ETISALAT Group (e&) Telecom

HOLD
AED 20.8
AED 22.00
6%
  • 180,892,483,200
  • 8,696,754,000
  • 17.4 L H 21.6
  • 71,782,790

Financial

FY2021A FY2022A FY2023A FY2024A FY2025A
PE (x) 12.17 11.46 13.56 11.28 8.30
PB (x) 3.80 4.28 4.24 3.97 3.50
Dividend Yield (%) 3.85 3.85 3.85 3.99 4.54

Recent Research

  • UAE Flag
    FIRST LOOK NOTES
    07 Aug 2026
    ETISALAT Group (e&)
    HOLD
    AED 20.62
    AED 22.00
    +6.69%

    UAE Equity Research - Emirates Telecommunications Group Co (e&) 2Q26 - First Look Note

    Total subscriber base surged 30.4% YOY to 251.5 Mn in 2Q26, alongside continued organic growth across Egypt and Moov Africa. e& completed the divestment of its entire stake in Vodafone Group for a total consideration of c. AED 21.9 Bn, generating a net cash gain of c. AED 4.8 Bn.
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  • UAE Flag
    FIRST LOOK NOTES
    27 Feb 2026
    ETISALAT Group (e&)
    HOLD
    AED 20.82
    AED 22.00
    +5.67%

    UAE Equity Research - Emirates Telecommunications Group Co (e&) 4Q25 - First Look Note

    Subscriber base increased 31.3% YOY to 244.7 Mn in 4Q25, driven by the consolidation of Telenor Pakistan and continued organic growth across Egypt, Moov Africa subsidiaries, and e& PPF Telecom. PTCL successfully completed the acquisition of 100% stake in Telenor Pakistan for PKR 108 Bn.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    26 Feb 2026
    ETISALAT Group (e&)
    HOLD
    AED 20.82
    AED 22.00
    +5.67%

    UAE Equity Research - Emirates Telecommunications Group Co (e&) 4Q25 - Earnings Call Insight

    Revenue increased 17.3% YOY to AED 19.3 Bn in 4Q25, driven by strong growth across telecom and digital verticals that was underpinned by operational excellence. e&’s revenue rose 10.1% YOY on LFL basis during 4Q25.
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  • UAE Flag
    FIRST LOOK NOTES
    03 Nov 2025
    ETISALAT Group (e&)
    ACCUMULATE
    AED 19.40
    AED 22.00
    +13.40%

    UAE Equity Research - Emirates Telecommunications Group Co (e&) 3Q25 - First Look Note

    Maroc Telecom has secured a 5G license in Morocco and plans to launch the service in 2025. Group subscriber base rose 14.0% YOY to 202.2 Mn in 3Q25, including a 24.9 Mn contribution from the consolidation of e& PPF Telecom.
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  • UAE Flag
    FIRST LOOK NOTES
    04 Aug 2025
    ETISALAT Group (e&)
    BUY
    AED 19.00
    AED 22.00
    +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.
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  • UAE Flag
    FIRST LOOK NOTES
    02 May 2025
    ETISALAT Group (e&)
    BUY
    AED 17.44
    AED 22.00
    +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.
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