Financials ADNOC Logistics & Services plc

Equities

ADNOCLS

AEE01268A239

Marine Freight & Logistics

Market Closed - Abu Dhabi Securities Exchange Other stock markets 11:56:33 30/05/2024 BST			5-day change	1st Jan Change
4.04 ^AED	+1.76%		-3.35%	+5.48%

11:30am	Adnoc Logistics Confirms Shipbuilding Deals With Hanwha Ocean, Samsung Heavy Industries	MT
05-29	ADNOC Logistics & Services plc & Services plc and Samsung Heavy Industries Sign Shipbuilding Letter of Intent	CI

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	7,716	8,138	-	-
Enterprise Value (EV) ²	7,790	8,573	8,884	9,585
P/E ratio	13 x	10.7 x	10.4 x	9.87 x
Yield	-	3.49%	3.75%	3.76%
Capitalization / Revenue	2.8 x	2.28 x	2.24 x	2.17 x
EV / Revenue	2.83 x	2.4 x	2.45 x	2.56 x
EV / EBITDA	8.89 x	7.51 x	7.47 x	7.36 x
EV / FCF	160 x	-48 x	62.1 x	-25.6 x
FCF Yield	0.62%	-2.08%	1.61%	-3.91%
Price to Book	1.75 x	1.64 x	1.51 x	1.36 x
Nbr of stocks (in thousands)	7,398,499	7,398,499	-	-
Reference price ³	3.830	3.970	3.970	3.970
Announcement Date	14/02/24	-	-	-

¹AED in Million²USD in Million³AED

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2023	2024	2025	2026
Net sales ¹	2,755	3,566	3,628	3,743
EBITDA ¹	876.3	1,142	1,189	1,302
EBIT ¹	613.7	842.6	868.8	947.3
Operating Margin	22.27%	23.63%	23.95%	25.31%
Earnings before Tax (EBT) ¹	622.4	819.3	804.2	859.8
Net income ¹	620.2	750	738.8	778.2
Net margin	22.51%	21.03%	20.36%	20.79%
EPS ²	0.2938	0.3718	0.3813	0.4024
Free Cash Flow ¹	48.63	-178.5	143	-374.6
FCF margin	1.77%	-5.01%	3.94%	-10.01%
FCF Conversion (EBITDA)	5.55%	-	12.03%	-
FCF Conversion (Net income)	7.84%	-	19.36%	-
Dividend per Share ²	-	0.1385	0.1488	0.1492
Announcement Date	14/02/24	-	-	-

¹USD in Million²AED

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	592.2	632	702.4	828.2	840.3	853	844	844
EBITDA ¹	-	219	217.5	241.7	285.6	276	272	272
EBIT ¹	-	-	148.6	-	213.3	202	198	197
Operating Margin	-	-	21.16%	-	25.38%	23.68%	23.46%	23.34%
Earnings before Tax (EBT) ¹	-	160.3	148.2	-	213.3	198	194	193
Net income ¹	144.9	162	147.7	165.2	193.7	180	176	175
Net margin	24.47%	25.63%	21.03%	19.94%	23.05%	21.1%	20.85%	20.73%
EPS ²	-	-	0.0735	-	0.1102	0.0880	0.0840	0.0880
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	31/05/23	03/08/23	13/11/23	14/02/24	08/05/24	-	-	-

¹USD in Million²AED

Estimates

Balance Sheet Analysis

Fiscal Period: December	2023	2024	2025	2026
Net Debt ¹	73.8	435	746	1,448
Net Cash position ¹	-	-	-	-
Leverage (Debt/EBITDA)	0.0843 x	0.3809 x	0.6278 x	1.112 x
Free Cash Flow ¹	48.6	-179	143	-375
ROE (net income / shareholders' equity)	20%	16.4%	15%	14.6%
ROA (Net income/ Total Assets)	12.1%	11.6%	9.81%	9.23%
Assets ¹	5,127	6,452	7,532	8,432
Book Value Per Share ²	2.190	2.430	2.630	2.910
Cash Flow per Share ²	0.4100	0.4500	0.5300	0.5700
Capex ¹	774	1,090	996	1,510
Capex / Sales	28.09%	30.56%	27.45%	40.34%
Announcement Date	14/02/24	-	-	-

¹USD in Million²AED

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for ADNOC Logistics & Services plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.97 AED

Average target price

5.074 AED

Spread / Average Target

+27.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
ADNOC LOGISTICS & SERVICES PLC	+5.48%	8B
COSCO SHIPPING HOLDINGS CO., LTD.	+67.13%	33.07B
HAPAG-LLOYD AG	+27.41%	32.87B
AP MOLLER MAERSK	+2.92%	27.63B
NIPPON YUSEN KABUSHIKI KAISHA	+14.64%	14.82B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	+24.68%	12.13B
MITSUI O.S.K. LINES LTD	+13.02%	11.86B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+59.86%	10.56B
KAWASAKI KISEN KAISHA, LTD.	+15.91%	10.48B
HMM CO.,LTD	-7.15%	9.15B

Other Marine Freight & Logistics