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 12.42 15,327,713,284 12.50 32.68 5,179,736 27-Oct-26 33.06
Emirates Telecommunications Group (Etisalat) HOLD UAE AED 20.8 49,249,245,415 23.50 12.46 2,307,342 30-Oct-26 35.49
Etihad Etisalat Co (Mobily) BUY Saudi Arabia SAR 56.3 11,551,333,989 75.00 1407.50 1,072,673 22-Oct-26 18.29
Saudi Telecom Co (STC) BUY Saudi Arabia SAR 41.16 54,837,593,940 50.00 19.31 2,330,263 8-Oct-26 17.50
Space42 PLC UNDER REVIEW UAE AED 1.9 2,463,278,058 UNDER REVIEW NA 7,901,098 UNDER REVIEW (4.66)
Telecom Egypt HOLD Egypt EGP 120.1 3,661,248,460 143.00 57.19 1,810,574 8-Oct-26 43.80
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Recent Research

  • UAE Flag
    FIRST LOOK NOTES
    30 Oct 2026
    Emirates Telecommunications Gr...
    HOLD
    AED 20.80
    AED 23.50
    +12.98%

    UAE Equity Research - Emirates Telecommunications Group Co (Etisalat) 3Q26 - First Look Note

    Total subscriber base surged 29.4% YOY to 254.8 Mn in 3Q26, supported by growth across the Company’s home and international markets. Etisalat revenue increased 6.9% YOY to AED 19.5 Bn in 3Q26, while EBITDA grew 5.1% YOY to AED 9.0 Bn, with an EBITDA margin of 46.1%, reflecting continued growth across the Company’s markets.
  • UAE Flag
    FIRST LOOK NOTES
    27 Oct 2026
    Emirates Integrated Telecommun...
    HOLD
    AED 12.26
    AED 12.50
    +1.96%

    UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 3Q26 - First Look Note

    DU's mobile subscriber base increased 3.3% YOY to 9.5 Mn in 3Q26, driven by sustained growth in postpaid and recovery in prepaid subscriber base. Fixed subscribers grew 5.2% YOY to 756K in 3Q26, supported by Home Wireless adoption.
  • UAE Flag
    EARNINGS CALL INSIGHT
    27 Oct 2026
    Emirates Integrated Telecommun...
    HOLD
    AED 12.26
    AED 12.50
    +1.96%

    UAE Equity Research - Emirates Integrated Telecommunications Co PJSC (DU) 3Q26 - Earnings Call Insight

    DU’s revenue increased 7.1% YOY to AED 4.2 Bn in 3Q26, driven by strong growth in Mobile, Fixed, and Wholesale revenues, alongside higher ICT and handset revenues. Mobile Services revenue rose 3.9% YOY to AED 1.8 Bn in 3Q26, driven by subscriber growth and a favourable customer mix.
  • Saudi Flag
    FIRST LOOK NOTES
    22 Oct 2026
    Etihad Etisalat Co (Mobily)
    BUY
    SAR 57.45
    SAR 75.00
    +30.55%

    Saudi Equity Research - Etihad Etisalat (Mobily) 3Q26 - First Look Note

    Mobile subscribers grew to 15.1 Mn in 3Q26 (12.9 Mn prepaid, 2.2 Mn postpaid), while the FTTH base expanded 6.4% YOY to 316K in 3Q26. The Company paid a dividend of SAR 1.4 per share for the period of 1H26 in August 2026.
  • UAE Flag
    SECTOR NOTE
    08 Oct 2026
    Telecom

    MENA Equity Research - Telecom Sector 3Q26 - Preview Note

    The MENA telecom sector remained resilient, with core mobile and fixed businesses continuing to perform well despite the regional conflict, while tourism, roaming and customer activations remained under pressure.

  • Egypt Flag
    FIRST LOOK NOTES
    21 Aug 2026
    Telecom Egypt
    HOLD
    EGP 115.50
    EGP 110.00
    -4.76%

    Egypt Equity Research - Telecom Egypt (ETEL) 2Q26 - First Look Note

    Fixed Broadband subscribers rose 8.6% YOY to 11.5 Mn, Fixed Voice subscribers base grew 5.6% YOY to 14.3 Mn, while Mobile subscribers grew 3.9% YOY to 15.2 Mn in 2Q26. Fixed Broadband ARPU increased 16% YOY to EGP 354, while Fixed Voice ARPU rose 6% YOY to EGP 49 in 1H26.

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