Recent Research

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  FIRST LOOK NOTES

  15 Aug 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  4.30

  Target Price

  7.00

  Upside (%)

  +62.79%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 2Q25 - First Look Note

  ADPORTS advanced two spots to rank as the 19th largest global port operator and is projected to reach 18th by end-2025. ADPORTS's total debt grew from AED 18.0 Bn in 1Q25 to AED 18.6 Bn in 2Q25. The Capex declined 21% YOY to AED 928 Mn in 2Q25, bringing the YTD spend to AED 1.9 Bn in 1H25, with c. half of YTD 2025 capex invested in infrastructure.

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  EARNINGS CALL INSIGHT

  14 Aug 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  4.20

  Target Price

  7.00

  Upside (%)

  +66.67%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 2Q25 - Earnings Call Insight

  ADPORTS revenue increased 15.4% YOY to AED 4,826 Mn in 2Q25, primarily driven by robust double-digit growth across the Ports, Digital, EC&FZ and Maritime & Shipping clusters. On an LFL basis, excluding the impact of M&A contribution, ADPORTS revenue grew 10% YOY in 2Q25.

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• 

  FIRST LOOK NOTES

  15 May 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  3.92

  Target Price

  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

  3.95

  Target Price

  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

  4.17

  Target Price

  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

  4.85

  Target Price

  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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