Recent Research

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  EARNINGS CALL INSIGHT

  17 Feb 2025

  Talabat Holding PLC

  BUY

  Last Closing Price

  AED 1.58

  Target Price

  AED 2.00

  Upside (%)

  +26.58%

  UAE Equity Research - Talabat Holding PLC 4Q24 - Earnings Call Insight

  Talabat’s revenue rose from AED 2,227 Mn in 4Q23 to AED 2,942 Mn in 4Q24 driven by strong performance of AdTech and tMart business. Moreover, the GMV grew 26.0% YOY to AED 2,044 Mn in 4Q24. The GMV-to-revenue ratio stood at 40%. Adjusted EBITDA grew 21.4% YOY to AED 510 Mn in 4Q24 with a margin of 17.4% in 4Q24 compared to 18.9% in 4Q23.

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• 

  INITIAL COVERAGE (EQUITIES)

  23 Jan 2025

  Talabat Holding PLC

  BUY

  Last Closing Price

  AED 1.50

  Target Price

  AED 2.00

  Upside (%)

  +33.33%

  UAE Equity Research - Talabat Holding PLC - Initiation Coverage

  We initiate coverage on Talabat Holdings PLC (“Talabat” or “the Company”) with an equity valuation of AED 2.0 per share. Talabat is the leading on-demand delivery platform for online food ordering, delivery, takeaway, and the Grocery & Retail marketplace in eight countries across the MENA (Middle East and North Africa) region. The Company is a fully owned subsidiary of the global delivery powerhouse Delivery Hero.

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