Recent Research

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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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  EARNINGS CALL INSIGHT

  13 Aug 2025

  Talabat Holding PLC

  BUY

  Last Closing Price

  1.28

  Target Price

  2.00

  Upside (%)

  +56.25%

  UAE Equity Research - Talabat Holding PLC 2Q25 - Earnings Call Insight

  Talabat’s Gross Merchandise Value (GMV) excluding Instamart grew strongly from USD 1,852 Mn in 2Q24 to USD 2,439 Mn in 2Q25. 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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  EARNINGS CALL INSIGHT

  31 Jul 2025

  Americana Restaurants

  BUY

  Last Closing Price

  2.15

  Target Price

  2.95

  Upside (%)

  +37.21%

  UAE Equity Research- Americana Restaurants - 2Q25 Earnings Call Insight

  Americana Restaurants revenue rose 15.1% YOY to USD 644 Mn in 2Q25, primarily supported by operational efficiency and strong brand performance. The Company reported 15.2% YOY growth in gross profit to USD 347 Mn in 2Q25 as compared to USD 301 Mn in 2Q24. Gross profit margin marginally increased 6 bps YOY to 53.9% in 2Q25.

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  FIRST LOOK NOTES

  29 Jul 2025

  Emirates Driving Company

  BUY

  Last Closing Price

  2.90

  Target Price

  4.10

  Upside (%)

  +41.38%

  UAE Equity Research- Emirates Driving Company (DRIVE)- 2Q25 First Look Note

  Drive’s net profit attributable to shareholders increased from AED 55 Mn in 2Q24 to AED 87 Mn in 2Q25, supported by revenue growth. The Company maintains a debt free balance sheet with a cash balance of AED 738 Mn in 2Q25.

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  FIRST LOOK NOTES

  28 Jul 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.88

  Target Price

  1.30

  Upside (%)

  +47.73%

  UAE Equity Research- ADNH Catering PLC (ADNHC)-2Q25 First Look Note

  ADNH Catering PLC net profit grew 9.4% YOY to AED 35 Mn in 2Q25, in line with our estimate of AED 36 Mn. The increase in net profit was mainly driven by revenue growth arising from new contract wins and a decline in direct costs, partially offset by higher G&A expenses and an impairment loss on trade receivables.

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