Recent Research

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  FIRST LOOK NOTES

  15 May 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 3.92

  Target Price

  AED 7.00

  Upside (%)

  +78.57%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 1Q25 - First Look Note

  ADPORTS’s revenue increased 18.2% YOY to AED 4,597 Mn, while EBITDA grew 9.3% YOY to AED 1,136 Mn in 1Q25. ADPORTS's total debt grew from AED 17.8 Bn in 4Q24 to AED 18.0 Bn in 1Q25. Net debt to EBITDA marginally grew from 3.3x in 4Q24 to 3.4x in 1Q25.

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  EARNINGS CALL INSIGHT

  13 May 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 3.95

  Target Price

  AED 7.00

  Upside (%)

  +77.22%

  UAE Equity Research - Abu Dhabi Ports (ADPORTS) 1Q25 - Earnings Call Insight

  ADPORTS revenue increased 18.2% YOY to AED 4,597 Mn in 1Q25, primarily driven by robust double-digit growth across the Ports, EC&FZ and Maritime & Shipping clusters. On a LFL basis, excluding the impact of M&A contribution, ADPORTS revenue grew 8% YOY in 1Q25.

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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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