Recent Research

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  FIRST LOOK NOTES

  02 May 2025

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  AED 17.44

  Target Price

  AED 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.

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  EARNINGS CALL INSIGHT

  01 May 2025

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  AED 17.40

  Target Price

  AED 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.

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  FIRST LOOK NOTES

  05 Mar 2025

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  AED 16.72

  Target Price

  AED 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.

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  FIRST LOOK NOTES

  12 Nov 2024

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  AED 17.52

  Target Price

  AED 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.

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  FIRST LOOK NOTES

  16 Oct 2024

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  AED 21.10

  Target Price

  AED 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

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  FIRST LOOK NOTES

  12 Oct 2024

  ETISALAT Group (e&)

  BUY

  Last Closing Price

  AED 16.90

  Target Price

  AED 21.20

  Upside (%)

  +25.44%

  Higher associate income and tax reversal drove the bottom-line

  e&'s aggregate subscriber base grew to 175 Mn, with an increase of 10.1 Mn subscribers over the past 12 months

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