EMIRATES TELECOMMUNICATIONS GROUP COMPANY

Financials Emirates Telecommunications Group Company

Equities

EAND

AEE000401019

Integrated Telecommunications Services

Delayed Abu Dhabi Securities Exchange Other stock markets 02:36:33 2024-05-02 am EDT			5-day change	1st Jan Change
16.42 ^AED	+1.23%		-3.53%	-16.50%

07:11am	Etisalat Group Denies Potential Acquisition of United Group	MT
04:47am	Etisalat Shares Recommence Trading on Abu Dhabi Exchange	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	142,279	146,975	275,687	198,808	170,804	144,540	-	-
Enterprise Value (EV) ¹	136,511	145,116	275,498	217,068	194,318	165,231	160,412	160,397
P/E ratio	16.4 x	16.3 x	29.6 x	19.9 x	16.6 x	13.9 x	13.2 x	12.3 x
Yield	4.89%	4.73%	2.52%	3.5%	-	5%	5.34%	5.61%
Capitalization / Revenue	2.73 x	2.84 x	5.17 x	3.79 x	3.18 x	2.61 x	2.56 x	2.46 x
EV / Revenue	2.62 x	2.81 x	5.16 x	4.14 x	3.62 x	2.98 x	2.84 x	2.73 x
EV / EBITDA	4.98 x	5.23 x	10.5 x	8.11 x	7.41 x	6.06 x	5.74 x	5.47 x
EV / FCF	12.8 x	12.2 x	28.3 x	19.6 x	24.5 x	13.1 x	12.9 x	11 x
FCF Yield	7.8%	8.18%	3.54%	5.11%	4.07%	7.62%	7.77%	9.06%
Price to Book	3.05 x	3 x	7.37 x	4.7 x	4 x	2.84 x	2.65 x	2.43 x
Nbr of stocks (in thousands)	8,696,754	8,696,754	8,696,754	8,696,754	8,696,754	8,696,754	-	-
Reference price ²	16.36	16.90	31.70	22.86	19.64	16.62	16.62	16.62
Announcement Date	2/18/20	2/14/21	2/14/22	2/13/23	2/21/24	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	52,186	51,708	53,342	52,432	53,752	55,376	56,527	58,720
EBITDA ¹	27,426	27,768	26,232	26,761	26,214	27,266	27,929	29,313
EBIT ¹	14,098	14,471	12,792	12,924	12,832	14,641	15,516	16,691
Operating Margin	27.01%	27.99%	23.98%	24.65%	23.87%	26.44%	27.45%	28.42%
Earnings before Tax (EBT) ¹	11,109	11,766	12,804	12,278	12,698	13,878	14,831	16,513
Net income ¹	8,693	9,027	9,317	10,007	10,305	10,608	11,045	12,234
Net margin	16.66%	17.46%	17.47%	19.09%	19.17%	19.16%	19.54%	20.84%
EPS ²	1.000	1.040	1.070	1.150	1.180	1.197	1.260	1.347
Free Cash Flow ¹	10,653	11,873	9,749	11,097	7,918	12,583	12,468	14,535
FCF margin	20.41%	22.96%	18.28%	21.16%	14.73%	22.72%	22.06%	24.75%
FCF Conversion (EBITDA)	38.84%	42.76%	37.16%	41.47%	30.21%	46.15%	44.64%	49.58%
FCF Conversion (Net income)	122.55%	131.53%	104.63%	110.89%	76.84%	118.62%	112.89%	118.8%
Dividend per Share ²	0.8000	0.8000	0.8000	0.8000	-	0.8312	0.8880	0.9320
Announcement Date	2/18/20	2/14/21	2/14/22	2/13/23	2/21/24	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	13,613	13,331	12,996	12,973	13,132	13,002	13,614	13,397	13,738	14,214	14,159	13,933	14,315
EBITDA	6,290	6,806	6,489	6,841	6,424	5,902	6,567	6,981	6,764	6,369	-	-	-
EBIT ¹	2,890	3,416	3,263	3,320	2,926	2,939	3,590	3,630	2,673	4,810	3,424	3,670	-
Operating Margin	21.23%	25.62%	25.11%	25.59%	22.28%	22.6%	26.37%	27.1%	19.45%	33.84%	24.18%	26.34%	-
Earnings before Tax (EBT)	2,900	3,143	2,740	3,245	-	2,612	3,219	3,617	-	2,943	-	-	-
Net income	2,136	2,434	2,431	2,484	2,658	2,187	2,522	2,979	2,616	2,330	-	-	-
Net margin	15.69%	18.26%	18.71%	19.14%	20.24%	16.82%	18.53%	22.24%	19.04%	16.39%	-	-	-
EPS ²	0.2400	0.2800	0.2800	0.2900	0.3000	0.2500	0.2900	0.3400	0.3000	0.2700	0.2900	0.3000	0.3600
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/14/22	4/25/22	8/1/22	11/1/22	2/13/23	5/2/23	8/1/23	10/31/23	2/21/24	4/30/24	-	-	-

¹AED in Million²AED

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	18,260	23,514	20,691	15,872	15,857
Net Cash position ¹	5,768	1,859	189	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.6823 x	0.897 x	0.7589 x	0.5683 x	0.5409 x
Free Cash Flow ¹	10,653	11,873	9,749	11,097	7,918	12,583	12,468	14,535
ROE (net income / shareholders' equity)	19%	18.4%	19.3%	22.3%	24.3%	22%	21.3%	21.2%
ROA (Net income/ Total Assets)	6.86%	6.91%	7.13%	7.32%	7.06%	7.57%	7.61%	8.45%
Assets ¹	126,756	130,649	130,609	136,641	145,995	140,126	145,199	144,786
Book Value Per Share ²	5.360	5.640	4.300	4.860	4.910	5.850	6.270	6.830
Cash Flow per Share ²	2.230	2.180	2.080	2.200	1.750	1.980	2.000	2.100
Capex ¹	8,773	7,096	8,362	8,037	7,287	7,926	7,929	8,202
Capex / Sales	16.81%	13.72%	15.68%	15.33%	13.56%	14.31%	14.03%	13.97%
Announcement Date	2/18/20	2/14/21	2/14/22	2/13/23	2/21/24	-	-	-

¹AED in Million²AED

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Emirates Telecommunications Group Company

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

16.62 AED

Average target price

20.26 AED

Spread / Average Target

+21.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-16.50%	39.35B
CHINA MOBILE LIMITED	+7.48%	196B
VERIZON COMMUNICATIONS	+3.98%	165B
DEUTSCHE TELEKOM AG	-1.20%	114B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-1.10%	90.97B
CHINA TELECOM CORPORATION LIMITED	+13.64%	72B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+5.15%	59.29B
SAUDI TELECOM COMPANY	-6.81%	49.58B
CHARTER COMMUNICATIONS, INC.	-33.18%	37.4B
BCE INC.	-12.28%	30.34B

Other Integrated Telecommunications Services