Recent Research

• 

  FIRST LOOK NOTES

  27 Feb 2025

  Aramex

  HOLD

  Last Closing Price

  AED 2.82

  Target Price

  AED 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

  AED 2.29

  Target Price

  AED 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

  AED 2.18

  Target Price

  AED 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

  AED 2.64

  Target Price

  AED 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

  AED 2.32

  Target Price

  AED 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
• 

  FIRST LOOK NOTES

  23 Nov 2023

  Aramex

  BUY

  Last Closing Price

  AED 2.18

  Target Price

  AED 3.10

  Upside (%)

  +42.20%

  Despite cost control measures global macro-economic challenges dragged profitability

  Aramex’s profitability continued to get impacted during 3Q23, primarily due to a decline in revenue across all the segments resulting from currency devaluation.

  Download

Load more reports