Reported Earnings • Apr 24
First quarter 2026 earnings released: EPS: د.إ0.18 (vs د.إ0.16 in 1Q 2025) First quarter 2026 results: EPS: د.إ0.18 (up from د.إ0.16 in 1Q 2025). Revenue: د.إ4.11b (up 6.9% from 1Q 2025). Net income: د.إ834.2m (up 16% from 1Q 2025). Profit margin: 20% (up from 19% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 28% per year and the company’s share price has also increased by 28% per year. Announcement • Apr 18
Emirates Integrated Telecommunications Company PJSC to Report Q1, 2026 Results on Apr 22, 2026 Emirates Integrated Telecommunications Company PJSC announced that they will report Q1, 2026 results on Apr 22, 2026 Upcoming Dividend • Apr 01
Upcoming dividend of د.إ0.40 per share Eligible shareholders must have bought the stock before 08 April 2026. Payment date: 16 April 2026. Payout ratio is on the higher end at 100%, and the cash payout ratio is above 100%. Trailing yield: 6.3%. Lower than top quartile of Emirian dividend payers (7.1%). Higher than average of industry peers (4.7%). Announcement • Mar 06
Fibocom and Du Showcase ALL-IN-ONE AI CPE Solution with Enhanced AI NAS Fibocom and du showcased the upgraded ALL-IN-ONE AI CPE solution featuring an enhanced AI NAS, further integrating 5G, AI and real-life scenarios. The upgrade transforms home storage from passive data retention into active intelligent management, delivering more personalized smart home experiences. Fibocom first introduced the ALL-IN-ONE AI CPE at NetworkX in France in October 2025, redefining the traditional 5G CPE form factor. The device integrates intelligent voice interaction, human and environmental sensing, and leverages Fibocom's proprietary FWA AI SkyEngine to enable multi-scenario applications including smart home network management, home security, and smart home control. The latest upgrade significantly enhances home data management. Powered by SkyEngine computing capabilities, the built-in AI NAS allows users to quickly locate photos by entering keywords, eliminating the need to manually search large file libraries. The system can also detect duplicate photos and notify users to free up storage space efficiently. Natural voice interaction further simplifies the experience. Users can search content through voice commands, such as requesting "family photos from last summer at the beach," while the AI NAS automatically categorizes photos by location, time, people and themes to generate personalized digital albums. All photo recognition and retrieval are processed locally through edge AI to ensure privacy and data security, supported by a physical privacy switch. The CPE also supports HDMI output, allowing users to display photos on larger screens via voice commands, enhancing shared family experiences. By integrating AI NAS, intelligent interaction and network optimization, the ALL-IN-ONE AI CPE continues evolving from traditional communication hardware into a full-scenario intelligent home hub, helping operators accelerate the shift toward platform-based services in the 5G FWA ecosystem. Declared Dividend • Mar 05
Final dividend of د.إ0.40 announced Shareholders will receive a dividend of د.إ0.40. Ex-date: 8th April 2026 Payment date: 16th April 2026 Dividend yield will be 6.2%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio) nor is it covered by cash flows (101% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control. EPS is expected to grow by 22% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 05
Emirates Integrated Telecommunications Company PJSC, Annual General Meeting, Mar 30, 2026 Emirates Integrated Telecommunications Company PJSC, Annual General Meeting, Mar 30, 2026, at 12:00 Arabian Standard Time. Location: dubai United Arab Emirates New Risk • Feb 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 101% Dividend yield: 5.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 10
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: د.إ0.64 (up from د.إ0.55 in FY 2024). Revenue: د.إ15.9b (up 8.7% from FY 2024). Net income: د.إ2.91b (up 17% from FY 2024). Profit margin: 18% (up from 17% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 28% per year. Announcement • Feb 04
Emirates Integrated Telecommunications Company PJSC to Report Fiscal Year 2025 Results on Feb 09, 2026 Emirates Integrated Telecommunications Company PJSC announced that they will report fiscal year 2025 results on Feb 09, 2026 Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: د.إ0.16 (vs د.إ0.16 in 3Q 2024) Third quarter 2025 results: EPS: د.إ0.16 (in line with 3Q 2024). Revenue: د.إ3.87b (up 7.9% from 3Q 2024). Net income: د.إ732.1m (up 1.8% from 3Q 2024). Profit margin: 19% (down from 20% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Oct 23
Emirates Integrated Telecommunications Company PJSC to Report Q3, 2025 Results on Oct 23, 2025 Emirates Integrated Telecommunications Company PJSC announced that they will report Q3, 2025 results at 2:00 PM, Arabian Standard Time on Oct 23, 2025 Announcement • Sep 15
Emirates Integrated Telecommunications Company PJSC has completed a Follow-on Equity Offering in the amount of AED 3.147174 billion. Emirates Integrated Telecommunications Company PJSC has completed a Follow-on Equity Offering in the amount of AED 3.147174 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 17,104,204
Price\Range: AED 9.2
Security Name: Shares
Security Type: Common Stock
Securities Offered: 324,979,880
Price\Range: AED 9.2
Transaction Features: Regulation S; Rule 144A Announcement • Sep 08
Emirates Integrated Telecommunications Company PJSC has filed a Follow-on Equity Offering in the amount of AED 3.386632 billion. Emirates Integrated Telecommunications Company PJSC has filed a Follow-on Equity Offering in the amount of AED 3.386632 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 17,104,204
Price\Range: AED 9 to AED 9.9
Security Name: Shares
Security Type: Common Stock
Securities Offered: 324,979,880
Price\Range: AED 9 to AED 9.9
Transaction Features: Regulation S; Rule 144A Buy Or Sell Opportunity • Aug 28
Now 22% undervalued Over the last 90 days, the stock has risen 18% to د.إ10.60. The fair value is estimated to be د.إ13.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings are also forecast to grow by 5.5% per annum over the same time period. Price Target Changed • Jul 30
Price target increased by 7.7% to د.إ9.96 Up from د.إ9.25, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of د.إ10.20. Stock is up 69% over the past year. The company is forecast to post earnings per share of د.إ0.63 for next year compared to د.إ0.55 last year. Declared Dividend • Jul 26
First half dividend increased to د.إ0.24 Dividend of د.إ0.24 is 20% higher than last year. Ex-date: 1st August 2025 Payment date: 20th August 2025 Dividend yield will be 5.7%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (89.7% cash payout ratio). The dividend has increased by an average of 5.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 25
Second quarter 2025 earnings released: EPS: د.إ0.16 (vs د.إ0.13 in 2Q 2024) Second quarter 2025 results: EPS: د.إ0.16 (up from د.إ0.13 in 2Q 2024). Revenue: د.إ3.90b (up 8.6% from 2Q 2024). Net income: د.إ726.8m (up 25% from 2Q 2024). Profit margin: 19% (up from 16% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Jul 23
Emirates Integrated Telecommunications Company PJSC to Report Q2, 2025 Results on Jul 24, 2025 Emirates Integrated Telecommunications Company PJSC announced that they will report Q2, 2025 results on Jul 24, 2025 Reported Earnings • May 07
First quarter 2025 earnings released: EPS: د.إ0.16 (vs د.إ0.13 in 1Q 2024) First quarter 2025 results: EPS: د.إ0.16 (up from د.إ0.13 in 1Q 2024). Revenue: د.إ3.85b (up 7.4% from 1Q 2024). Net income: د.إ722.5m (up 20% from 1Q 2024). Profit margin: 19% (up from 17% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 26
Now 20% undervalued Over the last 90 days, the stock has risen 5.3% to د.إ7.88. The fair value is estimated to be د.إ9.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 3.2% per annum over the same time period. Declared Dividend • Feb 26
Final dividend increased to د.إ0.34 Dividend of د.إ0.34 is 62% higher than last year. Ex-date: 26th March 2025 Payment date: 1st January 1970 Dividend yield will be 6.6%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it adequately covered by cash flows (90.1% cash payout ratio). The dividend has increased by an average of 5.7% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 9.3% to bring the payout ratio under control. EPS is expected to grow by 9.9% over the next 3 years, which should be enough to bring the dividend into a sustainable range. New Risk • Feb 12
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 90% Dividend yield: 6.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 11
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: د.إ0.55 (up from د.إ0.37 in FY 2023). Revenue: د.إ14.6b (up 7.3% from FY 2023). Net income: د.إ2.49b (up 49% from FY 2023). Profit margin: 17% (up from 12% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Feb 06
Emirates Integrated Telecommunications Company PJSC to Report Fiscal Year 2024 Results on Feb 10, 2025 Emirates Integrated Telecommunications Company PJSC announced that they will report fiscal year 2024 results on Feb 10, 2025 Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: د.إ0.16 (vs د.إ0.11 in 3Q 2023) Third quarter 2024 results: EPS: د.إ0.16 (up from د.إ0.11 in 3Q 2023). Revenue: د.إ3.59b (up 9.1% from 3Q 2023). Net income: د.إ719.1m (up 43% from 3Q 2023). Profit margin: 20% (up from 15% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Oct 25
Emirates Integrated Telecommunications Company PJSC to Report Q3, 2024 Results on Oct 28, 2024 Emirates Integrated Telecommunications Company PJSC announced that they will report Q3, 2024 results on Oct 28, 2024 Major Estimate Revision • Oct 04
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from د.إ0.43 to د.إ0.475. Revenue forecast steady at د.إ14.2b. Net income forecast to grow 3.4% next year vs 8.4% growth forecast for Telecom industry in United Arab Emirates. Consensus price target up from د.إ7.15 to د.إ7.52. Share price fell 3.0% to د.إ6.75 over the past week. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: د.إ0.13 (vs د.إ0.09 in 2Q 2023) Second quarter 2024 results: EPS: د.إ0.13 (up from د.إ0.09 in 2Q 2023). Revenue: د.إ3.59b (up 7.3% from 2Q 2023). Net income: د.إ580.8m (up 46% from 2Q 2023). Profit margin: 16% (up from 12% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 24
Dividend of د.إ0.20 announced Shareholders will receive a dividend of د.إ0.20. Ex-date: 31st July 2024 Payment date: 1st January 1970 Dividend yield will be 6.7%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 19
Emirates Integrated Telecommunications Company PJSC to Report Q2, 2024 Results on Jul 22, 2024 Emirates Integrated Telecommunications Company PJSC announced that they will report Q2, 2024 results on Jul 22, 2024 Reported Earnings • May 01
First quarter 2024 earnings released: EPS: د.إ0.13 (vs د.إ0.082 in 1Q 2023) First quarter 2024 results: EPS: د.إ0.13 (up from د.إ0.082 in 1Q 2023). Revenue: د.إ3.58b (up 4.1% from 1Q 2023). Net income: د.إ602.9m (up 63% from 1Q 2023). Profit margin: 17% (up from 11% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 1 highly experienced director. Independent Non-Executive Director Abdulla Khalifa Abdulla Belhoul was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Feb 22
Final dividend increased to د.إ0.21 Dividend of د.إ0.21 is 62% higher than last year. Ex-date: 29th March 2024 Payment date: 1st January 1970 Dividend yield will be 6.0%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 8.2% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 21
Emirates Integrated Telecommunications Company PJSC, Annual General Meeting, Mar 21, 2024 Emirates Integrated Telecommunications Company PJSC, Annual General Meeting, Mar 21, 2024, at 08:00 Coordinated Universal Time. Location: the Headquarters of the Company- Dubai Hills Business Park 2 Dubai United Arab Emirates Agenda: To consider Hearing and approving the Board of Directors' report of the Company's activities and its financial position for the fiscal year ended on 31 December 2023; To hear and approve the Auditors' report for the fiscal year ended on 31 December 2023; To discussing and approving the Company's financial statements along with the profit and loss statement for the fiscal year ended 31 December 2023; To Considering and approving the Board of Directors' recommendation regarding distribution of dividends amounting to AED 0.21 per share for the second half of the year 2023, to bring the total dividend pay-out per share for the fiscal year ended on 31 December 2023 upto AED 0.34 per share (34% of the nominal value of share); to consider discharging the Board of Directors from their liabilities for the fiscal year ended on 31 December 2023, or their termination and filing of a liability claim against them, as the case may be; and to consider other matters. Reported Earnings • Feb 14
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: د.إ0.37 (up from د.إ0.27 in FY 2022). Revenue: د.إ13.6b (up 6.9% from FY 2022). Net income: د.إ1.67b (up 37% from FY 2022). Profit margin: 12% (up from 9.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 5.7%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 14
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from د.إ0.308 to د.إ0.34. Revenue forecast steady at د.إ13.5b. Net income forecast to shrink 3.5% next year vs 12% growth forecast for Telecom industry in United Arab Emirates . Consensus price target broadly unchanged at د.إ6.52. Share price fell 2.0% to د.إ5.31 over the past week. Reported Earnings • Oct 31
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: د.إ0.11 (up from د.إ0.07 in 3Q 2022). Revenue: د.إ3.29b (up 3.7% from 3Q 2022). Net income: د.إ503.8m (up 58% from 3Q 2022). Profit margin: 15% (up from 10% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 88%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 1% per year. Announcement • Oct 13
Huawei and Du Jointly Releases 5G Villa, Starting a New Era of 10G Smart Home Hu Huawei in collaboration with du, from Emirates Integrated Telecommunications Company (EITC), unveiled the 5G Advanced (5G-A) demonstration Villa, an archetype for the future smart home living powered by a staggering10Gbps networks. Early in March this year, both entities signed an MOU on 5.5G centered on 5G-A technological innovation, application exploration, and ecosystem development. This latest reveal stands as a testament to their joint innovation prowess. The 5G-A Villa epitomizes the seamless integration of cutting-edge technologies, offering an unparalleled smart home experience enriched with applications such as naked-eye 3D and XR. As consumers increasingly crave superior experiences, this inspires the evolution of content and applications, subsequently amplifying the demand on network capabilities. To satiate these growing needs, carriers find themselves compelled to amplify their home networks to a remarkable 10Gbps. The showcase offers a first-hand look at the infinite possibilities that 5G-Advanced technology will bring to future homes and the better network experience that 5G-A will offer mobile users. It is the result of du's continuous pursuit of a better digital experience. This achievement is only the beginning. Moving forward, Huawei will continually support du in its effort to build the best 5G networks, explore the commercial use of 5G-Advanced networks, while championing du's leadership in this transformative era. 5G-A Villa sheds light on the boundless potential that deterministic experience technology heralds for the households of tomorrow. Harnessing Huawei's innovative FWA2 solution, it illustrates how, in the 5G era, FWA became an operator's powerhouse tool for rapid user expansion. As transition to 5G-A/5.5G, the FWA2 solution, encompassing FWA Pro, FWA Lite, and FWA Biz, promises unparalleled services for discerning customers. Specifically, FWA Pro is engineered to support a phenomenal rate of 10Gbps, thus reimagining the smart home living and unlocking vast business opportunities. Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: د.إ0.09 (vs د.إ0.07 in 2Q 2022) Second quarter 2023 results: EPS: د.إ0.09 (up from د.إ0.07 in 2Q 2022). Revenue: د.إ3.35b (up 6.7% from 2Q 2022). Net income: د.إ397.2m (up 31% from 2Q 2022). Profit margin: 12% (up from 9.7% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • May 04
First quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2023 results: EPS: د.إ0.08 (up from د.إ0.069 in 1Q 2022). Revenue: د.إ3.44b (up 10.0% from 1Q 2022). Net income: د.إ370.5m (up 19% from 1Q 2022). Profit margin: 11% (in line with 1Q 2022). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Feb 15
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: د.إ0.27 (up from د.إ0.24 in FY 2021). Revenue: د.إ12.8b (up 9.2% from FY 2021). Net income: د.إ1.22b (up 11% from FY 2021). Profit margin: 9.6% (in line with FY 2021). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 2.7%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Buying Opportunity • Jan 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.5%. The fair value is estimated to be د.إ6.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings is also forecast to grow by 5.6% per annum over the same time period. Buying Opportunity • Dec 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.6%. The fair value is estimated to be د.إ7.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings is also forecast to grow by 5.4% per annum over the same time period. Buying Opportunity • Nov 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.0%. The fair value is estimated to be د.إ7.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings is also forecast to grow by 5.4% per annum over the same time period. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Abdulla Khalifa Abdulla Belhoul was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: د.إ0.07 (vs د.إ0.062 in 3Q 2021) Third quarter 2022 results: EPS: د.إ0.07 (up from د.إ0.062 in 3Q 2021). Revenue: د.إ3.17b (up 11% from 3Q 2021). Net income: د.إ319.3m (up 13% from 3Q 2021). Profit margin: 10% (in line with 3Q 2021). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buying Opportunity • Nov 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.2%. The fair value is estimated to be د.إ7.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years. Earnings per share has declined by 17%. For the next 3 years, revenue is forecast to grow by 1.8% per annum. Earnings is also forecast to grow by 5.1% per annum over the same time period. Reported Earnings • Jul 23
Second quarter 2022 earnings released: EPS: د.إ0.14 (vs د.إ0.05 in 2Q 2021) Second quarter 2022 results: EPS: د.إ0.14 (up from د.إ0.05 in 2Q 2021). Revenue: د.إ3.14b (up 9.9% from 2Q 2021). Net income: د.إ302.8m (up 26% from 2Q 2021). Profit margin: 9.7% (up from 8.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 4.0% growth forecast for the industry in United Arab Emirates. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Apr 30
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: د.إ0.07 (up from د.إ0.057 in 1Q 2021). Revenue: د.إ3.13b (up 8.5% from 1Q 2021). Net income: د.إ311.2m (up 21% from 1Q 2021). Profit margin: 9.9% (up from 8.9% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Over the next year, revenue is forecast to stay flat compared to a 4.2% growth forecast for the industry in United Arab Emirates. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Abdulla Khalifa Abdulla Belhoul was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 25
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Abdulla Khalifa Abdulla Belhoul was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 13
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: د.إ0.24 (down from د.إ0.32 in FY 2020). Revenue: د.إ11.7b (up 5.4% from FY 2020). Net income: د.إ1.10b (down 24% from FY 2020). Profit margin: 9.4% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.4%. Over the next year, revenue is forecast to grow 1.7%, compared to a 4.1% growth forecast for the industry in United Arab Emirates. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Major Estimate Revision • Dec 30
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from د.إ0.27 to د.إ0.24 per share. Revenue forecast steady at د.إ11.6b. Net income forecast to grow 40% next year vs 10% growth forecast for Telecom industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ6.98. Share price was steady at د.إ6.65 over the past week. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 17% share price gain to د.إ7.12, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Telecom industry in Asia. Total returns to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ7.74 per share. Reported Earnings • Oct 20
Third quarter 2021 earnings released: EPS د.إ0.06 (vs د.إ0.18 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: د.إ2.87b (up 6.9% from 3Q 2020). Net income: د.إ283.2m (down 66% from 3Q 2020). Profit margin: 9.9% (down from 31% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Jul 28
Second quarter 2021 earnings released: EPS د.إ0.05 (vs د.إ0.05 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: د.إ2.85b (up 7.0% from 2Q 2020). Net income: د.إ239.8m (up 11% from 2Q 2020). Profit margin: 8.4% (up from 8.1% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Price Target Changed • May 29
Price target increased to د.إ7.31 Up from د.إ6.83, the current price target is an average from 2 analysts. New target price is 11% above last closing price of د.إ6.59. Stock is up 28% over the past year. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS د.إ0.06 (vs د.إ0.078 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: د.إ2.88b (down 3.5% from 1Q 2020). Net income: د.إ257.1m (down 28% from 1Q 2020). Profit margin: 8.9% (down from 12% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 26
New 90-day high: د.إ6.80 The company is up 18% from its price of د.إ5.78 on 26 November 2020. The Emirian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.إ7.95 per share. Reported Earnings • Feb 10
Full year 2020 earnings released: EPS د.إ0.32 (vs د.إ0.38 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: د.إ11.1b (down 12% from FY 2019). Net income: د.إ1.44b (down 17% from FY 2019). Profit margin: 13% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 10
Revenue and earnings miss expectations Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 16%. Over the next year, revenue is forecast to grow 9.6%, compared to a 7.4% growth forecast for the Telecom industry in United Arab Emirates. Is New 90 Day High Low • Feb 02
New 90-day high: د.إ6.70 The company is up 23% from its price of د.إ5.43 on 05 November 2020. The Emirian market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.إ7.98 per share.