External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Emirates Integrated Telecommun / Equity Bottom-Up

<ul><li>We revise our FV on Emirates Integrated Telecom company (Du) to AED8.06/sh. We maintain our HOLD recommendation and rollover our FV to Dec 2025</li><li>We expect Du earnings to grow on the back of higher margins resulting from a favorable new royalty structure and cost optimization.</li><li>We expect FY23-28e earnings CAGR of 11.9%, with revenues growing at a CAGR of 4.1% </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We revise our FV on Emirates Integrated Telecom company (Du) to AED8.06/sh. We maintain our HOLD recommendation and rollover our FV to Dec 2025We expect Du earnings to grow on the back of higher margins resulting from a favorable new royalty structure and cost optimization.We expect FY23-28e earnings CAGR of 11.9%, with revenues growing at a CAGR of 4.1% Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EITC (Du): Pure UAE Telecom Exposure with Dividend Play