Recent Research

• 

  FIRST LOOK NOTES

  08 May 2025

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  AED 8.50

  Target Price

  AED 8.85

  Upside (%)

  +4.12%

  UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 1Q25 - First Look Note

  DU’s revenue grew 7.4% YOY to AED 3,848 Mn in 1Q25, primarily driven by healthy growth across service and non-service revenue. EBITDA rose 15.0% YOY to AED 1,824 Mn in 1Q25 with an EBITDA Margin of 47.4% (one-off gain included) in 1Q25 compared to 44.3% in 1Q24.

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• 

  EARNINGS CALL INSIGHT

  07 May 2025

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  AED 8.52

  Target Price

  AED 8.55

  Upside (%)

  +0.35%

  UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 1Q25 - Earnings Call Insight

  DU’s revenue grew 7.4% YOY to AED 3.8 Bn in 1Q25, primarily driven by a growth in service and non-service revenue. The growth in services revenue is due to the addition of new customers, growth in ARPU and improved mix.

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• 

  FIRST LOOK NOTES

  20 Feb 2025

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  AED 7.87

  Target Price

  AED 8.55

  Upside (%)

  +8.64%

  UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 4Q24 - First Look Note

  Mobile Services revenue rose 8.0% YOY to AED 1,702 Mn in 4Q24 due to growth in the Postpaid as well as prepaid customer base attributable to rise in tourism activity and a better mix coupled with increased focus on higher ARPU products.

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• 

  EARNINGS CALL INSIGHT

  12 Feb 2025

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  AED 7.90

  Target Price

  AED 8.55

  Upside (%)

  +8.23%

  UAE Equity Research - Emirates Integrated Telecommunications Co (du) 4Q24 - Earnings Call Insight

  DU’s revenue grew 8.8% YOY to AED 3.9 Bn in 4Q24 primarily driven by healthy growth across mobile, fixed and other segments. The growth in services revenue is driven by solid growth in subscriber base and improved mix. Other revenue growth is attributed to a growth in wholesale, equipment and ICT services.

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• 

  FIRST LOOK NOTES

  05 Nov 2024

  Emirates Integrated Telecommun...

  ACCUMULATE

  Last Closing Price

  AED 7.50

  Target Price

  AED 8.25

  Upside (%)

  +10.00%

  UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 3Q24 - First Look Note

  Revenue rose 9.1% YOY due to robust growth across all segments. Mobile subscriber base rose 2.7% YOY to 8.3 Mn mainly driven by 12.5% YOY growth in postpaid customers to 1.8 Mn. Fixed subscribers base rose 14.2% to 655k with a net addition of 24k subscribers attributed to appealing fiber and home wireless offerings.

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• 

  EARNINGS CALL INSIGHT

  30 Oct 2024

  Emirates Integrated Telecommun...

  ACCUMULATE

  Last Closing Price

  AED 7.37

  Target Price

  AED 8.25

  Upside (%)

  +11.94%

  UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 3Q24 - Earnings Call Insight

  DU’s revenue grew 9.1% YOY to AED 3.6 Bn in 3Q24 primarily driven by healthy growth across all segments. The growth in services revenue is driven by solid growth in subscriber base and improved mix. Other revenue growth is attributed to a growth in wholesale, equipment and ICT services.

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