Recent Research

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  FIRST LOOK NOTES

  19 May 2025

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  1.34

  Target Price

  2.25

  Upside (%)

  +67.91%

  UAE Equity Research - LuLu Retail Holding PLC 1Q25 - First Look Note

  Lulu’s revenue grew 7.3% YOY to USD 2,080 Mn in 1Q25. The Company added five new stores during 1Q25. EBITDA rose 6.5% YOY to USD 214 Mn in 1Q25, whereas EBITDA margin declined 7 bps YOY to 10.3% in 1Q25.

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• 

  EARNINGS CALL INSIGHT

  15 May 2025

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  1.37

  Target Price

  2.25

  Upside (%)

  +64.23%

  UAE Equity Research - Lulu Retail Holdings PLC 1Q25 - Earnings Call Insight

  LuLu Retail’s revenue rose 7.3% YOY to USD 2,080 Mn in 1Q25, primarily supported by the growth in LFL sales supported by strong festive season, new store openings and higher sales volume across certain product categories.

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• 

  FIRST LOOK NOTES

  12 Mar 2025

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  1.25

  Target Price

  2.25

  Upside (%)

  +80.00%

  UAE Equity Research - Lulu Retail Holdings PLC 4Q24 - First Look Note

  Lulu’s revenue grew 1.8% YOY to USD 1,894 Mn in 4Q24, attributed to stable growth across all regions except Kuwait. It added nine stores in 4Q24, and LFL sales declined 0.9% YOY in 4Q24. Gross and EBITDA margins remained flat at 23.4% and 11.6% in 4Q24 compared to 4Q23.

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  INITIAL COVERAGE (EQUITIES)

  17 Dec 2024

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  1.89

  Target Price

  2.55

  Upside (%)

  +34.92%

  UAE Equity Research - LuLu Retail Holdings PLC - Initiation Coverage

  We initiate coverage on LuLu Retail Holding PLC (“LuLu Retail” or “the Company”) with an equity valuation of AED 2.55 per share. LuLu Retail Holdings PLC is the largest full-line retailer in the GCC region, operating 241 stores across all GCC countries. The Company runs a diverse range of retail formats, including hypermarkets, supermarkets (express stores), minimarkets, and online platforms, offering consumer packaged goods, electrical goods, fresh foods, and lifestyle products.

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