Recent Research

• 

  FIRST LOOK NOTES

  07 Nov 2024

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  AED 5.23

  Target Price

  AED 5.85

  Upside (%)

  +11.85%

  UAE Equity Research - ADNOC Drilling 3Q24 - First Look Note

  EBITDA rose 34.0% YOY to USD 510 Mn in 3Q24 while EBITDA margin grew 65 bps YOY but fell 74 bps QOQ to 49.7% in 3Q24. The Company revised its revenue guidance from USD 3.7-3.85 Bn to USD 3.8-3.9 Bn, while EBITDA guidance also revised from USD 1.80-1.95 Bn to USD 1.85-1.95 Bn in 2024.

  Download
• 

  EARNINGS CALL INSIGHT

  01 Nov 2024

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  AED 5.14

  Target Price

  AED 5.85

  Upside (%)

  +13.81%

  UAE Equity Research - ADNOC Drilling 3Q24 - Earnings Call Insight

  Net revenue grew strongly 32.2% YOY to USD 1,026 Mn in 3Q24 driven by the expansion of onshore & offshore fleets, coupled with continued growth of the oilfield services (OFS) segment. The initial contributions from the Turnwell and the Enersol joint ventures further boosted growth. Onshore Segment revenue grew 28.5% YOY to USD 486 Mn in 3Q24, primarily due to new rigs starting operations.

  Download
• 

  FIRST LOOK NOTES

  12 Oct 2024

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  AED 4.60

  Target Price

  AED 5.10

  Upside (%)

  +10.87%

  Higher operational efficiency boosted drove profitability and raised guidance

  ADNOC Drilling's net revenue grew 29.2% YOY to USD 935 Mn in 2Q24 due to the commencement of operations of new rigs and an overall increase in business activity across all segments

  Download
• 

  FIRST LOOK NOTES

  19 Jun 2024

  ADNOC Drilling

  BUY

  Last Closing Price

  AED 4.09

  Target Price

  AED 4.80

  Upside (%)

  +17.36%

  Increase in drilling activities and rig expansion boosted profitability

  ADNOC Drilling's net revenue grew 23.7% YOY to USD 886 Mn in 1Q24 due to an increase in drilling activity and expansion of drilling fleet

  Download
• 

  FIRST LOOK NOTES

  16 Feb 2024

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  AED 3.75

  Target Price

  AED 4.30

  Upside (%)

  +14.67%

  Robust rig fleet expansion program supported the upstream growth plans

  ADNOCDRILL delivered a robust performance with a 14.7% YOY rise in topline and 20.3% YOY growth in EBITDA in 4Q23.

  Download
• 

  FIRST LOOK NOTES

  23 Nov 2023

  ADNOC Drilling

  BUY

  Last Closing Price

  AED 3.87

  Target Price

  AED 4.50

  Upside (%)

  +16.28%

  Increased activity levels across all segments supported profitability

  ADNOCDRILL delivered a robust performance with a 15.8% YOY rise in revenue and a 27.3% YOY growth in EBITDA in 3Q23.

  Download

Load more reports