Itissalat Al-Maghrib (IAM) S.A (MSPA) - Net Assets
Based on the latest financial reports, Itissalat Al-Maghrib (IAM) S.A (MSPA) has net assets worth €18.70 Billion EUR (≈ $21.86 Billion USD) as of June 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€70.37 Billion ≈ $82.27 Billion USD) and total liabilities (€51.67 Billion ≈ $60.41 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check tangible net worth ratio of Itissalat Al-Maghrib (IAM) S.A to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €18.70 Billion |
| % of Total Assets | 26.58% |
| Annual Growth Rate | 1.83% |
| 5-Year Change | 31.83% |
| 10-Year Change | 28.43% |
| Growth Volatility | 12.62 |
Itissalat Al-Maghrib (IAM) S.A - Net Assets Trend (2013–2025)
This chart illustrates how Itissalat Al-Maghrib (IAM) S.A's net assets have evolved over time, based on quarterly financial data. See MSPA cash and liquid assets coverage to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Itissalat Al-Maghrib (IAM) S.A (2013–2025)
The table below shows the annual net assets of Itissalat Al-Maghrib (IAM) S.A from 2013 to 2025. For live valuation and market cap data, see MSPA company net worth.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €24.79 Billion ≈ $28.98 Billion |
+32.53% |
| 2024-12-31 | €18.70 Billion ≈ $21.86 Billion |
-10.96% |
| 2023-12-31 | €21.00 Billion ≈ $24.56 Billion |
+16.68% |
| 2022-12-31 | €18.00 Billion ≈ $21.05 Billion |
-4.25% |
| 2021-12-31 | €18.80 Billion ≈ $21.98 Billion |
+12.66% |
| 2020-12-31 | €16.69 Billion ≈ $19.51 Billion |
+4.29% |
| 2019-12-31 | €16.00 Billion ≈ $18.71 Billion |
-17.89% |
| 2018-12-31 | €19.49 Billion ≈ $22.79 Billion |
-1.32% |
| 2017-12-31 | €19.75 Billion ≈ $23.09 Billion |
+2.35% |
| 2016-12-31 | €19.30 Billion ≈ $22.56 Billion |
-2.06% |
| 2015-12-31 | €19.70 Billion ≈ $23.04 Billion |
-2.27% |
| 2014-12-31 | €20.16 Billion ≈ $23.57 Billion |
+1.15% |
| 2013-12-31 | €19.93 Billion ≈ $23.30 Billion |
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Equity Component Analysis
This analysis shows how different components contribute to Itissalat Al-Maghrib (IAM) S.A's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 31.7% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €6.97 Billion | 34.03% |
| Other Components | €13.51 Billion | 65.97% |
| Total Equity | €20.48 Billion | 100.00% |
Itissalat Al-Maghrib (IAM) S.A Competitors by Market Cap
The table below lists competitors of Itissalat Al-Maghrib (IAM) S.A ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Columbia Banking System Inc
NASDAQ:COLB
|
$7.97 Billion |
|
Simpson Manufacturing Company Inc
NYSE:SSD
|
$7.97 Billion |
|
Storebrand ASA
OL:STB
|
$7.97 Billion |
|
Full Truck Alliance Co Ltd ADR
NYSE:YMM
|
$7.98 Billion |
|
Janus Henderson Group PLC
NYSE:JHG
|
$7.96 Billion |
|
Bajaj Housing Finance
NSE:BAJAJHFL
|
$7.96 Billion |
|
Western Alliance Bancorporation
NYSE:WAL
|
$7.95 Billion |
|
MaxLinear Inc
NASDAQ:MXL
|
$7.95 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Itissalat Al-Maghrib (IAM) S.A's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 14,908,000,000 to 20,478,000,000, a change of 5,570,000,000 (37.4%).
- Net income of 6,968,000,000 contributed positively to equity growth.
- Dividend payments of 1,257,000,000 reduced retained earnings.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €6.97 Billion | +34.03% |
| Dividends Paid | €1.26 Billion | -6.14% |
| Other Changes | €-141.00 Million | -0.69% |
| Total Change | €- | 37.36% |
Book Value vs Market Value Analysis
This analysis compares Itissalat Al-Maghrib (IAM) S.A's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.38x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 0.49x to 0.38x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2017-12-31 | €18.02 | €8.76 | x |
| 2018-12-31 | €17.83 | €8.76 | x |
| 2019-12-31 | €13.73 | €8.76 | x |
| 2020-12-31 | €14.47 | €8.76 | x |
| 2021-12-31 | €16.97 | €8.76 | x |
| 2022-12-31 | €15.81 | €8.76 | x |
| 2023-12-31 | €19.48 | €8.76 | x |
| 2024-12-31 | €16.96 | €8.76 | x |
| 2025-12-31 | €23.30 | €8.76 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Itissalat Al-Maghrib (IAM) S.A utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 34.03%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 18.41%
- • Asset Turnover: 0.50x
- • Equity Multiplier: 3.70x
- Recent ROE (34.03%) is above the historical average (32.48%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2013 | 36.14% | 19.40% | 0.61x | 3.08x | €4.01 Billion |
| 2014 | 36.83% | 20.07% | 0.64x | 2.88x | €4.26 Billion |
| 2015 | 36.46% | 16.39% | 0.56x | 3.95x | €4.06 Billion |
| 2016 | 36.17% | 15.88% | 0.58x | 3.96x | €4.05 Billion |
| 2017 | 36.03% | 16.32% | 0.56x | 3.96x | €4.12 Billion |
| 2018 | 38.36% | 16.68% | 0.58x | 3.97x | €4.44 Billion |
| 2019 | 22.59% | 7.47% | 0.56x | 5.37x | €1.52 Billion |
| 2020 | 42.63% | 14.75% | 0.58x | 4.99x | €4.15 Billion |
| 2021 | 40.28% | 16.79% | 0.58x | 4.14x | €4.52 Billion |
| 2022 | 19.79% | 7.48% | 0.56x | 4.72x | €1.36 Billion |
| 2023 | 30.85% | 13.93% | 0.58x | 3.83x | €3.57 Billion |
| 2024 | 12.08% | 4.76% | 0.54x | 4.72x | €310.20 Million |
| 2025 | 34.03% | 18.41% | 0.50x | 3.70x | €4.92 Billion |
Industry Comparison
This section compares Itissalat Al-Maghrib (IAM) S.A's net assets metrics with peer companies in the Telecom Services industry.
Industry Context
- Industry: Telecom Services
- Average net assets among peers: $400,349,009,310
- Average return on equity (ROE) among peers: -71.16%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Itissalat Al-Maghrib (IAM) S.A (MSPA) | €18.70 Billion | 36.14% | 2.76x | $7.96 Billion |
| LIBERTY LAT.AMER.A DL-01 (1LL) | $2.90 Billion | -15.21% | 4.30x | $185.55 Million |
| LIBERTY LAT.AMER.C DL-01 (1LLC) | $1.63 Billion | -42.40% | 6.87x | $775.97 Million |
| 1&1 AG (1U1) | $57.99 Million | 18.24% | 0.64x | $4.32 Billion |
| CHINA TOWER UNSP.ADR/100 (2Y10) | $197.69 Billion | 4.93% | 0.65x | $5.02 Billion |
| SOFTBANK CORP. ADR (3AG0) | $3.68 Trillion | 14.43% | 2.99x | $52.06 Billion |
| TELSTRA GROUP LTD SP.ADR (5KB) | $16.84 Billion | 10.03% | 1.47x | $37.53 Billion |
| VODACOM GROUP LTD. SP.ADR (5VD0) | $97.43 Billion | 17.21% | 1.34x | $15.26 Billion |
| EuroTeleSites AG (7YF) | $234.07 Million | 0.00% | 7.39x | $762.51 Million |
| Swissnet AG (81D) | $630.10K | -736.12% | 0.62x | $24.60 Million |
| AIRTEL AFRICA UNSP.ADR/10 (9AA0) | $3.65 Billion | 17.29% | 1.84x | $16.88 Billion |
About Itissalat Al-Maghrib (IAM) S.A
Itissalat Al-Maghrib (IAM) S.A. provides various telecommunication solutions in Morocco and internationally. 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, … Read more