Abu Dhabi-Mubasher: HSBC’s research unit lowered the fair value of Etisalat by 7.7% to AED 15 from AED 16.25, with “Hold” recommendation, according to a recent report.
The research unit’s assessment followed the decline in oil prices.
The telecom operator showed an improvement in 2015, especially in the third quarter, as its subscribers grew 7% and revenues rose 6%.
Etisalat’s stock reached AED 16.15 on Thursday, becoming the value leader with turnover reaching AED 45.50 million.
The company’s market share of customers reached 11.6 million in Q3-15, with 7% annual growth.
