Emirates Telecommunications Group (Etisalat) Telecom

HOLD
AED 22.42
AED 23.50
5%
  • 194,981,224,680
  • 8,696,754,000
  • 17.6 L H 22.56
  • 49,107,750

Financial

FY2021A FY2022A FY2023A FY2024A FY2025A
PE (x) 13.12 12.36 14.61 12.16 8.95
PB (x) 4.10 4.61 4.57 4.28 3.77
Dividend Yield (%) 3.57 3.57 3.57 3.70 -

Recent Research

  • UAE Flag
    FIRST LOOK NOTES
    30 Oct 2026
    Emirates Telecommunications Gr...
    HOLD
    AED 20.80
    AED 23.50
    +12.98%

    UAE Equity Research - Emirates Telecommunications Group Co (Etisalat) 3Q26 - First Look Note

    Total subscriber base surged 29.4% YOY to 254.8 Mn in 3Q26, supported by growth across the Company’s home and international markets. Etisalat revenue increased 6.9% YOY to AED 19.5 Bn in 3Q26, while EBITDA grew 5.1% YOY to AED 9.0 Bn, with an EBITDA margin of 46.1%, reflecting continued growth across the Company’s markets.
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  • UAE Flag
    FIRST LOOK NOTES
    07 Aug 2026
    Emirates Telecommunications Gr...
    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
    Emirates Telecommunications Gr...
    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
    Emirates Telecommunications Gr...
    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
    Emirates Telecommunications Gr...
    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
    Emirates Telecommunications Gr...
    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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