First Read Ooredoo QPSC Q2: ‘Regional logistics constraints‘; 2026 guidance maintained

研报英文原文证据摘录

First Read Ooredoo QPSC Q2: ‘Regional logistics constraints‘; 2026 guidance maintained

Forecast returns

Forecast price appreciation 32.8%

Forecast dividend yield 6.3%

Forecast stock return 39.1%

Market return assumption 9.4%

Forecast excess return 29.7%

Company Description

Ooredoo is a leading telecom company, with a presence in the Middle East, North Africa and

South-East Asian markets. It has a diversified exposure to countries such as Qatar, Iraq,

Kuwait, Algeria, Oman, Tunisia, Palestine and Maldives. It has a strong market position in its

regions.

Valuation Method and Risk Statement

We use a Sum of the Parts valuation methodology to arrive at our QAR17.50 PT. Blended

WACC of 11.4% and terminal growth rate of 2.2%. Competition: Ooredoo faces increasing

competition in Qatar, Oman, and the Maldives, with potential market destabilization in Iraq

due to a new entrant. This situation poses risks to revenue growth forecasts. While the Qatar

market appears to be stabilizing, Oman may experience gradual share losses despite potential

benefits from 5G launch. Additionally, regulators in other markets may introduce more

competitors to enhance customer experience, which could further affect growth. Margin

dilution: Increased competition may hinder service revenue growth, particularly ARPUs,

affecting EBITDA margin progression. Additionally, heightened emphasis on economic digital

transformation in some of Ooredoo's markets could lead to margin dilution if the company

invests aggressively in this fast growing but relatively lower margin area. Currently, Ooredoo's

B2B segment accounts for less than 10% of revenues, compared to 20-30% for its Saudi

Arabian peers. M&A: With llow everage there is a risk that management may pursue growth