Recent Research

• 

  FIRST LOOK NOTES

  13 May 2025

  Aramex

  ACCUMULATE

  Last Closing Price

  2.76

  Target Price

  3.10

  Upside (%)

  +12.32%

  UAE Equity Research - Aramex PJSC 1Q25 - First Look Note

  The Company’s Domestic Express volume rose 8.0% YOY to 28.3 Mn shipments in 1Q25, whereas International Express volume declined significantly 17.9% YOY to 6.4 Mn shipments in 1Q25. Free cash flow declined from AED 51 Mn in 1Q24 to AED 42 Mn in 1Q25, mainly attributable to lower cash generation from operating activities.

  Download
• 

  FIRST LOOK NOTES

  27 Feb 2025

  Aramex

  HOLD

  Last Closing Price

  2.82

  Target Price

  3.10

  Upside (%)

  +9.93%

  UAE Equity Research - Aramex (ARMX) 4Q24 - First Look Note

  The Company’s Domestic Express volume rose 16.5% YOY to 31 Mn shipments in 4Q24, whereas International Express volume declined 6.0% YOY to 7.2 Mn shipments in 4Q24. Free cash flow grew significantly from AED 9 Mn in 4Q23 to AED 21 Mn in 4Q24.

  Download
• 

  FIRST LOOK NOTES

  22 Nov 2024

  Aramex

  BUY

  Last Closing Price

  2.29

  Target Price

  3.10

  Upside (%)

  +35.37%

  UAE Equity Research - Aramex PJSC (ARMX) 3Q24 - First Look Note

  Expects revenue growth of 9% with a stable gross margin of 24% to 25% in FY2024. International and Domestic Express Segments recorded double-digit growth in volume in 3Q24 due to higher consumer activity, strong regional demand in addition trends to nearshoring and local warehousing.

  Download
• 

  FIRST LOOK NOTES

  12 Oct 2024

  Aramex

  BUY

  Last Closing Price

  2.18

  Target Price

  3.10

  Upside (%)

  +42.20%

  Steady growth amid challenges, driven by new customer wins and higher volume

  Total Revenue grew 7.7% YOY reaching at AED 1,496 Mn in 2Q24.

  Download
• 

  FIRST LOOK NOTES

  22 May 2024

  Aramex

  BUY

  Last Closing Price

  2.64

  Target Price

  3.10

  Upside (%)

  +17.42%

  Higher international shipping volume and cost control measures supported profitability

  International shipping volume recorded the highest quarterly volume of 7.8 Mn shipments in 1Q24.

  Download
• 

  FIRST LOOK NOTES

  14 Feb 2024

  Aramex

  BUY

  Last Closing Price

  2.32

  Target Price

  3.10

  Upside (%)

  +33.62%

  Higher international shipping volume and cost control measures supported profitability

  International shipping volume recorded the highest quarterly volume of 7.6 Mn shipments in 4Q23.

  Download

Load more reports