External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ADNOC Drilling posted 4Q24 core profit after tax of USD348mn, up 27% YoY (+4% QoQ), taking the FY24 core profit to USD1.25bn, up 28% YoY.</li><li>The board recommended 2H24 DPS of AED0.09. The result was in line with our estimates.</li><li>On reported basis (without adjustments), the profits came in at USD399mn, up 19% QoQ, where the company benefited from certain cost reimbursements and activity phasing. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADNOC Drilling posted 4Q24 core profit after tax of USD348mn, up 27% YoY (+4% QoQ), taking the FY24 core profit to USD1.25bn, up 28% YoY.The board recommended 2H24 DPS of AED0.09. The result was in line with our estimates.On reported basis (without adjustments), the profits came in at USD399mn, up 19% QoQ, where the company benefited from certain cost reimbursements and activity phasing. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADNOC Drilling: 4Q24 Core Profit up 27% YoY (+4% QoQ) To USD348mn

<ul><li>We revise our FV on ADNOC Drilling to AED6.30/sh., offering 15% price upside from last close. We maintain our Buy recommendation.</li><li>We incorporate contribution from Turnwell in our estimates and rollover our FV to December 2025</li><li>We expect FY23-FY28e EBITDA and core net profit CAGR of 10%, taking EBITDA and net profit to USD2.3bn and 1.6bn in FY28e, respectively</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We revise our FV on ADNOC Drilling to AED6.30/sh., offering 15% price upside from last close. We maintain our Buy recommendation.We incorporate contribution from Turnwell in our estimates and rollover our FV to December 2025We expect FY23-FY28e EBITDA and core net profit CAGR of 10%, taking EBITDA and net profit to USD2.3bn and 1.6bn in FY28e, respectivelyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADNOC Drilling Valuation Update: Sustained Earnings Growth and Rising Dividends

<ul><li>We revise our FV on ADNOC Drilling to AED6.30/sh., offering 15% price upside from last close. We maintain our Buy recommendation.</li><li>We incorporate contribution from Turnwell in our estimates and rollover our FV to December 2025</li><li>We expect FY23-FY28e EBITDA and core net profit CAGR of 10%, taking EBITDA and net profit to USD2.3bn and 1.6bn in FY28e, respectively </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We revise our FV on ADNOC Drilling to AED6.30/sh., offering 15% price upside from last close. We maintain our Buy recommendation.We incorporate contribution from Turnwell in our estimates and rollover our FV to December 2025We expect FY23-FY28e EBITDA and core net profit CAGR of 10%, taking EBITDA and net profit to USD2.3bn and 1.6bn in FY28e, respectively Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADNOC Drilling: Sustained Earnings Growth and Rising Dividends

<ul><li>We revise our FV on ADNOC Drilling to AED6.30/sh., offering 15% price upside from last close. We maintain our Buy recommendation.</li><li>We incorporate contribution from Turnwell in our estimates and rollover our FV to December 2025.</li><li>We expect FY23-FY28e EBITDA and core net profit CAGR of 10%, taking EBITDA and net profit to USD2.3bn and 1.6bn in FY28e, respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We revise our FV on ADNOC Drilling to AED6.30/sh., offering 15% price upside from last close. We maintain our Buy recommendation.We incorporate contribution from Turnwell in our estimates and rollover our FV to December 2025.We expect FY23-FY28e EBITDA and core net profit CAGR of 10%, taking EBITDA and net profit to USD2.3bn and 1.6bn in FY28e, respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADNOC Drilling | - Sustained Earnings Growth and Rising Dividends

Thematic (Sector/Industry)

<ul><li>We expect ADNOC Drilling to post 1Q25e core attributable profit of USD338mn, up 23% YoY but down 3% QoQ.</li><li>In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to ensure a like for like comparison. </li><li>We expect total rig count to increase to 142 rigs, in line with 4Q24, but up from 137 rigs in 1Q24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect ADNOC Drilling to post 1Q25e core attributable profit of USD338mn, up 23% YoY but down 3% QoQ.In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to ensure a like for like comparison. We expect total rig count to increase to 142 rigs, in line with 4Q24, but up from 137 rigs in 1Q24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 Quarterly Result Previews - 24 April 2025

United Arab Emirates

ADNOC Drilling Company P.J.S.C. operates as a drilling company. The Company provides drilling and well construction services for conventional and unconventional reservoirs on land, sea, and artificial islands. ADNOC Drilling serves clients worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ADNOC Drilling PJSC (ADNOCDRI UH)

ADNOC Drilling: 4Q24 Core Profit up 27% YoY (+4% QoQ) To USD348mn

ADNOC Drilling posted 4Q24 core profit after tax of USD348mn, up 27% YoY (+4% QoQ), taking the FY24 core profit to USD1.25bn, up 28% YoY.

International Securities

ADNOC Drilling Valuation Update: Sustained Earnings Growth and Rising Dividends

We revise our FV on ADNOC Drilling to AED6.30/sh., offering 15% price upside from last close. We maintain our Buy recommendation.

International Securities

ADNOC Drilling: Sustained Earnings Growth and Rising Dividends

We revise our FV on ADNOC Drilling to AED6.30/sh., offering 15% price upside from last close. We maintain our Buy recommendation.

International Securities

ADNOC Drilling | - Sustained Earnings Growth and Rising Dividends

We revise our FV on ADNOC Drilling to AED6.30/sh., offering 15% price upside from last close. We maintain our Buy recommendation.

International Securities

1Q25 Quarterly Result Previews - 24 April 2025

In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to...

International Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)