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1. Company Snapshot

1.a. Company Description

Itissalat Al-Maghrib (IAM) S.A., together with its subsidiaries, provides various telecommunication services in Morocco and internationally.It offers mobile, fixed-line, Internet, and fixed-line broadband telecommunication services, as well as sells mobile terminals, broadband equipment, and connected objects and accessories.The company was founded in 1998 and is based in Rabat, Morocco.


As of October 28, 2021, Itissalat Al-Maghrib (IAM) S.A. operates as subsidiary of Emirates Telecommunications Group Company PJSC.

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1.b. Last Insights on IAM

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Maroc Telecom_PR-Q3 2023 Results

Oct -20

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.50%)

6. Segments

Mobile

Expected Growth: 2.0%

The mobile segment is expected to grow at a rate higher than the global growth hypothesis due to increasing demand for mobile data services and the growing population of mobile subscribers in Morocco. The company's efforts to expand its 4G network and offer competitive pricing plans are expected to drive growth in this segment.

Fixed-line

Expected Growth: 1.0%

The fixed-line segment is expected to grow at a slower rate than the global growth hypothesis due to the ongoing decline in fixed-line voice services. However, the growing demand for broadband internet services is expected to partially offset the decline in voice services, resulting in a modest growth rate for this segment.

Elimination and Other Income

Expected Growth: None%

None

7. Detailed Products

Mobile Postpaid

A mobile phone service that offers a fixed monthly fee for a set amount of data, voice minutes, and SMS

Mobile Prepaid

A mobile phone service that allows users to pay in advance for a set amount of data, voice minutes, and SMS

Fixed Line

A traditional landline phone service that provides voice calls and internet access

Fiber Optic Internet

A high-speed internet service that uses fiber optic cables to provide fast and reliable internet access

4G+ Mobile Internet

A high-speed mobile internet service that provides fast and reliable internet access on-the-go

IPTV

A television service that provides access to a range of TV channels and on-demand content over the internet

Cloud Services

A range of cloud-based services that provide scalable and flexible IT infrastructure and applications

Cybersecurity Services

A range of cybersecurity services that provide protection against cyber threats and attacks

Data Center Services

A range of data center services that provide secure and reliable hosting and management of IT infrastructure

8. Itissalat Al-Maghrib (IAM) S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes is moderate for IAM due to the presence of alternative telecommunications operators in Morocco, but the company's strong brand and wide coverage mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for IAM due to the lack of switching options and the company's dominant market position.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for IAM due to the presence of multiple suppliers for network equipment and services, but the company's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low for IAM due to the high barriers to entry in the telecommunications industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry is high for IAM due to the presence of multiple competitors in the Moroccan telecommunications market, leading to aggressive pricing and marketing strategies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 50.41%
Debt Cost 6.32%
Equity Weight 49.59%
Equity Cost 6.32%
WACC 6.32%
Leverage 101.65%

11. Quality Control: Itissalat Al-Maghrib (IAM) S.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Millicom

A-Score: 6.5/10

Value: 6.8

Growth: 3.7

Quality: 6.3

Yield: 8.1

Momentum: 9.5

Volatility: 4.3

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Telia Company

A-Score: 6.2/10

Value: 4.4

Growth: 2.6

Quality: 4.0

Yield: 9.4

Momentum: 7.5

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Itissalat Al-Maghrib

A-Score: 6.2/10

Value: 3.6

Growth: 2.3

Quality: 6.9

Yield: 6.2

Momentum: 9.5

Volatility: 8.3

1-Year Total Return ->

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Airtel Africa

A-Score: 5.4/10

Value: 3.9

Growth: 4.9

Quality: 5.2

Yield: 4.4

Momentum: 10.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Elisa

A-Score: 5.0/10

Value: 3.9

Growth: 4.0

Quality: 6.6

Yield: 8.1

Momentum: 2.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
1&1

A-Score: 4.4/10

Value: 6.5

Growth: 3.3

Quality: 4.1

Yield: 0.0

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.9$

Current Price

10.9$

Potential

-0.00%

Expected Cash-Flows