Recent Research

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  FIRST LOOK NOTES

  29 Apr 2026

  Etihad Etisalat Co (Mobily)

  ACCUMULATE

  Last Closing Price

  SAR 66.40

  Target Price

  SAR 75.00

  Upside (%)

  +12.95%

  Saudi Equity Research - Etihad Etisalat (Mobily) 1Q26 - First Look Note

  Wholesale segment revenue increased 17.7% YOY to SAR 604 Mn in 1Q26, driven by higher demand for connectivity and cloud-based services. Mobily’s mobile subscriber base increased by 16.2% YOY to 15.1 Mn, comprising 13.0 Mn prepaid and 2.1 Mn postpaid subscribers, while the FTTH subscriber base grew 7.1% YOY to 311K in 1Q26.

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• 

  FIRST LOOK NOTES

  25 Feb 2026

  Etihad Etisalat Co (Mobily)

  HOLD

  Last Closing Price

  SAR 65.60

  Target Price

  SAR 72.00

  Upside (%)

  +9.76%

  Saudi Equity Research - Etihad Etisalat (Mobily) 4Q25 - First Look Note

  The mobile subscriber base grew by 17.4% YOY to 14.4 Mn, including 12.3 Mn prepaid and 2.1 Mn postpaid subscribers, while the FTTH subscriber base increased 6.8% YOY to 305K Mn in 2025. Mobily’s Capex stood at SAR 5.8 Bn in 2025, reflecting ongoing investments in spectrum, fiber, data centers, 5G expansion, and submarine cables.

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• 

  FIRST LOOK NOTES

  28 Oct 2025

  Etihad Etisalat Co (Mobily)

  HOLD

  Last Closing Price

  SAR 66.05

  Target Price

  SAR 72.00

  Upside (%)

  +9.01%

  Saudi Equity Research - Etihad Etisalat (Mobily) 3Q25 - First Look Note

  Business segment expanded service operations in the SME market and advanced its digital infrastructure within the aviation sector. Wholesale segment solidified its market presence as a digital enabler by signing agreements with key partners.

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• 

  FIRST LOOK NOTES

  22 Jul 2025

  Etihad Etisalat Co (Mobily)

  BUY

  Last Closing Price

  SAR 55.20

  Target Price

  SAR 66.50

  Upside (%)

  +20.47%

  Ethiad Etisalat (Mobily)-2Q25 First Look Note

  Revenue grew 8.1% YOY to SAR 4.8 Bn in 2Q25 due to the expansion of the overall customer base and growth in all revenue segments. Mobile subscriber base increased 4.9% YOY to 12.8 Mn, while FTTH subscriber declined 3.0% YOY to 289K Mn in 2Q25.

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• 

  FIRST LOOK NOTES

  24 Apr 2025

  Etihad Etisalat Co (Mobily)

  HOLD

  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.

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• 

  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.

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