GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,040 1.47
Med Cap3,813 1.12
Small Cap4,857 0.75
Micro Cap8,140 0.78

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Ticker Price Volume
QNBK 127 470,450
ETISALAT 17.15 1,265,926
GFH 0.6
DAMAC 3.04 4,480,836
EMIRATESNBD 8 953,900
DSI 0.38 56,023,969
RIBL 10.94 4,342,308

Vodafone Qatar

Source: NBK Capital

The Brawl Begins

• Vodafone Qatar (VQ) was formed by a consortium composed of Vodafone Group and the Qatar Foundation. On June 29, 2008, ictQatar, the telecommunications regulator, granted VQ the country’s second mobile license, breaking the longstanding and last monopoly in the GCC of Qatar Telecom (Qtel). A fixed-line license was awarded to VQ on April 29, 2010, for QAR 10 million.

• We arrived at a 12-month fair value of VQ of QAR 9.60 per share by using the discounted cash flow method. With an upside potential of 21% compared to the July 06, 2010 close, we initiate coverage on VQ with a “Buy” recommendation.

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