 6.83 3.13 6.01 2.05 7.93 6.11 6.275 6.39
Distribution rate 70% 70% 69.9% 69.8% 50.4% 69.1% 68.5% 72%
Net sales 1 35,790 35,731 36,786 36,699 36,681 37,039 37,556 38,085
EBITDA 1 18,589 18,492 19,369 19,197 18,493 19,536 19,156 19,149
EBIT 1 11,573 8,987 10,859 6,062 13,547 11,846 11,597 11,658
Net income 1 6,008 2,750 5,283 1,801 6,968 5,444 5,518 5,619
Net Debt 1 14,294 16,270 16,278 22,374 17,439 15,306 15,580 16,734
Reference price 2 139.45 95.00 100.00 82.01 109.00 90.62 90.62 90.62
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.($)
11.46x1.33x4.12x6.99% 226B
9.25x2.4x6.42x6.37% 185B
13.51x2.14x5.56x4.15% 149B
13.35x2.03x5.15x2.43% 78.29B
12.02x0.82x3.08x6.71% 77.12B
12.1x1.76x7.52x3.55% 75.91B
15.49x2.69x8.44x5.08% 57.72B
23.9x5.38x19.65x4.48% 56.15B
16.01x1.79x5.61x4.79% 49.85B
Average 14.12x 2.26x 7.28x 4.95% 106.13B
Weighted average by Cap. 12.82x 2.06x 6.31x 5.38%

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