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>NMDC Energy is a provider of Engineering, Procurement and Construction (EPC) services with expertise in development of offshore and onshore oil and gas assets</li><li>The company has a current backlog of AED54bn, over 5x of LTM revenues, plus an additional pipeline of identified projects worth AED53bn with an average bid win ratio of 39%</li><li>We initiate coverage with a Buy recommendation and fair value of AED3</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>

NMDC Energy is a provider of Engineering, Procurement and Construction (EPC) services with expertise in development of offshore and onshore oil and gas assetsThe company has a current backlog of AED54bn, over 5x of LTM revenues, plus an additional pipeline of identified projects worth AED53bn with an average bid win ratio of 39%We initiate coverage with a Buy recommendation and fair value of AED3Content 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.

NMDC Energy - Initiating Coverage with Fair Value AED3.46/Share