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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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  • UAE Flag
    FIRST LOOK NOTES
    08 May 2025
    A D N H Catering PLC
    BUY
    AED 0.89
    AED 1.30
    +45.74%

    UAE Equity Research - ADNH Catering PLC (ADNHC) 1Q25 - First Look Note

    The Company secured 17 new contracts, increasing the overall contracts to 404 as of 31st March 2025. ADNHC is making steady progress in its retail growth strategy, with plans to open 25 new HUSK outlets by the end of 1H25, followed by an additional 25 outlets in 2H25.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    07 May 2025
    A D N H Catering PLC
    BUY
    AED 0.89
    AED 1.30
    +45.74%

    UAE Equity Research - ADNH Catering PLC (ADNHC) 1Q25 - Earnings Call Insight

    Revenue increased 1.7% YOY to AED 410 Mn in 1Q25, primarily driven by new contract and growth in catering and support services, partially offset by phased withdrawal from ZadSource business.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    02 May 2025
    Americana Restaurants
    BUY
    AED 2.23
    AED 3.00
    +34.53%

    UAE Equity Research - Americana Restaurants International PLC (AMR) 1Q25 - Earnings Call Insight

    Americana Restaurants revenue rose 16.2% YOY to USD 573 Mn in 1Q25, primarily supported by growth in like-for-like sales, and continued expansion of the store network. The Company reported a gross profit of USD 303 Mn in 1Q25 as compared to USD 254 Mn in 1Q24, an increase of 19.2% YOY, fueled by effective management and procurement strategies. Gross profit margin expanded from 51.5% in 1Q24 to 52.8% in 1Q25.
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  • UAE Flag
    FIRST LOOK NOTES
    04 Mar 2025
    A D N H Catering PLC
    BUY
    AED 0.93
    AED 1.30
    +40.54%

    UAE Equity Research - ADNH Catering PLC 4Q24 - First Look Note

    The Company had 283 clients and 388 total contracts as of 4Q24, with a strong contract retention rate of 97% over the 15-month period ending December 31, 2024.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    17 Feb 2025
    Talabat Holding PLC
    BUY
    AED 1.58
    AED 2.00
    +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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  • UAE Flag
    EARNINGS CALL INSIGHT
    13 Feb 2025
    A D N H Catering PLC
    BUY
    AED 0.90
    AED 1.30
    +44.28%

    UAE Equity Research - A D N H Catering PLC (ADNHC) 4Q24 - Earnings Call Insight

    Revenue increased 12.0% YOY to AED 443 Mn in 4Q24, primarily driven by strong organic growth owing to new contracts in the Business & Industry and Private Healthcare sector along with support from acquisitions.
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