Recent Research

• 

  FIRST LOOK NOTES

  13 May 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  AED 5.39

  Target Price

  AED 6.25

  Upside (%)

  +15.96%

  UAE Equity Research - ADNOC Drilling 1Q25 - First Look Note

  OFS segmental revenue grew significantly from USD 146 Mn in 1Q24 to USD 342 Mn in 1Q25, mainly driven by USD 122 Mn revenue from the unconventional business, coupled with increased IDS activity and provision of more discrete services. ADNOCDRILL was operating 95 onshore and 47 offshore, with a rig availability of 96%, as of 1Q25.

  Download
• 

  EARNINGS CALL INSIGHT

  12 May 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  AED 5.25

  Target Price

  AED 6.25

  Upside (%)

  +19.05%

  UAE Equity Research - ADNOC Drilling 1Q25 - Earnings Call Insight

  Net revenue grew strongly 32.1% YOY to USD 1,170 Mn in 1Q25 driven by the expansion of operations. Onshore Segment revenue grew 20.1% YOY to USD 494 Mn in 1Q25, primarily due to new rigs starting operations and USD 30 Mn contribution from unconventional activity related to land drilling.

  Download
• 

  FIRST LOOK NOTES

  27 Feb 2025

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  AED 5.51

  Target Price

  AED 6.25

  Upside (%)

  +13.43%

  UAE Equity Research - ADNOC Drilling (ADNOCDRI) 4Q24 - First Look Note

  OFS segmental revenue grew significantly from USD 148 Mn in 4Q23 to USD 313 Mn in 4Q24, owing to growth in IDS activities, specifically positive phasing during 4Q24 related to pressure pumping, directional drilling and unconventional business.

  Download
• 

  EARNINGS CALL INSIGHT

  14 Feb 2025

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  AED 5.58

  Target Price

  AED 6.25

  Upside (%)

  +12.01%

  UAE Equity Research - Adnoc Drilling (ADNOCDRI) 4Q24 - Earnings Call Insight

  Net revenue grew strongly 41.2% YOY to USD 1,187 Mn in 4Q24 driven by the expansion of operations. The half of the growth is driven by activity phasing in the oilfield services (OFS) segment and cost reimbursement in Onshore.

  Download
• 

  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

Load more reports