Ooredoo Q.S.C. is a provider of domestic and international telecommunication services to residential and business users. The Company offers landline, mobile, cable television and Internet services to personal users and businesses. It is Qatar's largest Telecommunication company by market capitalisation.

Website	http://www.qtel.com.qa
Physical Address	Cornish St. - West Bay - Doha 217
Phone	4400400
Fax	4830011
Email	info@qtel.com.qa

Classification Level	Name of Sector
Business Sector	Telecommunications Services
Industry Group	Telecommunications Services
Economic Sector	Telecommunication Services

Ooredoo Q.S.C. EPS Growth slows to 27%
Release Date: February 19, 2024
Ooredoo Q.S.C. (QE:ORDS), announced EPS of 94.0Dirham (US25.82c) for the year-ended 31 December 2023 [FY2023], up 27% from 74.0Dirham (US20.33c) in the previous year-ended 31 December 2022 [FY2022]. EPS growth from the year-ended 31 December 2021 [FY2021] to the year-ended 31 December 2022 [FY2022] was 7,300%.

Year-ended	31 December [FY/2023]	31 December [FY/2022]
Revenue, QAR Billion	23.2	22.7
Revenue, $ Billion	6.4	6.2
Growth in Revenue %	2.1	-29.0
Net Profit, QAR Billion	3.0	2.4
Net Profit, $ Million	829	648
Growth in Net Profit %	27.8	4930.6
EPS, Dirham	94.0	74.0
Growth in EPS %	27.0	7300.0

Major changes compared with previous year (FY2023 vs FY2022):
Favourable Changes:
- Net profit up 27.8% from QAR2.4b ($648.4m) to QAR3.0b ($828.5m)
- Sales revenue up 2.1% from QAR22.7b ($6.2b) to QAR23.2b ($6.4b)
- EPS up 27% from 74.0Dirham (US20.33c) to 94.0Dirham (US25.82c)
- EBIT Margin up from 14.7% to 18.5%
- EBIT to total assets up from 5.4% to 7.4%
Unfavourable Changes:
- Total current assets to Total Assets down from 31.7% to 29.3%
- Cash to Total Assets down from 21.4% to 19.7%

Year-on-year comparison of Performance Ratios [FY2023 vs FY2022]

December 31	FY2023	FY2022	Change (%)
Return on Equity (%)	11.5	9.8	Up 17.3
Total debt to net tangible assets (%)	131.7	245.3	Down 46.3
Debt/Equity	0.5	0.8	Down 31.2
Common Size Ratios by Assets %
Cash to Total Assets	19.7	21.4	Down 7.9
Long-term investments to Total Assets	14.0	13.0	Up 7.5
Current Debtors to Total Assets	8.7	9.3	Down 6.8
Future income tax benefit to Total Assets	0.6	0.5	Up 17.3

Currency Conversion (December 31, 2023): $1 = QAR3.64
Currency Conversion (December 31, 2022): $1 = QAR3.64

Five-year record of growth and performance:
In the last 5 years Total Revenue averaged QAR27.8B ($7,625.2M) and Net Profit averaged QAR2.2B ($602.8M). Compound Annual Growth Rate (CAGR) averaged -5.6% for Total Revenue and 14.0% for Net Profit.

Description	Annual (QAR B)	Annual ($ M)	5-year Avg (QAR B)	5-year Avg ($ M)	5-year CAGR %
Total Revenue	23.2	6,363.7	27.8	7,625.2	(5.6)
Operating Profit	4.3	1,177.7	2.7	745.3	13.5
Net Profit	3	828.5	2.2	602.8	14

Five-year record of Operating Profit, Net Profit, ROE, ROA and ROCE
In 2023 Net Profit Margin of 15.2% was above its 5-year Avg of 8.5% (All Figures in %)

Description	2023	5-year Avg
Operating Profit Margin	18.5	10.5
Net Profit Margin	15.2	8.5
Return on Equity	11.5	7.6
Return on Assets	6	3.2
Return on Capital Employed	9.1	5.3

In the past 5 years annual dividends have increased by 30.0 Dirham from 25.0 Dirham to 55.0 Dirham. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years.

Date	Value ( Dirham)	Type
07 Mar 2024	55	Cash
Tr 12 Months	55
2022 - 2023	43
2021 - 2022	30
2020 - 2021	25
2019 - 2020	25

In its Global Peer Group of 9 companies ORDS is ranked third (3) by Net Profit, fourth (4) by Revenue and fifth (5) by MCap, Total Assets.

Name (Code)	MCap	Revenue	Net Profit	Total Assets
Rank of ORDS	5	4	3	5
Ooredoo Q.S.C. (ORDS)	9B	6.4B	828.5M	16B
BT Group (BT.A)	13.3B	25.9B	1.8B	61.7B
Indus Towers (INDUSTOWER)	11.6B	3.4B	244.7M	5.6B
Telia Company (TELIA)	9.8B	8.1B	27.8M	20.7B
Oracle (4716)	9.6B	1.5B	336.1M	1.8B
Konami Holdings (9766)	8.6B	2B	225.5M	3.5B
Vodafone Idea (IDEA)	8.6B	5.1B	(3.5B)	24.9B
Capcom (9697)	8.6B	813.8M	237.4M	1.4B
China Telecom (00728)	7.8B	66.5B	3.8B	111.6B

GLOBAL PEER COMPARISON: ORDS - RELATIVE VALUE INDICATORS

In value terms, comparing relative value of its shares, ORDS is ranked

+ 3 out of 9 by Dividend Yield (%) [5.4]
+ 1 out of 9 by Price/Earnings per share [10.8]
+ 3 out of 9 by Price/Sales per share [1.4]
+ 1 out of 9 by Price/Book value per share [2.6]

Name (Code)	Currency Code	Last Price	Div Yld (%)	P/E	P/S	P/Book
Rank of ORDS by value			3	1	3	1
Ooredoo Q.S.C. (ORDS)	QAR	10.2	5.4	10.8	1.4	2.6
BT Group (BT.A)	GBX	108.1	7.1
Indus Towers (INDUSTOWER)	INR	359.9		16.9	3.3	9.5
Telia Company (TELIA)	SEK	27.3	7.3		1.2
Oracle (4716)	JPY	11,570	1.4		6.5	9.4
Konami Holdings (9766)	JPY	9,287	1.3	36.2	4.3	4.1
Vodafone Idea (IDEA)	INR	14.3			2.8
Capcom (9697)	JPY	2,484.5	1.1	28.7	10.6	8.4
China Telecom (00728)	HKD	4.4	5.3	13.7	0.1

USD 1=
3.64 Qatari Riyal (QAR)




Ooredoo Q.S.C. vs Qatar Market

Out of 44 stocks in the Qatar Market, Ooredoo Q.S.C. is ranked first(1) by Free Cash Flow, third(3) by P/Earnings/ Growth, third(3) by Market Cap in $ and third(3) by Revenue.

	Qatar Avg	ORDS	ORDS Rank
Free Cash Flow	(348.7 M)	6.5 B	1
P/Earnings/ Growth	-	0.4x	3
Market Cap $	2.9 B	9 B	3
Revenue $	1.2 B	6.4 B	3
Net Profit $	298.8 M	828.5 M	4
EPS Growth YOY (%)	-	27.03	5
P/Sales	2.5x	1.4x	6
Total Assets $	15.3 B	16 B	8
ROE (%)	6.4	11.5	9
ROA (%)	1.9	6.03	10
P/Earnings	9.6x	10.8x	13
Yield (%)	4.6	5.4	13
Total Debt/Equity (the lower the better)	0.4x	0.5x	22
Premium to 52-Wk Low (%)	4.4	20.1	22
EBITDA Margin%	36.7	(1.3)	22
Price/Net Tangible Assets	0.6x	2.7x	34

Negative values are shown in brackets.

Description	ORDS	QE Index	% of QE Index	Telecommunication sector	% of Telecommunication sector
Net Profit $	828.5 M	11.3 B	7.3	828.5 M	100.0
Revenue $	6.4 B	35 B	18.2	6.4 B	100.0
Total Assets $	16 B	602 B	2.7	16 B	100.0
MCap $	9 B	100.1 B	8.9	10.9 B	82.1

Description	ORDS	QE Index Avg.	Telecommunication sector Avg.
Price/Earnings	10.8	8.7	10.8
P/Earnings/Growth	0.4	8.93	0.39
Yield (%)	5.4	5.06	5.61
Price/Net Tangible Assets	2.66	0.62	2.66
Total Debt/Equity (the lower the better)	0.53x	0.4x	0.53x

Description	Value	Global Rank	In MEA Region
MCap ($)	9B	1,842	57
Total Assets ($)	16B	2,246	84
Revenue ($)	6.4B	2,127	44
Net Profit ($)	828.5M	1,496	61
Return on Equity %	11.5	11,546	589
Net Profit Margin %	15.2	8,185	666
Price to Book	2.6	25,833	1,095
Price/Earnings	10.8	7,781	447
Yield %	5.4	4,979	384
PV1000 (1Year) $*	1,176	12,773	540
$* Change (1Year) %	11.4	13,517	548

* 1 year ago $1 = QAR 3.64
Apr 23, 2024: $ 1 equals QAR 3.64

Description	Value	In QE Index	In Qatar Market
MCap (QR)	32.6B	3	3
Total Assets (QR)	58.2B	7	8
Revenue (QR)	23.2B	2	3
Net Profit (QR)	3B	4	4
Return on Equity %	11.5	7	9
Net Profit Margin %	15.2	17	32
Price to Book	2.7	17	38
Price/Earnings	10.8	8	13
Yield %	5.4	6	12
PV1000 (1Year) QAR	1,176	6	12

Ooredoo Q.S.C. is ranked number 1 out of 2 listed telecommunication companies in the Qatar with a market capitalization of QAR32.6 billion ($9 billion).
Within its sector it has a relatively moderate P/E of 10.8, moderate P/E/G of 0.4 and moderate Price/Sales of 1.4.

It has a moderate relative ROE of 11.5% and ROA of 6%. Finally, its earnings growth in the past 12 months has been a comparatively moderate 27%.
Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

ADVT: Average Daily Volume of shares Traded
Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Cash/MCap: Cash plus Liquids/Market Capitalisation (times)
Current Ratio: Current Assets/Current Liabilities (times)
Dividend Yield: Dividend Per Share/Share Price (%)
EBIT Margin : Earnings Before Interest and Tax/Revenue (%)
Earnings Yield: Earnings Per Share/Share Price (%)
Income during the n years (3/2/1): Dividends received during the Period
PV1000: Present value of 1000 invested 1 year/'n' years ago
Price/Earnings: Share Price/Earnings Per Share (times)
Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)
Price/Sales: Share Price/Sales Per Share (times)
Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index
Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.
Return on Assets: Net Profit/Total Assets (%)
Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)
TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend
TTM: Trailing 12 Months
Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period
Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

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