Recent Research

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  FIRST LOOK NOTES

  23 May 2025

  Amanat Holding

  BUY

  Last Closing Price

  1.06

  Target Price

  1.30

  Upside (%)

  +22.64%

  UAE Equity Research - Amanat Holdings 1Q25 - First Look Note

  Amanat’s revenue grew 12.8% YOY to AED 241 Mn, while EBITDA grew 4.1% YOY to AED 84 Mn in 1Q25. In the Education segment, Amanat recorded strong enrolments in 1Q25 with the student base reaching c. 23,700.

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  EARNINGS CALL INSIGHT

  16 May 2025

  Amanat Holding

  BUY

  Last Closing Price

  1.06

  Target Price

  1.30

  Upside (%)

  +22.64%

  UAE Equity Research - Amanat Holdings 1Q25 - Earnings Call Insight

  Revenue rose 12.8% YOY to AED 241 Mn in 1Q25, owing to the strong growth in the Education segment revenue, partially offset by a decline in healthcare segment revenue. Education segment revenue grew strongly 23.2% YOY to AED 152 Mn, whereas Healthcare segment revenue declined 1.6% YOY to AED 89 Mn in 1Q25.

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• 

  FIRST LOOK NOTES

  07 Mar 2025

  Amanat Holding

  BUY

  Last Closing Price

  1.08

  Target Price

  1.30

  Upside (%)

  +20.37%

  UAE Equity Research - Amanat Holdings PJSC 4Q24 - First Look Note

  Amanat incurred a Zakat of AED 8 Mn in 4Q24 compared to AED 112 Mn in 4Q23. In the Education segment, Amanat witnessed record highest enrolments in FY2024 with the student base reaching c. 23,000. The Board of Directors recommended a cash dividend of 1.6 fils per share, amounting to AED 40 Mn for 2H24.

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• 

  EARNINGS CALL INSIGHT

  18 Feb 2025

  Amanat Holding

  BUY

  Last Closing Price

  1.12

  Target Price

  1.30

  Upside (%)

  +16.07%

  UAE Equity Research - Amanat Holdings 4Q24 - Earnings Call Insight

  Revenue rose 24.4% YOY to AED 230 Mn in 4Q24 owing to the strong growth in the Education segment revenue partially offset by decline in Healthcare segment revenue. The total student base rose 18% YOY to c. 23,000 driven by growth in Middlesex university enrolments. NEMA Holding and HDC enrolments rose 14% & 29% respectively on a YOY basis.

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• 

  FIRST LOOK NOTES

  29 Nov 2024

  Amanat Holding

  BUY

  Last Closing Price

  1.07

  Target Price

  1.30

  Upside (%)

  +21.50%

  UAE Equity Research - Amanat Holdings 3Q24 - First Look Note

  Amanat’s revenue grew 5.8% YOY to AED 133 Mn in 3Q24, driven by the growth in the Education segment partially offset by the Healthcare segment. Adjusted EBITDA fell 18.8% YOY to AED 18 Mn in 3Q24, while EBITDA margin declined 410 bps YOY to 13.6% in 3Q24.

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• 

  FIRST LOOK NOTES

  04 Jun 2024

  Amanat Holding

  BUY

  Last Closing Price

  1.04

  Target Price

  1.28

  Upside (%)

  +23.08%

  Enrollment growth in the Education portfolio supported profits

  Amanat witnessed healthy growth in enrollment at Middlesex Dubai and HDC of 21% YOY and 18% YOY, respectively in 1Q24.

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