Company Valuation: Maroc Telecom

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,22,581 83,508 87,880 72,095 95,821 79,998 - -
Change - -31.88% 5.24% -17.96% 32.91% -16.51% - -
Enterprise Value (EV) 1 1,36,875 99,778 1,04,158 94,469 1,13,260 96,702 95,336 96,797
Change - -27.1% 4.39% -9.3% 19.89% -14.62% -1.41% 1.53%
P/E 20.4x 30.4x 16.6x 40x 13.7x 14.5x 14.2x 13.8x
PBR 8.22x 4.64x 5.13x 4.84x 4.68x 3.21x 3.01x 2.82x
PEG - -0.6x 0.2x -0.6x 0x -0.7x 7.43x 4.42x
Capitalization / Revenue 3.43x 2.34x 2.39x 1.96x 2.61x 2.13x 2.11x 2.08x
EV / Revenue 3.82x 2.79x 2.83x 2.57x 3.09x 2.57x 2.52x 2.52x
EV / EBITDA 7.36x 5.4x 5.38x 4.92x 6.12x 4.97x 4.92x 5.05x
EV / EBIT 11.8x 11.1x 9.59x 15.6x 8.36x 8.13x 8.1x 8.28x
EV / FCF 16.6x 20.2x 20.5x 19.2x 12.5x 14.1x 21.6x 27.5x
FCF Yield 6.04% 4.94% 4.87% 5.22% 8.03% 7.11% 4.63% 3.64%
Dividend per Share 2 4.78 2.19 4.2 1.43 4 3.665 3.96 4.56
Rate of return 3.43% 2.31% 4.2% 1.74% 3.67% 4.03% 4.35% 5.01%
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% 58.4% 61.9% 69.1%
Net sales 1 35,790 35,731 36,786 36,699 36,681 37,565 37,868 38,377
EBITDA 1 18,589 18,492 19,369 19,197 18,493 19,470 19,363 19,178
EBIT 1 11,573 8,987 10,859 6,062 13,547 11,899 11,763 11,685
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 16,704 15,338 16,799
Reference price 2 139.45 95.00 100.00 82.01 109.00 91.00 91.00 91.00
Nbr of stocks (in thousands) 8,79,031 8,79,031 8,78,798 8,79,095 8,79,095 8,79,095 - -
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.($)
11.02x1.3x4.14x7.02% 22TCr
10.13x2.46x6.52x6.16% 19TCr
12.99x2.12x5.46x4.18% 14TCr
13.43x1.86x8.09x3.11% 8.86TCr
11.88x0.89x3.32x6.43% 8.07TCr
11.88x1.83x4.6x2.73% 6.72TCr
14.92x2.68x8.36x5.13% 5.72TCr
23.11x5.32x19.41x4.71% 5.48TCr
14.68x2.7x6.01x4.42% 5.06TCr
Average 13.78x 2.35x 7.32x 4.88% 10.63TCr
Weighted average by Cap. 12.62x 2.10x 6.37x 5.32%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Maroc Telecom

Historical PBR trend

Valuation ratios - PBR - Maroc Telecom

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Maroc Telecom

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Maroc Telecom


Year-on-year evolution of the Yield

Valuation ratios - Yield - Maroc Telecom