reports
- Talha Nazr
Mobily: Q2 23 Update | Margin expansion to drive earnings
We upgrade Mobily to Overweight with a revised PT of SAR50.0. The ongoing digitization initiatives, margin expansion, deleveraging and higher dividends are expected to drive the stock going forward. We expect net income to record a 3-year CAGR of 12.6% during 2022-2025f to reach SAR2.37bn while EBITDA margin is expected to expand from 40.0% in 2022 to 41.5% in 2025f. The stock is trading at 2023f P/E and EV/EBITDA of 18.9x and 6.6x vs the sector average of 16.6x and 7.0x, respectively. DIGITI...
- Talha Nazr
Mobily: Q4 22 results analysis – Margin expansion drives earnings grow...
Mobily reported a strong set of Q4 22 results with net income increasing by 88.9% yoy (+62.7% qoq) to SAR606mn. This is significantly higher than the SNB Capital and consensus estimates of SAR401mn and SAR320mn, respectively. The variance is mainly attributed to 1) higher than expected gross margins, which expanded by 215bps yoy to 60.3% vs our estimates of 59.0%, and 2) lower depreciation expense which stood at SAR843mn vs SAR1.0bn in Q4 21 and our estimates of SAR950mn. * Revenues increas...
- Talha Nazr
Mobily: Q3 22 Results Analysis | Strong revenue growth continues
Mobily reported a better than expected set of Q3 22 results with net income increasing by 32.7% yoy (+3.8% qoq) to SAR373mn. This is higher than the SNB Capital and consensus estimates of SAR333mn and SAR358mn, respectively. Revenues increased 6.2% yoy (-1.8% qoq) in-line with our estimates, mainly driven by growth in all business segments, FTTH and overall subscribers base. The positive variance in earnings is mainly attributed to 1) lower depreciation and impairment expenses which stood at ...
- Talha Nazr
Mobily Q3 22 Earnings Call | Tuesday 25 Oct 22 | Hosted by SNB Capital...
We host an earnings call with Mobily on Tuesday 25 October 2022 Dial in at 12:00 pm (GMT), 01:00 pm (London), 08:00 am (New York), 04:00 pm (Dubai) Hosted by Talha Nazr Dial- in Details Webex Link Access Code – 2392 294 2730 Password – Q32022
- Iyad KhalidÊGhulam
Mobily: Enterprise to drive growth, E& deal a key driver
We remain Neutral on Mobily with a PT of SAR42.0. Higher contribution from Enterprise business and growth in religious tourism are expected to support the topline, while the progress in Etisalat offer is expected to be the key stock driver in the short-term. We expect net income to record a CAGR of 12.8% in 2021-24f to reach SAR1.54bn by 2024f. The stock is trading at 2022f P/E and EV/EBITDA of 22.9x and 6.7x, compared to the peer group average of 27.9x and 6.9x, respectively. ETISALAT OFFER,...
With a more favourable environment, ETIHAD ETISALAT improves to Positi...
ETIHAD ETISALAT (SA), a company active in the Mobile Telecommunications industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date February 25, 2022, the closing price was SAR 34.75 and its potential w...
- Iyad KhalidÊGhulam
Mobily: Q2 21 review – Steady top-line growth and in-line results
Mobily reported an in-line set of Q2 21 results with a net income of SAR244mn, up 31.8% yoy (+8.0% qoq). This is broadly in-line with the SNB Capital and consensus estimates of SAR254mn and SAR258, respectively. The growth in earnings is attributed to a steady revenue growth of 4.8% yoy and lower expenses. * Revenues came in at SAR3.73bn, up 4.8% yoy (+3.5% qoq) and was in-line with our estimates. The company attributed the growth to higher income from the business unit, improvement in consu...
- Iyad KhalidÊGhulam
- Khaled Alderyaibi
Mobily: Stable results as operational efficiency continues
Mobily reported a strong earnings growth of 73.8% yoy (-8.1% qoq) to SAR226mn in Q1 21. However, it was lower than the NCBC and consensus estimates of SAR250mn and SAR253mn, respectively. Although revenues of SAR3.6bn were slightly higher than our estimates, the deviation is primarily on account of higher than expected financial and other expenses. REVENUES INCREASED BY 0.1% YOY (2.0% QOQ) TO SAR3.6BN AND WERE MARGINALLY HIGHER THAN OUR ESTIMATES OF SAR3.5BN The increase is mainly attributabl...
- Hassan Abdel Gelil
EEC AB | Raise TP 46%, on strong operational performance, deleveraging...
Stock fairly captures 2020 strong operational results. Mobily’s share rose 52% since Mar-21, despite the tough macro-economic pressures, as it was one of the few operators that grew its 9M20 y-o-y top line and EBITDA to 6% and 5%, respectively, on the enterprise and fixed broadband segments. This was accompanied by an increase in total profitability, due to the refinancing that took place in 2019, cutting interest charges by 38% y-o-y in 9M20, and the market speculation on dividend distribution,...
- Iyad KhalidÊGhulam
- Khaled Alderyaibi
Mobily: First dividends since 2014 are a milestone
Mobily made a long-awaited announcement of a cash dividend of SAR385mn (DPS of SAR0.5) for the fiscal year 2020. This is the first dividends since 2014 and reflects a dividend yield of 1.7%. We believe this is a key milestone for Mobily, confirming the recovery of the company following the aftermath of the accounting issues of 2014. Despite the low level of dividend yield, we expect the news to be perceived positively mainly by retail investors over the next week. However, we believe this is ...
- Iyad KhalidÊGhulam
Mobily: Towers sale and dividends are key catalysts
We remain Neutral on Mobily with a PT of SAR29.7. We expect earnings to grow 33.4% yoy to SAR810mn in 2021f driven by revenues growth of 5.2% yoy and lower interest expense (-10.4% yoy). The stock is trading at 2021f EV/EBITDA and PE of 5.3x and 27.8x, vs the peer average of 5.9x and 15.0x, respectively. Tower sale and potential dividends payment are the stock key catalysts.
- Iyad KhalidÊGhulam
Mobily: Margin expansion mitigates muted top-line
Mobily reported a better than expected set of Q3 20 results. The company reported a growth of 4.4 times increase in the net income to SAR222mn vs SAR51mn in Q3 19. This is the highest quarterly net income since 2014 and is higher than the NCBC and consensus estimates of SAR140mn and SAR190mn, respectively. The main highlight of the results is strong margin expansion, which we believe is driven by higher data consumption. We await for full results to update our estimates.
- Hassan Abdel Gelil
Saudi telecoms | Short-term outlook remains tough; Avoid sector
Tough regulations cloud telecoms market. Over the past 2-3 quarters, the CITC took measures, which clouded the sector in 1Q18 and should continue to in 2018, including: i) banning automatic renewal for bundles, as of Jan 2018, limiting revenue from out-of-bundle, ii) implementing a 5% VAT, starting Jan 2018, that should result in lower usage, iii) cutting MTR rates by 45% in Dec 2017, pressuring interconnection revenue, and iv) lifting the ban on VoIP services, as of end of 3Q17, decreasing reve...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Ziad Itani
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