Ittissalat (IAM) | News Based Sentiment Analysis

• On September 18, 2025, Itissalat Al-Maghrib (IAM) experienced a positive trading day, with its stock price increasing by 1.92%, or 2.30 MAD, to close at 122.40 MAD. This rise occurred with a trading volume of 161,498 shares and a turnover of 19,674,345.10 MAD, indicating active market participation. The company’s market capitalization reached 107,601,269,616.00 MAD, reflecting investor confidence.
• Despite the recent price increase, IAM’s stock continues to exhibit volatility, trading within a 52-week range of MAD 82.01 to MAD 130.00. As of September 17, 2025, analysts maintain a cautious outlook, with an average 12-month price target of MAD 108.57, suggesting a potential downside of -9.53% from the current price. This is based on a “Sell” rating derived from 1 “Buy” and 2 “Sell” recommendations.
• IAM distributed its annual dividend of MAD 1.4300 per share on September 12, 2025, with an ex-date of September 1, 2025, and a record date of August 29, 2025. This dividend yields 1.19% as of September 17, 2025, providing a direct return to shareholders. However, the company experienced a substantial year-over-year decrease in dividend growth of -65.95%.
• On September 19, 2025, IAM’s stock saw a further slight increase, trading at 123.00 MAD, representing a 0.49% rise. This continues the positive, albeit modest, trend observed earlier in the month.
• IAM continues to invest in its infrastructure, issuing tenders for printer maintenance on September 16, 2025, assistance for CRMD - Fes on September 12, 2025, and a study of mobile site supports in Settat on September 24, 2025. These investments demonstrate a commitment to long-term growth and network expansion.
• Financial data as of September 13, 2025, reveals IAM’s Book Value Per Share (BVPS) was 16.96 MAD, resulting in a Price/Book (P/B) ratio of 5.96. The Earnings Per Share (EPS) was 8.19 MAD, but the Price/Earnings (P/E) ratio was reported at -15.71, which is unusual and warrants further investigation.

The Investment Story: September 2025 saw Itissalat Al-Maghrib experience modest stock price increases alongside continued infrastructure investments, but cautious analyst sentiment and a significant decline in dividend growth tempered the overall picture.

What It Means for Investors: While the dividend provides some return, the “Sell” rating and potential downside identified by analysts suggest caution. The infrastructure investments are positive for the long term, but the negative P/E ratio and declining dividend growth raise concerns about short-term profitability.

Looking Ahead: Investors should closely monitor the progress of the Uni Fiber and Uni Tower joint ventures launched earlier in the year, as well as the results of the Settat mobile site study from September 24, 2025. Tracking the company’s P/E ratio and dividend growth will also be crucial.

The Bottom Line: Itissalat Al-Maghrib is actively investing in Morocco’s digital future, but investors should proceed with caution given the mixed signals from analyst ratings, declining dividend growth, and the unusual P/E ratio.