Recent Research

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  FIRST LOOK NOTES

  20 Jul 2026

  Etihad Etisalat Co (Mobily)

  BUY

  Last Closing Price

  SAR 61.80

  Target Price

  SAR 75.00

  Upside (%)

  +21.36%

  Saudi Equity Research - Etihad Etisalat (Mobily) 2Q26 - First Look Note

  Etihad Etisalat (Mobily/the Company)’s net profit increased 8.6% YOY to SAR 901 Mn in 2Q26, in line with our estimate of SAR 925 Mn. The increase in net profit was supported by growth in revenue from all segments, partially offset by a higher cost of services, increased depreciation and amortisation and increased zakat charges.

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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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