Emirates Telecom

Pages 48
Tables 33
Charts 10
Price $100

• Emirates Telecommunication Corp Ltd, better known as Etisalat, began its operations in 1976 in the UAE. It enjoyed monopoly in UAE telecom sect.....


• Emirates Telecommunication Corp Ltd, better known as Etisalat, began its operations in 1976 in the UAE. It enjoyed monopoly in UAE telecom sector until 2008. It is still UAE’s largest telecom service provider in terms of revenues as well as number of subscribers. UAE government owns 60% stake in Etisalat through the Emirates Investment Authority. 
• Etisalat provides fixed-line, mobile, internet, and other telecommunications services in UAE. It provides some or all of these services in other countries based upon the licensing in respective countries. 
• Etisalat currently operates in 12 countries and has aggregate subscriber base of 169 million as of 31st Dec 2014. Etisalat has 680 roaming partners across the world to provide connectivity to its customers, most of them expatriates. The market capitalization of Etisalat is USD 9.7 billion, second largest amongst GCC telecom companies after Saudi Telecom Company with a market cap of USD 12.04 billion. Etisalat has 63% market share by revenue. 
• Revenues grew at a rate of 26% in 2014. The revenue growth can be attributed to international operations. Revenue from international operations grew at 55% in 2014 primarily due to the acquisition of Maroc Telecom.


  1. Executive Summary
  2. Business Overview
    • Overview
    • Porter five force analysis
    • STEEPLED analysis
  3. Financial Overview
    • Revenues
    • Cost Structure
    • DuPont Analysis
    • Balance Sheet Strength
    • Cash flow from Operations
    • Capital Expenditure
    • Earnings Quality
  4. Projections
  5. Peer Comparison
    • Global Peers
  6. Share Market Overview
    • Dividend
    • Risk Metrics
    • Liquidity
    • Analyst Calls
  7. Appendix
    • Sector Overview
    • Sector Growth Drivers
    • Corporate Governance

Tables & Charts

1.1     Summary
1.2     Business View
1.3     Financial View (Long-term Trend)
2.1     Ownership interests as on 31st December 2014
2.2     Performance Indicators 
2.3    Subscriber growth
2.4     Growth rates of various performance indicators
2.5    Summary of Porter’s Five Forces analysis
2.6    Summary of STEEPLED Analysis
2.7    SWOT Analysis
3.1     Revenue Growth Analysis
3.2     Cost Structure
3.3     DuPont Analysis
3.4     Balance Sheet Strength
3.5     Earnings Quality 
3.6     Earnings Quality Components
4.1    Projections for Income Statement, Balance Sheet 
4.2    Projections for Balance Sheet
4.3    Revenue Forecast
4.4    Cost of goods sold
4.5    Property Plant and Equipment
4.6    Capex
5.1    Comparison with Regional peers
5.2    Comparison with Global peers 
6.1    Dividends
6.2    Risk Metrics
6.3    Liquidity Metrics
6.4    Analyst calls
7.1    Projections for Income Statement 
7.2    Projections for Balance Sheet
7.3    Market Structure
7.4    Senior Management Team
7.5    Board of Directors

2.1     Key Milestones
2.2     Shareholding Pattern 2015
2.3     Revenues from investments in USD millions
3.1    Cash Flow Indicators: CFO (USD mn), CFO/Sales ratio
3.2     Capex as percentage of operating revenue
5.1     Market Share – Mobile segment
5.2    Market share – Fixed Line segment
6.1     Etisalat vs Abu Dhabi Stock Index (ADX), 
6.2     Etisalat Volume Traded (in mn) vs. Price
6.3     Risk vs. Return: ETEL and peers

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Emirates Telecom

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