DECEMBER
2012
Qatar
Telecommunication
Company (QTEL)
Research Division
Company Reports
Coverage Initiation Report
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DIVISION
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Syed Taimure Akhtar
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Analyst
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DECEMBER
2012
Qatar Telecom (QTEL)
•
Increase in Wataniya stake: QTEL recently raised its stake in Wataniya
(Kuwait Telecom Operator) from 52.5% to 92.1%. Wataniya’s management
was not able to fully capitalize on the opportunities that were being provided
by the developing markets like Algeria, and Tunisia. With QTEL taking over
the management of the company, backed by the strong historical result,
we can see QTEL making some strategic decisions, even going as further
as getting rid of the loss-making subsidiaries, which we believe will be the
right move, given the negative impact these subsidiaries have been having
on the company’s financials.
Investment Snapshot
2011
2012
2013
2014
2015
Revenue
Net profit for the period
EBITDA Margins
EBIT Margins
Net Margins
ROE
ROA
PE (x)
EV/EBITDA (x)
31,765
5,943
50%
28%
19%
15%
6%
6.37
3.77
33,909
5,673
47%
25%
17%
13%
5%
8.64
4.31
36,883
6,139
47%
25%
17%
13%
6%
6.78
3.97
38,907
6,447
47%
24%
17%
13%
6%
6.46
3.71
40,351
6,275
47%
23%
16%
12%
6%
6.64
3.61
•
Valuation: QTEL strong international presence along with its wide array of
services, has resulted in a strong brand. We believe the increase in Wataniya
stake will have a positive impact on the company’s earnings. We initiate our
Coverage on QTEL with an “Overweight” stance.
•
Risks to our Valuation:
•
Foreign exchange risk: QTEL generates more than 80% of its revenue
from the international markets, due to which it is always susceptible
to foreign exchange movement. Given the prevalent risk of currency
depreciation we have assumed a currency translation risk factor in our
valuation.
•
Wataniya’s acquisition: The company has increased its stake in Wataniya
(Kuwait) to 92.1%. Although we have assumed that this is the right step
and QTEL’s management will be able to improves Wataniya’s earnings.
However if the management is not able to execute it plans, we believe
our estimation will have to subsided. We assumed a discount factor for
Wataniya’s acquisition.
Current Price:
QAR 103.9
QAR 130
12-month price target:
25.1%
Upside/(Downside):
Price Chart
QTEL-LHS
Qatar Se-RHS
135
125
115
105
5-Oct-12
5-Nov-12
5-Sep-12
5-Jul-12
5-Aug-12
5-Jun-12
5-Apr-12
85
5-May-12
95
5-Mar-12
Data services the real growth driver: With the advent of smart phone,
and a meteoric rise in their sales, telecom operators all across the globe
are concentrating their efforts to the make the data services (internet) as
efficient and fast as possible, and with the penetration levels crossing
100%, we believe the consumers are already switching from normal mobile
to smart phones, which consequently will result in higher data demand.
Overweight
5-Jan-12
•
Customers base likely to slow down: QTEL had a cumulative customer
base of over 102 mn towards the end of 3Q-2012, out of which in
accordance with QTEL share in respective company’s, the diluted
customer base stands at 68.1mn. QTEL customer base has shown a 3 Year
CAGR of 14.2%.As penetration level crossed 100% in QTEL countries of
operation, and 200% in Qatar, therefore, we expect the customer growth
to slowdown. Our customer base growth assumption is roughly based on
the future population growth, subscribers penetration and the company’s
market share.
Rating:
5-Feb-12
•
Multinational Telecom operator: Qatar Telecommunication Company
(QTEL) is a multinational Telecom operator that operates in the MENA and
Asian region through its subsidiaries and affiliates. The government of
Qatar holds 68% stake in the company directly and indirectly, which gives
the company a strong financial backing.
5-Dec-11
•
9000
8900
8800
8700
8600
8500
8400
8300
8200
8100
8000
Key Information
Reuters Code
QTEL.QA
Bloomberg Code
QTEL:QD
Country:
Qatar
Sector:
Telecommunication
Primary Listing:
Qatar SE, Abu Dhabi SE
M-Cap:
52 Weeks H/L:
QAR 33,281mn
123.30/93.77
DECEMBER
2012
Valuation
SOPM ( Sum of The Parts Method)
•
•
•
•
•
•
•
We have used SOPM method to arrive at the Price target of the company.
The value of the company’s are calculated on Discounted Cash Flow Methodology.
We have taken Debt : Equity of 47% : 53%.
Since the QTEL operates on a multinational scale, it is always susceptive to currency
risk. We have assumed currency risk factor based on the currency performance in the
last 2 years
We have also assumed the risk factor for QTEL, for raising its stake in Wataniya (Kuwait)
and its subsidiaries.
Required return on equity (Ke) is based on country risk on Damodaran’s assumptions for
Jan-2012, Country default (spreads) are based on Moody’s rating.
2 yrs weekly beta’s are taken from Bloomberg, We have assumed Wataniya’s Beta for
its subsidiaries.
Required Return
on Equity
Qatar
Indonesia
Iraq
Oman
Kuwait
Algeria
Tunisia
Palestine
Maldives
Saudi Arabia
Wi-tribe Limited
Risk Free rate
Market Return
2.5%
4.4%
8.0%
2.9%
3.0%
2.9%
2.9%
12.0%
6.0%
2.7%
8.0%
12.0%
12.1%
15.0%
10.3%
10.3%
15.0%
15.0%
30.0%
17.0%
13.9%
17.0%
Beta
(Bloomberg)
Ke
0.77
0.85
1.00
1.19
1.08
1.08
1.08
1.08
1.08
1.10
1.00
9.8%
11.0%
15.0%
11.7%
10.9%
15.9%
15.9%
31.4%
17.8%
15.1%
17.0%
Source: Bloomberg, Aljazira Research
Weighted Average
Cost of Capital
Qatar
Indonesia
Iraq
Oman
Kuwait
Algeria
Tunisia
Palestine
Maldives
Saudi Arabia
Multiple
WdKd
WeKe
4.7%
5.7%
6.2%
4.7%
4.7%
5.7%
5.7%
7.1%
5.7%
3.8%
6.2%
5.2%
5.8%
7.9%
6.1%
5.7%
8.4%
8.4%
16.5%
9.4%
7.9%
8.9%
Currency
Wataniaya
translation risk acqusition risk
0.0%
5.0%
0.5%
0.0%
1.0%
3.0%
3.0%
3.0%
1.0%
0.0%
0.0%
0.0%
0.0%
5.0%
0.0%
5.0%
5.0%
5.0%
5.0%
5.0%
0.0%
0.0%
WACC
9.9%
16.5%
19.6%
10.9%
16.5%
22.1%
22.1%
31.6%
21.1%
11.7%
15.1%
Source: Bloomberg, Aljazira Research
Company
Country
Discounted FCF
QTEL
Qatar
INDOSAT
Indonesia
ASIA CELL
Iraq
NAWRAS
Oman
WATANIYA
Kuwait
NEDJMA
Algeria
TUNISIANA
Tunisia
WATANIYA Mobile
Palestine
BRAVO
Saudi Arabia
Wataniya Telecom Maldives Maldives
Wi-tribe
Multiple
Total FCF
Net Debt
FCFE
No of Shares in mn
Price Target
2012
2013
2014
2015
1,916
2,224
705
189
734
407
649
(43)
(80)
(49)
(856)
5,796
1,922
2,105
650
188
695
368
587
(36)
(79)
(44)
(820)
5,535
1,856
1,918
577
180
633
320
510
(29)
(75)
(39)
(756)
5,095
1,844
1,798
527
177
594
286
456
(24)
(73)
(35)
(717)
4,833
Terminal
Value
23,815
12,679
2,870
2,029
4,187
1,371
2,187
(80)
(692)
(176)
(5,137)
43,053
64,312
22,543
41,769
320
130
Source: Aljazira Research
•
Valuation: QTEL strong international presence along with its wide array of
services, has resulted in a strong brand. We believe the increase in Wataniya
stake will have a positive impact on the company’s earnings. We initiate our
Coverage on QTEL with an “Overweight” stance.
DECEMBER
2012
Qatar Telecommunication Company
Qatar Telecommunication Company (QTEL) is a multinational telecom operator that
operates in the MENA and Asian region through its subsidiaries and affiliates. The Company
provides Wireless, Fixed line and data services to its customers in Qatar, Indonesia, Iraq,
Oman, Algeria, Tunisia, Kuwait, Maldives and others.
QTEL(Qatar)
100% Owned
Asia Cell (Iraq)
30% Share
Wataniya (Kuwait)
92.1% Stake
Witribe Limited &
Witribe Asia
(Pakistan, Jordan,
Phillipines)
Asia Mobile
Company
25% Stake
Tunisiana(Tunisia)
69% QTEL Stake
Wataniya
(Palestine) 45%
QTEL Stake
Bravo (Saudi
Arabia) 51% QTEL
Stake
Wataniya
(Maldives) 92%
QTEL Stake
Indosat
(indonesia)
65% Share
Nedjma (Algeria)
81% QTEL Stake
Source: Company reports, Zawya
Qtel provides the following services through its subsidiaries in the country of domicile.
Company
Name
Qtel
Country
Services
Qatar
Landline, Mobile, Data , 2G,3G, 4G LTE
Indosat
Indonesia
Landline, Mobile, Data , 2G and SDR (Software Defined radio)
technology which will ultimatley allow for flexible and seamless
integration of 2G, 3G/3.5G
Asia Cell
Iraq
First company to introduce mobile services in Iraq,Wireless
Prepaid Serivce, GPRS/EDGE, 3G in trial phase
Wataniya
Kuwait
Mobile Servies, Fully integrated Datad Network with 2G, 3G
technology, Smart Phones services
Nedjma
Algeria
Mobile services, core network fullyt 3G ready
Tunisiana
Tunisia
Wireless, and Broad band services
Nawras
Oman
Fixed Line, Mobile, 3G+
Wataniya
Palestine
Mobile services
Bravo
Saudi Arabia
Push to talk (PTT), cellular communication
Wataniya
Maldives
Mobile and data services, 3G and HSPDA ready network.
Witribe
Jordan, Pakistan, Philippines Wireless Broadband
Source: Company reports
Share Holding Structure
The government of Qatar holds 68% stake in the company, directly and indirectly. Given
the majority presence of the Qatari government in the shareholding structure means that
QTEL stands on strong financial footing.
QTEL Shareholding Structure
Source: Zawya
Abu Dhabi
Other Qatari
govermental Inv. Authority
instituitions
10%
13%
Public
22%
Government of
Qatar
55%
DECEMBER
2012
Strong Multinational customer base- backbone of QTEL operations
QTEL had a cumulative customer base of over 102 mn towards the end of 3Q-2012, out
of which in accordance with QTEL share in respective company’s, the effective customer
base stands at 68.1mn.QTEL customer base has shown a 3 Year CAGR of 14.2%. The
biggest subscriber contribution comes from Indonesia which towards the end of 3Q2012 stood at 53%, followed by Algeria at 13% and Tunisia at 9%. However the revenue
contribution from these countries is not proportional to the size of the customer base, as
revenue from Indosat accounted for 27% of the total revenue, where as Qatar, which has
total contribution of 3.85% to the customer base, accounted for 18% of the total revenues.
Revenue Breakup
Tunisia
7.90%
Algeria
10.10%
Kuwait
8.70%
Source: Company reports
Oman
5.40%
Subscribers Breakup
Others
2.60%
Tunisia
Qatar
18.30%
Qatar
3.6%
9.30%
Kuwait
5.40%
Indonesia
27.20%
Iraq
19.80%
Algeria
13.10%
Others
6.10%
53%
Indonesia
53.10%
Oman
1.70%
Iraq
7.70%
ARPU to remain flat-data services to drive growth
With the introduction of new mobile products like smart phones and tablets, usage of
internet on these devices have risen dramatically over the years. The demand for solid data
packages from the mobile operators have been showing strong growth over the years.
With introduction of EDGE, GPRS,2G 3G, 3.5G, 4G/LTE technology, the landscape of the
world telecom operators is changing rapidly, reliance on mobiles for making calls alone
is not enough. With higher smart phones sales expected in the coming years, and the
introduction of these technologies in the cheaper segment of phones, data is becoming
the main telecom play. The higher the quality of services the greater will be the subscriber
base of the company.
25%
100
90
20%
80
70
15%
60
In mn
QTEL Customers- Country Wise
50
10%
40
30
Source: Company reports, AlJazira research
5%
20
10
0%
2009
Qatar
Tunisia
2010
Indonesia
Oman
2011
2012
Iraq
Others
2013
2014
Kuwait
% Growth-RHS
2015
Algeria
The Blended ARPU (Average Revenue Per Unit) of the group has fallen from QAR 100
in 1Q-2009 to QAR 97 in 3Q-2012. The blended ARPU of the company has more or less
remained constant over the last couple of years. With increasing competition in the market,
and the penetration levels of the country’s in which QTEL operates almost reaching 100%,
we believe growth in customers will primarily depend on population growth, whereas the
market share of the company in its respective markets are expected to remain constant. As
discussed earlier, with strong smart phones growth expected and higher concentration of
QTEL towards expanding its data network and remaining up to date with new technology
will help QTEL in maintaining its forte over the coming years. Given the higher usage of
data services on smart phones and tablet PC’s , we have adjusted our ARPU assumption
for QTEL subsidiaries and expect the Blended APRU of the company to show a 4year
CAGR of 5%.
DECEMBER
2012
3,000,000,000
2,500,000,000
Tablets
2,000,000,000
Global Smart Phones’ Sales
We are here
Units 1,500,000,000
Smartphones
1,000,000,000
Source: Business Intelligence
500,000,000
Personal Computers
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012e 2013e 2014e 2015e 2016e
120
115
115
112
110
108
105
Average APRU of QTEL
102
103
101
100
100
99
97
95
99
97
100
98
97
95
90
Source: QTel
85
400
350
120%
Source: Company Reports
In million
330
326
321
317
312
300
Mobile Penetration
Q3 2012
Q2 2012
Q1 2012
Q4 2011
Q3 2011
Q2 2011
Q1 2011
Q4 2010
Q3 2010
Q2 2010
Q1 2010
Q4 2009
Q3 2009
Q2 2009
Q1 2009
80
273
288
321
334
333
100%
234
250
200
110%
90%
80%
171
150
70%
100
60%
50
50%
-
2007
2008
Population-(LHS)
2009
2010
Subscribers-(LHS)
2011
40%
2012
% Penetration-(RHS)
QTEL Subsidiaries- Providing the impetus for growth
QTEL growth has been the product of its expansion into the global market, with its presence
felt in a number of countries. QTEL has aggressively expanded beyond its borders, given
the small Qatari population and a highly saturated market, QTEL had to look beyond its
borders to expand.
Ownership
Structure
Qtel
Indonesia
Asia Cell
Nawras
Wataniya
Nedjma
Tunisiana
Wataniya
Bravo
Wataniya
Wi-tribe
Country
Qatar
Indosat
Iraq
Oman
Kuwait
Algeria
Tunisia
Palestine
Saudi Arabia
Maldives
Pakistan,Jordan
& Philippines
Mobile
Penetration
Subscribers
QTEL Market
Share in 2011
Revenue for
2011 in (mn)
162%
97%
78%
168%
136%
76%
111%
74%
202%
128%
2.38
51.94
8.98
1.96
1.96
8.51
6.62
0.47
0.16
0.32
72%
26%
35%
40%
40%
31%
56%
24%
N/A
26%
5,704
8,550
5,934
1,939
3,223
2,961
2,779
273
255
124
122
Source: Company reports
DECEMBER
2012
QTEL recently raised its stake in Wataniya from 52.5% to 92.1%, as the company was not
able to fully capitalize on the opportunities that were being provided by the developing market
like Algeria, and Tunisia. Wataniya’s Saudi arm, Bravo, the Push to Talk (PTT) service provider,
has been showing weak performance, as the losses of the company has been expanding. The
company was also impacted by the foreign exchange translation in some of its subsidiaries.
With QTEL taking over the management of the company, backed by the strong historical
result, we can see QTEL making some hard decisions, even going as further as to getting rid
of the loss making subsidiaries, which we believe will be the right move, given the negative
impact these subsidiaries have been having on the company financials. In hindsight this looks
like the right direction for the company and the change in management of Wataniya group will
take the company in the right direction, given QTEL’s management track record.
Foreign Exchange translation-depressing ARPU
One risk that is always prevalent for a multinational company is the foreign exchange risk,
since the revenues are realized in the respective local currencies. QTEL due to its existence
in international market has also been effected by the currency translation risk, especially in
Indonesia, Kuwait, and Tunisia where the company’s ARPU has seen a decline.
17.0
0.00044
Indosat ARPU (Indonesia)
16.0
15.0
0.00042
13.0
0.00041
12.0
0.0004
11.0
10.0
0.00039
9.0
0.00038
8.0
Wataniya ARPU (Kuwait)
Oct-12
Aug-12
Apr-12
Jun-12
Feb-12
Dec-11
Oct-11
Aug-11
Apr-11
Jun-11
Q3 2012
Q2 2012
Q4 2011
Q1 2012
Q3 2011
Q2 2011
Q1 2011
Q4 2010
Q3 2010
Q2 2010
Q1 2010
Q4 2009
Q3 2009
Q2 2009
Q1 2009
160.0
Feb-11
0.00037
7.0
Dec-10
In QAR
14.0
IDR/QAR
13.4
150.0
13.3
140.0
13.2
Kuwaiti DInar Vs Qatari Riyal
13.1
130.0
13 .0
120.0
12.9
110.0
12.8
100.0
Aug-12
Oct-12
Aug-12
Oct-12
Jun-12
Apr-12
Feb-12
Dec-11
KWD/QAR
2.8
Tunisiana ARPU (Tunisia)
Oct-11
Aug-11
Jun-11
Apr-11
Q3 2012
Q2 2012
Q1 2012
Q4 2011
Q3 2011
Q2 2011
Q1 2011
Q4 2010
Q3 2010
Q2 2010
Q1 2010
Q4 2009
Q3 2009
Q2 2009
Q1 2009
50.0
Feb-11
12.7
90.0
Dec-10
In QAR
Indonesian Rupiah Vs Qatari Riyal
0.00043
Tunisian DInar Vs Qatari Riyal
2.7
45.0
2.6
2.4
2.3
35.0
2.2
2.1
30.0
Source: Company reports
Jun-12
Apr-12
Feb-12
Dec-11
Oct-11
Aug-11
Apr-11
Jun-11
Q3 2012
Q2 2012
Q1 2012
Q4 2011
Q3 2011
Q2 2011
Q1 2011
Q4 2010
Q3 2010
Q2 2010
Q1 2010
Q4 2009
Q3 2009
Q2 2009
Q1 2009
Feb-11
2
25.0
Dec-10
In QAR
2.5
40.0
TND/QAR
Source: Oanda
Going forward, given the weakness in these currency our assumption for growth in the
ARPU for their respective company’s is subdued.
QTEL eyeing Morocco’s biggest Telecom Operator
In a recent news report, QTEL is eyeing a 53% stake in Maroc Telecom, the biggest Telecom
operator in Morroco. The country has total population of 32mn, and mobile penetration
level of 113% as of end of 1Q-2012.Maroc at the end of 2011 had mobile penetration of
53%. The company in 2012 posted revenues of USD 3.6bn and net income of USD 948mn,
depicting a strong net margin of 26%. Given the solid performance of the company, and
a strong profit margins. Maroc Telecom looks like a good acquisition opportunity. QTEL is
competing with Etihad Etisalat for the stake.
Heavy on Debt- Debt to Equity to remain above 45%
Given the heavy expansion strategy of the company, and the needs of the day to day
operation, QTEL has relied on debt to keep the liquidity position strong. The company as of
2011 had a total loan book of QAR 45.8bn, depicting a debt to equity ratio of 54%. Going
forward we expect the company to maintain its capital structure and the debt to equity
ratio is expected to stand at around the 50% mark.
DECEMBER
2012
In QAR mn (Unless specified)
Income Statement
Revenue
2011
31,765
16%
Operating expenses
(9,958)
Selling, general and administrative expenses
(6,959)
Depreciation and amortization
(7,015)
Finance costs (net)
(1,902)
Net profit before income taxes
6,854
Income tax
(911)
Net profit for the period
5,943
% Growth in Net Income 45%
Attributable to:
Shareholders of the Parent
2,606
Non-controlling interests
3,338
Basic and diluted EPS
14.8
Balance Sheet in QAR mn
ASSETS
Non-current assets
Property, plant and equipment
33,065
Intangible assets
36,741
Total Non-current Assets
74,784
Current assets
Accounts receivable and prepayments
5,817
Bank balances and cash
21,250
Total Current Assets
27,409
TOTAL ASSETS
102,194
EQUITY AND LIABILITIES
Attributable to shareholders of the Parent
Share capital
1,760
Retained earnings
9,837
Share Holders Equity
21,056
Non-controlling interests
18,337
Total equity
39,393
Non-current liabilities
Interest bearing loans and borrowings
31,932
Total Non-current liabilities
35,697
Current liabilities
Interest bearing loans and borrowings
13,851
Accounts payable and accruals
11,218
Total current liabilities
27,105
Total liabilities
62,801
TOTAL EQUITY AND LIABILITIES
102,194
Cash Flow
Net Income
5,943
Cash Flow from Operating Activities
7,937
Cash Flow from Investing Activities
(8,279)
Cash Flow from Financing activities
(3,940)
Changes in Cash
(4,282)
Ending Balance
21,250
Ratios
2011
Liquidity Ratios
Current Ratio
1.0
Quick Ratio
1.0
Efficency Ratios
Receivables Turnover
12.9
Days Receivables Turnover
28.3
Payables Turnover
9.3
Days Payables Turnover
39.1
Fixed Asset Turnover
0.8
Profitability
ROE
15%
ROA
6%
ROIC
7%
EBITDA Margins
50%
EBIT Margins
28%
Net Margins
19%
Leveraging Ratios
Debt/Equity
116%
Debt/Capital
54%
Debt/Assets
45%
TIE
4.6
Valuations
Dividend Yeild
6%
Book Valuer Per Share (BVPS)
224
Market Capitalization(in QAR Bn)
17
Enterprise value (in QAR Bn)
59
PE (x)
6.37
PB (x)
0.42
EV/EBITDA (x)
3.8
% Growth in Revenue
2012
2013
2014
2015
33,909 36,883 38,907 40,351
7%
9%
5%
4%
(10,620) (11,434) (12,010) (12,404)
(7,477) (8,151) (8,618) (8,877)
(7,542) (8,197) (8,817) (9,676)
(1,921) (1,981) (1,993) (2,015)
6,596
7,139
7,496
7,297
(923)
(999)
(1,049) (1,022)
5,673
6,139
6,447
6,275
-5%
8%
5%
-3%
3,858
1,815
12.0
4,911
1,228
15.3
5,157
1,289
16.1
5,020
1,255
15.7
34,346
37,401
76,742
36,102
37,798
78,923
37,384
38,226
80,653
40,449
38,644
84,146
6,102
6,715
7,177
7,502
24,389 23,911 24,046 19,882
30,859 30,988 31,699 27,876
107,601 109,911 112,351 112,022
3,203
11,224
29,827
13,337
43,164
3,203
13,666
32,268
14,250
46,519
3,203
16,353
34,956
15,225
50,181
3,203
18,904
37,506
16,165
53,671
38,134
41,988
36,857
40,835
34,030
38,092
30,231
34,353
8,798
8,277
9,327
8,799
11,614 12,244 12,715 13,162
22,448 22,557 24,078 23,997
64,436 63,392 62,171 58,351
107,601 109,911 112,351 112,022
5,673
9,302
(7,460)
(11,841)
(4,326)
24,389
6,139
10,182
(5,215)
(7,967)
3,139
23,911
1.4
1.4
2012
2013
6,447
6,275
10,678 11,879
(6,739) (6,592)
(10,863) (11,427)
(478)
135
24,046 19,882
2014
2015
1.4
1.4
1.3
1.3
1.2
1.1
12.7
28.9
9.6
38.0
0.9
12.2
30.0
10.4
35.0
1.0
11.8
31.0
10.7
34.0
1.0
11.4
32.0
10.7
34.0
1.0
13%
5%
6%
47%
25%
17%
13%
6%
7%
47%
25%
17%
13%
6%
7%
47%
24%
17%
12%
6%
7%
47%
23%
16%
109%
52%
44%
4.4
97%
49%
41%
4.6
86%
46%
39%
4.8
73%
42%
35%
4.6
7%
135
33
69
8.64
0.77
4.3
7%
145
33
69
6.78
0.72
4.0
7%
157
33
68
6.46
0.66
3.7
7%
168
33
69
6.64
0.62
3.6
Source: Company Reports, Aljazira Research
DECEMBER
2012
P/B
EV/EBITDA
(TTM)
ROE
ROA
Dividend Yeild
EBITDA
Margins (TTM)
Net Margins
(TTM)
MOBINIL-EGYPTIAN MOBILE SERV
TELECOM EGYPT
ORASCOM TELECOM HOLDING
MOBILE TELECOMMUNICATIONS CO
PAKISTAN TELECOM CO LTD
QATAR TELECOM (QTEL) Q.S.C
VODAFONE QATAR
SAUDI TELECOM CO
ETIHAD ETISALAT CO
TURKCELL ILETISIM HIZMET AS
EMIRATES INTEGRATED TELECOMM
EMIRATES TELECOM CORPORATION
P/E
COMPANIES
25.5
10.8
94.6
9.8
8.9
9.2
13.0
12.4
12.0
5.8
0.8
1.5
1.9
0.8
1.2
1.1
1.6
2.7
2.0
2.7
2.0
6.9
3.5
3.5
6.7
2.5
4.5
5.1
7.1
6.9
4.7
7.4
-11%
10%
6%
15%
1%
13%
-7%
19%
32%
17%
23%
17%
-2%
9%
2%
9%
0%
3%
-6%
8%
17%
11%
12%
9%
0%
0%
0%
7%
0%
7%
0%
5%
5%
0%
0%
5%
30%
45%
47%
44%
28%
46%
0%
35%
37%
30%
37%
31%
-3%
27%
4%
21%
1%
15%
-37%
16%
26%
19%
15%
20%
COUNTRY
Egypt
Egypt
Egypt
Kuwait
Pakistan
Qatar
Qatar
Saudi Arabia
Saudi Arabia
Turkey
United Arab Emirates
United Arab Emirates
Source: Bloomberg
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