External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Emirates Telecommunications Gr / Equity Bottom-Up

<ul><li>We upgrade the stock to buy as we see earnings recovery with growing domestic telecom business, exponential pick-up in  Eand enterprise and Eand life and margin stabilization for the international business</li><li>We expect group earnings to grow at a CAGR of 4</li><li>3% between FY23-28e and revenues to grow at a CAGR of 5</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 upgrade the stock to buy as we see earnings recovery with growing domestic telecom business, exponential pick-up in  Eand enterprise and Eand life and margin stabilization for the international businessWe expect group earnings to grow at a CAGR of 43% between FY23-28e and revenues to grow at a CAGR of 5Content 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.

EAND: There Is More than Meets the Eye: Upgrade to Buy, Revise Fair Value to AED20.00/Sh.