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 9.21 11,366.51 8.85 24.24 709,557 8-May-25 29.04
Etihad Etisalat Co (Mobily) HOLD Saudi Arabia SAR 58.8 12,071.03 66.50 1470.00 1,129,380 24-Apr-25 17.54
ETISALAT Group (e&) BUY UAE AED 17.22 40,773.80 22.00 17.22 2,849,907 2-May-25 29.15
Saudi Telecom Co (STC) HOLD Saudi Arabia SAR 42.85 57,121.15 50.00 20.10 4,224,787 1-May-25 29.21
Space42 PLC BUY UAE AED 1.72 2,229.98 3.20 NA 7,565,876 2-Aug-24 7.33
Telecom Egypt BUY Egypt EGP 37.43 1,286.76 48.00 17.82 421,626 22-May-25 25.02
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Recent Research

  • Egypt Flag
    FIRST LOOK NOTES
    22 May 2025
    Telecom Egypt
    BUY
    EGP 37.01
    EGP 48.00
    +29.69%

    Egypt Equity Research - Telecom Egypt (ETEL) 1Q25 - First Look Note

    Revenue grew significantly 41.8% YOY to EGP 24.8 Bn in 1Q25, mainly driven by solid growth across the Wholesale and Retail segments. Customer base rose steadily across fixed voice, fixed data and mobile segments by 4.3%, 7.6% and 10.0% YOY, respectively, during 1Q25.
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  • UAE Flag
    FIRST LOOK NOTES
    08 May 2025
    Emirates Integrated Telecommun...
    HOLD
    AED 8.50
    AED 8.85
    +4.12%

    UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 1Q25 - First Look Note

    DU’s revenue grew 7.4% YOY to AED 3,848 Mn in 1Q25, primarily driven by healthy growth across service and non-service revenue. EBITDA rose 15.0% YOY to AED 1,824 Mn in 1Q25 with an EBITDA Margin of 47.4% (one-off gain included) in 1Q25 compared to 44.3% in 1Q24.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    07 May 2025
    Emirates Integrated Telecommun...
    HOLD
    AED 8.52
    AED 8.55
    +0.35%

    UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 1Q25 - Earnings Call Insight

    DU’s revenue grew 7.4% YOY to AED 3.8 Bn in 1Q25, primarily driven by a growth in service and non-service revenue. The growth in services revenue is due to the addition of new customers, growth in ARPU and improved mix.
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  • UAE Flag
    FIRST LOOK NOTES
    02 May 2025
    ETISALAT Group (e&)
    BUY
    AED 17.44
    AED 22.00
    +26.15%

    UAE Equity Research - Emirates Telecommunications Group Co (e&) 1Q25 - First Look Note

    Subscriber base rose 12.9% YOY to 194.8 Mn in 1Q25 due to the acquisition of PPF telecom. e& added over 9.2 Mn net new subscribers on LFL basis in the last 12 months. Capex increased 46.4% YOY to AED 2.4 Bn in 1Q25 due to the acquisition of 5G license in Egypt and the consolidation impact of e& PPF telecom.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    01 May 2025
    ETISALAT Group (e&)
    BUY
    AED 17.40
    AED 22.00
    +26.44%

    UAE Equity Research - Emirates Telecommunications Group (e&) 1Q25 - Earnings Call Insight

    Revenue grew 18.7% YOY to AED 16.9 Bn in 1Q25, driven by robust growth across the International segment attributable to the acquisition of PPF telecom. e&’s revenue rose 8.0% YOY on LFL basis in constant currency and 4.4% in reported currency during 1Q25.
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  • Saudi Flag
    FIRST LOOK NOTES
    01 May 2025
    Saudi Telecom Co (STC)
    HOLD
    SAR 47.60
    SAR 50.00
    +5.04%

    Saudi Equity Research - Saudi Telecom Company (STC) 1Q25 - First Look Note

    EBITDA rose 5.2% YOY to SAR 6,120 Mn while EBITDA margin rose by 110 bps YOY to 31.9% in 1Q25. Signed a SAR 32.64 Bn contract with a government entity to build and operate telecom infrastructure over 15 years, with revenues starting in 4Q26.
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Commercial International Bank (COMI) Telecom Egypt