Recent Research

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  INITIAL COVERAGE (EQUITIES)

  04 Jun 2025

  Emirates Driving Company

  BUY

  Last Closing Price

  AED 2.85

  Target Price

  AED 4.10

  Upside (%)

  +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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  FIRST LOOK NOTES

  15 May 2025

  Talabat Holding PLC

  BUY

  Last Closing Price

  AED 1.52

  Target Price

  AED 2.00

  Upside (%)

  +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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  EARNINGS CALL INSIGHT

  13 May 2025

  Talabat Holding PLC

  BUY

  Last Closing Price

  AED 1.44

  Target Price

  AED 2.00

  Upside (%)

  +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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  FIRST LOOK NOTES

  08 May 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  AED 0.89

  Target Price

  AED 1.30

  Upside (%)

  +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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  EARNINGS CALL INSIGHT

  07 May 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  AED 0.89

  Target Price

  AED 1.30

  Upside (%)

  +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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  EARNINGS CALL INSIGHT

  02 May 2025

  Americana Restaurants

  BUY

  Last Closing Price

  AED 2.23

  Target Price

  AED 3.00

  Upside (%)

  +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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