Recent Research

• 

  FIRST LOOK NOTES

  27 Oct 2025

  Emirates Integrated Telecommun...

  ACCUMULATE

  Last Closing Price

  9.18

  Target Price

  10.25

  Upside (%)

  +11.66%

  UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) 3Q25 - First Look Note

  Strong commercial performance across B2B and B2C segments with an expanded partnership pipeline, including recent agreements announced at GITEX. Continued expansion of the ICT business was highlighted by the launch of the AI park ecosystem. Revenue rose 7.9% YOY to AED 3,872 Mn in 3Q25, due to robust growth across all segments.

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• 

  EARNINGS CALL INSIGHT

  27 Oct 2025

  Emirates Integrated Telecommun...

  ACCUMULATE

  Last Closing Price

  9.18

  Target Price

  10.25

  Upside (%)

  +11.66%

  UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) 3Q25 - Earnings Call Insight

  DU’s revenue grew 7.9% YOY to AED 3.9 Bn in 3Q25, primarily driven by a strong growth across Mobile, Fixed and ICT businesses. Mobile Services revenue rose 8.4% YOY to AED 1.8 Bn in 3Q25, driven by continued expansion of the subscriber base and a favorable mix of prepaid and postpaid subscriber.

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• 

  FIRST LOOK NOTES

  28 Jul 2025

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  10.10

  Target Price

  10.25

  Upside (%)

  +1.49%

  UAE Equity Research- Emirates Integrated Telecommunications Co (DU)- 2Q25 First Look Note

  The Company’s mobile subscriber base grew by 10.8% YOY to 9.1 Mn, while the fixed customer base expanded by 12.0% YOY to reach 706K subscribers in 2Q25. The Board of Directors declared an interim cash dividend of AED 0.24 per share for the 1H25.

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• 

  EARNINGS CALL INSIGHT

  25 Jul 2025

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  10.10

  Target Price

  10.25

  Upside (%)

  +1.49%

  UAE Equity Research -Emirates Integrated Telecommunications (DU)- 2Q25 Earnings Call Insight

  DU’s revenue grew 8.6% YOY to AED 3.9 Bn in 2Q25, primarily driven by a growth in service and non-service revenue. The growth in revenue is due to the continued momentum in core business and successful execution of revenue diversification strategy.

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• 

  FIRST LOOK NOTES

  08 May 2025

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  8.50

  Target Price

  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

  8.52

  Target Price

  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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