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    IAM   MA0000011488

ITISSALAT AL-MAGHRIB (IAM) S.A.

(IAM)
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Itissalat Al Maghrib IAM S A : Maroc Telecom - Presentation HY 2021 results 27/07/2021

07/27/2021 | 01:00am EST

HALF-YEAR RESULTS

2021

27 July 2021

HIGHLIGHTS01.

2021 HALF YEAR HIGHLIGHTS

> Highlights

Business review Financial review Appendices

INCREASE IN

THE GROUP'S CUSTOMER BASE

SUSTAINED GROWTH

IN FIXED DATA REVENUES IN MOROCCO

+7.5%

ACCELERATION OF INVESTMENTS TO SUPPORT THE GROWTH IN TRAFFIC AND CUSTOMER BASES

+7.7%

SUSTAINED HIGH GROUP

EBITDA MARGIN

11.9%

of revenues

CONTINUED REVENUES GROWTH OF MOOV AFRICA

SUBSIDIARIES

51.5%

+2.5%(1)

  1. At constant exchange rates ; +4.4% excluding the decrease in call termination rates

2

REGULATORY HIGHLIGHTS

In Morocco

Multi-year framework for Mobile and Fixed termination rates, involving a reduction in rates with maintenance of asymmetry;

-

Maintaining the asymmetric framing of retail offers in favour of competitors, particularly through the 20% economic space for Mobile offers;

-

Conversion of Fidelio points into equipment is prohibited as of 31 May 2021.

> Highlights

Business review

Financial review

Appendices

In the subsidiaries

Launch of 4G by Moov Mauritel following the acquisition of the 10-year licence;

-

Decline in Mobile call termination rates in Mauritania, Burkina Faso, Mali, Gabon, Côte d'Ivoire, Benin, Togo and Niger;

-

Continued pressure from the authorities on identification and quality of service obligations;

-

Increasing weight of sector contributions, particularly in Burkina Faso, Gabon, Niger, Chad and Benin.

3

OVERVIEW

Growth of the customer base

(million)

68.4 +7.5% 73.6

45.2

50.2

+11.1%

> Highlights

Business review

Financial review

Appendices

Decrease in consolidated revenues(1)

(MAD bn)

18.3 -2.9% 17.8

8.3

8.5

+2.5%(2)

International

Morocco

10.5

9.8 -7.1%

23.2

23.4

+0.6%

H1 2020

H1 2021

H1 2020

H1 2021

Growth in the Group's customer base of

The strong growth momentum of the

7.5% to nearly 74 million customers thanks to

activities of Moov Africa subsidiaries

sustained growth in

the subsidiaries

partially offset the fall in revenues in

customer base (+11.1%)

Morocco

(1) At constant exchange rates

(2) +4.4% excluding the decrease in call termination rates

4

Pour lire la suite de ce noodl, vous pouvez consulter la version originale ici.

Disclaimer

Maroc Telecom - Itissalat Al-Maghrib published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2021 04:59:04 UTC.


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Financials
Sales 2021 36 018 M 3 886 M 3 886 M
Net income 2021 5 772 M 623 M 623 M
Net Debt 2021 14 992 M 1 617 M 1 617 M
P/E ratio 2021 21,2x
Yield 2021 4,09%
Capitalization 122 B 13 201 M 13 192 M
EV / Sales 2021 3,81x
EV / Sales 2022 3,70x
Nbr of Employees 10 242
Free-Float 19,2%
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Technical analysis trends ITISSALAT AL-MAGHRIB (IAM) S.A.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 139,10 MAD
Average target price 152,00 MAD
Spread / Average Target 9,27%
EPS Revisions
Managers and Directors
Abdeslam Ahizoune Chairman-Management Board
Francois Vitte Chief Financial & Administrative Officer
Mohamed Benchaaboun Chairman-Supervisory Board
Mohamed Hadi Ahmad Adbulla Al-Hussaini Member-Supervisory Board
Mohammed Saif Ghanim Al-Suwaidi Member-Supervisory Board
Sector and Competitors