Recent Research

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  FIRST LOOK NOTES

  18 Aug 2026

  Talabat Holding PLC

  BUY

  Last Closing Price

  1.19

  Target Price

  1.45

  Upside (%)

  +21.85%

  UAE Equity Research - Talabat Holding PLC 2Q26 - First Look Note

  Talabat’s GMV (including Instashop) grew 11.4% YOY to USD 2,916 Mn in 2Q26. Investment programme on track, with USD 58 Mn deployed in 1H26 out of the USD 120 Mn planned capex and operating investments, comprising c. USD 75 Mn in opex for distribution centres and dark stores and c. USD 45 Mn in capex.

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  EARNINGS CALL INSIGHT

  13 Aug 2026

  Talabat Holding PLC

  BUY

  Last Closing Price

  1.10

  Target Price

  1.30

  Upside (%)

  +18.18%

  UAE Equity Research - Talabat Holding PLC 2Q26 - Earnings Call Insight

  TALABAT’s Gross Merchandise Value (GMV), including Instashop, grew 11.4% YOY to USD 2,916 Mn in 2Q26, driven by an increase in the customer base and sustained ordering activity, supported by higher multi-vertical engagement and stronger Talabat Pro adoption.

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  FIRST LOOK NOTES

  03 Aug 2026

  Americana Restaurants

  BUY

  Last Closing Price

  2.17

  Target Price

  2.50

  Upside (%)

  +15.21%

  UAE Equity Research - Americana Restaurants International PLC (AMR) - 2Q26 First Look Note

  The Company added 108 net new restaurants over the last 12 months, expanding its footprint to 2,746 restaurants. EBITDA margin expanded 245 bps YOY to 26.3% in 2Q26, driven by effective cost management and improved home delivery unit economics.

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  EARNINGS CALL INSIGHT

  30 Jul 2026

  Americana Restaurants

  BUY

  Last Closing Price

  2.15

  Target Price

  2.50

  Upside (%)

  +16.28%

  UAE Equity Research - Americana Restaurants International PLC (AMR) 2Q26 - Earnings Call Insight

  Americana Restaurants' revenue rose 11.1% YOY to USD 715 Mn in 2Q26, driven by revenue growth across all brands and continued network expansion. The Company reported 16.5% YOY growth in gross profit to USD 404 Mn in 2Q26.

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  FIRST LOOK NOTES

  29 Jul 2026

  Emirates Mobility Co

  BUY

  Last Closing Price

  3.59

  Target Price

  4.50

  Upside (%)

  +25.35%

  UAE Equity Research - Emirates Mobility Company (EMOBILITY) 2Q26 - First Look Note

  Emirates Driving Company rebranded to Emirates Mobility Company, reflecting its transformation into an integrated mobility platform. The Excellence Group secured two new sites in Dubai South, strengthening the driving training operations.

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• 

  EARNINGS CALL INSIGHT

  29 Jul 2026

  Emirates Mobility Co

  BUY

  Last Closing Price

  3.59

  Target Price

  4.50

  Upside (%)

  +25.35%

  UAE Equity Research - Emirates Mobility Company (EMOBILITY) 2Q26 - Earnings Call Insight

  EMOBILITY's revenue declined 7.8% YOY to AED 172 Mn in 2Q26, primarily due to lower student volumes at Excellence amid a challenging operating environment.

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