Albilad Capital has maintained its “overweight” rating on Etihad Etisalat Co. (Mobily), with a fair share value of SAR 29.80 for the stock.
The telco’s share price as of Sunday, Sept. 6 was SAR 25.44.
Mobily’s H1-2015 financials, which showed a continued sales decline and increased operating expenses, will lead the company to adopt more conservative policies, the brokerage firm said in a report.
With regarding to its dispute with Zain, Mobily is expected to book additional provisions of SAR 200 million this year to cover the full amount.
Albilad Capital also reduced its revenue estimation for Mobily to SAR 13.92 billion during this year with an expected net loss of SAR 1.18 billion.
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