Recent Research

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  FIRST LOOK NOTES

  15 May 2025

  E7 Group PJSC

  BUY

  Last Closing Price

  AED 1.00

  Target Price

  AED 1.50

  Upside (%)

  +50.00%

  UAE Equity Research - E7 Group PJSC 1Q25 - First Look Note

  E7 obtained five new contracts across the business segments in 1Q25 and successfully renewed its Visa and Mastercard certifications. Additionally, the Company onboarded 17 new clients across its business lines in the Middle East & Africa.

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  EARNINGS CALL INSIGHT

  14 May 2025

  E7 Group PJSC

  BUY

  Last Closing Price

  AED 1.01

  Target Price

  AED 1.50

  Upside (%)

  +48.51%

  UAE Equity Research - E7 Group PJSC 1Q25 - Earnings Call Insight

  E7 Group’s revenue declined 9.8% YOY from AED 114 Mn in 1Q25, mainly due to the delivery schedule of the contracts. The Company recorded a decline in the majority of the segments, Printing, and Consumer Solutions, partially offset by a growth in Packaging Solutions.

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• 

  FIRST LOOK NOTES

  17 Apr 2025

  E7 Group PJSC

  BUY

  Last Closing Price

  AED 1.02

  Target Price

  AED 1.50

  Upside (%)

  +47.06%

  UAE Equity Research - E7 Group 4Q24 - First Look Note

  E7 revenues rose 24.4% YOY to AED 209 Mn in 4Q24, driven by a strong growth performance across the Security Solutions and Packaging segments. The Company expects double-digit revenue growth and single-digit EBITDA growth in 2025.

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• 

  EARNINGS CALL INSIGHT

  10 Apr 2025

  E7 Group PJSC

  BUY

  Last Closing Price

  AED 1.03

  Target Price

  AED 1.50

  Upside (%)

  +45.63%

  UAE Equity Research - E7 Group 4Q24 - Earnings Call Insight

  E7 Group’s revenue rose 24.4% YOY from AED 168 Mn in 4Q23 to AED 209 Mn in 4Q24, mainly driven by a strong growth performance across the Security Solutions and Packaging segments. Direct cost increased 20.5% YOY to AED 136 Mn in 4Q24.

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• 

  FIRST LOOK NOTES

  14 Nov 2024

  E7 Group PJSC

  BUY

  Last Closing Price

  AED 1.08

  Target Price

  AED 1.50

  Upside (%)

  +38.89%

  UAE Equity Research - E7 Group PJSC 3Q24 - First Look Note

  E7 revenues rose 7.5% YOY to AED 191 Mn in 3Q24 primarily driven by E7 security business along with high growth in E7 packaging. E7’s cash balance soared to AED 1.4 Bn in 3Q24.

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• 

  EARNINGS CALL INSIGHT

  13 Nov 2024

  E7 Group PJSC

  BUY

  Last Closing Price

  AED 1.09

  Target Price

  AED 1.50

  Upside (%)

  +37.61%

  UAE Equity Research - E7 Group 3Q24 - Earnings Call Insight

  E7 Group’s revenue rose 7.5% YOY from AED 178 Mn in 3Q23 to AED 191 Mn in 3Q24 primarily driven by new client wins mainly in the E7 packaging business. Direct cost increased 5.4% YOY to AED 123 Mn in 3Q24. Thus, gross profit increased 11.5% YOY to AED 68 Mn in 3Q24 with a gross profit margin expansion of 128 bps YOY to 35.8%.

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