Recent Research

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  FIRST LOOK NOTES

  13 Mar 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 4.17

  Target Price

  AED 7.70

  Upside (%)

  +84.65%

  UAE Equity Research - Abu Dhabi Ports Company 4Q24 - First Look Note

  ADPORTS maintained a strong financial position with a net debt/EBITDA of 3.3x and a cash balance of AED 2.8 Bn in 4Q24. Spent AED 819 Mn in capex in 4Q24, which is mainly attributed to organic growth.

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  EARNINGS CALL INSIGHT

  20 Feb 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 4.85

  Target Price

  AED 7.70

  Upside (%)

  +58.76%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 4Q24 - Earnings Call Insight

  ADPORTS net revenue increased 27.9% YOY to AED 4,560 Mn in 4Q24 driven by robust organic double-digit growth across the EC&FZ, Ports, Maritime & Shipping, and Logistics Segments.

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• 

  FIRST LOOK NOTES

  25 Nov 2024

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 5.04

  Target Price

  AED 7.70

  Upside (%)

  +52.78%

  UAE Equity Research - Abu Dhabi Ports Co PJSC 3Q24 - First Look Note

  ADPORTS completed several major transactions in 3Q24, including the acquisition of a 60% stake in Tbilisi Dry Port to strengthen its presence in the Middle Trade Corridor and the acquisition of Safina to enter Egypt’s Maritime Market.

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• 

  EARNINGS CALL INSIGHT

  14 Nov 2024

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 5.34

  Target Price

  AED 7.70

  Upside (%)

  +44.19%

  UAE Equity Research - Abu Dhabi Ports (ADPORTS) 3Q24 - Earnings Call Insight

  ADPORTS net revenue rose 10.0% YOY to AED 4,657 Mn in 3Q24, driven by significant growth in the Ports, Logistics, Economic cities and free zones (EC & FZ), and Digital cluster segment partially offset by a decline in the Maritime and Shipping segment revenue. Maritime Services revenue declined 10.8% YOY to AED 2,179 Mn in 3Q24 attributable to the positive one-off effect of vessel trading activities in 3Q23.

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  FIRST LOOK NOTES

  12 Oct 2024

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 4.86

  Target Price

  AED 7.70

  Upside (%)

  +58.44%

  Healthy revenue growth supported by recent M&A deals drove profitability

  ADPORTS completed several major transactions in 2Q24, including acquiring an 81% stake in a JV to upgrade & operate Luanda Port and a 30% stake in TICTS to enter Tanzania.

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• 

  FIRST LOOK NOTES

  23 May 2024

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 5.14

  Target Price

  AED 7.70

  Upside (%)

  +49.81%

  Strong top-line growth supported by recent M&A deals

  AD Ports Group (ADPORTS /The Company) net profit declined from AED 331 Mn in 1Q23 to AED 314 Mn in 1Q24, higher than our estimate of AED 262 Mn.

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