Recent Research

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  FIRST LOOK NOTES

  08 May 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  AED 0.89

  Target Price

  AED 1.30

  Upside (%)

  +45.74%

  UAE Equity Research - ADNH Catering PLC (ADNHC) 1Q25 - First Look Note

  The Company secured 17 new contracts, increasing the overall contracts to 404 as of 31st March 2025. ADNHC is making steady progress in its retail growth strategy, with plans to open 25 new HUSK outlets by the end of 1H25, followed by an additional 25 outlets in 2H25.

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• 

  EARNINGS CALL INSIGHT

  07 May 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  AED 0.89

  Target Price

  AED 1.30

  Upside (%)

  +45.74%

  UAE Equity Research - ADNH Catering PLC (ADNHC) 1Q25 - Earnings Call Insight

  Revenue increased 1.7% YOY to AED 410 Mn in 1Q25, primarily driven by new contract and growth in catering and support services, partially offset by phased withdrawal from ZadSource business.

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• 

  FIRST LOOK NOTES

  04 Mar 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  AED 0.93

  Target Price

  AED 1.30

  Upside (%)

  +40.54%

  UAE Equity Research - ADNH Catering PLC 4Q24 - First Look Note

  The Company had 283 clients and 388 total contracts as of 4Q24, with a strong contract retention rate of 97% over the 15-month period ending December 31, 2024.

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• 

  EARNINGS CALL INSIGHT

  13 Feb 2025

  A D N H Catering PLC

  BUY

  Last Closing Price

  AED 0.90

  Target Price

  AED 1.30

  Upside (%)

  +44.28%

  UAE Equity Research - A D N H Catering PLC (ADNHC) 4Q24 - Earnings Call Insight

  Revenue increased 12.0% YOY to AED 443 Mn in 4Q24, primarily driven by strong organic growth owing to new contracts in the Business & Industry and Private Healthcare sector along with support from acquisitions.

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• 

  INITIAL COVERAGE (EQUITIES)

  05 Dec 2024

  A D N H Catering PLC

  BUY

  Last Closing Price

  AED 0.93

  Target Price

  AED 1.30

  Upside (%)

  +39.78%

  UAE Equity Research - A D N H Catering PLC (ADNHC) - Initiation Coverage

  We initiate coverage on A D N H Catering PLC (“ADNHC”, “A D N H Catering”, or “the Company”) with an equity valuation of AED 1.30 per share. A D N H Catering is the UAE’s largest food and support services company. The Company is a subsidiary of ADNH (Abu Dhabi National Hotels) known for its expertise in hospitality and food services.

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