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  • UAE Flag
    FIRST LOOK NOTES
    05 Mar 2025
    ETISALAT Group (e&)
    BUY
    AED 16.72
    AED 22.00
    +31.58%

    UAE Equity Research - Emirates Telecommunications Group Co (EAND) 4Q24 - First Look Note

    E&’s operating expenses rose 22.8% YOY to AED 11,284 Mn in 4Q24, owing to the consolidation of e& PPF Telecom and the new acquired digital entities. The subscriber base rose 11.7% YOY to 189.3 Mn in 4Q24 with the addition of over 10 Mn new subscribers across Bulgaria, Hungary, Serbia, and Slovakia attributed to the acquisition of PPF telecom assets.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Nov 2024
    ETISALAT Group (e&)
    BUY
    AED 17.52
    AED 21.20
    +21.00%

    UAE Equity Research - Emirates Telecommunications Group Co (eand) 3Q24 - First Look Note

    e&’s aggregate subscriber base grew 6.1% YOY to 177 Mn. Total debt declined to AED 51.6 Bn in 3Q24, compared to AED 47.7 Bn in 2Q24. The Company spent AED 1.8 Bn on capex in 3Q24, mainly focusing on upgrading its capacities and enhancing customer satisfaction by modernizing networks along with improving network quality.
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  • UAE Flag
    FIRST LOOK NOTES
    16 Oct 2024
    ETISALAT Group (e&)
    BUY
    AED 21.10
    AED 23.00
    +9.00%

    UAE Equity Research - Emirates Telecommunications Group Co (e&) 2Q23 - First Look Note

    Healthy revenue growth and ongoing expansion plans to support profitability
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    ETISALAT Group (e&)
    BUY
    AED 16.90
    AED 21.20
    +25.44%

    Higher associate income and tax reversal drove the bottom-line

    e&'s aggregate subscriber base grew to 175 Mn, with an increase of 10.1 Mn subscribers over the past 12 months
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  • UAE Flag
    FIRST LOOK NOTES
    09 May 2023
    ETISALAT Group (e&)
    HOLD
    AED 23.28
    AED 24.00
    +3.09%

    Currency devaluation due to global uncertainties dragged profit

    Etisalat Group (EAND/The Company) net profit declined 10.2% YOY to AED 2,187 Mn in 1Q23, below our estimate of AED 2,406 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    13 Mar 2023
    ETISALAT Group (e&)
    HOLD
    AED 24.62
    AED 25.00
    +1.54%

    Cost management initiatives offset by exchange rate volatility

    Etisalat Telecommunications Group Co PJSC (EAND/The Company) net profit rose 24.5% YOY to AED 2,685 Mn in 4Q22, higher than our estimate of AED 2,345 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    03 Nov 2022
    ETISALAT Group (e&)
    HOLD
    AED 24.40
    AED 25.00
    +2.46%

    UAE Equity Research - Etisalat Group (e&) 3Q22 - First Look Note

    Etisalat Group Co PJSC (EAND/The Company) net profit rose slightly 1.9% YOY to AED 2,484 Mn in 3Q22, higher than our estimate of AED 2,295 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    04 Aug 2022
    ETISALAT Group (e&)
    REDUCE
    AED 28.00
    AED 25.00
    -10.71%

    Volatility in exchange rate impacted top-line

    Etisalat’s net profit rose marginally 1.5% YOY to AED 2,431 Mn in 2Q22, marginally higher than our estimate of AED 2,360 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    29 Apr 2022
    ETISALAT Group (e&)
    REDUCE
    AED 35.00
    AED 25.00
    -28.57%

    Growth in core markets and efficient cost management supported profitability

    Etisalat’s net Profit increased 3.6% YoY to AED 2,434 Mn in 1Q22, in line with our estimate of AED 2,423 Mn, owing to higher revenue and effective cost management along with
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Commercial International Bank (COMI) Telecom Egypt