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 11.7 14,439,150,195 11.50 30.79 1,809,422 24-Apr-26 33.10
Etihad Etisalat Co (Mobily) ACCUMULATE Saudi Arabia SAR 62.8 12,880,507,228 75.00 1570.00 928,544 29-Apr-26 18.55
ETISALAT Group (e&) ACCUMULATE UAE AED 20 47,355,043,668 22.00 11.98 3,276,455 9-Apr-26 23.44
Saudi Telecom Co (STC) BUY Saudi Arabia SAR 44.7 59,533,322,969 50.00 20.97 2,776,864 9-Apr-26 16.92
Space42 PLC UNDER REVIEW UAE AED 1.76 2,281,773,359 UNDER REVIEW NA 6,512,375 UNDER REVIEW (5.58)
Telecom Egypt HOLD Egypt EGP 92.5 3,163,314,508 95.00 44.05 1,158,024 9-Apr-26 39.48
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Recent Research

  • Saudi Flag
    FIRST LOOK NOTES
    29 Apr 2026
    Etihad Etisalat Co (Mobily)
    ACCUMULATE
    SAR 66.40
    SAR 75.00
    +12.95%

    Saudi Equity Research - Etihad Etisalat (Mobily) 1Q26 - First Look Note

    Wholesale segment revenue increased 17.7% YOY to SAR 604 Mn in 1Q26, driven by higher demand for connectivity and cloud-based services. Mobily’s mobile subscriber base increased by 16.2% YOY to 15.1 Mn, comprising 13.0 Mn prepaid and 2.1 Mn postpaid subscribers, while the FTTH subscriber base grew 7.1% YOY to 311K in 1Q26.
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  • UAE Flag
    FIRST LOOK NOTES
    24 Apr 2026
    Emirates Integrated Telecommun...
    ACCUMULATE
    AED 10.48
    AED 11.50
    +9.73%

    UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 1Q26 - First Look Note

    Du's mobile subscriber base grew 6.1% YOY to 9.7 Mn in 1Q26, due to steady growth across both prepaid & postpaid segments. January–February recorded strong growth, outperforming full-year guidance, driven by robust demand and strong commercial momentum.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    24 Apr 2026
    Emirates Integrated Telecommun...
    ACCUMULATE
    AED 10.48
    AED 11.50
    +9.73%

    UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) 1Q26 - Earnings Call Insight

    DU’s revenue increased 6.9% YOY to AED 4.1 Bn in 1Q26, driven by strong performance across Mobile, Fixed, and ICT services, partially offset by a decline in Wholesale revenues. Mobile Services revenue grew 7.2% YOY to AED 1.8 Bn in 1Q26, supported by subscriber base growth and a favourable mix shift toward postpaid.
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  • UAE Flag
    SECTOR NOTE
    09 Apr 2026
    Telecom

    MENA Equity Research - Telecom Sector 1Q26 - Preview Note

    The telecom sector across United Arab Emirates, Saudi Arabia, and Egypt is transitioning into a more resilient and structurally robust growth phase, underpinned by continued expansion in subscriber bases, accelerating data consumption trends, and an increasing focus on enterprise-led digital solutio...

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  • Egypt Flag
    FIRST LOOK NOTES
    02 Mar 2026
    Telecom Egypt
    HOLD
    EGP 89.00
    EGP 95.00
    +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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  • Saudi Flag
    FIRST LOOK NOTES
    27 Feb 2026
    Saudi Telecom Co (STC)
    BUY
    SAR 41.82
    SAR 50.00
    +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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Commercial International Bank (COMI) Telecom Egypt