ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION

Financials Abu Dhabi National Oil Company for Distribution

Equities

ADNOCDIST

AEA006101017

Oil & Gas Refining and Marketing

Market Closed - Abu Dhabi Securities Exchange Other stock markets 06:55:00 2024-04-26 am EDT			5-day change	1st Jan Change
3.48 ^AED	0.00%		0.00%	-5.95%

Apr. 26	Adnoc, OMV's Chemicals Tie-up Further Stalls Amid Upcoming Austrian Election	MT
Apr. 25	Talks Between Abu Dhabi National Oil And OMV AG Over The Merger Of Their Chemicals Units Have Been Delayed, Primarily Over Valuations - Bloomberg News	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	37,000	46,875	53,375	55,125	46,250	43,500	-	-
Enterprise Value (EV) ¹	37,744	50,224	56,749	57,990	48,748	47,445	48,014	48,058
P/E ratio	16.7 x	19.2 x	23.7 x	20 x	17.8 x	17.3 x	15.6 x	14.6 x
Yield	6.45%	5.49%	4.82%	4.66%	5.56%	6.01%	6.15%	6.24%
Capitalization / Revenue	1.73 x	2.91 x	2.55 x	1.72 x	1.34 x	1.21 x	1.13 x	1.1 x
EV / Revenue	1.77 x	3.11 x	2.71 x	1.81 x	1.41 x	1.32 x	1.25 x	1.22 x
EV / EBITDA	13.3 x	15.7 x	18.5 x	16.5 x	13.2 x	12.5 x	11.7 x	11.2 x
EV / FCF	27.7 x	65.5 x	25 x	16.8 x	12 x	18 x	15.2 x	12.8 x
FCF Yield	3.61%	1.53%	4.01%	5.94%	8.31%	5.55%	6.56%	7.82%
Price to Book	9.87 x	13.5 x	16.7 x	16 x	13.3 x	13 x	13.4 x	11.5 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	3.480	3.480	3.480
Announcement Date	2/12/20	2/14/21	2/11/22	2/9/23	2/7/24	-	-	-

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	35,862	38,500	39,476
EBITDA ¹	2,839	3,189	3,067	3,517	3,680	3,788	4,121	4,306
EBIT ¹	2,301	2,597	2,429	2,973	2,983	3,072	3,355	3,533
Operating Margin	10.78%	16.1%	11.61%	9.26%	8.61%	8.57%	8.72%	8.95%
Earnings before Tax (EBT) ¹	2,218	2,432	2,252	2,749	2,649	2,700	3,048	3,091
Net income ¹	2,218	2,432	2,252	2,749	2,601	2,522	2,786	2,994
Net margin	10.4%	15.08%	10.77%	8.56%	7.51%	7.03%	7.24%	7.58%
EPS ²	0.1770	0.1950	0.1800	0.2200	0.2080	0.2016	0.2224	0.2388
Free Cash Flow ¹	1,364	766.3	2,274	3,444	4,051	2,633	3,150	3,756
FCF margin	6.39%	4.75%	10.87%	10.73%	11.7%	7.34%	8.18%	9.52%
FCF Conversion (EBITDA)	48.03%	24.03%	74.14%	97.91%	110.09%	69.52%	76.45%	87.25%
FCF Conversion (Net income)	61.48%	31.5%	100.95%	125.3%	155.72%	104.42%	113.09%	125.48%
Dividend per Share ²	0.1910	0.2057	0.2057	0.2057	0.2057	0.2092	0.2140	0.2172
Announcement Date	2/12/20	2/14/21	2/11/22	2/9/23	2/7/24	-	-	-

¹AED in Million²AED

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	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
Net sales ¹	5,398	6,223	6,736	8,637	8,551	8,187	7,998	8,132	8,935	9,564	9,105	9,029	8,914	8,260	9,241
EBITDA ¹	737	802	881	1,113	868.1	654.9	776.1	851.4	1,111	941.1	926.5	939.4	973	1,014	1,002
EBIT ¹	-	612.5	-	939	816.6	499.4	625.9	665.6	942.4	749.3	742.7	754.4	786.8	826.3	814.3
Operating Margin	-	9.84%	-	10.87%	9.55%	6.1%	7.82%	8.19%	10.55%	7.84%	8.16%	8.35%	8.83%	10%	8.81%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	529	571.3	671	891.2	766.8	419.9	537.3	551.5	835.5	677.1	606	619.4	647.4	689	668.7
Net margin	9.8%	9.18%	9.96%	10.32%	8.97%	5.13%	6.72%	6.78%	9.35%	7.08%	6.66%	6.86%	7.26%	8.34%	7.24%
EPS ²	0.0420	0.0460	0.0540	0.0710	0.0610	0.0340	0.0430	-	-	0.0540	0.0439	0.0498	0.0509	0.0526	0.0535
Dividend per Share ²	-	0.1028	-	-	-	-	-	-	-	-	-	0.1028	-	0.1029	-
Announcement Date	11/9/21	2/11/22	5/10/22	8/8/22	11/11/22	2/9/23	5/12/23	8/4/23	11/10/23	2/7/24	-	-	-	-	-

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	3,945	4,514	4,558
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.2619 x	1.05 x	1.1 x	0.8145 x	0.6789 x	1.041 x	1.095 x	1.059 x
Free Cash Flow ¹	1,364	766	2,274	3,444	4,051	2,633	3,150	3,757
ROE (net income / shareholders' equity)	60.5%	69.1%	70.3%	79.8%	75.2%	66.6%	73.4%	71.5%
ROA (Net income/ Total Assets)	14.5%	17.8%	17.2%	18.4%	14.9%	12.9%	15%	-
Assets ¹	15,326	13,673	13,089	14,899	17,455	19,550	18,570	-
Book Value Per Share ²	0.3000	0.2800	0.2600	0.2800	0.2800	0.2700	0.2600	0.3000
Cash Flow per Share ²	0.1400	0.1400	0.2300	0.3600	0.4000	0.2300	0.2700	0.2900
Capex ¹	381	928	604	1,063	1,000	1,004	946	844
Capex / Sales	1.79%	5.75%	2.89%	3.31%	2.89%	2.8%	2.46%	2.14%
Announcement Date	2/12/20	2/14/21	2/11/22	2/9/23	2/7/24	-	-	-

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

3.48 AED

Average target price

4.325 AED

Spread / Average Target

+24.29%

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	-5.95%	11.84B
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VALERO ENERGY CORPORATION	+27.54%	54.22B
IMPERIAL OIL LIMITED	+27.93%	37.79B
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FORMOSA PETROCHEMICAL CORPORATION	-11.77%	20.79B

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