Recent Research

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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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  EARNINGS CALL INSIGHT

  16 Feb 2026

  Talabat Holding PLC

  BUY

  Last Closing Price

  0.80

  Target Price

  1.30

  Upside (%)

  +62.50%

  UAE Equity Research - Talabat Holding PLC 4Q25 - Earnings Call Insight

  Talabat’s Gross Merchandise Value (GMV) excluding Instashop grew strongly from USD 2,044 Mn in 4Q24 to USD 2,476 Mn in 4Q25. This increase was mainly driven by double-digit growth in both the Food vertical and Grocery & Retail verticals, with the higher double-digit growth in the non-GCC region compared to the GCC region growth.

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• 

  FIRST LOOK NOTES

  12 Feb 2026

  Americana Restaurants

  BUY

  Last Closing Price

  1.89

  Target Price

  2.50

  Upside (%)

  +32.28%

  UAE Equity Research -Americana Restaurants International PLC (AMR) - 4Q25 First Look Note

  Expanded its digital footprint, reaching more than 2,700 kiosks in 2025. Restaurant portfolio reached 2,749 stores across 12 markets with gross addition of 216 new stores in 2025. Expects net new store rollout guidance of 120-130 in 2026.

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• 

  FIRST LOOK NOTES

  11 Feb 2026

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.77

  Target Price

  1.30

  Upside (%)

  +69.93%

  UAE Equity Research - ADNH Catering PLC 4Q25 - First Look Note

  ADNHC secured 88 new contracts in 2025, taking total contracts to 483, while client retention stood at 98.2%. ADNHC increased ownership stake in Compass Arabia from 30% to 50% through signing the Sale and Purchase Agreement (“SPA”).

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• 

  EARNINGS CALL INSIGHT

  11 Feb 2026

  Americana Restaurants

  BUY

  Last Closing Price

  2.01

  Target Price

  2.50

  Upside (%)

  +24.38%

  UAE Equity Research - Americana Restaurants International PLC (AMR) 4Q25 - Earnings Call Insight

  Revenue grew 2.9% YOY to AED 848 Mn in 4Q25, due to higher revenue from demand charges supported by strong real estate activity and new project additions in the region. Utilities cost decreased from AED 332 Mn in 4Q24 to AED 297 Mn in 4Q25.

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