Recent Research

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  FIRST LOOK NOTES

  28 Feb 2025

  DANA Gas

  BUY

  Last Closing Price

  AED 0.79

  Target Price

  AED 0.95

  Upside (%)

  +20.10%

  UAE Equity Research - Dana Gas 4Q24 - First Look Note

  The Company's average production decreased from 55,700 boepd in 4Q23 to 53,500 boepd in 4Q24. Dana Gas experienced a 63.9% YOY increase in revenue to USD 159 Mn in 4Q24 mainly due to recognition of additional revenue under Egypt's newly signed Consolidated Concession Agreement coupled with increased output in the KRI region.

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  EARNINGS CALL INSIGHT

  10 Feb 2025

  DANA Gas

  BUY

  Last Closing Price

  AED 0.76

  Target Price

  AED 0.95

  Upside (%)

  +24.35%

  UAE Equity Research - Dana Gas 2024 - Earnings Call Insight

  Dana Gas gross revenue rose 65% YOY to USD 158 Mn in 4Q24, driven primarily by the recognition of additional revenue from the improved fiscal terms under the recently signed consolidated concession agreement in Egypt.

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  FIRST LOOK NOTES

  21 Nov 2024

  DANA Gas

  BUY

  Last Closing Price

  AED 0.70

  Target Price

  AED 0.95

  Upside (%)

  +36.30%

  UAE Equity Research - Dana Gas PJSC 3Q24 - First Look Note

  The company's average production stood at 55,300 boepd in 3Q24 as compared to 59,600 in 3Q23. Dana’s cash and bank balance showed a solid position at USD 151 million in 3Q24, with USD 118 Mn held to Pearl Petroleum

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  FIRST LOOK NOTES

  12 Oct 2024

  DANA Gas

  BUY

  Last Closing Price

  AED 0.69

  Target Price

  AED 0.95

  Upside (%)

  +37.68%

  Strong operational performance amid geopolitical challenges

  DANA’s production averaged 53,700 boepd in 2Q24 compared to 56,750 boepd in 2Q23, owing to lower production in Egypt.

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  FIRST LOOK NOTES

  16 May 2024

  DANA Gas

  BUY

  Last Closing Price

  AED 0.67

  Target Price

  AED 0.95

  Upside (%)

  +42.86%

  Lower hydrocarbon prices and production impacted profitability

  DANA’s production averaged 56,750 boepd in 1Q24 compared to 62,900 boepd in 1Q23, owing to lower production in Egypt.

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  FIRST LOOK NOTES

  24 Nov 2023

  DANA Gas

  BUY

  Last Closing Price

  AED 0.78

  Target Price

  AED 0.95

  Upside (%)

  +21.79%

  Decline in realized prices and production dragged profitability

  Dana Gas PJSC (“DANA”/The Company”) net profit declined 14.0% YOY to USD 43 Mn in 3Q23, lower than our estimate of USD 46 Mn.

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