Recent Research

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  FIRST LOOK NOTES

  02 Mar 2026

  Telecom Egypt

  HOLD

  Last Closing Price

  EGP 89.00

  Target Price

  EGP 95.00

  Upside (%)

  +6.74%

  Egypt Equity Research - Telecom Egypt (ETEL) 4Q25 - First Look Note

  The company expects revenue growth in high single digit and EBITDA margin in low 40’s in 2026. Fixed line ARPU rose 35.2% YOY to EGP 329.3, and fixed data ARPU rose 30.1% YOY to EGP 48.74 in 4Q25.

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• 

  FIRST LOOK NOTES

  27 Feb 2026

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 41.82

  Target Price

  SAR 50.00

  Upside (%)

  +19.56%

  Saudi Equity Research - Saudi Telecom Company (STC) 4Q25 - First Look Note

  Mobile subscribers in KSA rose 5.9% YOY to 30.0 Mn in 4Q25, while fixed subscribers expanded 5.0% YOY to 6.0 Mn. The Company entered into a strategic partnership with AST SpaceMobile in 4Q25 to deliver space-based telecommunications services.

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• 

  FIRST LOOK NOTES

  27 Feb 2026

  ETISALAT Group (e&)

  HOLD

  Last Closing Price

  20.82

  Target Price

  22.00

  Upside (%)

  +5.67%

  UAE Equity Research - Emirates Telecommunications Group Co (e&) 4Q25 - First Look Note

  Subscriber base increased 31.3% YOY to 244.7 Mn in 4Q25, driven by the consolidation of Telenor Pakistan and continued organic growth across Egypt, Moov Africa subsidiaries, and e& PPF Telecom. PTCL successfully completed the acquisition of 100% stake in Telenor Pakistan for PKR 108 Bn.

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  EARNINGS CALL INSIGHT

  26 Feb 2026

  ETISALAT Group (e&)

  HOLD

  Last Closing Price

  20.82

  Target Price

  22.00

  Upside (%)

  +5.67%

  UAE Equity Research - Emirates Telecommunications Group Co (e&) 4Q25 - Earnings Call Insight

  Revenue increased 17.3% YOY to AED 19.3 Bn in 4Q25, driven by strong growth across telecom and digital verticals that was underpinned by operational excellence. e&’s revenue rose 10.1% YOY on LFL basis during 4Q25.

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• 

  FIRST LOOK NOTES

  25 Feb 2026

  Etihad Etisalat Co (Mobily)

  HOLD

  Last Closing Price

  SAR 65.60

  Target Price

  SAR 72.00

  Upside (%)

  +9.76%

  Saudi Equity Research - Etihad Etisalat (Mobily) 4Q25 - First Look Note

  The mobile subscriber base grew by 17.4% YOY to 14.4 Mn, including 12.3 Mn prepaid and 2.1 Mn postpaid subscribers, while the FTTH subscriber base increased 6.8% YOY to 305K Mn in 2025. Mobily’s Capex stood at SAR 5.8 Bn in 2025, reflecting ongoing investments in spectrum, fiber, data centers, 5G expansion, and submarine cables.

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• 

  FIRST LOOK NOTES

  12 Feb 2026

  Emirates Integrated Telecommun...

  HOLD

  Last Closing Price

  11.05

  Target Price

  11.50

  Upside (%)

  +4.07%

  UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) - 4Q25 First Look Note

  Prepaid subscribers increased 8.6% YOY to 7.7 Mn, while Postpaid subscribers rose 9.9% YOY to 2.0 Mn in 4Q25.The Company’s fixed subscriber base expanded 7.8% YOY to 735K in 4Q25.

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