Itissalat Al-Maghrib (IAM) - Net Assets
Based on the latest financial reports, Itissalat Al-Maghrib (IAM) has net assets worth €24.67 Billion EUR (≈ $28.85 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€75.47 Billion ≈ $88.24 Billion USD) and total liabilities (€50.80 Billion ≈ $59.39 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 Itissalat Al-Maghrib tangible book value ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €24.67 Billion |
| % of Total Assets | 32.69% |
| Annual Growth Rate | 1.46% |
| 5-Year Change | 31.24% |
| 10-Year Change | 27.86% |
| Growth Volatility | 11.13 |
Itissalat Al-Maghrib - Net Assets Trend (2004–2025)
This chart illustrates how Itissalat Al-Maghrib's net assets have evolved over time, based on quarterly financial data. See IAM defensive asset coverage days to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Itissalat Al-Maghrib (2004–2025)
The table below shows the annual net assets of Itissalat Al-Maghrib from 2004 to 2025. For live valuation and market cap data, see Itissalat Al-Maghrib market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €24.67 Billion ≈ $28.85 Billion |
+31.93% |
| 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 |
-3.67% |
| 2012-12-31 | €20.69 Billion ≈ $24.19 Billion |
-6.30% |
| 2011-12-31 | €22.09 Billion ≈ $25.82 Billion |
-6.04% |
| 2010-12-31 | €23.50 Billion ≈ $27.48 Billion |
+2.49% |
| 2009-12-31 | €22.93 Billion ≈ $26.81 Billion |
+12.66% |
| 2008-12-31 | €20.36 Billion ≈ $23.80 Billion |
+9.24% |
| 2007-12-31 | €18.63 Billion ≈ $21.79 Billion |
+10.57% |
| 2006-12-31 | €16.85 Billion ≈ $19.70 Billion |
-14.56% |
| 2005-12-31 | €19.72 Billion ≈ $23.06 Billion |
+8.37% |
| 2004-12-31 | €18.20 Billion ≈ $21.28 Billion |
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Equity Component Analysis
This analysis shows how different components contribute to Itissalat Al-Maghrib'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 grown by 34.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €6.97 Billion | 34.18% |
| Common Stock | €5.25 Billion | 25.76% |
| Other Components | €8.17 Billion | 40.06% |
| Total Equity | €20.39 Billion | 100.00% |
Itissalat Al-Maghrib Competitors by Market Cap
The table below lists competitors of Itissalat Al-Maghrib ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Shenzhen Kedali Industry Co Ltd
SHE:002850
|
$8.19 Billion |
|
Henan Shenhuo Coal & Power Co Ltd
SHE:000933
|
$8.20 Billion |
|
Cirrus Logic Inc
NASDAQ:CRUS
|
$8.20 Billion |
|
Trade Desk Inc
NASDAQ:TTD
|
$8.21 Billion |
|
Halozyme Therapeutics Inc
NASDAQ:HALO
|
$8.19 Billion |
|
Huolinhe Opencut Coal Industry Corp Ltd of Inner Mongolia
SHE:002128
|
$8.18 Billion |
|
ALK-Abelló A/S
CO:ALK-B
|
$8.17 Billion |
|
Yunnan Yuntianhua Co Ltd
SHG:600096
|
$8.17 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Itissalat Al-Maghrib'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 20,386,590,000, a change of 5,478,590,000 (36.7%).
- Net income of 6,936,896,000 contributed positively to equity growth.
- Dividend payments of 1,251,389,000 reduced retained earnings.
- Other comprehensive income increased equity by 602,000,000.
- Other factors decreased equity by 808,917,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €6.94 Billion | +34.03% |
| Dividends Paid | €1.25 Billion | -6.14% |
| Other Comprehensive Income | €602.00 Million | +2.95% |
| Other Changes | €-808.92 Million | -3.97% |
| Total Change | €- | 36.75% |
Book Value vs Market Value Analysis
This analysis compares Itissalat Al-Maghrib'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: 0.39x
- 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.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-12-31 | €20.22 | €9.00 | x |
| 2005-12-31 | €21.83 | €9.00 | x |
| 2006-12-31 | €18.50 | €9.00 | x |
| 2007-12-31 | €19.77 | €9.00 | x |
| 2008-12-31 | €21.28 | €9.00 | x |
| 2009-12-31 | €21.12 | €9.00 | x |
| 2010-12-31 | €21.67 | €9.00 | x |
| 2011-12-31 | €20.23 | €9.00 | x |
| 2012-12-31 | €18.53 | €9.00 | x |
| 2013-12-31 | €17.44 | €9.00 | x |
| 2014-12-31 | €18.07 | €9.00 | x |
| 2015-12-31 | €17.45 | €9.00 | x |
| 2016-12-31 | €17.60 | €9.00 | x |
| 2017-12-31 | €18.01 | €9.00 | x |
| 2018-12-31 | €17.82 | €9.00 | x |
| 2019-12-31 | €13.73 | €9.00 | x |
| 2020-12-31 | €14.47 | €9.00 | x |
| 2021-12-31 | €16.97 | €9.00 | x |
| 2022-12-31 | €15.81 | €9.00 | x |
| 2023-12-31 | €19.48 | €9.00 | x |
| 2024-12-31 | €16.96 | €9.00 | x |
| 2025-12-31 | €23.19 | €9.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Itissalat Al-Maghrib 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: 19.00%
- • Asset Turnover: 0.48x
- • Equity Multiplier: 3.70x
- Recent ROE (34.03%) is below the historical average (36.86%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2004 | 29.09% | 29.70% | 0.63x | 1.56x | €3.39 Billion |
| 2005 | 30.26% | 28.28% | 0.69x | 1.56x | €3.89 Billion |
| 2006 | 41.44% | 29.80% | 0.80x | 1.74x | €5.11 Billion |
| 2007 | 46.22% | 29.18% | 0.73x | 2.17x | €6.29 Billion |
| 2008 | 50.88% | 32.25% | 0.77x | 2.06x | €7.65 Billion |
| 2009 | 52.37% | 32.04% | 0.66x | 2.47x | €7.87 Billion |
| 2010 | 51.49% | 30.99% | 0.67x | 2.48x | €7.90 Billion |
| 2011 | 45.68% | 26.34% | 0.63x | 2.74x | €6.34 Billion |
| 2012 | 41.15% | 22.16% | 0.63x | 2.94x | €5.08 Billion |
| 2013 | 36.14% | 19.07% | 0.62x | 3.08x | €4.01 Billion |
| 2014 | 36.83% | 19.66% | 0.65x | 2.88x | €4.26 Billion |
| 2015 | 36.46% | 15.97% | 0.58x | 3.94x | €4.06 Billion |
| 2016 | 36.17% | 15.31% | 0.60x | 3.96x | €4.05 Billion |
| 2017 | 36.03% | 15.76% | 0.58x | 3.96x | €4.12 Billion |
| 2018 | 38.36% | 16.05% | 0.60x | 3.97x | €4.44 Billion |
| 2019 | 22.59% | 7.47% | 0.56x | 5.37x | €1.52 Billion |
| 2020 | 42.63% | 14.75% | 0.57x | 5.10x | €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% | 14.36% | 0.56x | 3.83x | €3.57 Billion |
| 2024 | 12.08% | 4.91% | 0.52x | 4.72x | €310.20 Million |
| 2025 | 34.03% | 19.00% | 0.48x | 3.70x | €4.90 Billion |
Industry Comparison
This section compares Itissalat Al-Maghrib's net assets metrics with peer companies in the Telecom Services industry.
Industry Context
- Industry: Telecom Services
- Average net assets among peers: $7,519,026,000
- Average return on equity (ROE) among peers: -24.36%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Itissalat Al-Maghrib (IAM) | €24.67 Billion | 29.09% | 2.06x | $8.19 Billion |
| Bd Multimedia (ALBDM) | $2.93 Million | 46.28% | 3.03x | $12.97 Million |
| Airtime Partecipazioni SpA (ALMEX) | $66.84 Million | 6.69% | 1.52x | $37.29 Million |
| Weaccess Group SA (MLWEA) | $330.00K | -157.58% | 3.00x | $3.33 Million |
| Orange S.A. (ORA) | $30.01 Billion | 7.15% | 2.77x | $46.94 Billion |
About Itissalat Al-Maghrib
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