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e& Valuation Multiples

Discover revenue and EBITDA valuation multiples for e& and similar public comparables like KPN, Globalstar, and Jordan Telecom.

e& Overview

About e&

Emirates Telecommunications Group Co PJSC is a telecommunications company. Through its subsidiaries, the company provides telecommunication and consulting services, media services, and equipment to over sixteen countries in Asia and Africa. Etisalat specializes in fixed-line services, voice communication, wireless communication, and data communication services. The majority of the company's revenues profits and assets relates to its operations in the UAE.


Founded

1976

HQ

United Arab Emirates
Employees

6.6K+

Website

etisalat.ae

Financials

LTM Revenue $17.2B

LTM EBITDA $7.6B

EV

$48.4B

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e& Financials

e& has a last 12-month revenue (LTM) of $17.2B and a last 12-month EBITDA of $7.6B.

In the most recent fiscal year, e& achieved revenue of $16.1B and an EBITDA of $6.3B.

e& expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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e& P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $17.2B XXX $16.1B XXX XXX XXX
Gross Profit $11.9B XXX $9.0B XXX XXX XXX
Gross Margin 69% XXX 56% XXX XXX XXX
EBITDA $7.6B XXX $6.3B XXX XXX XXX
EBITDA Margin 44% XXX 39% XXX XXX XXX
EBIT $5.1B XXX $4.0B XXX XXX XXX
EBIT Margin 30% XXX 25% XXX XXX XXX
Net Profit $3.2B XXX $2.9B XXX XXX XXX
Net Margin 19% XXX 18% XXX XXX XXX
Net Debt XXX XXX $9.8B XXX XXX XXX

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e& Stock Performance

As of May 30, 2025, e&'s stock price is AED 17 (or $5).

e& has current market cap of AED 149B (or $40.7B), and EV of AED 178B (or $48.4B).

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e& Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$48.4B $40.7B XXX XXX XXX XXX $0.36

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e& Valuation Multiples

As of May 30, 2025, e& has market cap of $40.7B and EV of $48.4B.

e&'s trades at 3.0x EV/Revenue multiple, and 7.7x EV/EBITDA.

Equity research analysts estimate e&'s 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

e& has a P/E ratio of 12.7x.

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e& Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $40.7B XXX $40.7B XXX XXX XXX
EV (current) $48.4B XXX $48.4B XXX XXX XXX
EV/Revenue 2.8x XXX 3.0x XXX XXX XXX
EV/EBITDA 6.4x XXX 7.7x XXX XXX XXX
EV/EBIT 9.5x XXX 12.1x XXX XXX XXX
EV/Gross Profit 4.1x XXX n/a XXX XXX XXX
P/E 12.7x XXX 13.9x XXX XXX XXX
EV/FCF 18.5x XXX 14.6x XXX XXX XXX

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e& Margins & Growth Rates

e&'s last 12 month revenue growth is 12%

e&'s revenue per employee in the last FY averaged $2.5M, while opex per employee averaged $0.8M for the same period.

e&'s rule of 40 is 56% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

e&'s rule of X is 75% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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e& Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 12% XXX 12% XXX XXX XXX
EBITDA Margin 44% XXX 39% XXX XXX XXX
EBITDA Growth 11% XXX 13% XXX XXX XXX
Rule of 40 56% XXX 52% XXX XXX XXX
Bessemer Rule of X XXX XXX 75% XXX XXX XXX
Revenue per Employee XXX XXX $2.5M XXX XXX XXX
Opex per Employee XXX XXX $0.8M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 2% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 31% XXX XXX XXX

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e& Public Comps

See public comps and valuation multiples for Telecom Service Providers and Internet Service Providers comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
XXX XXX XXX XXX XXX XXX
Space42 XXX XXX XXX XXX XXX XXX
Jordan Telecom XXX XXX XXX XXX XXX XXX
KPN XXX XXX XXX XXX XXX XXX
Globalstar XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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e& M&A and Investment Activity

e& acquired  XXX companies to date.

Last acquisition by e& was  XXXXXXXX, XXXXX XXXXX XXXXXX . e& acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by e&

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About e&

When was e& founded? e& was founded in 1976.
Where is e& headquartered? e& is headquartered in United Arab Emirates.
How many employees does e& have? As of today, e& has 6.6K+ employees.
Is e& publicy listed? Yes, e& is a public company listed on ADS.
What is the stock symbol of e&? e& trades under EAND ticker.
When did e& go public? e& went public in 2002.
Who are competitors of e&? Similar companies to e& include e.g. , Space42, Jordan Telecom, KPN.
What is the current market cap of e&? e&'s current market cap is $40.7B
What is the current revenue of e&? e&'s last 12 months revenue is $17.2B.
What is the current revenue growth of e&? e& revenue growth (NTM/LTM) is 12%.
What is the current EV/Revenue multiple of e&? Current revenue multiple of e& is 2.8x.
Is e& profitable? Yes, e& is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of e&? e&'s last 12 months EBITDA is $7.6B.
What is e&'s EBITDA margin? e&'s last 12 months EBITDA margin is 44%.
What is the current EV/EBITDA multiple of e&? Current EBITDA multiple of e& is 6.4x.
What is the current FCF of e&? e&'s last 12 months FCF is $2.6B.
What is e&'s FCF margin? e&'s last 12 months FCF margin is 15%.
What is the current EV/FCF multiple of e&? Current FCF multiple of e& is 18.5x.

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