Telecom

Sector Valuation

Company Name Rating Country Currency CMP
(Local Currency)		 Market Cap
(USD m)		 Target Price
(Local Currency)		 PER
(x)		 ADVT 3m
(Volume)		 Estimates
Last Updated On		 ROE
(Fwd) (%)
Emirates Integrated Telecommunications (du) HOLD UAE AED 10.3 12,711,388,633 10.25 27.11 2,015,018 12-Jan-26 29.56
Etihad Etisalat Co (Mobily) HOLD Saudi Arabia SAR 70.4 14,452,768,828 72.00 1760.00 707,284 12-Jan-26 18.79
ETISALAT Group (e&) BUY UAE AED 19.7 46,644,718,013 22.00 11.80 2,437,837 12-Jan-26 29.74
Saudi Telecom Co (STC) BUY Saudi Arabia SAR 44.4 59,188,951,444 50.00 20.83 2,815,538 12-Jan-26 30.67
Space42 PLC UNDER REVIEW UAE AED 1.5 1,944,693,204 UNDER REVIEW NA 4,019,821 UNDER REVIEW 7.31
Telecom Egypt BUY Egypt EGP 78.5 2,855,650,679 80.00 37.38 1,230,469 12-Jan-26 35.63
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Recent Research

  • UAE Flag
    SECTOR NOTE
    12 Jan 2026
    Telecom

    MENA Equity Research - Telecom Sector 4Q25 - Preview Note

    The telecom sector across the UAE, Saudi Arabia, and Egypt is entering a structurally stronger phase, supported by sustained subscriber growth, rising data consumption, and a strategic shift toward enterprise digital services and infrastructure-led monetisation.

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  • Egypt Flag
    FIRST LOOK NOTES
    24 Nov 2025
    Telecom Egypt
    BUY
    EGP 65.27
    EGP 75.25
    +15.29%

    Egypt Equity Research - Telecom Egypt (ETEL) 3Q25 - First Look Note

    Expects to exceed its 2025 guidance provided earlier for topline growth and EBITDA margin, while maintaining guidance for capex. Customer base rose steadily across fixed line, fixed broadband and mobile segments by 6.8%, 8.3% and 8.8% YOY, respectively, in 3Q25.
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  • Saudi Flag
    FIRST LOOK NOTES
    06 Nov 2025
    Saudi Telecom Co (STC)
    ACCUMULATE
    SAR 44.62
    SAR 50.00
    +12.06%

    Saudi Equity Research - Saudi Telecom Company (STC) 3Q25 - First Look Note

    Mobile subscribers in KSA increased 5.9% YOY to 29.24 Mn and fixed subscriber grew 6.4% YOY to 6.05 Mn in 3Q25. Center 3 plans to invest SAR 37.5 Bn to expand data center capacity to 1 gigawatt by 2030, supporting rising AI and cloud computing demand.
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  • UAE Flag
    FIRST LOOK NOTES
    03 Nov 2025
    ETISALAT Group (e&)
    ACCUMULATE
    AED 19.40
    AED 22.00
    +13.40%

    UAE Equity Research - Emirates Telecommunications Group Co (e&) 3Q25 - First Look Note

    Maroc Telecom has secured a 5G license in Morocco and plans to launch the service in 2025. Group subscriber base rose 14.0% YOY to 202.2 Mn in 3Q25, including a 24.9 Mn contribution from the consolidation of e& PPF Telecom.
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  • Saudi Flag
    FIRST LOOK NOTES
    28 Oct 2025
    Etihad Etisalat Co (Mobily)
    HOLD
    SAR 66.05
    SAR 72.00
    +9.01%

    Saudi Equity Research - Etihad Etisalat (Mobily) 3Q25 - First Look Note

    Business segment expanded service operations in the SME market and advanced its digital infrastructure within the aviation sector. Wholesale segment solidified its market presence as a digital enabler by signing agreements with key partners.
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  • UAE Flag
    FIRST LOOK NOTES
    27 Oct 2025
    Emirates Integrated Telecommun...
    ACCUMULATE
    AED 9.18
    AED 10.25
    +11.66%

    UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) 3Q25 - First Look Note

    Strong commercial performance across B2B and B2C segments with an expanded partnership pipeline, including recent agreements announced at GITEX. Continued expansion of the ICT business was highlighted by the launch of the AI park ecosystem. Revenue rose 7.9% YOY to AED 3,872 Mn in 3Q25, due to robust growth across all segments.
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Commercial International Bank (COMI) Telecom Egypt