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  • UAE Flag
    FIRST LOOK NOTES
    14 Aug 2025
    Talabat Holding PLC
    BUY
    AED 1.21
    AED 2.00
    +65.29%

    UAE Equity Research - Talabat Holding PLC 2Q25 - First Look Note

    Talabat’s GMV (excluding InstaMart) grew 31.7% YOY to USD 2,439 Mn in 2Q25 compared to USD 1,852 Mn in 2Q24. Talabat generated USD 190 Mn in adjusted free cash flow (pro forma Talabat only) in 2Q25, compared to USD 129 Mn in 2Q24. The Company revised its 2025 guidance, now expecting GMV growth of 27-29% and management revenue growth of 29-32%.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    13 Aug 2025
    Talabat Holding PLC
    BUY
    AED 1.28
    AED 2.00
    +56.25%

    UAE Equity Research - Talabat Holding PLC 2Q25 - Earnings Call Insight

    Talabat’s Gross Merchandise Value (GMV) excluding Instamart grew strongly from USD 1,852 Mn in 2Q24 to USD 2,439 Mn in 2Q25. 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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  • UAE Flag
    EARNINGS CALL INSIGHT
    31 Jul 2025
    Americana Restaurants
    BUY
    AED 2.15
    AED 2.95
    +37.21%

    UAE Equity Research- Americana Restaurants - 2Q25 Earnings Call Insight

    Americana Restaurants revenue rose 15.1% YOY to USD 644 Mn in 2Q25, primarily supported by operational efficiency and strong brand performance. The Company reported 15.2% YOY growth in gross profit to USD 347 Mn in 2Q25 as compared to USD 301 Mn in 2Q24. Gross profit margin marginally increased 6 bps YOY to 53.9% in 2Q25.
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  • UAE Flag
    FIRST LOOK NOTES
    29 Jul 2025
    Emirates Driving Company
    BUY
    AED 2.90
    AED 4.10
    +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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  • UAE Flag
    FIRST LOOK NOTES
    28 Jul 2025
    A D N H Catering PLC
    BUY
    AED 0.88
    AED 1.30
    +47.73%

    UAE Equity Research- ADNH Catering PLC (ADNHC)-2Q25 First Look Note

    ADNH Catering PLC net profit grew 9.4% YOY to AED 35 Mn in 2Q25, in line with our estimate of AED 36 Mn. The increase in net profit was mainly driven by revenue growth arising from new contract wins and a decline in direct costs, partially offset by higher G&A expenses and an impairment loss on trade receivables.
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  • EARNINGS FLASH
    28 Jul 2025
    UAE Equity Research - ADNH Catering (ADNHC)-2Q25 Earnings Flash

    ADNH Catering’s net profit rose 9.4% YOY to AED 34.7 Mn in 2Q25 (3.6% YOY lower than FABS estimates) leading to bottom line margins of 8.1%, mainly driven by top line growth with improved contract retention rate and new business wins despite the downsize of Zadsource GPO which was considered unattractive, higher other income and a one-off (Share of...

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  • UAE Flag
    INITIAL COVERAGE (EQUITIES)
    04 Jun 2025
    Emirates Driving Company
    BUY
    AED 2.85
    AED 4.10
    +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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  • UAE Flag
    FIRST LOOK NOTES
    15 May 2025
    Talabat Holding PLC
    BUY
    AED 1.52
    AED 2.00
    +31.58%

    UAE Equity Research - Talabat Holding PLC 1Q25 - First Look Note

    The Company maintains debt-free balance sheet with healthy cash balance of USD 507 Mn as of 1Q25, providing financial support for future organic and inorganic growth.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    13 May 2025
    Talabat Holding PLC
    BUY
    AED 1.44
    AED 2.00
    +38.89%

    UAE Equity Research - Talabat Holding PLC 1Q25 - Earnings Call Insight

    Talabat’s Gross Merchandise Value (GMV) excluding Instamart rose from USD 1,603 Mn in 1Q24 to USD 2,084 Mn in 1Q25 driven by strong demand across all regions and verticals, driven by customer acquisitions, higher order frequency and expanded multi-verticality.
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