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  • Egypt Flag
    FIRST LOOK NOTES
    02 Mar 2026
    Telecom Egypt
    HOLD
    EGP 89.00
    EGP 95.00
    +6.74%

    Egypt Equity Research - Telecom Egypt (ETEL) 4Q25 - First Look Note

    The company expects revenue growth in high single digit and EBITDA margin in low 40’s in 2026. Fixed line ARPU rose 35.2% YOY to EGP 329.3, and fixed data ARPU rose 30.1% YOY to EGP 48.74 in 4Q25.
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  • Saudi Flag
    FIRST LOOK NOTES
    27 Feb 2026
    Saudi Telecom Co (STC)
    BUY
    SAR 41.82
    SAR 50.00
    +19.56%

    Saudi Equity Research - Saudi Telecom Company (STC) 4Q25 - First Look Note

    Mobile subscribers in KSA rose 5.9% YOY to 30.0 Mn in 4Q25, while fixed subscribers expanded 5.0% YOY to 6.0 Mn. The Company entered into a strategic partnership with AST SpaceMobile in 4Q25 to deliver space-based telecommunications services.
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  • UAE Flag
    FIRST LOOK NOTES
    27 Feb 2026
    ETISALAT Group (e&)
    HOLD
    AED 20.82
    AED 22.00
    +5.67%

    UAE Equity Research - Emirates Telecommunications Group Co (e&) 4Q25 - First Look Note

    Subscriber base increased 31.3% YOY to 244.7 Mn in 4Q25, driven by the consolidation of Telenor Pakistan and continued organic growth across Egypt, Moov Africa subsidiaries, and e& PPF Telecom. PTCL successfully completed the acquisition of 100% stake in Telenor Pakistan for PKR 108 Bn.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    26 Feb 2026
    ETISALAT Group (e&)
    HOLD
    AED 20.82
    AED 22.00
    +5.67%

    UAE Equity Research - Emirates Telecommunications Group Co (e&) 4Q25 - Earnings Call Insight

    Revenue increased 17.3% YOY to AED 19.3 Bn in 4Q25, driven by strong growth across telecom and digital verticals that was underpinned by operational excellence. e&’s revenue rose 10.1% YOY on LFL basis during 4Q25.
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  • Saudi Flag
    FIRST LOOK NOTES
    25 Feb 2026
    Etihad Etisalat Co (Mobily)
    HOLD
    SAR 65.60
    SAR 72.00
    +9.76%

    Saudi Equity Research - Etihad Etisalat (Mobily) 4Q25 - First Look Note

    The mobile subscriber base grew by 17.4% YOY to 14.4 Mn, including 12.3 Mn prepaid and 2.1 Mn postpaid subscribers, while the FTTH subscriber base increased 6.8% YOY to 305K Mn in 2025. Mobily’s Capex stood at SAR 5.8 Bn in 2025, reflecting ongoing investments in spectrum, fiber, data centers, 5G expansion, and submarine cables.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Feb 2026
    Emirates Integrated Telecommun...
    HOLD
    AED 11.05
    AED 11.50
    +4.07%

    UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) - 4Q25 First Look Note

    Prepaid subscribers increased 8.6% YOY to 7.7 Mn, while Postpaid subscribers rose 9.9% YOY to 2.0 Mn in 4Q25.The Company’s fixed subscriber base expanded 7.8% YOY to 735K in 4Q25.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    11 Feb 2026
    Emirates Integrated Telecommun...
    HOLD
    AED 10.90
    AED 11.50
    +5.50%

    UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) 4Q25 - Earnings Call Insight

    DU’s revenue grew 10.6% YOY to AED 4.3 Bn in 4Q25, primarily driven by strong growth across Mobile, Fixed and Wholesale businesses. Mobile Services revenue rose 8.6% YOY to AED 1.8 Bn in 4Q25, driven by continued expansion of the subscriber base and a favorable mix of prepaid and postpaid subscriber.
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  • UAE Flag
    SECTOR NOTE
    12 Jan 2026
    Telecom

    MENA Equity Research - Telecom Sector 4Q25 - Preview Note

    The telecom sector across the UAE, Saudi Arabia, and Egypt is entering a structurally stronger phase, supported by sustained subscriber growth, rising data consumption, and a strategic shift toward enterprise digital services and infrastructure-led monetisation.

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  • Egypt Flag
    FIRST LOOK NOTES
    24 Nov 2025
    Telecom Egypt
    BUY
    EGP 65.27
    EGP 75.25
    +15.29%

    Egypt Equity Research - Telecom Egypt (ETEL) 3Q25 - First Look Note

    Expects to exceed its 2025 guidance provided earlier for topline growth and EBITDA margin, while maintaining guidance for capex. Customer base rose steadily across fixed line, fixed broadband and mobile segments by 6.8%, 8.3% and 8.8% YOY, respectively, in 3Q25.
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Commercial International Bank (COMI) Telecom Egypt