FAB - Talabat Holdings PLC

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Talabat Holdings PLC Consumer Discretionary

BUY

Last Closing Price

1.15

Target Price

1.45

Upside (%)

26%

Market Cap ( ) 7,291,444,598
Paid Up Capital ( ) 23,288,240,000
52 Week Range
0.627 L H 1.34
3M Avg. daily value ( ) 34,402,210

Financial

	FY2021A	FY2022A	FY2023A	FY2024A	FY2025A
PE (x)	NA	9.51	34.45	21.06	15.59
PB (x)	NA	4.60	40.49	13.25	10.42
Dividend Yield (%)	-	0.00	0.00	3.00	5.77

Recent Research

FIRST LOOK NOTES

18 Aug 2026

Talabat Holding PLC

BUY

Last Closing Price
1.19

Target Price
1.45

Upside (%)
+21.85%

UAE Equity Research - Talabat Holding PLC 2Q26 - First Look Note

Talabat’s GMV (including Instashop) grew 11.4% YOY to USD 2,916 Mn in 2Q26. Investment programme on track, with USD 58 Mn deployed in 1H26 out of the USD 120 Mn planned capex and operating investments, comprising c. USD 75 Mn in opex for distribution centres and dark stores and c. USD 45 Mn in capex.

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EARNINGS CALL INSIGHT

13 Aug 2026

Talabat Holding PLC

BUY

Last Closing Price
1.10

Target Price
1.30

Upside (%)
+18.18%

UAE Equity Research - Talabat Holding PLC 2Q26 - Earnings Call Insight

TALABAT’s Gross Merchandise Value (GMV), including Instashop, grew 11.4% YOY to USD 2,916 Mn in 2Q26, driven by an increase in the customer base and sustained ordering activity, supported by higher multi-vertical engagement and stronger Talabat Pro adoption.

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FIRST LOOK NOTES

18 Feb 2026

Talabat Holding PLC

BUY

Last Closing Price
0.79

Target Price
1.30

Upside (%)
+64.56%

UAE Equity Research - Talabat Holding PLC 4Q25 - First Look Note

Talabat’s GMV (excluding Instashop) grew 21.1% YOY to USD 2,476 Mn in 4Q25. Capex and operating investments for 2026 are expected to total USD 120 Mn, with c. USD 75 Mn allocated to opex, for distribution centers and dark stores, and c. USD 45 Mn for capital expenditures.

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EARNINGS CALL INSIGHT

16 Feb 2026

Talabat Holding PLC

BUY

Last Closing Price
0.80

Target Price
1.30

Upside (%)
+62.50%

UAE Equity Research - Talabat Holding PLC 4Q25 - Earnings Call Insight

Talabat’s Gross Merchandise Value (GMV) excluding Instashop grew strongly from USD 2,044 Mn in 4Q24 to USD 2,476 Mn in 4Q25. This increase was mainly driven by double-digit growth in both the Food vertical and Grocery & Retail verticals, with the higher double-digit growth in the non-GCC region compared to the GCC region growth.

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FIRST LOOK NOTES

12 Nov 2025

Talabat Holding PLC

BUY

Last Closing Price
0.87

Target Price
1.80

Upside (%)
+106.19%

UAE Equity Research - Talabat Holding PLC 3Q25 - First Look Note

GMV grew 25.6% YOY to USD 2.4 Bn (Talabat only), supported by strong growth across both GCC and non-GCC markets, and across Food and Grocery & Retail verticals.

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EARNINGS CALL INSIGHT

11 Nov 2025

Talabat Holding PLC

BUY

Last Closing Price
0.90

Target Price
1.80

Upside (%)
+99.56%

UAE Equity Research - Talabat Holding PLC 3Q25 - Earnings Call Insight

Talabat’s Gross Merchandise Value (GMV) excluding Instashop grew strongly from USD 1,929 Mn in 3Q24 to USD 2,422 Mn in 3Q25. This increase was mainly driven by double-digit growth in the core GCC markets and food verticals, strong performance in non-GCC markets, increased customer acquisition, and higher order frequency.

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