Recent Research

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  FIRST LOOK NOTES

  12 Oct 2024

  Space42 PLC

  BUY

  Last Closing Price

  AED 2.11

  Target Price

  AED 3.20

  Upside (%)

  +51.66%

  Lower direct costs and higher finance income supported the bottom line

  Al Yahsat's contracted future revenue stands at USD 6.7 Bn in 2Q24, which is equivalent to 15x of the Company’s last twelve-month revenue.

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• 

  FIRST LOOK NOTES

  21 May 2024

  Space42 PLC

  BUY

  Last Closing Price

  AED 2.28

  Target Price

  AED 3.20

  Upside (%)

  +40.35%

  One-off gains and lower direct costs drove the bottom line

  Al Yahsat contracted future revenue stands at USD 6.7 Bn in 1Q24, which is equivalent to 15x of the Company’s last twelvemonth revenue.

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• 

  FIRST LOOK NOTES

  11 Mar 2024

  Space42 PLC

  BUY

  Last Closing Price

  AED 2.34

  Target Price

  AED 3.30

  Upside (%)

  +41.03%

  Healthy revenue growth driven by long-term contracts supported profitability

  Al Yahsat contracted future revenue stands at USD 6.8 Bn in 2023 which is equivalent to 15 times the Company’s full-year revenue.

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• 

  FIRST LOOK NOTES

  21 Nov 2023

  Space42 PLC

  BUY

  Last Closing Price

  AED 2.57

  Target Price

  AED 3.50

  Upside (%)

  +36.19%

  Strong revenue growth and higher finance income supported profitability

  Al Yahsat recorded growth in profitability owing to a growth in in revenue, EBITDA along with higher finance income

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• 

  FIRST LOOK NOTES

  22 Aug 2023

  Space42 PLC

  BUY

  Last Closing Price

  AED 2.56

  Target Price

  AED 3.50

  Upside (%)

  +36.72%

  Decline in revenue and one-time fair value loss on convertible loan impacted profitability

  Al Yahsat witnessed a decline in performance in 2Q23 owing to a decline in revenue, EBITDA as well as the fair value loss that it recorded during the period.

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• 

  FIRST LOOK NOTES

  16 May 2023

  Space42 PLC

  BUY

  Last Closing Price

  AED 2.54

  Target Price

  AED 3.50

  Upside (%)

  +37.80%

  Higher revenue and finance income boosted profitability

  Al Yah Satellite Communications Co. PJSC (YAHSAT/the Company) re ported an increase in net profit to USD 27.1 Mn in 1Q23 compared to USD 20.1 Mn in 1Q22, higher than our estimate of USD 21.2 Mn.

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