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  • UAE Flag
    FIRST LOOK NOTES
    23 May 2025
    Waha Capital
    BUY
    AED 1.48
    AED 1.84
    +24.32%

    UAE Equity Research - Al Waha Capital PJSC 1Q25 - First Look Note

    Total income declined 29.0% YOY to AED 330 Mn in 1Q25, due to a substantial decline in income from Financial Investments. Total AUMs rose from AED 11.9 Bn in 2024 to AED 12.3 Bn in 1Q25. Public market third-party AUM stood at AED 7.2 Bn in 1Q25 compared to 6.0 Bn in 1Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    28 Feb 2025
    Waha Capital
    BUY
    AED 1.59
    AED 1.84
    +15.72%

    UAE Equity Research - Al Waha Capital 4Q24 - First Look Note

    Waha’s total AUMs grew from AED 11.4 Bn in 3Q24 to AED 11.9 Bn in 4Q24. Public market third-party AUM grew to AED 6.9 Bn in 4Q24, while Private investment AUMs stood at AED 648 Mn. Waha successfully secured a new revolving credit line of AED 1.5 Bn, extendable to AED 1.8 Bn, which is expected to enhance its financial flexibility.
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  • UAE Flag
    FIRST LOOK NOTES
    14 Nov 2024
    Waha Capital
    BUY
    AED 1.48
    AED 1.75
    +18.24%

    UAE Equity Research - Waha Capital 3Q24 - First Look Note

    Waha’s total AUMs grew to AED 11.4 Bn in 3Q24, up from AED 10.4 Bn in 4Q23.The Group secured AED 1.2 Bn in new third-party capital from institutional investors in 9M24. Public market third-party AUM grew to AED 6.6 Bn in 3Q24, while Private investment AUMs stood at AED 671 Mn. Waha successfully secured a new revolving credit line of AED 1.5 Bn, extendable to AED 1.8 Bn in 3Q24, enhancing its financial flexibility.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    Waha Capital
    ACCUMULATE
    AED 1.58
    AED 1.75
    +10.76%

    Losses in public market impacted profitability

    Total assets under management grew to AED 10.9 Bn in 2Q24, up from AED 10.5 Bn in 4Q23.
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  • UAE Flag
    FIRST LOOK NOTES
    04 Jun 2024
    Waha Capital
    BUY
    AED 1.41
    AED 1.72
    +21.99%

    Healthy growth in Public Market business and higher fee income supported profitability

    Al Waha Capital PJSC (the Group/Waha) recorded an increase in the net profit to AED 166 Mn in 1Q24 as compared to AED 75 Mn in 1Q23, higher than our estimate of AED 76 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    28 Feb 2024
    Waha Capital
    HOLD
    AED 1.70
    AED 1.85
    +8.82%

    Solid growth in income from financial investments drove profitability

    Net operating income rose from AED 720 Mn in 2022 to AED 1,222 Mn in 2023 mainly due to higher income from Public Markets and Waha Land Income partially offset by lower income from Private Investments.
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  • UAE Flag
    FIRST LOOK NOTES
    20 Nov 2023
    Waha Capital
    HOLD
    AED 1.80
    AED 1.72
    -4.44%

    Loss on derivatives and unquoted funds impacted profit

    Al Waha Capital PJSC (the Group/Waha) recorded a decline in net profit to AED 54 Mn in 3Q23 as compared to a net profit of AED 100 Mn in 3Q22, lower than our estimate of AED 82 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    10 Aug 2023
    Waha Capital
    BUY
    AED 1.42
    AED 1.67
    +17.61%

    Healthy performance of Public Market boosted profit

    Al Waha Capital PJSC (the Group/Waha) recorded a strong rise in net profit to AED 94 Mn in 2Q23 as compared to a net loss of AED 59 Mn in 2Q22, exceeding our estimate of AED 37 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    15 Jun 2023
    Waha Capital
    BUY
    AED 1.20
    AED 1.48
    +23.33%

    Decline in income from investments dragged profitability

    Waha Capital (the Group/Waha) recorded a significant decline in net profit by 48.9% YOY to AED 75 Mn in 1Q23, lower than our es-timate of AED 162 Mn.
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