Recent Research

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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%

  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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• EARNINGS FLASH

  28 Jul 2025

  UAE Equity Research - ADNH Catering (ADNHC)-2Q25 Earnings Flash

  ADNH Catering’s net profit rose 9.4% YOY to AED 34.7 Mn in 2Q25 (3.6% YOY lower than FABS estimates) leading to bottom line margins of 8.1%, mainly driven by top line growth with improved contract retention rate and new business wins despite the downsize of Zadsource GPO which was considered unattractive, higher other income and a one-off (Share of...

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• 

  INITIAL COVERAGE (EQUITIES)

  04 Jun 2025

  Emirates Driving Company

  BUY

  Last Closing Price

  2.85

  Target Price

  4.10

  Upside (%)

  +43.86%

  UAE Equity Research - Emirates Driving Company (EDC) - Initiation Coverage

  We initiate coverage on Emirates Driving Company PJSC (“EDC”, “Drive” or “The Company”) with a Valuation of AED 4.10 per share. EDC is a leading provider of driver training services in Abu Dhabi, offering comprehensive education programs aligned with local traffic laws. The Company was established in 2000 and listed on ADX in 2005. EDC operates from three main branches alongside four satellite sites in Abu Dhabi and a subsidiary presence in Dubai by 2024.

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• 

  FIRST LOOK NOTES

  15 May 2025

  Talabat Holding PLC

  BUY

  Last Closing Price

  1.52

  Target Price

  2.00

  Upside (%)

  +31.58%

  UAE Equity Research - Talabat Holding PLC 1Q25 - First Look Note

  The Company maintains debt-free balance sheet with healthy cash balance of USD 507 Mn as of 1Q25, providing financial support for future organic and inorganic growth.

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  EARNINGS CALL INSIGHT

  13 May 2025

  Talabat Holding PLC

  BUY

  Last Closing Price

  1.44

  Target Price

  2.00

  Upside (%)

  +38.89%

  UAE Equity Research - Talabat Holding PLC 1Q25 - Earnings Call Insight

  Talabat’s Gross Merchandise Value (GMV) excluding Instamart rose from USD 1,603 Mn in 1Q24 to USD 2,084 Mn in 1Q25 driven by strong demand across all regions and verticals, driven by customer acquisitions, higher order frequency and expanded multi-verticality.

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• 

  FIRST LOOK NOTES

  08 May 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.89

  Target Price

  1.30

  Upside (%)

  +45.74%

  UAE Equity Research - ADNH Catering PLC (ADNHC) 1Q25 - First Look Note

  The Company secured 17 new contracts, increasing the overall contracts to 404 as of 31st March 2025. ADNHC is making steady progress in its retail growth strategy, with plans to open 25 new HUSK outlets by the end of 1H25, followed by an additional 25 outlets in 2H25.

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