Financials Emirates Integrated Telecommunications Company

Equities

DU

AEE000701012

Integrated Telecommunications Services

Market Closed - Dubai FM 06:57:53 2024-04-26 EDT 5-day change 1st Jan Change
5.62 AED -0.53% Intraday chart for Emirates Integrated Telecommunications Company -0.35% +8.29%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 25,022 26,064 30,008 26,291 23,526 25,475 - -
Enterprise Value (EV) 1 24,377 26,130 30,417 26,804 23,526 26,051 25,873 26,471
P/E ratio 14.5 x 18 x 27.6 x 21.5 x 14 x 13.7 x 12.8 x 12 x
Yield 6.16% 4.87% 3.17% 4.14% - 6.29% 6.72% 7.34%
Capitalization / Revenue 1.99 x 2.35 x 2.57 x 2.06 x 1.73 x 1.81 x 1.77 x 1.73 x
EV / Revenue 1.94 x 2.36 x 2.6 x 2.1 x 1.73 x 1.85 x 1.8 x 1.8 x
EV / EBITDA 4.29 x 5.8 x 6.62 x 5.21 x 4.06 x 4.23 x 4.12 x 4.06 x
EV / FCF 12.7 x 35.5 x 29.4 x 25.3 x - 14.8 x 12.6 x 11.7 x
FCF Yield 7.88% 2.82% 3.4% 3.95% - 6.76% 7.91% 8.58%
Price to Book 2.91 x 3.04 x 3.52 x 3 x - 2.67 x 2.61 x 2.54 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 5.620 5.620 5.620
Announcement Date 20-02-11 21-02-09 22-02-11 23-02-14 24-02-13 - - -
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 14,096 14,411 14,734
EBITDA 1 5,684 4,507 4,592 5,143 5,800 6,162 6,280 6,528
EBIT 1 3,750 2,616 2,567 3,031 3,601 3,811 3,899 4,080
Operating Margin 29.79% 23.61% 21.97% 23.76% 26.41% 27.04% 27.05% 27.69%
Earnings before Tax (EBT) 1 3,760 - 1,101 1,220 1,668 1,894 2,920 3,056
Net income 1 1,731 1,443 1,101 1,220 1,668 1,872 1,984 2,142
Net margin 13.75% 13.02% 9.42% 9.56% 12.23% 13.28% 13.77% 14.54%
EPS 2 0.3800 0.3200 0.2400 0.2700 0.3700 0.4101 0.4389 0.4683
Free Cash Flow 1 1,921 736.1 1,033 1,058 - 1,761 2,048 2,270
FCF margin 15.26% 6.64% 8.84% 8.3% - 12.49% 14.21% 15.41%
FCF Conversion (EBITDA) 33.79% 16.33% 22.49% 20.58% - 28.58% 32.61% 34.78%
FCF Conversion (Net income) 110.96% 51.02% 93.84% 86.76% - 94.05% 103.19% 105.98%
Dividend per Share 2 0.3400 0.2800 0.2100 0.2400 - 0.3533 0.3775 0.4125
Announcement Date 20-02-11 21-02-09 22-02-11 23-02-14 24-02-13 - - -
1AED in Million2AED
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1
Net sales 1 2,874 3,070 3,128 3,137 - 3,175 3,315 3,441 3,347 3,291 3,558 3,562
EBITDA 1 1,124 1,242 1,269 1,267 - 1,303 1,304 1,366 1,517 1,485 1,430 1,497
EBIT 1 - 702.7 754.9 753.1 - 783.3 738.9 852.9 922.1 932.4 892.7 948.5
Operating Margin - 22.89% 24.13% 24.01% - 24.67% 22.29% 24.79% 27.55% 28.33% 25.09% 26.63%
Earnings before Tax (EBT) - - - - - - - - 547.2 - - -
Net income 1 - 320.5 311.2 297.6 - 319.3 286.2 370.5 397.2 503.8 396.4 478
Net margin - 10.44% 9.95% 9.49% - 10.06% 8.64% 10.77% 11.87% 15.31% 11.14% 13.42%
EPS - - - - - - - 0.0800 - 0.1100 0.0900 -
Dividend per Share - - - - 0.1100 - - - - - - -
Announcement Date 21-10-19 22-02-11 22-04-28 22-07-22 22-07-22 22-11-01 23-02-14 23-05-03 23-07-26 23-10-30 24-02-13 -
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 - 576 398 996
Net Cash position 1 644 - - - - - - -
Leverage (Debt/EBITDA) - 0.0146 x 0.0891 x 0.0998 x - 0.0934 x 0.0634 x 0.1526 x
Free Cash Flow 1 1,921 736 1,033 1,058 - 1,761 2,048 2,270
ROE (net income / shareholders' equity) 20.2% 16.8% 12.9% 14.1% - 19.9% 20.6% 21.6%
ROA (Net income/ Total Assets) 10.4% 8.83% 6.76% 7.34% - 11% 11.3% 12.2%
Assets 1 16,676 16,347 16,273 16,625 - 17,073 17,509 17,510
Book Value Per Share 2 1.900 1.890 1.880 1.930 - 2.110 2.160 2.220
Cash Flow per Share - - - - - - - -
Capex 1 1,351 2,009 1,998 2,565 - 2,128 2,166 2,231
Capex / Sales 10.73% 18.13% 17.1% 20.11% - 15.09% 15.03% 15.14%
Announcement Date 20-02-11 21-02-09 22-02-11 23-02-14 24-02-13 - - -
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
5.62 AED
Average target price
7.049 AED
Spread / Average Target
+25.42%
Consensus
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