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) ACCUMULATE UAE AED 9.6 11,848,476,147 10.25 25.26 2,388,791 27-Oct-25 29.56
Etihad Etisalat Co (Mobily) HOLD Saudi Arabia SAR 65.3 13,406,121,331 72.00 1632.50 929,874 28-Oct-25 18.79
ETISALAT Group (e&) ACCUMULATE UAE AED 18.28 43,286,047,383 22.00 10.95 2,253,324 3-Nov-25 29.74
Saudi Telecom Co (STC) ACCUMULATE Saudi Arabia SAR 42.4 56,524,287,947 50.00 19.89 3,466,031 6-Nov-25 30.67
Space42 PLC UNDER REVIEW UAE AED 1.62 2,100,440,315 UNDER REVIEW NA 4,962,742 UNDER REVIEW 7.31
Telecom Egypt BUY Egypt EGP 64 2,304,420,644 75.25 30.48 909,277 24-Nov-25 35.63
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Recent Research

  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • UAE Flag
    EARNINGS CALL INSIGHT
    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 - Earnings Call Insight

    DU’s revenue grew 7.9% YOY to AED 3.9 Bn in 3Q25, primarily driven by a strong growth across Mobile, Fixed and ICT businesses. Mobile Services revenue rose 8.4% YOY to AED 1.8 Bn in 3Q25, driven by continued expansion of the subscriber base and a favorable mix of prepaid and postpaid subscriber.

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