Recent Research

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  FIRST LOOK NOTES

  28 Feb 2025

  Waha Capital

  BUY

  Last Closing Price

  AED 1.59

  Target Price

  AED 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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  FIRST LOOK NOTES

  14 Nov 2024

  Waha Capital

  BUY

  Last Closing Price

  AED 1.48

  Target Price

  AED 1.75

  Upside (%)

  +18.24%

  UAE Equity Research - Waha Capital 3Q24 - First Look Note

  Waha’s total AUMs grew to AED 11.4 Bn in 3Q24, up from AED 10.4 Bn in 4Q23.The Group secured AED 1.2 Bn in new third-party capital from institutional investors in 9M24. Public market third-party AUM grew to AED 6.6 Bn in 3Q24, while Private investment AUMs stood at AED 671 Mn. Waha successfully secured a new revolving credit line of AED 1.5 Bn, extendable to AED 1.8 Bn in 3Q24, enhancing its financial flexibility.

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  FIRST LOOK NOTES

  12 Oct 2024

  Waha Capital

  ACCUMULATE

  Last Closing Price

  AED 1.58

  Target Price

  AED 1.75

  Upside (%)

  +10.76%

  Losses in public market impacted profitability

  Total assets under management grew to AED 10.9 Bn in 2Q24, up from AED 10.5 Bn in 4Q23.

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  FIRST LOOK NOTES

  04 Jun 2024

  Waha Capital

  BUY

  Last Closing Price

  AED 1.41

  Target Price

  AED 1.72

  Upside (%)

  +21.99%

  Healthy growth in Public Market business and higher fee income supported profitability

  Al Waha Capital PJSC (the Group/Waha) recorded an increase in the net profit to AED 166 Mn in 1Q24 as compared to AED 75 Mn in 1Q23, higher than our estimate of AED 76 Mn.

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  FIRST LOOK NOTES

  28 Feb 2024

  Waha Capital

  HOLD

  Last Closing Price

  AED 1.70

  Target Price

  AED 1.85

  Upside (%)

  +8.82%

  Solid growth in income from financial investments drove profitability

  Net operating income rose from AED 720 Mn in 2022 to AED 1,222 Mn in 2023 mainly due to higher income from Public Markets and Waha Land Income partially offset by lower income from Private Investments.

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• 

  FIRST LOOK NOTES

  20 Nov 2023

  Waha Capital

  HOLD

  Last Closing Price

  AED 1.80

  Target Price

  AED 1.72

  Upside (%)

  -4.44%

  Loss on derivatives and unquoted funds impacted profit

  Al Waha Capital PJSC (the Group/Waha) recorded a decline in net profit to AED 54 Mn in 3Q23 as compared to a net profit of AED 100 Mn in 3Q22, lower than our estimate of AED 82 Mn.

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