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 9.35 11,538,979,002 10.25 24.61 1,728,608 27-Oct-25 29.56
Etihad Etisalat Co (Mobily) HOLD Saudi Arabia SAR 67.3 13,817,828,163 66.50 1682.50 999,417 28-Oct-25 18.79
ETISALAT Group (e&) BUY UAE AED 19.94 47,212,978,537 22.00 11.94 2,192,813 4-Aug-25 29.74
Saudi Telecom Co (STC) BUY Saudi Arabia SAR 45.02 60,021,866,029 50.00 21.12 3,390,701 29-Jul-25 32.14
Space42 PLC UNDER REVIEW UAE AED 1.9 2,463,278,058 UNDER REVIEW NA 4,909,757 UNDER REVIEW 8.45
Telecom Egypt BUY Egypt EGP 50.1 1,810,279,266 57.00 23.86 573,595 20-Aug-25 29.62
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Recent Research

  • 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.
  • UAE Flag
    SECTOR NOTE
    29 Sep 2025
    Telecom

    MENA Equity Research - Telecom Sector 3Q25 - Preview Note

    The UAE’s telecom sector is strengthening its 5G network capabilities while expanding revenue streams through innovative product offerings and entry into new technology domains. At the same time, telecom operators are broadening their international footprint to capture new growth opportunities and b...

  • Egypt Flag
    FIRST LOOK NOTES
    20 Aug 2025
    Telecom Egypt
    BUY
    EGP 46.40
    EGP 57.00
    +22.84%

    Egypt Equity Research - Telecom Egypt (ETEL) 2Q25 - First Look Note

    Revenue grew significantly 26.1% YOY to EGP 25.8 Bn in 2Q25, mainly driven by solid growth across the Wholesale and Retail segments. Customer base rose steadily across fixed voice, fixed data and mobile segments by 6.1%, 7.7% and 11.7% YOY, respectively, during 2Q25.
  • UAE Flag
    FIRST LOOK NOTES
    04 Aug 2025
    ETISALAT Group (e&)
    BUY
    AED 19.00
    AED 22.00
    +15.79%

    UAE Equity Research - Emirates Telecommunications Group Co (EAND) 2Q25 - First Look Note

    The subscriber base rose 13.1% YOY to 198.1 Mn in 2Q25 including 14.9 Mn contributing from consolidation of e& PPF Telec. Capex grew 52.1% YOY to AED 2.7 Bn in 2Q25, due to the consolidation of e& PPF Telecom, increased capital expenditure in the UAE, and the renewal/acquisition of licenses in Mauritania and Afghanistan.

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