Recent Research

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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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  FIRST LOOK NOTES

  20 Mar 2024

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 5.57

  Target Price

  AED 7.70

  Upside (%)

  +38.24%

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

  ADPORTS total debt grew from AED 13,268 Mn in 3Q23 to AED 15,105 Mn in 4Q23. Net debt to EBITDA grew from 4.3x in 3Q23 to 4.4x in 4Q23.

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• 

  FIRST LOOK NOTES

  01 Dec 2023

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 6.21

  Target Price

  AED 7.70

  Upside (%)

  +23.99%

  Acquisition and healthy growth in ports fueled topline and profitability growth

  ADPORTS EBITDA grew strongly 27.9% YOY to AED 759 Mn in 3Q23 supported by the recent acquisition of Karachi Gateway Terminal and Noatum.

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