Omantel 3Q16 prelim results broadly in line with our estimates
Omantel released its preliminary 3Q16 headline figures with earnings coming in slightly below our estimate at OMR28.3mn, down 3.6% Y-o-Y and 11.4% Q-o-Q (-4.2% vs. EFGe). The quarterly slump in profit was likely due to a softer top-line Q-o-Q, which is a typical seasonality trend seen in 3Q due to the summer holidays. EBITDA for the quarter totalled OMR66mn, in line with our estimate and implying an EBITDA margin of 51.5%. (Omar Maher, Karim Riad) Omantel: OMR1.55 as of 13 October 2016, Rating: Neutral, FV: OMR1.68 per share, MCap: USD3,059mn, OTEL OM / OTL.OM
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