Recent Research

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  FIRST LOOK NOTES

  13 Nov 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.80

  Target Price

  1.30

  Upside (%)

  +63.52%

  UAE Equity Research - ADNH Catering PLC (ADNHC) 3Q25 - First Look Note

  Increased ownership in Compass Arabia Company to 50% in August 2025, which added 25 new contracts to the portfolio. Secured 80 new contracts in 9M25, increasing the overall contracts to 458.

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  FIRST LOOK NOTES

  12 Nov 2025

  Talabat Holding PLC

  BUY

  Last Closing Price

  0.87

  Target Price

  1.80

  Upside (%)

  +106.19%

  UAE Equity Research - Talabat Holding PLC 3Q25 - First Look Note

  GMV grew 25.6% YOY to USD 2.4 Bn (Talabat only), supported by strong growth across both GCC and non-GCC markets, and across Food and Grocery & Retail verticals.

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  EARNINGS CALL INSIGHT

  11 Nov 2025

  Talabat Holding PLC

  BUY

  Last Closing Price

  0.90

  Target Price

  1.80

  Upside (%)

  +99.56%

  UAE Equity Research - Talabat Holding PLC 3Q25 - Earnings Call Insight

  Talabat’s Gross Merchandise Value (GMV) excluding Instashop grew strongly from USD 1,929 Mn in 3Q24 to USD 2,422 Mn in 3Q25. This increase was mainly driven by double-digit growth in the core GCC markets and food verticals, strong performance in non-GCC markets, increased customer acquisition, and higher order frequency.

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  FIRST LOOK NOTES

  06 Nov 2025

  Americana Restaurants

  BUY

  Last Closing Price

  1.83

  Target Price

  2.50

  Upside (%)

  +36.61%

  UAE Equity Research - Americana Restaurants International PLC (AMR) 3Q25 - First Look Note

  Expanded its digital footprint, adding 526 new self-ordering kiosks in 3Q25, bringing the total to 2,490 kiosks. In-house dynamic pricing platform, which enabled differentiated pricing across aggregators and other channels, earned an additional revenue of USD 40 Mn and contributed to 2% gross margin improvement.

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  FIRST LOOK NOTES

  28 Oct 2025

  Emirates Driving Company

  BUY

  Last Closing Price

  3.19

  Target Price

  4.10

  Upside (%)

  +28.53%

  UAE Equity Research - Emirates Driving Company (EDC) 3Q25 - First Look Note

  EDC revised the guidance upward, with revenue growth to 31% to 38% YOY, gross profit to 21-27% YOY, and EBITDA to 8-14% in FY2025. EDC maintains a debt-free balance sheet with a cash balance of AED 941 Mn in 3Q25.

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  FIRST LOOK NOTES

  14 Aug 2025

  Talabat Holding PLC

  BUY

  Last Closing Price

  1.21

  Target Price

  2.00

  Upside (%)

  +65.29%

  UAE Equity Research - Talabat Holding PLC 2Q25 - First Look Note

  Talabat’s GMV (excluding InstaMart) grew 31.7% YOY to USD 2,439 Mn in 2Q25 compared to USD 1,852 Mn in 2Q24. Talabat generated USD 190 Mn in adjusted free cash flow (pro forma Talabat only) in 2Q25, compared to USD 129 Mn in 2Q24. The Company revised its 2025 guidance, now expecting GMV growth of 27-29% and management revenue growth of 29-32%.

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