Recent Research

• 

  FIRST LOOK NOTES

  24 Apr 2025

  Etihad Etisalat Co (Mobily)

  ACCUMULATE

  Last Closing Price

  SAR 61.00

  Target Price

  SAR 66.50

  Upside (%)

  +9.02%

  Saudi Equity Research - Etihad Etisalat(Mobily) 1Q25 - First Look Note

  Revenue grew 5.1% YOY to SAR 4.7 Bn in 1Q25 due to the expansion of the overall customer base, Ramadan seasonality, and the signing of new agreements. Mobile subscriber base increased 5.7% YOY to 13.0 Mn, while FTTH subscriber declined 2.6% YOY to 290K Mn in 1Q25.

  Download
• 

  FIRST LOOK NOTES

  06 Mar 2025

  Etihad Etisalat Co (Mobily)

  ACCUMULATE

  Last Closing Price

  SAR 60.00

  Target Price

  SAR 66.50

  Upside (%)

  +10.83%

  Saudi Equity Research - Etihad Etisalat (Mobily) 4Q24 - First Look Note

  Revenue grew 9.1% YOY in 4Q24 to SAR 4,697 Mn and is further expected to increase by mid to high-single-digit in 2025. Mobile subscriber base increased 3.9% YOY to 12.3 Mn, while FTTH subscriber declined 2.7% YOY to 0.3 Mn 4Q24.

  Download
• 

  FIRST LOOK NOTES

  07 Nov 2024

  Etihad Etisalat Co (Mobily)

  BUY

  Last Closing Price

  SAR 52.00

  Target Price

  SAR 65.00

  Upside (%)

  +25.00%

  Saudi Equity Research - Etihad Etisalat (Mobily) 3Q24 - First Look Note

  Revenue grew 9.2% YOY in 3Q24 to SAR 4,499 Mn and is further expected to increase by mid to high-single-digit in 2024. Mobile subscriber base increased 1.7% YOY, while FTHH subscriber grew 0.4% YOY in 3Q24. Mobily reduced its debt burden from SAR 11.8 Bn in 3Q23 to SAR 9.7 Bn in 3Q24 and is further expected to reduce debt owing to healthy cash generation.

  Download
• 

  FIRST LOOK NOTES

  29 Jul 2024

  Etihad Etisalat Co (Mobily)

  BUY

  Last Closing Price

  SAR 50.60

  Target Price

  SAR 58.36

  Upside (%)

  +15.34%

  Lower finance costs and solid growth in operating profit boosts profitability

  Etihad Etisalat’s (Mobily/the Company) net profit rose 33.0% YOY to SAR 661 Mn in 2Q24, in line with our estimate of SAR 659 Mn.

  Download
• 

  FIRST LOOK NOTES

  03 Jun 2024

  Etihad Etisalat Co (Mobily)

  BUY

  Last Closing Price

  SAR 50.00

  Target Price

  SAR 58.36

  Upside (%)

  +16.72%

  Healthy growth in subscriber base and lower finance costs drive profitability

  Etihad Etisalat’s (Mobily/the Company) net profit rose 37.2% YOY to SAR 638 Mn in 1Q24, higher than our estimate of SAR 563 Mn.

  Download
• 

  FIRST LOOK NOTES

  19 Mar 2024

  Etihad Etisalat Co (Mobily)

  HOLD

  Last Closing Price

  SAR 55.00

  Target Price

  SAR 58.36

  Upside (%)

  +6.11%

  Strong EBITDA growth and robust operational efficiency drive profitability

  Etihad Etisalat’s (Mobily/the Company) net profit rose 23.1% YOY to SAR 746 Mn in 4Q23, higher than our estimate of SAR 622 Mn.

  Download

Load more reports