Company Valuation: ADNOC Logistics & Services plc

Data adjusted to current consolidation scope
Fiscal Period: December 2023 2024 2025 2026 2027 2028
Market Cap 1 7,714 10,938 11,915 13,832 - -
Change - 41.78% 8.94% 16.09% - -
Enterprise Value (EV) 1 7,788 11,478 12,609 15,926 16,110 16,553
Change - 47.38% 9.86% 26.3% 1.16% 2.75%
P/E 13x 14.8x 14.7x 7.73x 12.6x 12.7x
PBR 1.75x 2.23x 1.71x 1.95x 1.89x 1.68x
PEG - 0.6x 1.47x 0x -0.3x -19.76x
Capitalization / Revenue 2.8x 3.08x 2.38x 2.38x 2.7x 2.64x
EV / Revenue 2.83x 3.23x 2.51x 2.74x 3.15x 3.16x
EV / EBITDA 8.89x 9.99x 8.32x 7.15x 9.32x 9.21x
EV / EBIT 12.7x 13.8x 12.9x 7.79x 13.5x 13.7x
EV / FCF 160x 44.5x 47.7x 116x 55.6x 66.9x
FCF Yield 0.62% 2.25% 2.1% 0.86% 1.8% 1.49%
Dividend per Share 3 0.0965 0.1356 0.1613 0.1745 0.1802 0.186
Rate of return 2.52% 2.5% 2.72% 2.54% 2.62% 2.71%
EPS 3 0.2938 0.3673 0.4041 0.8882 0.5462 0.5427
Distribution rate 32.8% 36.9% 39.9% 19.6% 33% 34.3%
Net sales 1 2,755 3,549 5,016 5,817 5,120 5,240
EBITDA 1 876.3 1,149 1,515 2,229 1,728 1,798
EBIT 1 613.7 831.5 981.2 2,045 1,198 1,211
Net income 1 620.2 756.2 863 1,798 1,114 1,127
Net Debt 1 73.84 540.4 694 2,094 2,278 2,720
Reference price 3 3.830 5.430 5.920 6.870 6.870 6.870
Nbr of stocks (in thousands) 73,98,499 73,98,499 73,93,233 73,95,847 - -
Announcement Date 14/02/24 12/02/25 11/02/26 - - -
1AED in Million2USD in Million3AED
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
7.73x2.74x7.15x2.54% 1.38TCr
9.64x0.76x3.79x3.75% 4.94TCr
7.59x0.59x2.51x7.48% 3.52TCr
45.73x1.39x8.3x1.54% 2.84TCr
9.91x4.06x8.07x3.32% 2.31TCr
11.02x1.46x10.89x3.78% 1.85TCr
9.24x2.15x14.36x2.94% 1.53TCr
11.71x3.94x10x6.69% 1.56TCr
11.21x0.82x3.64x3.21% 1.47TCr
14.47x2.02x15.18x3.61% 1.29TCr
Average 13.82x 1.99x 8.39x 3.89% 2.27TCr
Weighted average by Cap. 14.35x 1.71x 7.15x 4.04%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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