Recent Research

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  FIRST LOOK NOTES

  30 Oct 2026

  Americana Restaurants

  ACCUMULATE

  Last Closing Price

  2.45

  Target Price

  2.70

  Upside (%)

  +10.20%

  UAE Equity Research - Americana Restaurants International PLC (AMR) - 3Q26 First Look Note

  Added 112 net new restaurants over the last 12 months, expanding its network to 2,769 restaurants as of 3Q26. LFL sales growth accelerated to 8.6% YOY in 3Q26 from 6.3% YOY in 1H26, driven by menu innovation, value offerings and targeted marketing initiatives.

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  EARNINGS CALL INSIGHT

  30 Oct 2026

  Americana Restaurants

  ACCUMULATE

  Last Closing Price

  2.45

  Target Price

  2.70

  Upside (%)

  +10.20%

  UAE Equity Research - Americana Restaurants International PLC (AMR) 3Q26 - Earnings Call Insight

  Americana revenue rose 14.4% YOY to USD 712 Mn in 3Q26, driven by like-for-like sales growth of 8.6%, revenue growth across all Power Brands and continued network expansion.

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• 

  FIRST LOOK NOTES

  23 Oct 2026

  A D N H Catering PLC

  BUY

  Last Closing Price

  0.61

  Target Price

  1.05

  Upside (%)

  +72.13%

  UAE Equity Research - ADNH Catering PLC (ADNHC) 3Q26 - First Look Note

  ADNHC secured 18 new contracts during 3Q26, bringing total new contracts to 57 in 9M26, while maintaining a strong contract retention rate of 98.5% in 3Q26. EBITDA declined 28.2% YOY to AED 53 Mn in 3Q26, amid inflationary operating conditions and inbound supply chain challenges.

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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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