ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION

Financials Abu Dhabi National Oil Company for Distribution

Equities

ADNOCDIST

AEA006101017

Oil & Gas Refining and Marketing

Delayed Abu Dhabi Securities Exchange Other stock markets 05:48:06 2024-06-27 EDT			5-day change	1st Jan Change
3.3 ^AED	+0.92%		+0.30%	-10.81%

06-26	Emirati Shares Close Mixed Amid Fed Policymaker's Hawkish Signals	MT
06-24	German Stocks Join European Rally as France Prepares for Snap Elections	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	37,000	46,875	53,375	55,125	46,250	40,875	-	-
Enterprise Value (EV) ¹	37,744	50,224	56,749	57,990	48,748	45,283	45,418	45,220
P/E ratio	16.7 x	19.2 x	23.7 x	20 x	17.8 x	15.5 x	14.3 x	13.3 x
Yield	6.45%	5.49%	4.82%	4.66%	5.56%	6.29%	6.56%	6.64%
Capitalization / Revenue	1.73 x	2.91 x	2.55 x	1.72 x	1.34 x	1.12 x	1.06 x	1.04 x
EV / Revenue	1.77 x	3.11 x	2.71 x	1.81 x	1.41 x	1.24 x	1.18 x	1.15 x
EV / EBITDA	13.3 x	15.7 x	18.5 x	16.5 x	13.2 x	11.8 x	11 x	10.4 x
EV / FCF	27.7 x	65.5 x	25 x	16.8 x	12 x	20.4 x	14.5 x	11.5 x
FCF Yield	3.61%	1.53%	4.01%	5.94%	8.31%	4.9%	6.88%	8.71%
Price to Book	9.87 x	13.5 x	16.7 x	16 x	13.3 x	13.9 x	13.4 x	11.4 x
Nbr of stocks (in thousands)	12,500,000	12,500,000	12,500,000	12,500,000	12,500,000	12,500,000	-	-
Reference price ²	2.960	3.750	4.270	4.410	3.700	3.270	3.270	3.270
Announcement Date	20-02-12	21-02-14	22-02-11	23-02-09	24-02-07	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	21,337	16,132	20,921	32,111	34,629	36,463	38,553	39,480
EBITDA ¹	2,839	3,189	3,067	3,517	3,680	3,823	4,128	4,363
EBIT ¹	2,301	2,597	2,429	2,973	2,983	3,125	3,378	3,608
Operating Margin	10.78%	16.1%	11.61%	9.26%	8.61%	8.57%	8.76%	9.14%
Earnings before Tax (EBT) ¹	2,218	2,432	2,252	2,749	2,649	2,848	3,106	3,326
Net income ¹	2,218	2,432	2,252	2,749	2,601	2,621	2,860	3,104
Net margin	10.4%	15.08%	10.77%	8.56%	7.51%	7.19%	7.42%	7.86%
EPS ²	0.1770	0.1950	0.1800	0.2200	0.2080	0.2105	0.2282	0.2468
Free Cash Flow ¹	1,364	766.3	2,274	3,444	4,051	2,217	3,124	3,939
FCF margin	6.39%	4.75%	10.87%	10.73%	11.7%	6.08%	8.1%	9.98%
FCF Conversion (EBITDA)	48.03%	24.03%	74.14%	97.91%	110.09%	57.99%	75.68%	90.28%
FCF Conversion (Net income)	61.48%	31.5%	100.95%	125.3%	155.72%	84.56%	109.24%	126.9%
Dividend per Share ²	0.1910	0.2057	0.2057	0.2057	0.2057	0.2058	0.2144	0.2172
Announcement Date	20-02-12	21-02-14	22-02-11	23-02-09	24-02-07	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	6,223	6,736	8,637	8,551	8,187	7,998	8,132	8,935	9,564	8,750	9,164	9,048	8,696	9,241	9,241
EBITDA ¹	802	881	1,113	868.1	654.9	776.1	851.4	1,111	941.1	912.6	935	974.9	1,002	1,031	1,010
EBIT ¹	612.5	-	939	816.6	499.4	625.9	665.6	942.4	749.3	735.2	749.6	788.3	821.4	844.1	821.4
Operating Margin	9.84%	-	10.87%	9.55%	6.1%	7.82%	8.19%	10.55%	7.84%	8.4%	8.18%	8.71%	9.44%	9.13%	8.89%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	571.3	671	891.2	766.8	419.9	537.3	551.5	835.5	677.1	549.6	611	649.7	685.5	694.5	677.1
Net margin	9.18%	9.96%	10.32%	8.97%	5.13%	6.72%	6.78%	9.35%	7.08%	6.28%	6.67%	7.18%	7.88%	7.52%	7.33%
EPS ²	0.0460	0.0540	0.0710	0.0610	0.0340	0.0430	-	-	0.0540	0.0440	0.0444	0.0510	0.0624	0.0556	0.0542
Dividend per Share ²	0.1028	-	-	-	-	-	-	-	-	-	0.1028	-	0.1029	-	0.1028
Announcement Date	22-02-11	22-05-10	22-08-08	22-11-11	23-02-09	23-05-12	23-08-04	23-11-10	24-02-07	24-05-09	-	-	-	-	-

¹AED in Million²AED

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	744	3,349	3,374	2,865	2,498	4,408	4,543	4,345
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.2619 x	1.05 x	1.1 x	0.8145 x	0.6789 x	1.153 x	1.101 x	0.9959 x
Free Cash Flow ¹	1,364	766	2,274	3,444	4,051	2,217	3,124	3,939
ROE (net income / shareholders' equity)	60.5%	69.1%	70.3%	79.8%	75.2%	78.6%	88.2%	85.9%
ROA (Net income/ Total Assets)	14.5%	17.8%	17.2%	18.4%	14.9%	15.2%	15.5%	17.7%
Assets ¹	15,326	13,673	13,089	14,899	17,455	17,245	18,449	17,537
Book Value Per Share ²	0.3000	0.2800	0.2600	0.2800	0.2800	0.2300	0.2400	0.2900
Cash Flow per Share ²	0.1400	0.1400	0.2300	0.3600	0.4000	0.2500	0.2600	0.2900
Capex ¹	381	928	604	1,063	1,000	1,003	923	839
Capex / Sales	1.79%	5.75%	2.89%	3.31%	2.89%	2.75%	2.39%	2.13%
Announcement Date	20-02-12	21-02-14	22-02-11	23-02-09	24-02-07	-	-	-

¹AED in Million²AED

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Abu Dhabi National Oil Company for Distribution

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.27 AED

Average target price

4.268 AED

Spread / Average Target

+30.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

	1st Jan change	Capi.
ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION	-10.81%	11.13B
RELIANCE INDUSTRIES LTD	+18.39%	245B
BP PLC	+1.98%	96.62B
CHINA PETROLEUM & CHEMICAL CORPORATION	+20.78%	98.02B
MARATHON PETROLEUM CORPORATION	+17.48%	61.41B
PHILLIPS 66	+4.99%	59.26B
VALERO ENERGY CORPORATION	+18.14%	50.22B
IMPERIAL OIL LIMITED	+23.28%	36.41B
INDIAN OIL CORPORATION LIMITED	+26.12%	27.07B
REPSOL S.A.	+8.96%	19.05B

Other Oil & Gas Refining and Marketing