Financials ADNOC Logistics & Services plc

Equities

ADNOCLS

AEE01268A239

Marine Freight & Logistics

Market Closed - Abu Dhabi Securities Exchange Other stock markets 04:26:41 01/07/2024 pm IST			5-day change	1st Jan Change
4.19 ^AED	0.00%		+3.97%	+9.40%

09:17am	Adnoc Logistics & Services Signs Up to $2.5 Billion Shipbuilding Contracts with Hanwha Ocean, Samsung Heavy	MT
03/06	Adnoc Logistics & Services to Buy Shipping Management Company Navig8	MT

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	7,716	8,439	-	-
Enterprise Value (EV) ²	7,790	8,799	9,285	9,962
P/E ratio	13 x	11.3 x	10.6 x	10.2 x
Yield	-	3.27%	3.51%	3.53%
Capitalization / Revenue	2.8 x	2.36 x	2.25 x	2.17 x
EV / Revenue	2.83 x	2.46 x	2.48 x	2.57 x
EV / EBITDA	8.89 x	7.78 x	7.54 x	7.48 x
EV / FCF	160 x	-44.4 x	54.2 x	-31.3 x
FCF Yield	0.62%	-2.25%	1.85%	-3.19%
Price to Book	1.75 x	1.72 x	1.56 x	1.43 x
Nbr of stocks (in thousands)	73,98,499	73,98,499	-	-
Reference price ³	3.830	4.190	4.190	4.190
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	3,570	3,749	3,880
EBITDA ¹	876.3	1,131	1,232	1,333
EBIT ¹	613.7	835	906.9	970
Operating Margin	22.27%	23.39%	24.19%	25%
Earnings before Tax (EBT) ¹	622.4	826.2	865.3	889.5
Net income ¹	620.2	749.7	779.3	801.1
Net margin	22.51%	21%	20.79%	20.65%
EPS ²	0.2938	0.3716	0.3969	0.4104
Free Cash Flow ¹	48.63	-198.3	171.3	-318.2
FCF margin	1.77%	-5.56%	4.57%	-8.2%
FCF Conversion (EBITDA)	5.55%	-	13.91%	-
FCF Conversion (Net income)	7.84%	-	21.99%	-
Dividend per Share ²	-	0.1371	0.1470	0.1480
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	360	846	1,523
Net Cash position ¹	-	-	-	-
Leverage (Debt/EBITDA)	0.0843 x	0.3178 x	0.6871 x	1.143 x
Free Cash Flow ¹	48.6	-198	171	-318
ROE (net income / shareholders' equity)	20%	16.1%	15.5%	14.6%
ROA (Net income/ Total Assets)	12.1%	11.5%	10%	9.5%
Assets ¹	5,127	6,510	7,768	8,436
Book Value Per Share ²	2.190	2.430	2.680	2.930
Cash Flow per Share ²	0.4100	0.4500	0.5300	0.5700
Capex ¹	774	1,090	1,153	1,510
Capex / Sales	28.09%	30.53%	30.75%	38.92%
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

4.19 AED

Average target price

5.178 AED

Spread / Average Target

+23.59%

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	+9.40%	8.44B
COSCO SHIPPING HOLDINGS CO., LTD.	+74.01%	32.8B
HAPAG-LLOYD AG	+27.48%	32.64B
AP MOLLER MAERSK	+5.93%	27.02B
NIPPON YUSEN KABUSHIKI KAISHA	+10.57%	13.3B
MITSUI O.S.K. LINES LTD	+9.87%	10.85B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	+16.24%	10.72B
HMM CO.,LTD	+0.56%	10.1B
KAWASAKI KISEN KAISHA, LTD.	+23.97%	9.93B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+48.47%	9.47B

Other Marine Freight & Logistics