External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>E7 Group posted 1Q25 profit of AED19mn, down 29% YoY (-72% QoQ), in line with estimates</li><li>The YoY decline is mainly due to the delivery schedule of contracts, with pick up expected through the remaining quarters of the year</li><li>On QoQ basis, profit decline is mainly due to seasonality in the business, particularly in the printing division which runs on reduced utilization in the 1Q, as well as lower number of operations days YoY due to leap year 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.

E7 Group posted 1Q25 profit of AED19mn, down 29% YoY (-72% QoQ), in line with estimatesThe YoY decline is mainly due to the delivery schedule of contracts, with pick up expected through the remaining quarters of the yearOn QoQ basis, profit decline is mainly due to seasonality in the business, particularly in the printing division which runs on reduced utilization in the 1Q, as well as lower number of operations days YoY due to leap year in 1Q24Content 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.

E7 group: 1Q25 profit down 29% YoY (-72% QoQ) to AED19mn; in line with estimates

<ul><li>Leading position in security printing, cash-rich balance sheet, diverse business portfolio, and a clear vision to grow; all support better stock valuation.</li><li>Initiate coverage with a Buy and a fair value of AED1.53/share, implying 39% upside.</li><li>Clearly identified organic and inorganic growth plans to lift revenues and profits at a 5-year CAGR of 9.5% and 6.9%. </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.

Leading position in security printing, cash-rich balance sheet, diverse business portfolio, and a clear vision to grow; all support better stock valuation.Initiate coverage with a Buy and a fair value of AED1.53/share, implying 39% upside.Clearly identified organic and inorganic growth plans to lift revenues and profits at a 5-year CAGR of 9.5% and 6.9%. 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.

E7 Group: Industry Leader in Security Printing with a Clear Vision to Grow

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

<ul><li>We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ.</li><li>This would take the FY24 core profits to USD1.24bn, up 27% YoY.</li><li>Core profits remove the impact of one-off USD55mn depreciation reversal booked in 4Q23.</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 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ.This would take the FY24 core profits to USD1.24bn, up 27% YoY.Core profits remove the impact of one-off USD55mn depreciation reversal booked in 4Q23.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.

4Q24 Quarterly Result Previews - 30th January 2025

United Arab Emirates

E7 Group PJSC provides security printing and packaging solutions. The Company offers security printing and identity management solutions, packaging, printing, publishing, and logistics services. E7 Group serves clients worldwide.

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E7 Group (ADC UH)

E7 group: 1Q25 profit down 29% YoY (-72% QoQ) to AED19mn; in line with estimates

E7 Group posted 1Q25 profit of AED19mn, down 29% YoY (-72% QoQ), in line with estimates. The YoY decline is mainly due to the delivery schedule of...

International Securities

E7 Group: Industry Leader in Security Printing with a Clear Vision to Grow

Leading position in security printing, cash-rich balance sheet, diverse business portfolio, and a clear vision to grow; all support better stock...

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

4Q24 Quarterly Result Previews - 30th January 2025

We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ. This would take the FY24 core profits to...

International Securities

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