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  • Saudi Flag
    FIRST LOOK NOTES
    13 Mar 2025
    Saudi Telecom Co (STC)
    HOLD
    SAR 44.00
    SAR 46.00
    +4.55%

    Saudi Equity Research - Saudi Telecom Company (STC) 4Q24 - First Look Note

    EBITDA expanded 13.6% YOY to SAR 5,570 Mn in 4Q24. EBITDA margin of the Company expanded by 102 bps YOY to 28.9% in 4Q24. STC Group completed the sale of a 51% stake in TAWAL to PIF. Solutions segment revenue rose 30.1% YOY to SAR 3,731 Mn in 4Q24.
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  • Egypt Flag
    FIRST LOOK NOTES
    12 Mar 2025
    Telecom Egypt
    BUY
    EGP 37.80
    EGP 48.00
    +26.98%

    Egypt Equity Research - Telecom Egypt (ETEL) 4Q24 - First Look Note

    Telecom Egypt’s revenue grew significantly 60.4% YOY to EGP 23.6 Bn in 4Q24 mainly driven by solid growth in the Wholesale and Retail segments. Customer base rose steadily across fixed voice, fixed data and mobile segments by 5.9%, 7.7% and 12.6% YOY, respectively in 4Q24.
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  • Saudi Flag
    FIRST LOOK NOTES
    06 Mar 2025
    Etihad Etisalat Co (Mobily)
    ACCUMULATE
    SAR 60.00
    SAR 66.50
    +10.83%

    Saudi Equity Research - Etihad Etisalat (Mobily) 4Q24 - First Look Note

    Revenue grew 9.1% YOY in 4Q24 to SAR 4,697 Mn and is further expected to increase by mid to high-single-digit in 2025. Mobile subscriber base increased 3.9% YOY to 12.3 Mn, while FTTH subscriber declined 2.7% YOY to 0.3 Mn 4Q24.
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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
    20 Feb 2025
    Emirates Integrated Telecommun...
    HOLD
    AED 7.87
    AED 8.55
    +8.64%

    UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 4Q24 - First Look Note

    Mobile Services revenue rose 8.0% YOY to AED 1,702 Mn in 4Q24 due to growth in the Postpaid as well as prepaid customer base attributable to rise in tourism activity and a better mix coupled with increased focus on higher ARPU products.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    12 Feb 2025
    Emirates Integrated Telecommun...
    HOLD
    AED 7.90
    AED 8.55
    +8.23%

    UAE Equity Research - Emirates Integrated Telecommunications Co (du) 4Q24 - Earnings Call Insight

    DU’s revenue grew 8.8% YOY to AED 3.9 Bn in 4Q24 primarily driven by healthy growth across mobile, fixed and other segments. The growth in services revenue is driven by solid growth in subscriber base and improved mix. Other revenue growth is attributed to a growth in wholesale, equipment and ICT services.
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  • UAE Flag
    SECTOR NOTE
    27 Jan 2025
    Telecom

    UAE Equity Research - Telecom Sector 4Q24 - Preview Note

    Etisalat and DU are the two largest telecom operators in the UAE with a solid mobile subscriber base of 21.3 Mn as of 3Q24. Etisalat’s mobile subscriber base stood at 13.0 Mn while DU’s mobile subscriber base stood at 8.3 Mn as of 3Q24. The tourism sector in UAE witnessed solid growth during 9M24.

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  • Egypt Flag
    FIRST LOOK NOTES
    26 Nov 2024
    Telecom Egypt
    BUY
    EGP 32.70
    EGP 41.00
    +25.38%

    Egypt Equity Research - Telecom Egypt (ETEL) 3Q24 - First Look Note

    Telecom Egypt’s revenue grew significantly 48.1% YOY to EGP 20.5 Bn in 3Q24 mainly driven by solid growth in the Wholesale and Retail segments. Customer base rose steadily across fixed voice, fixed data and mobile segments by 4%, 8% and 9% YOY, respectively in 3Q24.
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  • Saudi Flag
    FIRST LOOK NOTES
    21 Nov 2024
    Saudi Telecom Co (STC)
    BUY
    SAR 39.70
    SAR 46.00
    +15.87%

    Saudi Equity Research - Saudi Telecom Company (STC) 3Q24 - First Look Note

    STC’s KSA Mobile subscribers rose 7.9% YOY to 27.6 Mn in 3Q24. While fixed subscribers marginally increased 2.3% YOY to 5.7 Mn in 3Q24. STC Group entered into an agreement with Saudi PIF for the sale of a 51% stake in Tawal, tower owning and operating entity of STC, which is expected to operate a portfolio of more than 30K towers.
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Commercial International Bank (COMI) Telecom Egypt