Recent Research

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  FIRST LOOK NOTES

  30 Jul 2026

  Waha Capital

  BUY

  Last Closing Price

  1.75

  Target Price

  2.20

  Upside (%)

  +25.71%

  UAE Equity Research - Waha Capital Company 2Q26 - First Look Note

  Effective 1 October 2025, Waha Capital updated its financial reporting framework to better align with its investment-led structure, presenting investments at fair value instead of consolidating them line by line. Total AUM stood at c. AED 13.9 Bn as of 2Q26, including third party AUM of c. AED 8.5 Bn (USD 2.3 Bn), following net inflows of over USD 300 Mn during 1H26.

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  EARNINGS CALL INSIGHT

  30 Jul 2026

  Waha Capital

  BUY

  Last Closing Price

  1.77

  Target Price

  2.20

  Upside (%)

  +24.29%

  UAE Equity Research - Waha Capital 2Q26 - Earnings Call Insight

  Waha's total income decreased 4.0% YOY to AED 366 Mn in 2Q26. Public Markets income increased to AED 337 Mn in 2Q26 from AED 223 Mn in 2Q25, driven by AED 105 Mn in fee income and AED 231 Mn in net mark-to-market gains, more than offsetting the absence of income from consolidated Public Market funds.

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  FIRST LOOK NOTES

  23 Feb 2026

  Waha Capital

  HOLD

  Last Closing Price

  2.15

  Target Price

  2.20

  Upside (%)

  +2.33%

  UAE Equity Research - Al Waha Capital 4Q25 - First Look Note

  Effective 1 October 2025, Waha Capital updated its financial reporting framework to better align with its investment-led structure, presenting investments at fair value instead of consolidating them line by line. Total Assets under Management (AUM) stood at c. AED 10.8 Bn in 4Q25, including third party AUM of AED 7.1 Bn,

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  FIRST LOOK NOTES

  13 Aug 2025

  Waha Capital

  BUY

  Last Closing Price

  1.64

  Target Price

  2.00

  Upside (%)

  +21.95%

  UAE Equity Research - Al Waha Capital 2Q25 - First Look Note

  Total income rose from AED 156 Mn in 2Q24 to AED 381 Mn in 2Q25, attributed to growth in income from Public Markets and WAHA Land. The Group’s AUM reached AED 12.6 Bn in 2Q25, owing to a significant inflow of capital into Waha Investment’s credit and equity funds.

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  FIRST LOOK NOTES

  23 May 2025

  Waha Capital

  BUY

  Last Closing Price

  1.48

  Target Price

  1.84

  Upside (%)

  +24.32%

  UAE Equity Research - Al Waha Capital PJSC 1Q25 - First Look Note

  Total income declined 29.0% YOY to AED 330 Mn in 1Q25, due to a substantial decline in income from Financial Investments. Total AUMs rose from AED 11.9 Bn in 2024 to AED 12.3 Bn in 1Q25. Public market third-party AUM stood at AED 7.2 Bn in 1Q25 compared to 6.0 Bn in 1Q24.

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  FIRST LOOK NOTES

  28 Feb 2025

  Waha Capital

  BUY

  Last Closing Price

  1.59

  Target Price

  1.84

  Upside (%)

  +15.72%

  UAE Equity Research - Al Waha Capital 4Q24 - First Look Note

  Waha’s total AUMs grew from AED 11.4 Bn in 3Q24 to AED 11.9 Bn in 4Q24. Public market third-party AUM grew to AED 6.9 Bn in 4Q24, while Private investment AUMs stood at AED 648 Mn. Waha successfully secured a new revolving credit line of AED 1.5 Bn, extendable to AED 1.8 Bn, which is expected to enhance its financial flexibility.

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