Energy

Sector Valuation

Company Name Rating Country Currency CMP
(Local Currency)
Market Cap
(USD m)
Target Price
(Local Currency)
PER
(x)
ADVT 3m
(Volume)
Estimates
Last Updated On
ROE
(Fwd) (%)
ADNOC Distribution BUY UAE AED 3.84 13,068,336,164 4.70 22.33 9,780,010 7-Aug-26 117.67
ADNOC Drilling BUY UAE AED 5.81 25,309,011,037 7.00 NA 7,851,067 30-Oct-26 34.78
ADNOC Gas BUY UAE AED 3.43 71,673,664,723 4.30 NA 44,010,775 11-Aug-26 17.20
DANA Gas BUY UAE AED 0.817 1,556,008,683 1.15 10.11 5,476,492 12-Aug-26 7.03
NMDC Energy BUY UAE AED 2.54 3,457,663,943 3.80 NA 2,783,076 30-Oct-26 19.03
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Recent Research

  • UAE Flag
    EARNINGS CALL INSIGHT
    12 Nov 2026
    ADNOC Gas
    BUY
    AED 3.44
    AED 4.30
    +25.00%

    UAE Equity Research - ADNOC Gas 3Q26 - Earnings Call Insight

    Revenue declined 9.7% YOY to USD 4,384 Mn in 3Q26, primarily due to lower domestic gas sales and reduced export and traded liquids sales volumes amid the continued Strait of Hormuz disruption. Total sales volume declined 21.7% YOY to 751 TBTU in 3Q26.
  • UAE Flag
    EARNINGS CALL INSIGHT
    12 Nov 2026
    ADNOC Distribution
    BUY
    AED 3.90
    AED 4.70
    +20.51%

    UAE Equity Research - ADNOC Distribution 3Q26 - Earnings Call Insight

    ADNOC Distribution's revenue increased from AED 9,326 Mn in 3Q25 to AED 12,971 Mn in 3Q26, driven by higher selling prices, increased fuel volumes and a growing contribution from the non-fuel retail business.
  • UAE Flag
    FIRST LOOK NOTES
    30 Oct 2026
    ADNOC Drilling
    BUY
    AED 5.75
    AED 7.00
    +21.74%

    UAE Equity Research - ADNOC Drilling (ADNOCDRI) 3Q26 - First Look Note

    Fleet expanded 23% YOY to 172 rigs, with 142 rigs in Abu Dhabi and 30 regional rigs, primarily reflecting the addition of 30 regional rigs through the SLDC and MBPS acquisitions.
  • UAE Flag
    FIRST LOOK NOTES
    30 Oct 2026
    NMDC Energy
    BUY
    AED 2.54
    AED 3.80
    +49.61%

    UAE Equity Research - NMDC Energy 3Q26 - First Look Note

    NMDCENR project pipeline stood at c. AED 80.4 Bn as of 3Q26. The Company’s backlog stood at AED 29.8 Bn as of 3Q26, with 76% from the local (UAE) market and 24% from international markets, comprising 71% offshore and 29% onshore projects. Secured new project awards of AED 0.3 Bn during 3Q26.
  • UAE Flag
    EARNINGS CALL INSIGHT
    30 Oct 2026
    NMDC Energy
    BUY
    AED 2.54
    AED 3.80
    +49.61%

    UAE Equity Research - NMDC Energy 3Q26 - Earnings Call Insight

    NMDC Energy’s revenue declined 2.3% YOY to AED 4,732 Mn in 3Q26 amid ongoing operational challenges and regional geopolitical conflict. Direct costs rose 2.2% YOY to AED 4,451 Mn in 3Q26.
  • UAE Flag
    EARNINGS CALL INSIGHT
    28 Oct 2026
    ADNOC Drilling
    BUY
    AED 5.70
    AED 7.00
    +22.81%

    UAE Equity Research - ADNOC Drilling (ADNOCDRI) 3Q26 - Earnings Call Insight

    Revenue declined 1.0% YOY to USD 1,247 Mn in 3Q26, primarily due to the anticipated lower phasing of unconventional activity, which contributed USD 67 Mn to 3Q26 revenue against USD 158 Mn in 3Q25, along with the repurposing of certain land rigs and two jack-up rigs. This was partially offset by the consolidation of SLDC and MBPS,

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