Financials Emirates Integrated Telecommunications Company

Equities

DU

AEE000701012

Integrated Telecommunications Services

Market Closed - Dubai FM 06:55:02 2024-07-12 am EDT 5-day change 1st Jan Change
5.83 AED -0.34% Intraday chart for Emirates Integrated Telecommunications Company +1.92% +12.33%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 25,022 26,064 30,008 26,291 23,526 26,427 - -
Enterprise Value (EV) 1 24,377 26,130 30,417 26,804 23,694 26,866 26,522 26,186
P/E ratio 14.5 x 18 x 27.6 x 21.5 x 14 x 13.6 x 12.7 x 12.1 x
Yield 6.16% 4.87% 3.17% 4.14% 6.55% 6.31% 6.76% 7.44%
Capitalization / Revenue 1.99 x 2.35 x 2.57 x 2.06 x 1.73 x 1.87 x 1.83 x 1.79 x
EV / Revenue 1.94 x 2.36 x 2.6 x 2.1 x 1.74 x 1.9 x 1.84 x 1.78 x
EV / EBITDA 4.29 x 5.8 x 6.62 x 5.21 x 4.09 x 4.34 x 4.22 x 4.04 x
EV / FCF 12.7 x 35.5 x 29.4 x 25.3 x 10.8 x 14.9 x 13 x 11.5 x
FCF Yield 7.88% 2.82% 3.4% 3.95% 9.28% 6.71% 7.67% 8.67%
Price to Book 2.91 x 3.04 x 3.52 x 3 x 2.55 x 2.69 x 2.61 x 2.48 x
Nbr of stocks (in thousands) 4,532,906 4,532,906 4,532,906 4,532,906 4,532,906 4,532,906 - -
Reference price 2 5.520 5.750 6.620 5.800 5.190 5.830 5.830 5.830
Announcement Date 2/11/20 2/9/21 2/11/22 2/14/23 2/13/24 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 12,588 11,084 11,682 12,754 13,636 14,119 14,429 14,732
EBITDA 1 5,684 4,507 4,592 5,143 5,800 6,189 6,292 6,481
EBIT 1 3,750 2,616 2,567 3,031 3,601 3,870 3,951 4,117
Operating Margin 29.79% 23.61% 21.97% 23.76% 26.41% 27.41% 27.38% 27.94%
Earnings before Tax (EBT) 1 3,760 - 1,101 1,220 2,158 2,085 2,610 2,758
Net income 1 1,731 1,443 1,101 1,220 1,668 1,966 2,086 2,196
Net margin 13.75% 13.02% 9.42% 9.56% 12.23% 13.93% 14.46% 14.91%
EPS 2 0.3800 0.3200 0.2400 0.2700 0.3700 0.4300 0.4574 0.4826
Free Cash Flow 1 1,921 736.1 1,033 1,058 2,198 1,804 2,033 2,270
FCF margin 15.26% 6.64% 8.84% 8.3% 16.12% 12.77% 14.09% 15.41%
FCF Conversion (EBITDA) 33.79% 16.33% 22.49% 20.58% 37.9% 29.14% 32.31% 35.03%
FCF Conversion (Net income) 110.96% 51.02% 93.84% 86.76% 131.77% 91.73% 97.49% 103.38%
Dividend per Share 2 0.3400 0.2800 0.2100 0.2400 0.3400 0.3680 0.3940 0.4340
Announcement Date 2/11/20 2/9/21 2/11/22 2/14/23 2/13/24 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2
Net sales 1 3,070 3,128 3,137 - 3,175 3,315 3,441 3,347 3,291 3,558 3,581 3,568
EBITDA 1 1,242 1,269 1,267 - 1,303 1,304 1,366 1,517 1,485 1,430 1,587 1,561
EBIT 1 702.7 754.9 753.1 - 783.3 738.9 852.9 922.1 932.4 892.7 1,065 1,027
Operating Margin 22.89% 24.13% 24.01% - 24.67% 22.29% 24.79% 27.55% 28.33% 25.09% 29.74% 28.79%
Earnings before Tax (EBT) - - - - - - - 547.2 - - - -
Net income 1 320.5 311.2 297.6 - 319.3 286.2 370.5 397.2 503.8 396.4 602.9 546
Net margin 10.44% 9.95% 9.49% - 10.06% 8.64% 10.77% 11.87% 15.31% 11.14% 16.83% 15.3%
EPS - - - - - - 0.0800 - 0.1100 0.0900 - -
Dividend per Share - - - 0.1100 - - - - - - - -
Announcement Date 2/11/22 4/28/22 7/22/22 7/22/22 11/1/22 2/14/23 5/3/23 7/26/23 10/30/23 2/13/24 4/29/24 -
1AED in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 65.9 409 514 168 439 95.5 -
Net Cash position 1 644 - - - - - - 241
Leverage (Debt/EBITDA) - 0.0146 x 0.0891 x 0.0998 x 0.029 x 0.071 x 0.0152 x -
Free Cash Flow 1 1,921 736 1,033 1,058 2,198 1,804 2,033 2,270
ROE (net income / shareholders' equity) 20.2% 16.8% 12.9% 14.1% 18.5% 20.9% 21.6% 22.3%
ROA (Net income/ Total Assets) 10.4% 8.83% 6.76% 7.34% 9.73% 11.6% 12% 12.5%
Assets 1 16,676 16,347 16,273 16,625 17,137 16,950 17,417 17,567
Book Value Per Share 2 1.900 1.890 1.880 1.930 2.040 2.170 2.230 2.350
Cash Flow per Share - - - - - - - -
Capex 1 1,351 2,009 1,998 2,565 2,228 2,162 2,171 2,180
Capex / Sales 10.73% 18.13% 17.1% 20.11% 16.34% 15.31% 15.05% 14.8%
Announcement Date 2/11/20 2/9/21 2/11/22 2/14/23 2/13/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
5.83 AED
Average target price
7.121 AED
Spread / Average Target
+22.15%
Consensus
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