Itissalat Al Maghrib Ste SA

  • TickerIAM
  • ISINMA0000011488
  • ExchangeCasablanca Stock Exchange
  • SectorMobile Telecommunications
  • CountryMorocco

Analysts

MAROC TELECOM: Post-view: Sustainability of margin recovery?

Recommendation to hold maintained Recovering margins in H1 2019 New growth drivers to achieve 5G, a technology around the corner An outlook slightly impacted by the application of IFRS 16, although unchanged for the Management

ASN Africa Stock Guide - July 2019

- In this Africa Stock Guide document, we have 33 main stocks selected from the Casablanca Stock Exchange from our scope of 40 companies, 13 stocks selected from the Tunisia Stock Exchange and 16 stocks from of the BRVM Stock Exchange. - The total capitalization of those stocks is: EUR 61.1 bn.

MAROC TELECOM: H1 2019 operational achievements in line with our forecasts

Release of H1 2019 financial indicators. Virtual stagnation in Sales (-0,5%) to MAD 17,844m; An EBITDA of MAD 9,409m, slightly above our expectations; And, an adjusted NIGS up 1% to MAD 3,022m.

Tracy Kivunyu

Maroc Telecom's Tigo Chad acquisition could dilute margins

Maroc Telecom last night announced its intention to acquire Tigo Chad, subject to regulatory approval.

Tracy Kivunyu

Maroc Telecom: FY 18 results in line; downgrade to Hold on price action

Maroc Telecom (MT) released a great set of results on 18 February, although we downgrade our rating to Hold from Buy at a TP of MAD157.89, based on price action. MT reported EPS up by 5% yoy to MAD6.84, just 0.4% behind our MAD6.87 estimate. This was driven by the strong performance of data revenue in Morocco. Normalised EPS growth excluding one-off restructuring costs was 2.3% yoy. DPS was declared at MAD6.83/sh. A 2.5% tax on Morocco PAT may slightly offset mobile data upside, but the decline in capex-intensity guidance signals stronger future cash flows.

Tracy Kivunyu

Maroc Telecom: Impressive results boosted by Morocco, upgrade to Buy

Maroc Telecom (MT) reported a great set of 9M18 results that were 9% above our FY18 PAT run rate. EPS grew 7% yoy to MAD5.26. However, after adjusting for one-off restructuring costs of MAD242mn incurred in 9M17, EPS growth was 3% yoy. Performance was driven by strong data growth in Morocco, offsetting weakness in international subsidiaries. We raise our subscription and revenue forecasts, to reflect outperformance in Ivory Coast and Morocco. As a result we increase our FY18 EPS by 6.3% to MAD6.87 and raise our target price by 19% to MAD157.89. With an ETR of 18.5% we upgrade our recommendatio...

Alexandre Iatrides ...
  • Vincent Maulay

Bouygues : A stormy autumn for mobiles

>Unprecendented promotional agression on the French market - Iliad has responded to the flash sales on Red and Bouygues, at € 5 for 20Go, with a private sale at € 0.99 for 30Go. Red was the first to draw in the summer with a new offer at € 5 for 20Go with no time limit. This is an offer that it had already been made available in Q2 and which caused a rupture in net adds at Free. Bouygues followed at the beginning of September, offering 20Go at € 4.99 with no time limi...

Alexandre Iatrides ...
  • Vincent Maulay

Bouygues : Rentrée orageuse dans les mobiles

>Jamais vu une telle violence promotionnelle sur le marché français - Iliad vient de réagir aux « ventes flashs » de Red et Bouygues à 5 € pour 20 Go en faisant une vente privée à 0.99 € pour 30 Go. Red a été le premier à dégainer dans l’été avec une nouvelle offre à 5 € pour 20 Go sans limitation de durée. Une offre qu’il avait déjà faite pendant le T2 et qui avait causé la rupture de net adds chez Free. Bouygues a suivi début septembre et propose 200 Go à 4.99 € san...

IAM Post-view: H1 2018 indicators

- Recommendation to hold maintained- A leading position in its market- ETISALAT’s bridgehead in Africa- A high potential to be realized on Data…- …Awaiting meanwhile new growth drivers- Outlook for growth

MAROC TELECOM: Post-view: Sustainability of margin recovery?

Recommendation to hold maintained Recovering margins in H1 2019 New growth drivers to achieve 5G, a technology around the corner An outlook slightly impacted by the application of IFRS 16, although unchanged for the Management

ASN Africa Stock Guide - July 2019

- In this Africa Stock Guide document, we have 33 main stocks selected from the Casablanca Stock Exchange from our scope of 40 companies, 13 stocks selected from the Tunisia Stock Exchange and 16 stocks from of the BRVM Stock Exchange. - The total capitalization of those stocks is: EUR 61.1 bn.

MAROC TELECOM: H1 2019 operational achievements in line with our forecasts

Release of H1 2019 financial indicators. Virtual stagnation in Sales (-0,5%) to MAD 17,844m; An EBITDA of MAD 9,409m, slightly above our expectations; And, an adjusted NIGS up 1% to MAD 3,022m.

MAROC TELECOM : Des indicateurs semestriels en ligne avec nos prévisions

Publication des indicateurs financiers au S1 2019 : Des revenus consolidés en quasi-stagnation (-0,5%) à M MAD 17 844 ; Un EBE de M MAD 9 409, légèrement supérieur à nos attentes ; Et, un RNPG publié en progression de 1% à M MAD 3 022.

MAROC TELECOM: Public Sale Offer subscribed 15.4x

Public Sale Offer subscribed 15.4x, of which: 5x by institutionals; 2x by companies; And, 10.9x by individuals.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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