Etisalat Q3 2016 review

​In line operational performance, but EPS misses estimates on one-offs.​Revenue growth is above the guidance, which was upped to +2% y/y for FY 16e. EBITDA margins are flat y/y at 51.5%; the guidance for FY16e was increased from 48-50% to 50%.Adjusted for one-off losses of AED 349m (on disposal of Canar asset in Sudan), EPS is +2.8% above consensus (vs. -13% on unadjusted EPS).Potential double-digit Q4 16e EPS decline on unlikelihood of UAE margin recovery, and potential one-off impairments ...