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MarketScreener Homepage  >  Equities  >  Casablanca Stock Exchange  >  Maroc Telecom    IAM   MA0000011488

MAROC TELECOM

(IAM)
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Maroc Telecom : Morocco to Sell Maroc Telecom Shares to Local Investors

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06/13/2019 | 06:36am EDT

The Moroccan government has further clarified its plans to sell eight percent of its shares in Maroc Telecom, announcing that up to six percent of the shares will be sold exclusively to local institutional investors, such as banks and insurance companies.

With the Moroccan governments ownership of the company expected to drop to 22 percent following the sale, the companys principal stockholder will remain the Emirati company Etisalat, which currently owns 53 percent of Maroc Telecom.

By reserving a majority of its sales for local investors, the Moroccan governments move has been interpreted as an attempt to prevent an even greater percentage of Maroc Telecoms ownership being exported to the UAE.

Maroc Telecom remains, by a wide margin, the most widely used phone and internet provider in Morocco, with over 43 percent of the market share. This has led to concern from the government and Moroccan public over the large number of shares owned by the foreign-based company Etisalat.

Furthermore, Maroc Telecom remains influential throughout Africa, with the company owning subsidiaries in a number of countries ranging from Mali and Mauritania to Niger and the Central African Republic.

The remaining 2 percent of stakes to be sold by the government, approximated at over 17 million shares, are planned to be listed on the Casablanca stock exchange as a public offering.

The sale is part of a government privatization plan designed to slash the 2019 budget deficit by 0.6 percent, lowering it to 3.3 percent from 3.8 percent by flooding the federal budget with $633 million.

The government also plans to bring several hundred million more into the budget by selling La Mamounia hotel in Marrakech and the Tahaddart power plant in northern Morocco.

(c) 2019 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
EMIRATES TELECOMMUNICATIONS GROUP COMPANY PJSC -0.24% 16.44 End-of-day quote.-2.83%
MAROC TELECOM -0.04% 140.6 End-of-day quote.-0.53%
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Financials (MAD)
Sales 2019 36 810 M
EBIT 2019 11 789 M
Net income 2019 6 206 M
Debt 2019 15 921 M
Yield 2019 4,93%
P/E ratio 2019 20,2x
P/E ratio 2020 19,9x
EV / Sales2019 3,79x
EV / Sales2020 3,70x
Capitalization 124 B
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Technical analysis trends MAROC TELECOM
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 156,80  MAD
Last Close Price 140,65  MAD
Spread / Highest target 20,2%
Spread / Average Target 11,5%
Spread / Lowest Target 5,94%
EPS Revisions
Managers
NameTitle
Abdeslam Ahizoune Chairman-Management Board
Mohamed Benchaaboun Chairman-Supervisory Board
Francois Vitte Chief Financial Officer
Hassan Rachad Chief Technical Officer-Networks & Systems
Eissa Mohamed Al-Suwaidi Vice Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
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NIPPON TELEGRAPH AND TELEPHONE CORPORATION20.73%90 605
DEUTSCHE TELEKOM AG4.29%80 994
SAUDI TELECOM COMPANY SJSC--.--%53 855
BCE INC.20.64%44 095