Utilities

Sector Valuation

Company Name Rating Country Currency CMP
(Local Currency)
Market Cap
(USD m)
Target Price
(Local Currency)
PER
(x)
ADVT 3m
(Volume)
Estimates
Last Updated On
ROE
(Fwd) (%)
Abu Dhabi National Energy (TAQA) UNDER REVIEW UAE AED 2.66 81,425,291,881 UNDER REVIEW 66.50 812,473 UNDER REVIEW 7.73
Dubai Electricity and Water Authority (DEWA) BUY UAE AED 2.71 36,890,823,962 3.30 NA 7,548,662 21-Aug-26 10.03
Emirates Central Cooling Systems Corporation (Empower) BUY UAE AED 1.6 4,356,112,055 2.25 NA 2,786,722 11-Aug-26 32.61
National Central Cooling Company (Tabreed) BUY UAE AED 2.33 1,804,922,793 3.65 15.26 1,189,869 13-Aug-26 6.21
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Recent Research

  • UAE Flag
    FIRST LOOK NOTES
    20 Aug 2026
    Dubai Electricity and Water Au...
    BUY
    AED 2.71
    AED 3.30
    +21.77%

    UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 2Q26 - First Look Note

    DEWA expanded its customer base by 18,220 accounts during the 2Q26, taking its total customer base to a record 1.36 Mn accounts. Installed generation capacity stood at 17,979 MW as of June 2026, of which 3,860 MW was sourced from clean energy, representing 21.5% of the energy mix.
  • UAE Flag
    FIRST LOOK NOTES
    18 Aug 2026
    National Central Cooling Compa...
    BUY
    AED 2.44
    AED 3.65
    +49.59%

    UAE Equity Research - National Central Cooling Company (Tabreed) 2Q26 - First Look Note

    Net debt to EBITDA stood at 4.57x in 1H26, compared to 4.61x in 2025. Connected capacity increased 15.5% YOY to 1.58 Mn RT in 1H26, supported by organic and inorganic expansion, including the PAL Cooling acquisition.
  • UAE Flag
    EARNINGS CALL INSIGHT
    12 Aug 2026
    National Central Cooling Compa...
    BUY
    AED 2.42
    AED 3.65
    +50.83%

    UAE Equity Research - National Central Cooling Company (Tabreed) 2Q26 - Earnings Call Insight

    Revenue remained broadly stable at AED 642 Mn in 2Q26 compared to 2Q25, as higher Value Chain Business revenue offset the decline in Supply of Chilled Water revenue.
  • UAE Flag
    FIRST LOOK NOTES
    11 Aug 2026
    Emirates Central Cooling Syste...
    BUY
    AED 1.56
    AED 2.25
    +44.23%

    UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) 2Q26 - First Look Note

    Revenue declined by 2.7% YOY due to lower occupancy amid regional conflict leading to reduce cooling consumption. 1,707 K RT connection added in 2Q26, taking the total connected capacity to 1.71 Mn RT.
  • UAE Flag
    EARNINGS CALL INSIGHT
    11 Aug 2026
    Emirates Central Cooling Syste...
    BUY
    AED 1.56
    AED 2.25
    +44.23%

    UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) 2Q26 - Earnings Call Insight

    Connected capacity increased by 1,707 K RT during 2Q26, taking the total connected capacity to 1.71 Mn RT, reflecting continued expansion of the district cooling
  • UAE Flag
    FIRST LOOK NOTES
    03 Mar 2026
    Dubai Electricity and Water Au...
    ACCUMULATE
    AED 3.00
    AED 3.30
    +10.00%

    UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 4Q25 - First Look Note

    DEWA expanded its customer base by 17,823 accounts during the 4Q25, reflecting steady and consistent growth. Installed generation capacity increased 4.7% to 17,979 MW by the end of 2025,

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