Recent Research

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  FIRST LOOK NOTES

  05 Feb 2026

  Emirates Driving Company

  BUY

  Last Closing Price

  3.37

  Target Price

  4.50

  Upside (%)

  +33.53%

  UAE Equity Research - Emirates Driving Company (EDC) 4Q25 - First Look Note

  EDC guided a revenue growth of 62-71% YOY, gross profit to 30-38% YOY, and EBITDA to 23-30% in 2026. EDC secured a 10-year public private partnership to develop and operate EV charging stations across three locations in Abu Dhabi with a total capex of AED 58 Mn.

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• 

  EARNINGS CALL INSIGHT

  05 Feb 2026

  Emirates Driving Company

  BUY

  Last Closing Price

  3.37

  Target Price

  4.50

  Upside (%)

  +33.53%

  UAE Equity Research - Emirates Driving Company (EDC) 4Q25 - Earnings Call Insight

  EDC’s revenue grew 18.5% YOY to AED 208 Mn in 4Q25, owing to contribution from excellence coupled with an increase in number of students in EDC and Excellence. Total number of enrolled students of EDC rose 24.0% YOY to 48,139 and total number of Excellence students rose 6.0% YOY to 11,451 in 4Q25.

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• 

  FIRST LOOK NOTES

  28 Oct 2025

  Emirates Driving Company

  BUY

  Last Closing Price

  3.19

  Target Price

  4.10

  Upside (%)

  +28.53%

  UAE Equity Research - Emirates Driving Company (EDC) 3Q25 - First Look Note

  EDC revised the guidance upward, with revenue growth to 31% to 38% YOY, gross profit to 21-27% YOY, and EBITDA to 8-14% in FY2025. EDC maintains a debt-free balance sheet with a cash balance of AED 941 Mn in 3Q25.

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• 

  FIRST LOOK NOTES

  29 Jul 2025

  Emirates Driving Company

  BUY

  Last Closing Price

  2.90

  Target Price

  4.10

  Upside (%)

  +41.38%

  UAE Equity Research- Emirates Driving Company (DRIVE)- 2Q25 First Look Note

  Drive’s net profit attributable to shareholders increased from AED 55 Mn in 2Q24 to AED 87 Mn in 2Q25, supported by revenue growth. The Company maintains a debt free balance sheet with a cash balance of AED 738 Mn in 2Q25.

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• 

  INITIAL COVERAGE (EQUITIES)

  04 Jun 2025

  Emirates Driving Company

  BUY

  Last Closing Price

  2.85

  Target Price

  4.10

  Upside (%)

  +43.86%

  UAE Equity Research - Emirates Driving Company (EDC) - Initiation Coverage

  We initiate coverage on Emirates Driving Company PJSC (“EDC”, “Drive” or “The Company”) with a Valuation of AED 4.10 per share. EDC is a leading provider of driver training services in Abu Dhabi, offering comprehensive education programs aligned with local traffic laws. The Company was established in 2000 and listed on ADX in 2005. EDC operates from three main branches alongside four satellite sites in Abu Dhabi and a subsidiary presence in Dubai by 2024.

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