Recent Research

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  FIRST LOOK NOTES

  04 Mar 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  AED 0.93

  Target Price

  AED 1.30

  Upside (%)

  +40.54%

  UAE Equity Research - ADNH Catering PLC 4Q24 - First Look Note

  The Company had 283 clients and 388 total contracts as of 4Q24, with a strong contract retention rate of 97% over the 15-month period ending December 31, 2024.

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  EARNINGS CALL INSIGHT

  17 Feb 2025

  Talabat Holding PLC

  BUY

  Last Closing Price

  AED 1.58

  Target Price

  AED 2.00

  Upside (%)

  +26.58%

  UAE Equity Research - Talabat Holding PLC 4Q24 - Earnings Call Insight

  Talabat’s revenue rose from AED 2,227 Mn in 4Q23 to AED 2,942 Mn in 4Q24 driven by strong performance of AdTech and tMart business. Moreover, the GMV grew 26.0% YOY to AED 2,044 Mn in 4Q24. The GMV-to-revenue ratio stood at 40%. Adjusted EBITDA grew 21.4% YOY to AED 510 Mn in 4Q24 with a margin of 17.4% in 4Q24 compared to 18.9% in 4Q23.

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• 

  EARNINGS CALL INSIGHT

  13 Feb 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  AED 0.90

  Target Price

  AED 1.30

  Upside (%)

  +44.28%

  UAE Equity Research - A D N H Catering PLC (ADNHC) 4Q24 - Earnings Call Insight

  Revenue increased 12.0% YOY to AED 443 Mn in 4Q24, primarily driven by strong organic growth owing to new contracts in the Business & Industry and Private Healthcare sector along with support from acquisitions.

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  INITIAL COVERAGE (EQUITIES)

  23 Jan 2025

  Talabat Holding PLC

  BUY

  Last Closing Price

  AED 1.50

  Target Price

  AED 2.00

  Upside (%)

  +33.33%

  UAE Equity Research - Talabat Holding PLC - Initiation Coverage

  We initiate coverage on Talabat Holdings PLC (“Talabat” or “the Company”) with an equity valuation of AED 2.0 per share. Talabat is the leading on-demand delivery platform for online food ordering, delivery, takeaway, and the Grocery & Retail marketplace in eight countries across the MENA (Middle East and North Africa) region. The Company is a fully owned subsidiary of the global delivery powerhouse Delivery Hero.

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  INITIAL COVERAGE (EQUITIES)

  17 Dec 2024

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  AED 1.89

  Target Price

  AED 2.55

  Upside (%)

  +34.92%

  UAE Equity Research - LuLu Retail Holdings PLC - Initiation Coverage

  We initiate coverage on LuLu Retail Holding PLC (“LuLu Retail” or “the Company”) with an equity valuation of AED 2.55 per share. LuLu Retail Holdings PLC is the largest full-line retailer in the GCC region, operating 241 stores across all GCC countries. The Company runs a diverse range of retail formats, including hypermarkets, supermarkets (express stores), minimarkets, and online platforms, offering consumer packaged goods, electrical goods, fresh foods, and lifestyle products.

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• 

  INITIAL COVERAGE (EQUITIES)

  05 Dec 2024

  A D N H Catering PLC

  BUY

  Last Closing Price

  AED 0.93

  Target Price

  AED 1.30

  Upside (%)

  +39.78%

  UAE Equity Research - A D N H Catering PLC (ADNHC) - Initiation Coverage

  We initiate coverage on A D N H Catering PLC (“ADNHC”, “A D N H Catering”, or “the Company”) with an equity valuation of AED 1.30 per share. A D N H Catering is the UAE’s largest food and support services company. The Company is a subsidiary of ADNH (Abu Dhabi National Hotels) known for its expertise in hospitality and food services.

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