Recent Research

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  FIRST LOOK NOTES

  22 May 2025

  Telecom Egypt

  BUY

  Last Closing Price

  EGP 37.01

  Target Price

  EGP 48.00

  Upside (%)

  +29.69%

  Egypt Equity Research - Telecom Egypt (ETEL) 1Q25 - First Look Note

  Revenue grew significantly 41.8% YOY to EGP 24.8 Bn in 1Q25, mainly driven by solid growth across the Wholesale and Retail segments. Customer base rose steadily across fixed voice, fixed data and mobile segments by 4.3%, 7.6% and 10.0% YOY, respectively, during 1Q25.

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• 

  FIRST LOOK NOTES

  12 Mar 2025

  Telecom Egypt

  BUY

  Last Closing Price

  EGP 37.80

  Target Price

  EGP 48.00

  Upside (%)

  +26.98%

  Egypt Equity Research - Telecom Egypt (ETEL) 4Q24 - First Look Note

  Telecom Egypt’s revenue grew significantly 60.4% YOY to EGP 23.6 Bn in 4Q24 mainly driven by solid growth in the Wholesale and Retail segments. Customer base rose steadily across fixed voice, fixed data and mobile segments by 5.9%, 7.7% and 12.6% YOY, respectively in 4Q24.

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• 

  FIRST LOOK NOTES

  26 Nov 2024

  Telecom Egypt

  BUY

  Last Closing Price

  EGP 32.70

  Target Price

  EGP 41.00

  Upside (%)

  +25.38%

  Egypt Equity Research - Telecom Egypt (ETEL) 3Q24 - First Look Note

  Telecom Egypt’s revenue grew significantly 48.1% YOY to EGP 20.5 Bn in 3Q24 mainly driven by solid growth in the Wholesale and Retail segments. Customer base rose steadily across fixed voice, fixed data and mobile segments by 4%, 8% and 9% YOY, respectively in 3Q24.

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• 

  FIRST LOOK NOTES

  14 Mar 2024

  Telecom Egypt

  HOLD

  Last Closing Price

  EGP 39.28

  Target Price

  EGP 41.00

  Upside (%)

  +4.38%

  Rise in opex, finance cost, and tax charges dragged the bottom-line

  Telecom Egypt's (the Company) net profit declined 23.1% YOY to EGP 2,317 Mn in 4Q23, in line with our estimates of EGP 2,296 Mn.

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• 

  FIRST LOOK NOTES

  15 Jun 2023

  Telecom Egypt

  BUY

  Last Closing Price

  EGP 27.46

  Target Price

  EGP 32.00

  Upside (%)

  +16.53%

  Growth across all business segments boosted profitability

  Telecom Egypt (the company) reported robust growth in the net profit more than doubled to EGP 3,813 Mn in 1Q23 as compared to EGP 1,366 Mn in 1Q22, higher than our estimates of EGP 2,531 Mn.

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