Recent Research

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  FIRST LOOK NOTES

  21 Aug 2026

  Telecom Egypt

  HOLD

  Last Closing Price

  EGP 115.50

  Target Price

  EGP 110.00

  Upside (%)

  -4.76%

  Egypt Equity Research - Telecom Egypt (ETEL) 2Q26 - First Look Note

  Fixed Broadband subscribers rose 8.6% YOY to 11.5 Mn, Fixed Voice subscribers base grew 5.6% YOY to 14.3 Mn, while Mobile subscribers grew 3.9% YOY to 15.2 Mn in 2Q26. Fixed Broadband ARPU increased 16% YOY to EGP 354, while Fixed Voice ARPU rose 6% YOY to EGP 49 in 1H26.

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• 

  FIRST LOOK NOTES

  02 Mar 2026

  Telecom Egypt

  HOLD

  Last Closing Price

  EGP 89.00

  Target Price

  EGP 95.00

  Upside (%)

  +6.74%

  Egypt Equity Research - Telecom Egypt (ETEL) 4Q25 - First Look Note

  The company expects revenue growth in high single digit and EBITDA margin in low 40’s in 2026. Fixed line ARPU rose 35.2% YOY to EGP 329.3, and fixed data ARPU rose 30.1% YOY to EGP 48.74 in 4Q25.

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• 

  FIRST LOOK NOTES

  24 Nov 2025

  Telecom Egypt

  BUY

  Last Closing Price

  EGP 65.27

  Target Price

  EGP 75.25

  Upside (%)

  +15.29%

  Egypt Equity Research - Telecom Egypt (ETEL) 3Q25 - First Look Note

  Expects to exceed its 2025 guidance provided earlier for topline growth and EBITDA margin, while maintaining guidance for capex. Customer base rose steadily across fixed line, fixed broadband and mobile segments by 6.8%, 8.3% and 8.8% YOY, respectively, in 3Q25.

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• 

  FIRST LOOK NOTES

  20 Aug 2025

  Telecom Egypt

  BUY

  Last Closing Price

  EGP 46.40

  Target Price

  EGP 57.00

  Upside (%)

  +22.84%

  Egypt Equity Research - Telecom Egypt (ETEL) 2Q25 - First Look Note

  Revenue grew significantly 26.1% YOY to EGP 25.8 Bn in 2Q25, mainly driven by solid growth across the Wholesale and Retail segments. Customer base rose steadily across fixed voice, fixed data and mobile segments by 6.1%, 7.7% and 11.7% YOY, respectively, during 2Q25.

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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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