Dubai Taxi Company PJSC: Off The National Call

Research evidence excerpt

Dubai Taxi Company PJSC: Off The National Call

Update

May 14, 2026 06:12 PM GMT

Morgan Stanley & Co. International plc+MDubai Taxi Company PJSC | Europe Ricardo Rezende, CFA

Equity Analyst

Off The National Call Ricardo.Rezende@morganstanley.comGiulia Faro +44 20 7677-9886

Research Associate

Giulia.Faro@morganstanley.com +44 20 7425-7581

Bottom line: positive. The call reinforced the strategic appeal of DTC’s planned

Sylvia C Richards

acquisition of National Taxi, with management framing the transaction as a long- Research Associate

term platform expansion rather than a near-term earnings catalyst. The key Sylvia.Richards@morganstanley.com +44 20 7677-3354

clarification was that synergy upside appears tangible, particularly across Dubai Taxi Company PJSC (DTC.DU, DTC UH)

procurement, fuel, HR and shared services, while additional revenue upside could EEMEA - Transport | United Arab Emirates

come from e-hailing, higher utilization and DTC’s technology stack. Similar to DTC, Stock Rating Overweight

Industry View No Rating

National Taxi has been affected by the current market situation, but management

Price target AED 2.90

cautioned that March should not be treated as a run-rate proxy and reiterated that Shr price, close (May 14, 2026) AED 2.07

52-Week Range AED 2.89- 1.98

the asset remains strategically attractive. Mkt cap, curr (mn) AED 5,172

Net debt (12/26e) (mn)* AED 751

Strategic rationale. Management indicated that DTC has been reviewing EV, curr (mn)* AED 5,910

opportunities since its IPO and views National Taxi as one of the best available * = GAAP or approximated based on GAAP

strategic fits, rather than a short-term trade. Management also confirmed that the

acquisition does not prevent DTC from participating in future RTA auctions.