Revenue – AED12,853mn, +0% Y-o-Y, +3% Q-o-Q, +2% vs. EFGe EBITDA margin – 50.0%, -0.9pp Y-o-Y, +0.5pp Q-o-Q, +0.6pp vs. EFGe Net income – AED2,001 mn, -8% Y-o-Y, -23% Q-o-Q, +4% vs. EFGe   Etisalat published its 1Q2016 results that were broadly in line with our estimates at all levels. However, excluding a one-off FX loss of AED337 million that we did not forecast, earnings would have been roughly 20% ahead of our estimate. On the operating level, revenue and margins were largely in line with our estimates with no major surprises. Revenue growth was flat Y-o-Y as growth in the UAE was modest (+1%) and growth in international operations was impacted negatively by the devaluation of local currencies. At the current level Etisalat is trading at the higher end of the valuation spectrum for our MENA telecoms coverage, and we see no reason for the market to get excited about the results. However, we think the stock price may remain around the current level, supported by ongoing active and passive inflows into the name. (Omar Maher, Company Disclosure)