Abu Dhabi-Mubasher: NBK Capital, the investment arm of National Bank of Kuwait (NBK), maintained its ‘Hold’ recommendation for Etisalat, with a fair value of AED 15.90.
Etisalat posted a marginal decline of 4% in FY15 net earnings to AED 8.27 billion, compared with AED 8.60 billion a year earlier.
The telco’s revenues increased by 6.6% year-on-year to AED 51.7 billion, 1% short of NBK Capital’s forecast of AED 52.2 billion. Revenues were driven by domestic market and full consolidation of Maroc Telecom, as well as a higher uptake of bundled services (voice and data) by both the consumer and enterprise segments, the research firm said.
Fourth-quarter net income increased by 17.14% year-on-year to AED 1.64 billion, compared with AED 1.40 billion the same period of 2014.
The stock closed Monday 1.25% higher at AED 16.25.
