External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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

ADNOC Drilling PJSC

ADNOC Drilling Valuation Update: Sustained Earnings Growth and Rising Dividends