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 14,557 - -
Change - 41.78% 8.94% 22.16% - -
Enterprise Value (EV) 1 7,788 11,478 12,609 16,650 16,834 17,277
Change - 47.38% 9.86% 32.05% 1.11% 2.63%
P/E 13x 14.8x 14.7x 8.14x 13.4x 13x
PBR 1.75x 2.23x 1.71x 2.05x 1.98x 1.77x
PEG - 0.6x 1.47x 0x -0.3x 4.59x
Capitalization / Revenue 2.8x 3.08x 2.38x 2.43x 2.86x 2.76x
EV / Revenue 2.83x 3.23x 2.51x 2.78x 3.31x 3.27x
EV / EBITDA 8.89x 9.99x 8.32x 7.27x 9.83x 9.54x
EV / EBIT 12.7x 13.8x 12.9x 8.14x 14.1x 14.3x
EV / FCF 160x 44.5x 47.7x 122x 58.1x 69.9x
FCF Yield 0.62% 2.25% 2.1% 0.82% 1.72% 1.43%
Dividend per Share 3 0.0965 0.1356 0.1613 0.1742 0.1801 0.1863
Rate of return 2.52% 2.5% 2.72% 2.41% 2.49% 2.58%
EPS 3 0.2938 0.3673 0.4041 0.8882 0.5396 0.5549
Distribution rate 32.8% 36.9% 39.9% 19.6% 33.4% 33.6%
Net sales 1 2,755 3,549 5,016 6,000 5,092 5,283
EBITDA 1 876.3 1,149 1,515 2,291 1,713 1,812
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 7.230 7.230 7.230
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.($)
8.14x2.78x7.27x2.41% 1.46TCr
8.75x0.75x3.66x4.01% 5TCr
7.36x0.63x2.59x7.41% 3.57TCr
44.32x1.35x8.07x1.59% 2.7TCr
10.31x4.44x8.27x3.81% 2.52TCr
11.02x1.45x10.68x3.78% 1.89TCr
12.42x4.2x10.49x6.75% 1.68TCr
8.86x2.1x13.65x2.88% 1.55TCr
10.98x0.8x3.52x3.21% 1.45TCr
13.18x2.08x15.28x3.48% 1.33TCr
Average 13.53x 2.06x 8.35x 3.93% 2.31TCr
Weighted average by Cap. 13.67x 1.81x 7.14x 4.16%

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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