Recent Research

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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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• 

  FIRST LOOK NOTES

  21 Jul 2026

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.63

  Target Price

  1.05

  Upside (%)

  +66.67%

  UAE Equity Research - ADNH Catering PLC (ADNHC) 2Q26 - First Look Note

  ADNH Catering PLC (ADNHC/the Company) reported a 19.4% YOY decline in net profit attributable to equity shareholders to AED 28 Mn in 2Q26, lower than our estimate of AED 39 Mn. The decline in net profit was driven by higher cost of sales, net finance costs, and a share of non-controlling interests, partially offset by higher revenue, a reversal of impairment on trade receivables of AED 0.2 Mn in 2Q26 compared to a charge of AED 22.6 Mn in 2Q25, and lower income tax charges.

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  FIRST LOOK NOTES

  22 Apr 2026

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.67

  Target Price

  1.25

  Upside (%)

  +87.97%

  UAE Equity Research - ADNH Catering PLC (ADNHC) 1Q26 - First Look Note

  ADNHC secured 20 new contracts during 1Q26, taking the total contract count to 504, while maintaining a high client retention rate of 99.4%. New contract wins contributed c. AED 37 Mn in annualized revenues, with contracts currently in the mobilisation phase.

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  FIRST LOOK NOTES

  18 Feb 2026

  Talabat Holding PLC

  BUY

  Last Closing Price

  0.79

  Target Price

  1.30

  Upside (%)

  +64.56%

  UAE Equity Research - Talabat Holding PLC 4Q25 - First Look Note

  Talabat’s GMV (excluding Instashop) grew 21.1% YOY to USD 2,476 Mn in 4Q25. Capex and operating investments for 2026 are expected to total USD 120 Mn, with c. USD 75 Mn allocated to opex, for distribution centers and dark stores, and c. USD 45 Mn for capital expenditures.

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