e& (EAND UH): Hold: Vodafone stake sale; positive for B/S / DPS outlook; is it a signal for strategic realignment?

研报英文原文证据摘录

e& (EAND UH): Hold: Vodafone stake sale; positive for B/S / DPS outlook; is it a signal for strategic realignment?

10 July 2026

e& (EAND UH) EquitiesDiversified

Telecommunications

Hold: Vodafone stake sale: positive for B/S / DPS

outlook; is it a signal for strategic realignment? United Arab Emirates

◆ E& announced sale of its entire 16% stake in Vodafone for

MAINTAIN HOLD

USD5.95bn, which should drive solid gain vs book value

◆ PF leverage falls significantly post deal, should boost DPS TARGET PRICE (AED) PREVIOUS TARGET (AED)

paying ability as well as willingness for special dividends 19.00 19.00

◆ Maintain Hold and AED19 TP: DPS outlook has improved but SHARE PRICE (AED) UPSIDE/DOWNSIDE

we await strategic clarity around portfolio/capital structure 19.66 -3.4%

(as of 09 Jul 2026)

What’s new? Emirates Telecommunications Group Company PJSC (“e& Group”) has

MARKET DATA

announced the sale of its shareholding in Vodafone Group (VOD LN, Not covered, Market cap (AEDm) 170,979 Free float 40%

GBp108.80) for total cash proceeds of cUSD5.95bn (cAED21.8bn) or 112.5p per Market cap (USDm) 46,552 BBG EAND UH

3m ADTV (USDm) 17 RIC EAND.AD

share. E& has signed a binding agreement with Vega, (fully owned acquisition vehicle

by the Niel family group), to divest its entire holding of 3,944,743,685 ordinary shares FINANCIALS AND RATIOS (AED)

Year to 12/2025a 12/2026e 12/2027e 12/2028e

in Vodafone, representing around 16.21% of the Vodafone share capital (17.13% of its HSBC EPS 1.34 1.32 1.59 1.76

total voting rights). The company will receive c110.5p in cash from the buyer and a HSBC EPS (prev) 1.34 1.32 1.59 1.76

Change (%) 0.0 0.0 0.0 0.0

final FY’26 dividend of 2.02p per share, to be received on 30 July 2026. Notably, E& Consensus EPS 1.47 1.45 1.60 1.77