Itissalat Al-Maghrib (IAM) S.A. (IAM.PA) Stock Analysis & Winston Score

Itissalat Al-Maghrib, known as Maroc Telecom, is Morocco's largest telecommunications company. It provides mobile phone service, home internet, fixed-line phone connections, and television to millions of customers across Morocco and sub-Saharan Africa. The company is majority-owned by Etisalat (now e&), a large telecom group based in the United Arab Emirates. Maroc Telecom earns money by charging customers monthly fees for mobile plans, broadband subscriptions, and bundled home services, as well as selling wholesale network access to other operators. It operates in Morocco and roughly a dozen African countries, including Mali, Burkina Faso, Gabon, and Côte d'Ivoire, giving it a broad footprint across the continent. Its strong brand recognition, government-linked history, and established network infrastructure make it difficult for new competitors to displace it, though currency volatility in its African markets and political instability in some operating countries remain ongoing risks to earnings.