Live IAM share price on the Bourse de Casablanca. Maroc Telecom is Morocco's dominant telecom operator with over 70 million subscribers across 10 African countries, and one of the highest dividend yields on the MASI index.
Cours de l'action Maroc Telecom (IAM) en direct. Premier opérateur télécom du Maroc avec plus de 70 millions d'abonnés en Afrique et l'un des meilleurs rendements de dividende du MASI.
Maroc Telecom (IAM - Itissalat Al-Maghrib) est l'opérateur télécom historique du Maroc. Fondé en 1998 lors de la libéralisation du secteur des télécommunications, il est coté simultanément à la Bourse de Casablanca et à Euronext Paris. Le groupe est contrôlé par e& (anciennement Etisalat), l'opérateur télécom des Émirats Arabes Unis, qui détient environ 53% du capital.
Maroc Telecom (IAM - Itissalat Al-Maghrib) is Morocco's incumbent telecom operator. Founded in 1998 during telecom liberalisation, it is dual-listed on the Bourse de Casablanca and Euronext Paris. The group is controlled by e& (formerly Etisalat), the UAE telecom operator, which holds approximately 53% of the capital.
IAM opère dans 10 pays africains - Maroc, Mauritanie, Mali, Burkina Faso, Gabon, Côte d'Ivoire, Bénin, Togo, Niger, Centrafrique - avec plus de 70 millions d'abonnés au total. Cette présence panafricaine représente une part croissante des revenus du groupe.
IAM operates in 10 African countries - Morocco, Mauritania, Mali, Burkina Faso, Gabon, Ivory Coast, Benin, Togo, Niger, Central African Republic - with over 70 million subscribers in total. This pan-African presence represents a growing share of group revenues.
IAM est réputée pour son dividende élevé et régulier - l'une des principales raisons pour lesquelles les investisseurs la détiennent. Le rendement du dividende se situe historiquement entre 5% et 8%, ce qui en fait l'une des valeurs les plus attractives du MASI pour les investisseurs recherchant des revenus. Toute modification de la politique de dividendes a un impact immédiat et fort sur le cours de l'action.
IAM is known for its high and regular dividend - one of the main reasons investors hold it. The dividend yield historically ranges between 5% and 8%, making it one of the most attractive MASI stocks for income-seeking investors. Any change in dividend policy has an immediate and strong impact on the share price.
La croissance du nombre d'abonnés (mobile, fixe, internet) et le revenu moyen par abonné (ARPU) sont les moteurs fondamentaux des revenus d'IAM. La pénétration croissante de la 4G et de la fibre au Maroc, ainsi que le déploiement de la 4G dans les filiales africaines, soutiennent la croissance.
Subscriber growth (mobile, fixed, internet) and average revenue per user (ARPU) are the fundamental drivers of IAM's revenues. Growing 4G and fibre penetration in Morocco, plus 4G rollout in African subsidiaries, support growth.
IAM fait face à la concurrence d'Orange Maroc et d'Inwi sur le marché marocain. Une guerre des prix ou un gain de parts de marché par les concurrents pèse sur les revenus et marges d'IAM. Le marché mobile marocain est mature - la croissance vient davantage de l'ARPU et des services data que des nouveaux abonnés.
IAM faces competition from Orange Maroc and Inwi in the domestic market. Price wars or market share gains by competitors weigh on IAM's revenues and margins. The Moroccan mobile market is mature - growth comes more from ARPU and data services than from new subscribers.
IAM fait partie du MASI et du MASI20. C'est l'une des valeurs les plus liquides de la bourse marocaine. Sa double cotation à Euronext Paris lui confère une visibilité internationale et attire des investisseurs institutionnels européens, ce qui contribue à la liquidité du titre sur le marché casablancais.
IAM is a constituent of both the MASI and MASI20. It is one of the most liquid stocks on the Moroccan exchange. Its dual listing on Euronext Paris gives it international visibility and attracts European institutional investors, contributing to liquidity on the Casablanca market.
IAM is held primarily for its dividend. The stock has historically delivered a yield between 5% and 8%, paid annually after the Assemblée Générale, which makes it one of the few reliable income plays on the MASI. Any shift in the payout ratio — or a dip in free cash flow that forces management to cut the dividend — moves the share price immediately. Retail holders in Morocco tend to accumulate IAM for the cash yield rather than for capital appreciation, so the stock trades more like a bond proxy than a growth name.
Beyond the dividend, the market watches the split between domestic and African revenue. The Moroccan mobile market is saturated — voice and SMS are flat or declining, and ARPU growth comes almost entirely from data services. The growth story is in the 10 African subsidiaries (Moov Africa), where subscriber counts and 4G rollout are still expanding. When the half-year results show African revenue accelerating, the stock tends to re-rate; when those subsidiaries disappoint (political instability in the Sahel, currency devaluations in CFA zones), the stock underperforms the MASI.
Secondary factors: the MAD/EUR rate (IAM consolidates African results largely through CFA-linked currencies), ANRT regulatory decisions on termination fees and spectrum allocation, and competition from Orange Maroc and Inwi on fibre and mobile data packages.
The most recent half-year report shows the same structural pattern IAM has repeated for several periods: domestic Moroccan revenue is mature and roughly flat, while the African subsidiaries carry the bulk of reported consolidated growth. Net income — the figure most retail holders track because it funds the dividend — held steady enough to maintain payout expectations, though free cash flow generation is the longer-term signal to watch across reporting cycles.
The parser extracts consolidated figures as published in the official AMMC filing. Non-recurring items (tax cases, FX translation effects on African subsidiaries, asset impairments) are intentionally omitted from the dashboard because they require context that only the source PDF on the AMMC website can provide.
The price card at the top shows IAM's last traded price, delayed 15–30 minutes from the Bourse de Casablanca. Unlike the banking stocks that dominate the MASI by capitalisation, IAM's daily price movement is often driven by dividend expectations and African subscriber growth rather than interest rate sentiment. When the market is closed or the data feed is down, the card holds a reference value with an amber INDICATIVE chip - treat it as stale, not live. The chip clears once a fresh quote arrives.
The stat bar below the price card puts IAM in context: the MASI index tells you whether the broader market is up or down that session, ATW gives you a read on the banking sector (useful for cross-sector comparison), EUR/MAD shows the dirham's position against the euro (relevant because IAM's African subsidiaries report in local currencies that are often pegged to the euro), and the BAM rate is Bank Al-Maghrib's policy rate - not directly a telecom driver, but a benchmark for the cost of capital across the market.
Below the data, the profile and driver sections explain why IAM's price moves. For a telecom stock, the key numbers to watch are subscriber count, ARPU (average revenue per user), and dividend yield. Revenue growth at IAM increasingly comes from its 10 African subsidiaries rather than the mature Moroccan market, so when reading filing results, pay attention to the geographic split - not just the consolidated headline.