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e& (Etisalat Group) (EAND) AED

e& (Etisalat Group) is a telecommunications operator based in the United Arab Emirates, providing mobile, fixed-line, broadband, and digital services to consumers and businesses in the UAE and internationally through its subsidiaries and investments.

At a glance: strengths & risks
✓Revenue growing (+6% y/y, Q2 2026)✓Low leverage (0.9x EBITDA)✗Profit falling (-10% y/y, Q2 2026)

Sector: Telecom

AE_EAND

Price chart

20.88 AEDDay —

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
20.88 AED
Market cap
181.6 bn AED

Growth

Δ revenue y/y
6.4%
Δ EBITDA y/y
22.4%

Multiples

P/E (LTM)
15.7x
P/B (FY)
2.9x
P/E (ann.)
14.5x
EV/EBITDA (LTM)
6.4x
EV/EBITDA (ann.)
6.1x

Cash return

Dividend yield
—
FCF yield (LTM)
5.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+22.9%
↓ details

Liquidity

Daily turnover
—

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B AED, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB AEDOperating profitB AEDD&AB AEDEBITDAB AEDNet profitB AEDOperating CFB AEDCapex + M&AB AEDAssetsB AEDEquityB AEDROE (annualized)Net debtB AEDSource
2026-06-30Q2 2026 (3M)PARTIAL19.2
y/y 6.4%
6.2
y/y 13.0%
—
y/y —
—
y/y —
3.1
y/y -10.1%
-9.9—200.9
y/y 5.5%
63.6
y/y 4.0%
20.2%36.2Link
2026-03-31Q1 2026 (3M)OK19.4
y/y 15.1%
5.7
y/y 12.1%
3.3
y/y 44.1%
9.0
y/y 22.1%
2.9
y/y -46.2%
7.6-1.7207.7
y/y 8.1%
59.9
y/y 0.8%
19.0%25.7Link
2025-12-31Q4 2025 (3M)OK19.3
y/y 17.3%
5.5
y/y 7.9%
2.9
y/y 45.2%
8.4
y/y 18.4%
2.5
y/y 11.0%
10.2-3.1205.1
y/y 11.9%
61.8
y/y 14.5%
23.3%29.2Link
2025-09-30Q3 2025 (3M)OK18.6
y/y 29.2%
5.4
y/y 15.9%
3.0
y/y 59.4%
8.4
y/y 28.5%
3.0
y/y 0.8%
9.7-2.3194.1
y/y 33.2%
61.4
y/y 22.8%
6.5%30.2Link
2025-06-30Q2 2025 (3M)OK18.0
y/y 28.1%
5.5
y/y 13.5%
2.6
y/y 48.5%
8.1
y/y 22.7%
3.5
y/y 9.7%
1.6-1.6190.4
y/y 33.0%
61.1
y/y 21.1%
23.1%29.3Link
2025-03-31Q1 2025 (3M)OK16.9
y/y 18.7%
5.0
y/y 15.8%
2.3
y/y 30.7%
7.4
y/y 20.1%
5.4
y/y 129.9%
4.6-1.1192.2
y/y 30.2%
59.4
y/y 16.7%
37.8%16.9Link
2024-12-31Q4 2024 (3M)OK16.5
y/y 19.9%
5.1
y/y 50.4%
2.0
y/y -22.9%
7.1
y/y 18.7%
2.3
y/y -12.3%
10.5-2.2183.3
y/y 24.2%
53.9
y/y 4.3%
20.7%28.6Link
2024-09-30Q3 2024 (3M)OK14.4
y/y 7.7%
4.7
y/y 4.9%
1.9
y/y 8.9%
6.6
y/y 6.0%
3.0
y/y -0.6%
7.0-1.6145.7
y/y 4.5%
50.0
y/y 3.9%
7.9%18.3Link
2024-06-30Q2 2024 (3M)OK14.1
y/y 3.5%
4.8
y/y 19.2%
1.7
y/y -0.9%
6.6
y/y 13.2%
3.2
y/y 25.5%
-0.9-1.7143.2
y/y 3.1%
50.5
y/y 3.4%
25.0%19.1Link
2024-03-31Q1 2024 (3M)OK14.2
y/y 9.3%
4.4
y/y 28.0%
1.8
y/y 0.4%
6.1
y/y 18.6%
2.3
y/y 6.5%
5.2-1.2147.7
y/y 0.6%
50.9
y/y -1.2%
18.2%11.7Link
2023-12-31Q4 2023 (3M)OK13.7
y/y —
3.4
y/y —
2.6
y/y —
5.9
y/y —
2.6
y/y —
6.5-2.0147.6
y/y —
51.7
y/y —
20.6%15.0Link
2023-09-30Q3 2023 (3M)OK13.4
y/y —
4.4
y/y —
1.8
y/y —
6.2
y/y —
3.0
y/y —
5.7-1.6139.5
y/y —
48.2
y/y —
8.2%17.4Link
2023-06-30Q2 2023 (3M)OK13.6
y/y —
4.1
y/y —
1.7
y/y —
5.8
y/y —
2.5
y/y —
-0.9-1.5138.8
y/y —
48.8
y/y —
20.1%17.7Link
2023-03-31Q1 2023 (3M)OK13.0
y/y —
3.4
y/y —
1.8
y/y —
5.2
y/y —
2.2
y/y —
3.9-0.9146.7
y/y —
51.5
y/y —
—10.4Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AED mln)

05 00010 00015 00020 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%10%20%30%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (AED mln)

-20 000-10 000010 00020 00030 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (AED mln)

010 00020 00030 00040 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.86x of reported net profit; after capex, 1.25x.
year2022202320242025
cash flow / profit1.91x1.48x2.02x1.81x
accruals, % of assets-6.3%-3.3%-6.0%-5.7%
Last twelve months (to 2026-06-30): 1.52x of profit came back as operating cash flow.
net debt / EBITDA 0.9x · capex 0.8x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +22.9%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (8 988 − 7 358) × 3.76
6 134
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (181 588 + 36 161) ÷ 33 830
6.4x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (6.4 + 10) ÷ 2
8.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -8 866 + 0 + 0 − 0
-8 866
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (6 134 × 8.2 + -8 866) ÷ 181 588
+22.9%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +23% vs +10% the year before — a +12.9 pp move. 3-year CAGR +12%.
revenue growth by year: 2023 +3% · 2024 +10% · 2025 +23%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Telecom. Each peer is shown as it trades and re-priced onto this company's market (UAE) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KT CorporationKorea9.03.5x4.9x
America Movil (AMX)Mexico66.34.4x6.0x
Telefonica Brasil (Vivo)Brazil20.04.5x6.4x
Telkom IndonesiaIndonesia12.33.1x6.6x
MTN GroupSouth Africa20.83.5x6.9x
MTSRussia4.53.4x8.6x
PLDTPhilippines4.15.4x9.6x
Globe TelecomPhilippines3.65.7x10.0x
Vodacom GroupSouth Africa18.15.3x10.4x
du (EITC)UAE15.110.5x10.5x
Kcell JSCKazakhstan2.913.7x21.7x
TIM S.A.Brazil43.716.5x23.5x
Group median4.9x9.1x
Group average6.6x10.4x
This companyUAE49.46.4x6.4x

Group median 4.9x as traded, 9.1x adjusted; this company 6.4x — a 29% discount.

Group average 6.6x as traded, 10.4x adjusted; against the average this company is at a 38% discount.

At the adjusted group median the market cap would be +48% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.0x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.3x, India 18.4x, Indonesia 4.7x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-15; the company's own is live.

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.adx.ae/en/main-market/company-profile/financial-reports?symbols=EAND

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of e& (Etisalat Group) (EAND) — from primary filings.

Frequently asked questions

What is e& (Etisalat Group) (EAND)'s P/E ratio?
e& (Etisalat Group) (EAND) trades at a P/E of 15.7x (price to trailing 12-month earnings).
What is e& (Etisalat Group) (EAND)'s EV/EBITDA?
e& (Etisalat Group) (EAND) trades at 6.4x EV/EBITDA.
What is e& (Etisalat Group) (EAND)'s P/B ratio?
e& (Etisalat Group) (EAND) trades at a P/B of 2.9x.
What is e& (Etisalat Group) (EAND)'s return on equity (ROE)?
e& (Etisalat Group) (EAND)'s ROE is 20.2%.
What is e& (Etisalat Group) (EAND)'s market capitalization?
e& (Etisalat Group) (EAND)'s market cap is 181.6 bn AED.

See also: UAE Stocks (2026): Tax-Free Dividends in Dubai and Abu Dhabi · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map