Itissalat Al-Maghrib (IAM) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Itissalat Al-Maghrib stock €11.94, price €8.26, upside +44.6%, quality 60 out of 100. Rating: undervalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
The stock costs 31% less than our calculation considers fair.
Fair value €11.94 · Undervalued (31%)
Quality 60/100
Solidly profitable · 14.2% net margin (TTM)
Low debt
Generates free cash flow
Ranks above peers(9/14)
29% return on equity.
Wide moat75/100 · thin data
Some data
Weak Growth(revenue 5y −0.1 %/yr in MAD)
⚠ Thinly traded
Risks from the AI analysis
🚩Loss of over half a million mobile customers in Morocco to rivals🚩Rivals Orange and Inwi pressure prices and share🚩ANRT scrutiny and access obligations as dominant player
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range €6.48 – €11.60 · fair‑value band €8.46 – €15.79 · the €8.26 price screens below the €11.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Itissalat Al-Maghrib (IAM) S.A. provides various telecommunication solutions in Morocco and internationally.
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The company offers mobile packages; fixed telecom; internet services, such as optical fiber, mobile internet 4G+, ADSL, Vsat, internet leased line, web hosting, and 4G+ internet box; network solutions, including VPN IP, ethernet, leased connections; cloud and data center hosting services, including Microsoft 365, google workspace, DDOS security, and back up as a service solution; value-added services comprises of MT tracking, geolocation, audio conference, and mobility management services, and e-SIM; home and KIOSK numbers; and digital solutions, including e-learning.
The company also provides mobile applications that includes social networks and internet, SMS Services, content services, voice services, practical services, and smart life " connected objects, as well as equipment, such as smartphones and tablets, fixed positions, connected objects, 4G+ internet equipment, fiber optic equipment, and credit financing services.
In addition, the company offers telecom MT TV, an application with TV and videos in one and telecom multimedia. The company was founded in 1998 and is headquartered in Rabat, Morocco. Itissalat Al-Maghrib (IAM) S.A. is a subsidiary of Société de Participation dans les Télécommunications.
Stock analysis
Itissalat Al-Maghrib (IAM) currently trades at €8.26, while our model-based Fair Value estimate is €11.94, implying the stock looks roughly 31% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €13.68 per share, and 17 of the 22 models we run sit above the €8.26 price.
Bear case: the Dividend Discount group reads lowest at €1.49, and 5 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €8.46 (bear) to €15.79 (bull), the price of €8.26 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Itissalat Al-Maghrib reported revenue of 36.5B MAD in FY2025 versus 35.8B MAD in FY2021, a compound +0.5%/yr. Reported net income was 6.9B MAD in FY2025, compounding +3.7%/yr from FY2021.
Key figures
Market cap €7.3B Mid · P/E ratio 15.0 · P/S ratio 2.85 · EPS (TTM) €0.5500 · Dividend yield 1.6% · Net margin 19.0% · Return on equity 28.6% · Return on assets (EBIT) 15.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 51% fair-value upside, at 45%, IAM screens richer than that median.
Fair Value models
Bear€8.46Fair Value €11.94Bull€15.79
Price €8.26 · Upside +44.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.4701 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−0.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.1%
Start year 2020 (pandemic). Over 10 years: +0.4% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.6%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+0.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.9%
Dividend (yield on the price)1.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5.0% vs 2.2%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.33% → 37%
2025 sits 152% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.6%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in MAD, Morocco: IMF forecast 1.8% a year to 2030, 2.0% from 2016 to 2025) that is about −3.3% a year for the price and −0.1% for the forecasts.
AI conclusion: Scale and margins deliver a modest telecom moat, yet ongoing erosion of the Moroccan customer base stands as the central weakness.
Main risk: Orange Maroc and Inwi could intensify price competition and bundled offers in the mature Moroccan market, squeezing Maroc Telecom's domestic margins and customer base.
Bull case: Maroc Telecom could leverage its African subsidiaries and infrastructure partnerships to offset domestic pressures while expanding AI-enhanced digital services across the continent.
Bear case: Persistent competition and regulatory constraints could erode domestic profitability, forcing greater reliance on lower-margin African operations and limiting overall growth.
Maroc Telecom grew revenue 5.1 percent in the first nine months as its African subsidiaries expanded, yet it lost over half a million mobile customers in Morocco to local rivals. Our models see the stock as undervalued, but the contrast between steady international momentum and domestic market share erosion creates a clear tension. Will the Moov Africa operations deliver enough growth to outweigh the competitive pressures at home, or will the Moroccan base continue to constrain the group?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 235 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+44.6% · Above median
Profitability
Return on equity (12 months)28.6% · Top 25%
Return on assets9.2% · Top 25%
Net margin (12 months)14.2% · Top 25%
Operating margin (12 months)0.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)5.4% · Above median
Dividend yield (12 months)1.6% · Below median
Balance sheet
Debt / equity0.45× · Above median
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (12 months)15.0× · Cheaper than median
P/B3.87× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)2.16× · Pricier than median
Price / free cash flow (fiscal year)9.9× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Itissalat Al-Maghrib Fair Value". https://www.fairvalue-calculator.com/stock/IAM
Frequently asked questions
Is Itissalat Al-Maghrib (IAM) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of €11.94 versus a price of €8.26, about +45% upside (undervalued).
What is the fair value of IAM?
Our model-based fair value for Itissalat Al-Maghrib is €11.94 (as of Nov 4, 2026), built from audited fundamentals. The current price: €8.26.
What is the quality score of IAM?
Itissalat Al-Maghrib has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Itissalat Al-Maghrib (IAM)?
Our model-based price target is the fair value of €11.94 (as of Nov 4, 2026) from 22 valuation models. Cautious scenario €8.46, optimistic scenario €15.79. It is a calculation from audited fundamentals, not an analyst target.
What is the Itissalat Al-Maghrib stock forecast for 2026?
Our models put fair value at €11.94, about +45% upside versus a price of €8.26 (undervalued). Cautious scenario €8.46, optimistic scenario €15.79. The calculation is refreshed regularly with new filings.
What is the revenue of Itissalat Al-Maghrib (IAM)?
Itissalat Al-Maghrib reported trailing-twelve-month revenue of about 36.5B MAD (latest available figure, as of Nov 4, 2026).
Does Itissalat Al-Maghrib pay a dividend?
Itissalat Al-Maghrib currently shows a dividend yield of 1.57% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Itissalat Al-Maghrib (IAM)?
Itissalat Al-Maghrib has a dividend yield of 1.6%.
What growth is priced into Itissalat Al-Maghrib (IAM)?
For today's price to be fair in a discounted-cash-flow model, Itissalat Al-Maghrib would have to grow free cash flow by -1.6 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.1 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of IAM use?
Our models discount Itissalat Al-Maghrib at 9.0 %: a base by market capitalisation (mid), damped by beta 0.34, country premium for France. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Itissalat Al-Maghrib that is -1.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Itissalat Al-Maghrib (IAM) delivered so far?
Over the past 5 years revenue at Itissalat Al-Maghrib grew -0.1 % a year. The price currently implies free-cash-flow growth of -1.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Itissalat Al-Maghrib (IAM) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into Itissalat Al-Maghrib (-1.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Itissalat Al-Maghrib (IAM)?
The free-cash-flow yield on the price is 10.08 %: that much free cash flow Itissalat Al-Maghrib produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Itissalat Al-Maghrib (IAM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Itissalat Al-Maghrib it is €11.94 per share (as of Nov 4, 2026), against a price of €8.26. It is the blended result of 22 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Itissalat Al-Maghrib stock overvalued or undervalued in 2026?
As of Nov 4, 2026, IAM trades below its calculated fair value: price €8.26, fair value €11.94, a gap of about +45% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IAM?
No. The price is what the market pays today (€8.26); the fair value is what the company's own numbers justify (€11.94). For Itissalat Al-Maghrib the two are €3.68 per share apart. That gap is exactly why we show both numbers side by side.
How much is Itissalat Al-Maghrib worth?
The market values Itissalat Al-Maghrib at about €7.3B (market capitalisation, as of Nov 4, 2026). Per share that is €8.26; our models calculate a fair value of €11.94 per share.
What do the bullish and bearish scenarios say about IAM?
Our models span a range for Itissalat Al-Maghrib: cautious scenario €8.46, base €11.94, optimistic €15.79 per share (as of Nov 4, 2026, price €8.26). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IAM?
Itissalat Al-Maghrib trades at a price-to-earnings ratio of 15.0 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €11.94 is built from several models across several years. Other multiples: PEG 3.2, P/B 3.9, P/S 2.2, EV/EBITDA 4.8.
What is the PEG ratio of IAM?
The PEG ratio of Itissalat Al-Maghrib is 3.18 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Itissalat Al-Maghrib (IAM)?
Balance-sheet figures for Itissalat Al-Maghrib (as of Nov 4, 2026): return on equity 28.6%, debt of 0.45 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is IAM from its 52-week high?
Itissalat Al-Maghrib trades at €8.26, about 26% below its 52-week high of €11.10 and 1% above the low of €8.16 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €11.94 is for.
Which stocks are comparable to Itissalat Al-Maghrib?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Itissalat Al-Maghrib stock attractive at the current price?
The data as of Nov 4, 2026: price €8.26, calculated fair value €11.94 (+45%), Quality Score 60/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IAM calculated?
We run Itissalat Al-Maghrib through 22 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €11.94 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Itissalat Al-Maghrib currently trades 31% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Itissalat Al-Maghrib (IAM)?
The closing price on Nov 6, 2026 was €8.26. Our model-based fair value is €11.94, about +45% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Itissalat Al-Maghrib right now?
The price is below even our cautious bear case (€8.46). The market is more pessimistic than our downside scenario. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€8.46 to €15.79) leaves room in how you read the outcome.
Where does the earnings growth of Itissalat Al-Maghrib (IAM) come from?
Earnings per share at Itissalat Al-Maghrib grew −2.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.9 %, EBIT margin −0.9 %, tax rate −1.3 %, residual (interest, one-offs) −0.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Itissalat Al-Maghrib
How large is the market capitalisation of Itissalat Al-Maghrib (IAM)?
The market capitalisation of Itissalat Al-Maghrib is €7.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Itissalat Al-Maghrib (IAM)?
The price-to-sales ratio of Itissalat Al-Maghrib is 2.85 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Itissalat Al-Maghrib (IAM)?
Earnings per share at Itissalat Al-Maghrib are €0.5500 (price ÷ EPS = P/E 15.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Itissalat Al-Maghrib (IAM)?
The dividend yield of Itissalat Al-Maghrib is 1.6% (payout 23.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Itissalat Al-Maghrib (IAM)?
The net margin of Itissalat Al-Maghrib is 19.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Itissalat Al-Maghrib (IAM)?
The return on equity (ROE) of Itissalat Al-Maghrib is 28.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Itissalat Al-Maghrib (IAM)?
On an EBIT basis the return on assets of Itissalat Al-Maghrib is 15.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at Itissalat Al-Maghrib (IAM)?
Revenue at Itissalat Al-Maghrib is growing +5.4% versus a year earlier (3y avg −0.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Itissalat Al-Maghrib (IAM)?
Earnings per share at Itissalat Al-Maghrib are growing −39.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Itissalat Al-Maghrib (IAM) carry?
The net debt of Itissalat Al-Maghrib is 17.6B MAD (fiscal year 2025, ≈ 2.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 4, 2026