March 30, 2023

Dubai Week

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21.2 dirhams, the target share price of “Etisalat” within 12 months

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Abu Dhabi Market

80% of rating agencies recommend selling Etisalat shares.

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Eight out of 10 local and international financial institutions recommend selling shares of Emirates Telecommunications Group, with only 20% recommending a hold.

The companies set an average target price of 21.2 dirhams per share within 12 months.

Citibank was among the global companies recommending to hold the stock Fair price per share At 25 dirhams.

For JP Morgan, the fair price per share was pegged at 21 dirhams and the stock was recommended to sell.

The Goldman Sachs group also recommends sell, and sees a fair price of 22.2 dirhams per share.

For local companies holding shares, First Abu Dhabi Bank gave its recommendation to hold the stock, and set the fair price at AED 25.

Arkham Capital sees a fair price of AED 19 and recommends the stock a sell, while EF Hermes also recommends a sell and sees a fair price of AED 20.

Since the beginning of the year, the performance of “Etisalat” stock has increased by 10%, while the stock has decreased by 30% in a full year.

The stock rose 0.3% against the Abu Dhabi market index in the one-year period.

Salic assessment

Regarding the company “Salik” in Dubai, which announced distributions, there are six financial institutions, both local and international, of which more than 83% recommended to buy the share.

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17% of them recommend holding the stock “Salik”, and the average target price, within 12 months, is 2.95 dirhams per share.

And “Citibank” came among the international banks recommending to buy the shares, and the bank sees the fair price of the share as 3 dirhams.

“JP Morgan” finds a fair price per share of 3 dirhams and recommends buying the stock, while “Goldman Sachs” finds a fair price per share of 2.81 dirhams and recommends holding.

Hermes sees a fair price for Salik at AED 2.75 and recommends buying the stock.

Salik shares are up 13% since the start of the year, but since listing on September 29, 2022, the stock is up 40%.

Salik shares are up 0.25% year-to-date against the Dubai Financial Market Index.

Recommendations for “Etisalat” and “Salik” shares were in place before the dividend was paid this morning, so they may be updated.

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