Recent Research

• 

  FIRST LOOK NOTES

  04 Aug 2025

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  19.00

  Target Price

  22.00

  Upside (%)

  +15.79%

  UAE Equity Research - Emirates Telecommunications Group Co (EAND) 2Q25 - First Look Note

  The subscriber base rose 13.1% YOY to 198.1 Mn in 2Q25 including 14.9 Mn contributing from consolidation of e& PPF Telec. Capex grew 52.1% YOY to AED 2.7 Bn in 2Q25, due to the consolidation of e& PPF Telecom, increased capital expenditure in the UAE, and the renewal/acquisition of licenses in Mauritania and Afghanistan.

  Download
• 

  FIRST LOOK NOTES

  02 May 2025

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  17.44

  Target Price

  22.00

  Upside (%)

  +26.15%

  UAE Equity Research - Emirates Telecommunications Group Co (e&) 1Q25 - First Look Note

  Subscriber base rose 12.9% YOY to 194.8 Mn in 1Q25 due to the acquisition of PPF telecom. e& added over 9.2 Mn net new subscribers on LFL basis in the last 12 months. Capex increased 46.4% YOY to AED 2.4 Bn in 1Q25 due to the acquisition of 5G license in Egypt and the consolidation impact of e& PPF telecom.

  Download
• 

  EARNINGS CALL INSIGHT

  01 May 2025

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  17.40

  Target Price

  22.00

  Upside (%)

  +26.44%

  UAE Equity Research - Emirates Telecommunications Group (e&) 1Q25 - Earnings Call Insight

  Revenue grew 18.7% YOY to AED 16.9 Bn in 1Q25, driven by robust growth across the International segment attributable to the acquisition of PPF telecom. e&’s revenue rose 8.0% YOY on LFL basis in constant currency and 4.4% in reported currency during 1Q25.

  Download
• 

  FIRST LOOK NOTES

  05 Mar 2025

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  16.72

  Target Price

  22.00

  Upside (%)

  +31.58%

  UAE Equity Research - Emirates Telecommunications Group Co (EAND) 4Q24 - First Look Note

  E&’s operating expenses rose 22.8% YOY to AED 11,284 Mn in 4Q24, owing to the consolidation of e& PPF Telecom and the new acquired digital entities. The subscriber base rose 11.7% YOY to 189.3 Mn in 4Q24 with the addition of over 10 Mn new subscribers across Bulgaria, Hungary, Serbia, and Slovakia attributed to the acquisition of PPF telecom assets.

  Download
• 

  FIRST LOOK NOTES

  12 Nov 2024

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  17.52

  Target Price

  21.20

  Upside (%)

  +21.00%

  UAE Equity Research - Emirates Telecommunications Group Co (eand) 3Q24 - First Look Note

  e&’s aggregate subscriber base grew 6.1% YOY to 177 Mn. Total debt declined to AED 51.6 Bn in 3Q24, compared to AED 47.7 Bn in 2Q24. The Company spent AED 1.8 Bn on capex in 3Q24, mainly focusing on upgrading its capacities and enhancing customer satisfaction by modernizing networks along with improving network quality.

  Download
• 

  FIRST LOOK NOTES

  16 Oct 2024

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  21.10

  Target Price

  23.00

  Upside (%)

  +9.00%

  UAE Equity Research - Emirates Telecommunications Group Co (e&) 2Q23 - First Look Note

  Healthy revenue growth and ongoing expansion plans to support profitability

  Download

Load more reports